Kinh Do Advances to 1-Week High on Mooncake Sales: Hanoi Mover
Kinh Do Corp. (KDC), Vietnam’s biggest listed confectionery maker, rose to the highest level in a week in Ho Chi Minh City on speculation traditional cake sales during this month’s Mid-Autumn Festival will boost earnings.
The stock rose 4.1 percent to 27,700 dong at the 11:30 a.m. local-time break, heading for the highest close since Sept. 14. The benchmark VN Index advanced 1.3 percent.
Sales of mooncakes have risen 10 percent compared with the same period last year, Phan Hai Long, assistant finance manager of Kinh Do said in a telephone interview today from Ho Chi Minh City. The sales may help full-year revenue gain at least 15 percent, he said.
Mooncakes are traditional gifts during the festival, also known as Moon Tet and one the country’s most popular after the Lunar New Year. The celebration falls on Sept. 30 this year.
Vu Thi Tra Ly, an analyst with Viet Capital Securities, said the company’s revenue in the second half is expected to increase with sales of mooncakes forecast to grow 20 percent to 25 percent.
Ho Chi Minh City-based Kinh Do has rallied 28 percent this year, outpacing the benchmark VN Index (VNINDEX), which has advanced 12 percent.
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