DN switches from selling photocopiers, cars… to real estate and cashews: Stock falls over 40% in a month, reports lowest profit in history in 2023, executives receive salary of 3 million/month.

In 2022, ST8 saw profits soar to over 200 billion VND as a result of divesting from its core business areas.





At the end of the trading session on February 6th, the ST8 stock of ST8 JSC dropped 4% to 13,300 VND per share. Previously, this stock had hit the floor for 4 consecutive sessions. Looking further, the price of this stock has dropped nearly 43% in just one month.



The downward trend of ST8 occurred after the company announced the lowest profit in history in 2023. Specifically, over the past year, as it has divested almost all business lines, the company has generated revenue of only VND 13.2 billion, a decrease of 96% compared to the same period last year.


ST8 leadership stated that the company is in a reinvestment phase, so this year’s revenue has not yet been generated. Last year, the company had revenue from the sale of goods, office equipment, construction, automobiles as well as liquidation of investment real estate. Therefore, the revenue in 2023 cannot match previous years.


After deducting the costs, ST8 only made a meager profit of just under VND 4 billion, a decrease of 98% compared to the previous year. In 2022, this company achieved a record profit due to divestment from many member units. However, the profit of VND 4 billion is still far behind previous years.



According to the research, ST8 is the predecessor of Super Sonic Trading and Service Limited Company, which was established in 1994 in Ho Chi Minh City with an initial charter capital of only VND 300 million. The founding shareholders include members of Mr. Yung Cam Meng’s family. 

Initially, the company’s main business was distributing office equipment such as printers, photocopiers, fax machines, projectors, etc. Later, ST8 also entered the car business in the period 2006-2007 with the establishment of Honda Kim Thanh Company to distribute Honda branded 4-wheel vehicles.

By 2022, the company had sold a series of subsidiaries with its business segments. First, at the end of June last year, the company announced the transfer of all shares in Super Sonic Office Equipment Joint Stock Company for over VND 112.2 billion.

In addition, ST8 has also transferred all shares of Nam Thanh Saigon Joint Stock Company for VND 7 billion in June 2022. This is a company trading machines, equipment, and other machinery parts. In mid-July 2022, the company announced the transfer of all 3.78 million shares of Honda Kim Thanh, equivalent to over 55% of capital to Mr. Nguyen Van Cuu for VND 36.7 billion.

However, in July 2023, ST8 unexpectedly announced a Resolution to invest in the Tram Huong Resorts project. Accordingly, the Board of Directors of this company agreed to deposit for Mr. Le Thanh Huy in order to create a land fund to implement the project.

According to the attached information, Tram Huong Resorts project is located in Ba Duei hamlet, Khanh Binh commune, Khanh Vinh district, Khanh Hoa province. The project covers an area of ​​4.53 hectares with accompanying products such as luxury villas, shophouses, condotels, hotels, etc. The total investment for the project is nearly VND 2,000 billion.

In addition, in August 2023, ST8 announced the capital contribution to establish Golden Caju Limited Liability Company, in which ST8 owns 51% of the capital. Golden Caju Limited Company is engaged in its main business of producing and processing cashews. 

On February 2nd, ST8 announced the documents of the 2024 Annual General Meeting of Shareholders and is scheduled to be held on April 22nd in Ho Chi Minh City. Accordingly, ST8 considers 2023 as a milestone year and does not make heavy demand to push up sales in the year, instead will thoroughly address remaining issues as well as quickly consolidate internal strength, stabilize the organization and build a comprehensive system from personnel to infrastructure, production, and business teams as a cornerstone for the following years.

Notably, in addition to Mr. Nguyen Van Hoang – Chairman of the Board of Directors receiving the correct salary according to the 2023 Annual General Meeting Resolution of VND 12 million. The other members of the Board of Directors all agreed to receive a salary of VND 3 million/month (before tax) – lower than the approved level of VND 9 million/month. According to the Annual General Meeting Resolution on April 5th, 2023, the Chairman of the Board of Directors was paid VND 12 million/month and the members of the Board of Directors were paid VND 9 million/month.



In 2024, ST8 continues to propose a low salary for shareholders with the Chairman receiving VND 10 million/month, the Board of Directors and the Audit Committee receiving VND 3 million/month. Regarding the business plan for 2024, ST8 sets a target of VND 350 billion in net revenue and VND 17.5 billion in after-tax profit, 26.4 and 4.5 times respectively compared to the actual performance in 2023.



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