Iconic Family Shoe Stock Surges with 7 Consecutive Circuit-Breaking Rallies

Shares of Thuong Dinh Shoe Joint Stock Company (UPCoM: GTD) have surged dramatically, hitting the upper limit for seven consecutive sessions, reaching 30,000 VND per share, despite low trading volumes of just a few hundred shares per session. This remarkable rally comes just ahead of the Hanoi People’s Committee’s planned auction of its entire 68.77% stake in GTD on December 16th.

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GTD Stock Price Trends from Early 2025 to Present

GTD shares have garnered significant attention, surging with seven consecutive ceiling-hit sessions from November 19 to 27, skyrocketing to VND 30,000 per share—a remarkable 154% increase in less than two weeks. Over the past year, GTD has climbed over 237%. This volatility occurs amidst exceptionally low average liquidity, with only about 884 shares traded per session.

The current price mirrors levels seen in June 2020, though it remains significantly below the peak of over VND 44,000 per share during its late 2016 listing.

In response to the sharp price movements, GTD issued a familiar explanatory statement: production and business operations are proceeding normally, with no unusual factors influencing the stock price. The company asserts that the price increase is a natural market supply-demand dynamic, and it has “not exerted any influence” on trading prices.

Rally Coincides with State Capital Withdrawal

Notably, GTD’s ceiling-hit streak aligns with the announcement of an auction for nearly 6.4 million shares, representing 68.77% of its charter capital, by the Hanoi People’s Committee. The starting price is set at VND 20,500 per share, approximately 32% below the current market price. The minimum auction value totals VND 131 billion, scheduled for December 16, 2025, at HNX.

As per the approved plan at the Annual General Meeting, state capital divestment is a key focus for 2025. Leadership has repeatedly emphasized that delays could significantly jeopardize state capital retention.

Once a staple footwear brand, GTD has seen a sharp decline in recent years. Revenue in 2024 fell below VND 79 billion—an all-time low, averaging just over VND 21 million daily. The company reported a post-tax loss of nearly VND 13 billion, double the previous year, pushing accumulated losses to over VND 67 billion. Equity capital by year-end stood at just over VND 26 billion.

For 2025, the Board of Directors aims to produce 700,000–900,000 pairs of shoes, with approximately one-third earmarked for export. Revenue is projected at VND 100 billion, with a modest profit of VND 100 million—a symbolic return to growth after a series of losses.

Tùng Phong

– 09:00 28/11/2025

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