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HAX [NOT RATED] - Demand recovery, Government incentives to lift profits - Company Report

HAX is a car dealer that accounted for 37% of Mercedes-Benz sales in Vietnam (per HAX) and 1% of Vietnam’s total passenger car (PC) sales in 2020 (per our estimate). HAX’s long-term prospects are premised on the growth of affluent consumers in Vietnam, which in turn will elevate demand for luxury cars such as Mercedes-Benz.    

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