S&P Global Vietnam Manufacturing PMI: New orders rise for the 1st time in 4 months
The S&P Global VN Manufacturing PMI posted 52.4 in July, up from 48.9 in June and back above the 50.0 no-change mark for the 1st time in 4 months. Here are the key findings:
- Output growth quickens as new orders expand
- New export business continues to fall amid US tariffs
- Cost inflation quickens to 7-month high
KIDO Group (KDC VN): Owning over 40% interest at Van Hanh Mall
KIDO officially acquired over 40% of shares outstanding of Bac Binh Construction Investment – the owner-operator of Van Hanh Mall which is one of the most visited mall in HCMC, turning this company into its associate. Before, this mall was invested and owned by Mr. Tran Le Nguyen – CEO at KIDO, and his family. Consecutive black swans recently have impacted the operation of Van Hanh Mall, leaving a question mark on motivation of this investment. KIDO recorded growth rate of 18% and 409% YoY for Q2 revenue and net income, respectively. KDC VN closed at VND54,800 per share on 1st August 2025, thus 180.3x P/E and 2.4x P/B.
Viconship (VSC VN): A major shareholder has sold shares
Vietinbank Capital – the only major shareholder, sold over 10.1 million VSC VN shares on 29th July, lowering its ownership to merely 10.8%. Few days before, it had sold 17.5 million VSC VN shares. In Q2, Viconship generated revenue of VND807 billion (about USD31 million, up +12.5% YoY) and net income of VND116 billion (about USD4.4 million, up +70.9% YoY). VSC VN closed at VND25,750 per share on 1st August 2025, leading to 22.9x P/E and 2.1x P/B.
Q2 result updates, dated 1st August 2025:
Airports Corporation of Viet Nam (ACV VN): Despite Q2 revenue of VND6.34 trillion (about USD243 million, up +15% YoY), Q2 net income decreased by 19% YoY, staying at VND2.6 trillion (about USD99.7 million). ACV VN was last traded at VND100,600 per share, suggesting 22.2x P/E and 3.4x P/B.
Deo Ca Infrastructure (HHV VN): Revenue was VND947 billion (about USD36.3 million, up +16% YoY) and net income of VND131 billion (about USD5 million, up +23% YoY). HHV VN closed at VND12,800 per share, thus 12.8x P/E and 0.6x P/B.
Khang Dien House (KDH VN): Q2 revenue was VND1,047 billion (about USD40.1 million, up +62% YoY) and net income was VND199 billion (about USD7.6 million, down -29% YoY). KDH VN closed at VND27,700 per share, thus 39.4x P/E and 1.8x P/B.
Investor can see the full Newsletter below:
