BAF Viet Nam (BAF VN) – Peak business performance
In 2024, agribusiness company, BAF recorded revenue of VND5,554 billion (about USD221 million, up +7% YoY), in which there was 58% from the pig farming business with 562 thousand pigs sold already. The company is expecting to have production of over 1 million pigs in 2025 and 10 million pigs by 2030. Net profit was VND323 billion (about USD13 million, up +1,100% YoY). BAF VN closed at VND28,100/share on 3rd February, and 20.8x P/E 2.3x P/B.
Khang Dien House (KDH VN) – Completed the 2024 profit objective
In Q4 2024, the company witnessed an earnings surprise with quarterly net income of VND397.5 billion, resulting in annual net income of VND810 billion (about USD32 million, up +13% YoY). However, 2024 revenue was VND3,279 billion (about USD131 million), increasing by 57% compared to last year. KDH VN closed at VND34,550 per share on 3rd February 2025, hence 43.1x P/E and 2.0x P/B.
Vietnam Airlines (HVN VN) – Announced Q4 2024 financial statements
2024 revenue of the airline was VND106.75 trillion (about USD4.26 billion, up +16.5% YoY) while its EBT was VND7,723 billion (about USD308 million, bullish compared to losses recent years), thanks to VND4,711 billion (58%) from debt relief. HVN VN closed at VND27,600 per share on 3rd February 2025, thus 8.9x P/E and negative P/B (due to negative equity status).
Coteccons (CTD VN) – Unaudited interim reports
CTD reported its fiscal 1H 2025 (year-end on 30th June 2025) with consolidated revenue of VND6,886 billion (about USD275 million, up +22% YoY) and net income of nearly VND200 billion (about USD8 million, up +47% YoY). During that time, Coteccons recorded VND16,800 billion (about USD670 million) in value of newly signed contract, increasing its backlog by the end of calendar 2024 up to nearly VND35,000 billion (about USD1.4 billion). CTD VN closed at VND71,800/share on 3rd February, therefore 19.2x P/E and 0.8x P/B.
Ha Do Group (HDG VN) - Announced unaudited 2024 financials
HDG announced its unaudited 2024 financials with net revenue of VND2,719 billion (about USD108.4 million, down -6% YoY) but net income of VND576 billion (about USD23 million, down -13% YoY). An increase of VND134 billion (about USD5.4 million) in G&A expenses and a net loss of VND41 billion (about USD1.6 million) were key reasons for its performance. HDG market cap is approximately USD$356 million at today’s closing price of VND26,700 per share on 3rd February 2025, leading to 15.6x P/E and 1.4x P/B.
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