Binh Son Refinery (BSR VN): Preliminary H1 results
The refinery operator announced its production of 3.84 million tons, making revenue of VND69.4 trillion (about USD2.7 billion, up +26% YoY) and pre-tax income of VND800 billion (about 30.8 million, down -62% YoY).
However, these results exceeded the expected outcomes. This year, BSR has invested heavily in R&D activities, targeting operational improvements. After listed on HOSE, the firm has not experience any change in substantial shareholder structure, with PVN still owning 92.1% interest. BSR VN closed at VND17,850 per share on 3rd July 2025, meaning 1.0x P/B while P/E was still negative.
Binh Duong Mineral and Construction (KSB VN): Filing for Follow on Public Offer (FPO)
The Board passed the FPO filings, expecting to offer over 114.4 million additional shares to existing shareholders at VND10,000 per share. The public offering could happen in Q3 or Q4 2025, depending on when the SSC approves it.
All proceeds, over VND1.14 trillion (about USD44 million) if fully subscribed, will be used for refinancing its debts (i.e. short-term loans, corporate bond, payable taxes & levies). In Q1, the company generated revenue of VND127 billion (about USD4.9 million, up +199% YoY) and net income of VND36 billion (about USD1.4 million, up +289% YoY). KSB VN closed at VND16,950 per share on 3rd July 2025, thus 24.3x P/E and 0.7x P/B.
Sai Gon Investment VRG (SIP VN): Chairman transfers part of wealth to his family members
Mr. Tran Manh Hung – Chairman, completed his transfer of 3.5 million SIP VN shares to his wife and son, right before the ex-date of stock dividend. Shareholders will receive 15 shares for every 100 shares owned. In 2025, the firm expects revenue of VND5,657 billion (about USD217.6 million, down -33% YoY) and net income of VND833 billion (about USD32 million, down -35% YoY). SIP VN closed at VND68,900 per share on 3rd July 2025, therefore 11.4x P/E and 3.1x P/B.
FPT Retail (FRT VN): Stock dividend
The retailer declared stock dividend with July 16th as Ex-date. For every 100 shares owned, shareholder will receive 25 additional shares. This year, the company projects to have revenue of VND48.1 trillion (about USD1.85 billion, up +20% YoY) and pre-tax income of VND900 billion (about USD34.6 million, up +71% YoY). FRT VN closed at VND186,000 per share on 3rd July 2025, therefore 56.7x P/E and 12.2x P/B.
Investor can see the full Newsletter below:
