F88 (F88 VN): Available for trading on Friday, 8th August 2025
Nearly 8.3 million shares of the consumer finance (pawnshop) chain operator will be tradeable on UPCoM with the 1st day reference price of VND634,900 per share, resulting market cap of over VND5.2 trillion (about USD201 million) while capped volatility (+/- 40% within that day). At the given price and following FY2024 results, F88 VN shares could be valued at 14.9x P/E and 3.0x P/B. Additionally, F88 announced its H1 financials with revenue of VND1,744 billion (about USD66.8 million, up +30% YoY) and EBT of VND321 billion (about USD12.3 million, up +213% YoY).
Vingroup (VIC VN): Plans to invest in a logistics project in Hai Phong
The project will have 3 phases using totally nearly 4,400 hectares of land, and will require nearly VND374 trillion (about USD14.3 billion) to complete, in which Vingroup expects to contribute 15%. Expected life-span of the project is 70 years. VIC VN closed at its price ceiling of VND111,200 per share on 4th August 2025, thus 30.6x P/E and 2.9x P/B.
Savico (SVC VN): Sold stake in a delayed project
The company completed the sale of its stake in Long Hoa-Can Gio residential project to GELEX Infrastructure – subsidiary of GELEX Group (GEX VN) via open auction, proceeding over VND619 billion in return. This project started in 2002, co-developed by Fideco (FDC VN) and Savico with 50:50 ratio in capex, and after it had made very little progress then finally took no further step since 2009 due to legal issues even until now. SVC VN closed at VND21,250 per share on 4th August 2025, meaning 10.3x P/E and 0.9x P/B.
Q2 result updates, dated 4th August 2025:
EVN Genco3 (PGV VN): Revenue was VND11,931 billion (about USD457.1 million, down -5.6% YoY) and net income was VND882 billion (about USD33.8 million, up +815.5% YoY). PGV VN closed at VND21,700 per share, hence 23.2x P/E and 1.6x P/B.
Petrolimex (PLX VN): Revenue was VND77.05 trillion (about USD2.95 trillion, up +5% YoY) and net income was VND1.28 trillion (about USD49.2 million, 6% YoY). New policies related to promoting E10 petrol and EVs could have heavy impacts on Petrolimex’s operations. PLX VN closed at VND36,600 per share, meaning 22.9x P/E and 1.9x P/B.
Cen Land (CRE VN): Revenue was VND349 billion (about USD13.4 million, up +4.7% YoY) and net income was VND40 billion (about USD1.5 million, up +415.3% YoY). CRE VN closed at VND9,700 per share, leading to 66.9x P/E and 0.8x P/B.
Investor can see the full Newsletter below:
