Ha Do Group (HDG VN): High growth from renewable energy. Hiatus from real estate.
HDG posted high growth from its Renewable Energy business and the results showed a hiatus in terms of revenue recorded from its Real Estate business, resulting in lower overall business performance. Ha Do reported quarterly net sales of VND599 billion (about USD23 million, down -29% YoY) and net income of VND155 billion (about USD6 million, down -30% YoY). HDG VN closed at VND23,850 per share on 6th May 2025: 28.4x P/E and 1.3x P/B.
Viettel Global (VGI VN): 6th consecutive quarter of high sales growth
The company announced its Q1 2025 financial statements with revenue of VND9,657 billion (about USD372 million, up +22% YoY) and consolidated profit after tax of VND1,310 billion (about USD50.5 million, down -47% YoY). VGI VN closed at VND70,100 per share on 6th May 2025, hence 49.6x P/E and 6.0x P/B.
Phu Tai Corporation (PTB VN): Q1 net income increased by 27%
The diversified business reported consolidated financial position with total revenue of VND1,620 billion (about USD62.4 million, up +13% YoY) and net income of VND113 billion (about USD4.4 million, up +27% YoY). All its business lines observed good sales growth, and the company recorded a decline in financial costs. In the coming times, U.S. tariffs may negatively impact the wood products segment, which has been exported mostly to the U.S. PTB VN closed at VND50,200 per share on 6th May 2025, therefore 8.6x P/E and 1.1x P/B.
FPT Corporation (FPT VN): Acquired 2 target companies
FPT announced that it completed the buyout of Navisoft – a tech vendor specializing in financial services. This business used to cooperate with FPT on certain trading solutions for the HOSE before the KRX system launch in Vietnam. Navisoft was an associate of An Phat Bioplastics (AAA VN). Recall: before this acquisition, FPT also successfully acquired David Lamm Consulting – a German-based IT consultancy firm specialized in energy sector. FPT VN closed at VND109,700 per share on 6th May 2025, leading to 19.6x P/E and 5.0x P/B.
VietJet Air (VJC VN): Cooperation deal with Qazaq Air (Kazakhstan)
Vietnam’s low-cost airline plans to be the strategic shareholder of Kazakhstan-based Qazaq Air. According to latest news, the two airlines will look at establishing and operating a new low-cost airline named VietJet Qazaqstan. In time, the new airline may bring into service about 20 Boeing 737 aircraft, operating both domestic and international flights. VJC VN closed at VND89,000 per share on 6th May 2025, meaning 31.5x P/E and 2.7x P/B.
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