Becamex IJC (IJC VN): Upcoming $97M public offering
Becamex has implemented its AGM-approved public offering plan, therefore offering nearly 252 million shares to existing shareholders at price of VND10,000 per share. All proceeds (about USD97 million) will be used for on-going projects and refinancing. IJC VN closed at VND11,900 per share on 7th May 2025, thus market cap of VND4.5 trillion (about USD173 million), 12.5x P/E and 0.9x P/B.
Dabaco (DBC VN): Record high profit metric in Q1 2025
The agribusiness reported Q1 revenue of VND3,609 billion (about USD139 million, up +11% YoY) and net income of VND508 billion (about USD20 million, up +600% YoY), thanks to the Farming segment and high output prices. In late-March, the firm announced its commercialization of Dacovac-ASF2 vaccine and started constructing the Dacovet vaccine manufacturing plant. DBC VN closed at VND27,550 per share on 7th May 2025, hence 7.7x P/E and 1.3x P/B.
Nhon Trach 2 (NT2 VN): An insider bought 1.5 million shares
Ms. Dang Thi Ngoc Bich – spouse to the Board member, Mr. Luong Ngoc Anh, completed her purchase of 1.5 million shares via put through method, increasing her family’s ownership up to 0.54% of shares outstanding.
In Q1 2025, the electricity company recorded total revenue of VND1,427 billion (about USD55 million, up +444.7% YoY) and net income of VND37 billion (about USD1.4 million, bullish compared to net loss in Q1 2024). NT2 VN closed at VND18,800 per share on 7th May 2025, therefore 19.5x P/E and 1.4x P/B.
Vinpearl (VPL VN): Available on HOSE next week
The first trading day of VPL VN shares is confirmed as being Tuesday, May 13th. The first reference price is determined at VND71,300 per share, equivalent to its IPO price, suggesting a starting market cap of nearly VND128 trillion (about USD5 billion).
Q1 2025, the company reported net sales of VND2,971 billion (about USD114.4 million, up +77% YoY) and net income of VND90 billion (about USD3.5 million). This year, Vietnam expects record domestic air travel numbers and Vinpearl targets a revenue of VND14 trillion (about USD539 million) and net income of VND1.7 trillion (about USD65.4 million).
Investor can see the full Newsletter below:
