Digiworld (DGW VN): Expecting good profit growth for 2025
According to the AGM’s documents, the Board has proposed target revenue of VND25.5 trillion (about USD991 million, up +15% YoY) and net income of VND523 billion (about USD20.3 million, up +18% YoY). The company also plans to pay cash dividend of VND500 per share, funded by 2024 profit. DGW VN closed at price floor of VND30,900 per share on 8th April 2025, therefore 15.3x P/E and 2.3x P/B.
Phu Nhuan Jewellery (PNJ VN): Projecting more conservative results in 2025
Due to the prevailing business environment, the retail-chain jeweler sets 2025 revenue of VND31.6 trillion (about USD1.23 billion, down -17% YoY) and net income of VND1.96 trillion (about USD76 million, down -7% YoY). The firm has been planning to issue 3.2 million additional shares at VND20,000 per share following this year ESOP plan. PNJ VN closed at price floor of VND67,500 per share on 8th April 2025, hence 10.8x P/E and 2.0x P/B.
Da Nang Rubber (DRC VN): Lowering targets for 2025 compared to last year results
The tire manufacturer projects revenue of VND4,880 billion (about USD190 million, up +4% YoY) with 70% from export markets, and net income of VND228 billion (about USD9 million, down -2% YoY). The firm has been accelerating the new factory, manufacturing 4 million PCR tires and 1 million TBR tires annually, in which there will be a lot of tires for EVs. Additionally, the 2025 AGM held on April 25th will elect a new member for the Supervisory Board with the only candidate, Mr. Truong Tuan Nghia set to replace Ms. Nguyen Thi Van Hoa who resigned last week. DRC VN closed at price floor of VND21,500 per share on 8th April 2025, leading to 11.0x P/E and 1.3x P/B.
Imexpharm (IMP VN): Projecting all-time high in performance this year
The pharmaceutical company once again sets high financial objectives with net revenue of VND2,649 billion (about USD103 million, up +18.6% YoY) and earnings before tax of VND494 billion (about USD19 million, up +22.1% YoY). The firm has expressed a bullish view on the market due to regulations and Vietnam’s favourable demographic pyramid. In the upcoming AGM, an increase of foreign ownership limit from 75% to 77.96% will be considered. Currently, SK Group is owning nearly 47.7% of shares outstanding. IMP VN closed at price floor of VND38,750 per share on 8th April 2025, thus 18.6x P/E and 2.7x P/B.
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