TTC AgriS (SBT VN): Cooperation with UOB Venture
Bien Hoa Consumer (BHC) – a subsidiary of TTC AgriS, has successfully raised funds from UOB Venture Management and the latter will hold 12% of post-money shares outstanding of BHC. All proceeds will be used for construction of the new F&B factory, focusing on organic foods and nutrient-dense foods. BHC has recorded CAGR of 13.6% in the past 4 years, and it may consider an IPO in the near future. SBT VN closed at VND17,350 per share on 8th May 2025, thus 16.7x P/E and 1.3x P/B.
Tasco Auto, a subsidiary Tasco (HUT): Completed a bond offering
The automotive company closed its secured corporate bond private placement, receiving proceeds of VND190 billion (about USD7.3 million). These bonds have trading code TAU12501, 4-year tenor, 10% p.a. coupon rate, secured by collateral, and no option embedded.
Tasco is currently holding nearly 96.5% interest in Tasco Auto, which in turn directly owns over 54% of Savico (SVC VN) – the largest auto dealer by market share in Viet Nam. HUT VN closed at VND12,800 per share on 8th May 2025, hence 71.9x P/E and 1.3x P/B.
Vinamilk (VNM): Powdered milk segment thrived amid market chaos
Segment revenue from powdered milk and infant formula products recorded a high year-over-year growth rate of 34% in April 2025. Last month, several counterfeit cases emerged with some small milk brands got the hits, and the demand for Vinamilk increased significantly. The dairy company sets 2025 target sales of VND64.5 trillion (about USD2.5 billion, up +4.3% YoY) and pre-tax income of VND12.1 trillion (about USD466 million, up +4.3% YoY). VNM closed at VND57,400 per share on 8th May 2025, therefore 13.7x P/E and 3.6x P/B.
Transimex (TMS VN): Registered to buy 1 million VNF VN shares after failed attempt
The logistics corporation has wanted to increased its ownership in Vinafreight (VNF VN) from 61% up to 64.2%, after its previously unsuccessful purchase. Transimex generated Q1 revenue of VND703 billion (about USD27.1 million, up +1.8% YoY) and net income of VND91 billion (about USD3.5 million, up +142.7% YoY).
Vinafreight accounted for 44% of Transimex’s revenue in the last quarter. TMS VN closed at VND41,950 per share on 8th May 2025, leading to 28.9x P/E and 1.7x P/B. Meanwhile, VNF VN closed at VND14,900 per share on the same date, resulting 5.9x P/E and 0.8x P/B.
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