An Cuong Wood (ACG VN): Having no concern related to the U.S. tariffs
The firm disclosed that the U.S. market only accounted for 12% of total revenue, therefore impacting insignificantly to core operations. An Cuong does not change its initial objectives, maintaining target revenue of VND4,050 billion (about USD156 million, up +1.7% YoY) and net income of VND450 billion (about USD17.3 million, up +7.1% YoY).
Partial divestiture of Thang Loi Homes (4.5% out of 30% interest) was approved and profit (about VND37 billion or USD1.4 million) from this this deal could be recorded in Q2 2025. ACG VN was last traded at VND37,700/ share on 9th May 2025. 13.4x P/E and 1.3x P/B.
Dat Xanh Group (DXG VN): A potential private placement
This year, the real estate company targets revenue of VND7 trillion (about USD269.5 million, up +62% YoY) and net income of VND368 billion (about USD14.2 million, up +44% YoY). The private placement of 93.5 million shares was approved in 2024 but not implemented yet, and has been revised once again in 2025.
Strategic investors will be allowed to subscribe at price of at least VND18,600 per share, resulting proceeds of VND1.74 trillion (about USD67 million) if 100% successful. Meanwhile, the top management also disclosed that there will be no public offering (to existing shareholders) in the next 3 years. DXG VN closed at VND16,200 per share on 9th May 2025, hence 51.8x P/E and 1.1x P/B.
Hoa Phat Group (HPG VN): A Board member to transfer part of wealth to family members
Mr. Nguyen Ngoc Quang – Board member of the industrial giant, decided to transfer 8.5 million HPG VN shares to his son and other family members, resulting 104.6 million shares remaining in his portfolio, decreasing his direct ownership from 1.77% down to 1.63%. HPG VN closed at VND25,650 per share on 9th May 2025, therefore 13.1x P/E and 1.4x P/B.
Eximbank (EIB VN): Appointed two new Deputy CEOs
The bank appointed Mr. Pham Quang Dung and Mr. Tran Anh Thanh as two new DCEOs. Both are seasoned bankers and used to serve as Directors and or Independent Directors of the Board, respectively, before their appointments. In Q1 2025, the bank had total operating income of VND1,807 billion (about USD70 million, up +14.6% YoY) and earnings before tax of VND832 billion (about USD32 million, up +25.9% YoY). EIB VN closed at VND19,100 per share on 9th May 2025, meaning 10.3x P/E and 1.4x P/B.
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