VBMA: Corporate bond market, March 2025
In March, 5 corporate issuers completed their bond offerings of nearly VND10.7 trillion (about USD415 million) collectively, in which there was only a private placement with value of VND500 billion (about USD19.4 million). However, there were 7 delinquencies with total value of VND660 billion (about USD25.6 million). VN bond yields stayed far lower than U.S. Government Bonds over the same period (exhibit: VN 1-Year Tenor ~2% v US 1-Year Tenor ~4%; VN 5-Year Tenor ~2.25% v US 5-Year Tenor ~4%; VN 10-Year Tenor ~3% v US 10-Year Tenor ~4.25%).
Next month, TTC AgriS (SBT VN) will offer convertible bonds to existing shareholders with total principal amount of up to VND500 billion (about USD19.4 million), 1-year tenor, and 9.5% p.a. coupon. Meanwhile, Vietinbank (CTG VN) will offer unsecured bonds to increase its tier-2 capital, with VND4,000 billion (about USD155 million) in total, having tenor of 8 to 10 years and floating coupon rate.
Deo Ca Infrastructure (HHV VN): Estimates Q1 2025 as the best quarter of all-time
The company announced its preliminary results with estimated revenue of VND730 billion (about USD28.3 million, up +6% YoY) and net income of VND160 billion (about USD6.2 million, up +44% YoY). In the next 3 years, toll collection revenue may increase by 8 – 10% every year due to corresponding expected growth rate in traffics. At year end 2024, the company still owed VND17.95 trillion (about USD696 million) in total to Vietinbank (CTG VN), equivalent to over 1% of the bank’s loan book balance at the same time or 56.5% of its earnings before tax (2024). HHV VN closed at VND11,400 per share on 11th April 2025, hence 11.6x P/E and 0.5x P/B.
Thien Long Group (TLG VN): Glocalization Strategy and 3 new Independent Directors
The shareholders elected 3 new independent directors: (1) Mr. Le Trung Thanh – Advisor Board member at EY Consulting; (2) Ms. Tieu Yen Trinh – CEO at Talentnet and also the independent director at Vinamilk (VNM VN) and Phu Nhuan Jewellery (PNJ VN); and (3) Mr. Pham Ngoc Tuan – Director of the Institute of Management and Technology (IMT) and also former First DCEO of Samsung Viet Nam.
In 2025, the company targets revenue of VND4.2 trillion (about USD163 million, up +11.7% YoY) and net income of VND450 billion (about USD17.4 million, down -2.4% YoY). TLG VN closed at VND48,600 per share on 11th April 2025, therefore 9.1x P/E and 1.8x P/B.
Investor can see the full Newsletter below:
