Mobile World Group (MWG VN): Potential spin-off of Bach Hoa Xanh
One of the nation’s leading consumer electronic retailers announced its strategy to 2030, which includes the split of its businesses: (1) Mobile World (MW), including both The Gioi Di Dong (TGDD, selling ICT goods) and Dien May Xanh (DMX, selling home appliances); and (2) Bach Hoa Xanh (BHX, the convenience store chain). Following this strategy, Mobile World Group could thus list both companies on the stock exchange. Circumstances presenting would include: for MW, its about fair valuation and for BHX, its about fund raising to capture the growing market.
Listing both subsidiaries is also an implicit way to announce that Mobile World Group is now a holding company. MWG VN closed at VND72,100 per share on 11th August 2025, meaning 24.1x P/E and 3.5x P/B.
UDICO (UIC VN): An independent director lost his Independence status
Mr. Nguyen Van Thinh – Independent Director at UDICO, submitted filings to disclose that he was no longer independent due to share purchases of his son and daughter. Together, they had bought totally 220,000 UIC VN shares, increasing his family’s ownership to 260,000 shares or 3.12% of shares outstanding. The firm reported Q2 revenue of VND835 billion (about USD32 million, up +15% YoY) and net income of VND24 billion (about USD920,000, up +107.3% YoY). UIC VN closed at VND48,650 per share on 11th August 2025, thus 5.0x P/E and 0.7x P/B.
Lof International Dairy (IDP VN): A major change in top management
The company appointed Mr. Doan Huu Nguyen as the new CEO, replacing Mr. Bui Hoang Sang. The new CEO has over 20 years of experiences in F&B industry in which there have been 12 years at LoF, used to work at Kido Group (KDC VN), Suntory PepsiCo Viet Nam, Cau Tre Corporation, and Left Brain Connectors. In Q2, the company announced a net loss of VND-36 billion (about USD-1.4 million), the first time in recent years and after 2 consecutive quarters of substantial profit drop, despite a top line growth of 9.5%. IDP VN was last traded at VND200,000 per share on 11th August 2025, implying 28.4x P/E and 3.8x P/B.
EVNGENCO3 (PGV VN): Better profit margin
Despite a decrease of 6% in revenue, the company’s Q2 net income was still VND882 billion (about USD33.8 million, which is commendably bullish compared to a large net loss in Q2 2024). The company also recorded significant gains from joint ventures and associates, reaching at VND169 billion (about USD6.5 million, nearly 4 times higher than Q2 2024). PGV VN closed at VND20,200 per share on 11th August 2025, hence 22.1x P/E and 1.4x P/B.
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