PVFCCo (DPM VN) – Q3/2024 Results and new trademark ‘PHUMY’
The company publicly announced its new trademark PHUMY with brand new logo, but still retains its trade name PVFCCo. To remind, the firm has been already called Dam Phu My due to its factory location in Phu My Town for years, which later led to its stock code choice. DPM reported its Q3/2024 business results with net revenue of VND3,077 billion (about USD121.3 million, down -4.2% YoY) and net income of VND63 billion (about USD2.5 million, down -1.6% YoY). DPM VN closed at VND35,450 per share on 12th December 2024, down -4.1% from its 52-week high, thus 20.9x P/E and 1.3x P/B.
OceanBank, a subsidiary of Military Bank (MBB VN) – Renamed to MBV
OceanBank will be rebranded as Modern Bank of Vietnam (MBV) with a new Chairman and CEO appointed from its sole owner, MB. Additionally, nearly all key persons of MBV recently appointed are either current or former high-level executives at MB. MB also acted as a government agent in the bailout of OceanBank after the infamous bank failure years ago, becoming the de facto parent bank by handling the latter’s daily operations as well as recovery strategies. MB generated total operating income of VND12.7 trillion in Q3/2024 (about USD501 million, up +5.3% YoY) and net profit of VND5.8 trillion (about USD228 million, up +0.3% YoY). Quarterly NIM kept going down with only 4.4% in last quarter while NPL ratio was going up to its 10-quarter high of 2.2%, with LLR ratio down to 68.8%, also the most negative recently. MBB VN closed at VND24,300 per share on 12th December 2024, down -6.2% from its 52-week high, hence 6.0x P/E and 1.2x P/B.
City Auto (CTF VN) – Plans to acquire a Volkswagen auto dealer
In addition to its long-term partnership with Ford and Hyundai, City Auto has recently expanded its business by purchasing 99% of Tan Thuan VW JSC – an authorized dealer of Volkswagen Viet Nam, currently covering 20% market share of VW cars in the domestic market. It also marked another M&A deal in the auto dealership business, after Savico (SVC VN) acquisition by Tasco Auto – a member of Tasco (HUT VN) last year. Prior to the deal, the acquirer already has 11 Ford showrooms and 6 Hyundai showrooms. City Auto recorded its 8th consecutive quarter of bearish bottom line in Q3/2024 with net income of only VND2 billion (about USD81,000, down -91% YoY), despite its quarterly revenue of VND2,077 billion (about USD82 million, up +22.7% YoY). CTF VN closed at VND22,650 per share on 12th December 2024, up +6.3% from its 52-week low after an expected downfall last month, thus 113.8x P/E and 2.2x P/B.
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