Au Lac JSC (privately held): Ready to be listed on HOSE
The oil & gas midstream company wants to spend USD450 million (about VND11.7 trillion) for twelve (12) new vessels, in which there will be four (4) 19,000-DWT vessels and eight (8) 13,000-DWT vessels. All of them are expected to progressively update the current fleet. In Q1 2025, the company recorded revenue of VND292 billion (about USD11.2 million, down -21% YoY) and net income of VND47 billion (about USD1.8 million, down -35% YoY). Target revenue and pre-tax income for 2025 are VND1.4 trillion and VND220 billion, respectively.
Vietravel (VTR VN): Public offering
The firm will offer nearly 28.7 million additional shares to existing shareholders, at price of VND12,000 per share, and Ex-date is May 20th. All proceeds (nearly VND344 billion or USD13.2 million if sold out) will be used for refinancing bank loans, suggesting a quite lower gearing ratio after the offering. The 2025 AGM will be held on May 17th at Fleur de Lys Quy Nhon hotel in Quy Nhon City.
Q1 2025: Vietravel reported sales of VND1.3 trillion (about USD50 million, up +8% YoY) in Q1, followed by net income of VND8.4 billion (about USD323,000, down -47% YoY), completing 14% and 17% of financial objectives respectively. VTR was last traded at VND22,000 per share on 12th May 2025, implying 15.2x P/E and 1.3x P/B.
Nuclear energy in Viet Nam: Cooperation with Russia
Following the latest disclosure, Rosatom – a Russian state corporation specialized in nuclear energy, wants to provide a VVER-1200 reactor for the recently revised Ninh Thuan Nuclear Energy project in Viet Nam, approved to be co-developed by two largest state-owned energy companies in Viet Nam, EVN and PVN.
HODECO (HDC VN): On-going divestiture of Dai Duong project
The real estate company decided to sell most of the remaining stake in Dai Duong project (about 37.4% out of its 47.3% ownership), to Tan Cuong company, at an undisclosed price but expected to be VND1.1-1.2 trillion (about USD42.4-46.2 million). Recall in 2022, HODECO transferred a part of the project and received VND900 billion (about USD35 million). The company also has an associate named Hue Construction JSC (HUB VN), in which HODECO is holding 40% interest. With the fact that Hue is now a municipality (6th largest in Viet Nam), some construction contractors could benefit from land development and urbanization. HDC VN closed at VND23,200 per share on 12th May 2025, thus a 53.6x P/E and 1.8x P/B.
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