WinCommerce, a member of Masan Group (MSN VN): August revenue up +24%, YoY
In August 2025, WinCommerce recorded revenue of VND3,573 billion (about USD136 million, up +24% YoY), increasing 8M 2025 revenue up to VND25 trillion (about USD951 million, up +16% YoY), surpassing its 2025 target. In the first 8 months, WinCommerce opened 415 new stores, and 75% of them locates in countryside and suburban areas. The company also has been competing intensively with Bach Hoa Xanh – backed by Mobile World Group (MWG VN) in the Central provinces with about 200 new stores each, year to date. MSN VN closed at VND86,000 per share on 12th September 2025, leading to 44.1x P/E and 3.8x P/B.
PV Power (POW VN): Public offering, bonus issue, and stock dividend
The PVN-backed electricity company plans to offer 281 million additional shares at VND10,000 per share to existing shareholders, expected to be in Q1 2026. Following the offering, PV Power also declared stock dividend of 4% (every 100 shares owned will receive 4 additional ones), and a bonus issue of 15% (every 100 shares owned will receive 15 additional ones), both could be in Q4 2025. The upcoming EGM will consider making changes in its business registration in order to increase foreign ownership limit (FOL). POW VN closed at VND15,450 per share on 12th September 2025, meaning 24.3x P/E and 1.1x P/B.
Hoa Binh Construction (HBC VN): Changes in top management
The construction contractor dismissed Mr. Dinh Van Thanh – DCEO, following his wish. Before that, Mr. Pham Hong Ha – DCEO, had also resigned just after 3 months since appointment. Ms. Nguyen Kim Loan – CFO, resigned after over a year of holding position. In H1, Hoa Binh only made revenue of VND1,636 billion (about USD62.2 million, down -57% YoY) and net income of VND56 billion (about USD2.1 million, down -93% YoY). HBC VN was last traded at VND7,800 per share on 12th September 2025, suggesting 14.5x P/E and 1.5x P/B.
Bien Hoa Building Materials (VLB VN): To supply stone for Long Thanh International Airport
The construction phase of Long Thanh International Airport (LTIA) has been facing the shortage of construction stone, estimated at 760,000 tons in 2025. The provincial authority has proposed 3 solutions: (1) Immediately purchasing about 195,000 tons of stones from VLB; (2) special mechanism by the Government, allowing VLB to overmine the Tan Cang 1 quarry (300,000 tons) and Truong Truong Phat JP in Thien Tan 9 quarry (250,000 tons); and (3) 69,000 tons of stones from Binh Thach Cooperative with Thanh Phu 3 quarry. VLB VN closed at VND48,000 per share September 12, 2025, thus 8.9x P/E and 3.1x P/B. Binh Duong Minerals and Construction (KSB VN) is currently the second largest shareholder with 22% interest.
