Q4 and FY2025 preliminary results (dated 13th January 2026):
- Phu Tai Corporation (PTB): The company reported FY2025 revenue of VND7,346 billion (about USD279.3 million, up +10% YoY) and pre-tax income of VND634 billion (about USD24.1 million, up +34% YoY), outperforming revenue and profit targets by 10% and 33% respectively. In 2026, Phu Tai expects revenue of VND8.79 trillion (~USD334.2 million) and pre-tax income of VND760 billion (~USD28.9 million), suggesting a 20% growth rate for both operating metrics. PTB closed at VND51,700/s, thus 9.0x P/E and 1.3x P/B.
- Nam A Bank (NAB): The bank reported FY2025 TOI of VND11.53 trillion (about USD439 million, up +27.4% YoY) and EBT of VND5.25 trillion (about USD200 million, up +15.6% YoY), thanks to 18.2% credit growth rate, 2.6% net interest margin (NIM), 2.15% non-performing loan (NPL) ratio, and 54% loan loss reserve (LLR). Nam A Bank also disclosed capital adequacy ratio (CAR) of over 11% by the end of 2025, far higher than 8% required by the SBV. NAB closed at VND14,900 per share, thus 6.4x P/E and 1.1x P/B.
Dragon Capital (DCV): First day of trading
Over 31.2 million DCV shares will be available on UPCoM with 19th January as the first day of trading. Its first reference price is VND68,000 per share, suggesting 18.4x P/E and 2.7x P/B, followed by the first day volatility range of 40%. It is the first licensed fund management company going public in Viet Nam capital markets history.
Regarding financials, Dragon Capital made 9M revenue of VND772.9 billion (about USD29.4 million, down -3.7% YoY) and 9M net income of VND86.7 billion (about USD3.3 million, down -48.5% YoY). For OBS items, Dragon Capital is holding nearly VND1.2 trillion of trust net asset value under management on September-end. Additionally, the asset manager also disclosed that on 31 May 2025, it had total net asset value of about VND128 trillion (about USD4.9 billion) under management and advisement.
Hoa An Corporation (DHA): The largest shareholder FICO continued selling shares
FICO (FIC) is the largest shareholder of Hoa An with 3.41 million shares (c. 22.6% interest). It registered to sell over 360,000 shares, effective from 16th January to 14th February, also decreasing its ownership to 20.2%. Before that, Mr. Nguyen Tan Loc – Board member, sold over 730,000 DHA shares, lowering his equity stake to about 2.55% from initially 7.5%. Currently, Hoa An has been running Tay Ka Rom 1 quarry in Ninh Thuan, which has reserve of 13.3 million cubic meter and mining license due in 2049. DHA closed at VND67,700 per share on 13th January 2026, resulting 10.1x P/E and 2.1x P/B.
