Mobile World Group (MWG VN): BHX’s ESOP for eligible employees
ESOP: BHX’s ESOP shares will be allocated to key managers of BHX and other MWG’s subsidiaries having direct and significant impacts on BHX’s business operations. Operations: Q1 2025, BHX had 232 new stores with a half of them in Central regions, therefore over 2,000 stores in total by the end of the quarter. Currently, MWG is holding approximately 95% interest in BHX while the rest of 5% belongs to a Chinese-invested, CDH Investments. MWG VN closed at VND64,300 per share on 15th May 2025, thus 21.8x P/E and 3.2x P/B.
Becamex IDC (BCM VN): 2025 AGM update with changes in public offerings
After canceling the public offering in April, the industrial park developer has modified its public offering plan, offering 150 million shares at minimum of VND50,000 per share via auction in the 1st phase, suggesting proceeds of USD290 million.
Becamex IDC wants to have around VND20 trillion (about USD770 million) for all its pipelined projects in the next 6 years. In 2025, the company will start the construction of the 2nd phase of Bau Bang IP expansion (scale: 380 ha) and the Cay Truong IP (scale: 700 ha). Additionally, Lot 6 Viet Sing social housing project (scale: 1,867 units) is under development, expected for sale in 2027. Also, 5 other social housing projects are approved and pipelined for development.
The AGM held recently saw the election of 2 new Board members: (1) Mr. Nguyen The Duy – Deputy CEO at Becamex IDC; and (2) Mr. Vu Quang Vinh – Deputy CEO at VSIP. Becamex IDC targets total revenue of VND9.5 trillion (about USD366 million, up +29% YoY) and net income of VND2.47 trillion (about USD95 million, up +3% YoY) for 2025. BCM VN closed at VND61,000 per share on 15th May 2025, hence 26.0x P/E and 3.2x P/B.
SaigonBus (BSG VN): Major shareholders have been divesting
Tan Thanh Do Group, Mr. Pham Anh Hung, and Mr. Nguyen Van Thanh (related parties to Mr. Tran Ngoc Dan – a Board member), registered to sell all their stakes of over 27.9 million shares in total, equivalent to 47% ownership. Mr. Tran Ngoc Dan is also the Chairman of City Auto JSC (CTF VN). However, the largest shareholder of SaigonBus, the state-invested SAMCO with 49% ownership, has not announced any selling activities yet. SaigonBus reported a rather bearish Q1 business performance with revenue of VND111 billion (about USD4.3 million, down -24.8% YoY) and net income of VND1.5 billion (about USD58,000, down -84.5% YoY). BSG VN last traded at VND12,500 per share on 15th May 2025. Thus, 20.4x P/E and 2.0x P/B.
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