Q4 & FY2025 preliminary results (dated 16th January 2026):
- KienlongBank (KLB): The bank recorded 2025 EBT of VND2,323 billion (about USD88.3 million, up +109% YoY and exceeding target by 68%), thanks to 17% credit growth rate. NPL ratio at year end was 2.02%, down -16 bps YoY but uncollectible debts (grade-5 NPL, estimated at VND625 billion (c. USD23.8 million)) accounted for 47% of total NPL value. KLB closed at VND18,150 per share, thus 5.7x P/E and 1.2x P/B. TNG Trading & Investment (TNG): The textile & garment company made revenue of VND8.7 trillion in 2025 (about USD330.7 million, up +12% YoY) and net income of VND392 billion (about USD14.9 million, up +24% YoY). TNG closed at VND20,700 per share, thus 7.5x P/E and 1.4x P/B.
- Sonadezi (SNZ): The industrial park developer estimated FY2025 revenue of VND6.9 trillion (about USD262.4 million, up +17.5% YoY) and consolidated after-tax profit of VND1.6 trillion (about USD60.8 million, slightly lower than 2024). The company also announced that it did not meet the requirement to be a public company due to highly concentrated shareholder structure (i.e. the Dong Nai provincial authority has owned 99.5% of shares outstanding) but the State has been considering this issue and will have suitable restructuring plan to deal with. Meanwhile, Sonadezi plans to develop at least two new industrial parks and two new residential projects with total capex of VND36 trillion (about USD1.37 billion) by 2030, resulting annual revenue of VND6 trillion (about USD228 million) and after-tax profit of VND1.3 – 1.5 trillion (about USD49 – 57 million). SNZ was last traded at VND36,500 per share, suggesting 11.0x P/E and 1.9x P/B.
- Da Nang Port (CDN): The port operator reported annual cargo volume growth rate of 10.44% for full year 2025, resulting revenue of VND1,656 billion (about USD63 million, up +14% YoY) and net income of VND368 billion (about USD14 million, up +22% YoY). For 2026, the company targets 16.77 million tons of cargo served, up +9% YoY, followed by growth rate of 12% and 15% for revenue and profit respectively. CDN closed at VND35,400 per share, thus 9.6x P/E and 1.8x P/B.
Khang Dien Housing (KDH): VinaCapital wants to buy 10 million shares
VOF Investment Limited, managed by VinaCapital, registered to purchase 10 million KDH shares (c. 0.89% of current shares outstanding) due to portfolio restructuring, just a few days after the sale of collectively 2.3 million KDH shares from 2 other VinaCapital’s funds. The real estate developer did not reveal any information related to Q4 business performance yet. KDH closed at VND29,750 per share on 16th January 2026, hence 35.0x P/E and 1.9x P/B.
