Hoa Phat Group (HPG VN): Preliminary Q2 results
The group reported Q2 results with revenue of over VND36 trillion (about USD1.38 billion, up +5% YoY) and net income of VND4.3 trillion (about USD165 million, up +23% YoY). Hence, in H1 2025, Hoa Phat already completed 44% and 51% revenue and profit objectives, respectively. Steel products still accounted for nearly 90% of the consolidated revenue with 5.1 million tons of steel ingots produced.
With the No.6 BOF factory to-be-completed in this September, Hoa Phat will increase capacity up to 16 million tons per year, in which there could be 9 million tons of HRC, meeting 100% of domestic demand. The agribusiness also recorded 38% increase in revenue and 130% increase in net profit, respectively, compared to H1 2024. HPG VN closed at VND26,100 on 16th July 2025, meaning 16.0x P/E and 1.7x P/B.
Vietbank (VBB VN): Will be listed on HOSE by Q1 2026
The bank announced its plan to list VBB VN shares on HOSE, no later than Q1 2026. Before the listing, Vietbank will offer nearly 271 million additional shares at VND10,000 per share to its existing shareholders in this H2 2025. In Q1 2025, Vietbank had total operating income of VND765 billion (about USD29.3 million, up +48.9% YoY) and net profit of VND198 billion (about USD7.6 million, up +245% YoY). VBB VN was last traded at VND11,100 per share on 16th July 2025, suggesting 8.7x P/E and 1.0x P/B.
GELEX Electric (GEE VN): Q2 results
The company announced its preliminary Q2 business performance with consolidated revenue of VND6.5 trillion (about USD249.4 million, up +23% YoY) and pre-tax income of VND722 billion (about USD27.7 million, up +7% YoY), completing 53% revenue target and 79% profit target. GEE VN closed at price ceiling of VND113,300 per share on 16th July 2025, thus 21.3x P/E and 6.0x P/B.
FPT Telecom (FOX VN): SCIC is no longer the major shareholder
SCIC, currently owns 50.2% of shares outstanding. That said, for accounting purposes, FPT Telecom is consolidated into FPT Corporation (FPT VN), a major shareholder with 45.7% interest. Recently, the Ministry of Public Security has taken over FPT Telecom from SCIC, enhancing national security governance. At the present time, there is no further information related to FPT Telecom’s consolidation with FPT Corporation. FOX VN was traded at VND67,000 per share on 16th July 2025, implying 17.0x P/E and 4.9x P/B.
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