SASCO (SAS VN): Cash dividend with 100% payout ratio
Following bullish results in 2024, the firm disclosed that it will pay cash dividend at VND2,789 per share, equivalent to 2024 EPS. Because it paid VND600 per share in September 2024, there is cash dividend of VND2,179 per share to be expected.
Recently, major shareholders related to the billionaire Johnathan Hanh Nguyen have been selling over 1.33 million shares while the state-backed ACV (with over 49%) has taken no selling action as yet. SAS VN was last traded at VND41,800 per share on 16th May 2025, suggesting 11.2x P/E and 3.2x P/B.
ICD Tan Cang – Long Binh (ILB VN): Completed the public offering
The company finished distribution of 12.35 million additional shares to investors at VND20,000 per share, in which there were 97.6% subscribed by existing shareholders while the rest of 2.4% allocated to 34 domestic investors. Proceeds of VND247 billion (about USD9.5 million) will be used for a new project and covering infrastructure costs.
This year, target revenue is VND549 billion (about USD21.1 million, up +12% YoY) and target net income is VND110 billion (about USD4.2 million, up +6% YoY). In Q1, the company completed 22% and 26% its financial objectives, respectively. ILB VN closed at VND28,750 per share on 16th May 2025, thus 10.8x P/E and 1.9x P/B.
PVN Technical Services Corporation (PVS VN): Dragon Capital no longer a major shareholder
The Dragon Capital (DC) shareholder group sold 5.7 million PVS VN share, decreasing their collective ownership down to 23.4 million shares or 4.9%, therefore no longer a major shareholder. In Q1 2025, the midstream company reported net revenue of VND6,014 billion (about USD231.6 million, up +62.1% YoY) and net income of VND332 billion (about USD12.8 million, up +10.3% YoY). PVS VN closed at VND27,500 per share on 16th May 2025, hence 11.9x P/E and 0.9x P/B.
PGBank (PGB VN): Upcoming EGM to elect an independent director and another member of Supervisory Board
The EGM will be held on July 22nd to elect another independent director to the Board consisting of 6 persons, in which Mr. Nguyen Van Ty is independent. The Supervisory Board also need another member to have 5 persons in total as approved in the 2025 AGM. PGB VN was last traded at VND14,000 per share on 16th May 2025, indicating 25.1x P/E, 1.3x P/B.
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