Hoa Phat Agriculture, a member of Hoa Phat Group (HPG VN): Submitted IPO filings
The agribusiness of Hoa Phat Group has officially registered for IPO, expecting to offer up to 30 million additional shares at the price higher than its book value per share, which was VND11,887 on 30 June 2025. If successful, the company could list its shares on the Ho Chi Minh Stock Exchange (HOSE) in December 2025, mentioning potential stock code HPA, which once belonged to an aquaculture company.
Following the interim consolidated report for H1 2025, the agribusiness made revenue of VND4,228 billion (about USD161 million, up +38% YoY) and net income of VND939 billion (about USD36 million, up +130% YoY), suggesting TTM EPS of VND6,125. There are several noteworthy peers, on 17th September 2025:
- Dabaco (DBC VN): 6.9x P/E and 1.4x P/B;
- BaF Viet Nam (BAF VN): 20.4x P/E and 2.4x P/B;
- HAGL Group (HAG VN): 12.0x P/E and 1.7x P/B;
- Masan MEATLife (MML VN): 28.5x P/E and 2.8x P/B.
HPG VN closed at VND29,200 per share on 17th September 2025, thus 16.7x P/E & 1.8x P/B.
Sacombank (STB VN): Amendment to corporate charter was not approved
The bank’s shareholders did not pass the amendment to corporate charter, which automatically turns the Chairman of the Board to be the sole legal representative if there is no person holding CEO title.
Currently, Sacombank only has an acting CEO – Mr. Nguyen Thanh Nhung, replacing Ms. Nguyen Duc Thach Diem – former CEO, to handle the bank’s operations. STB VN closed at VND56,200 per share on 17th September 2025, leading to 9.1x P/E and 1.8x P/B.
Vietnam Airlines (HVN VN): No longer negative equity
After recording proceeds of VND7.77 trillion (about USD295 million) from SCIC, the sovereign investment fund, the airline has advanced from negative equity status. It also means that SCIC is now owns an approximate 47.1% interest of the airline, depending on settlements of other shareholders including Ministry of Finance (MOF) and ANA Holdings (9202 TYO).
HVN VN closed at VND37,450 per share on 17th September 2025, down -2.1% from its all-time high the day before, suggesting 13.5x P/E and theoretically 19.8x P/B.
