Thien Long Group (TLG VN): Spent USD$2.8 million establishing presence in the Philippines
Leading, listed stationery producer invested USD$2.8 million and established a new subsidiary in Philippines to sell stationery under brand name FlexOffice. The company disclosed that in 2024, revenue from the SEA market increased by 25%, far higher than 9% of the domestic market, in which FlexOffice has become “top-of-mind” in the Philippines. In H1, Thien Long Group made revenue of over VND2,040 billion (about USD78.2 million, up +1.2% YoY) and net income of VND302 billion (about USD11.6 million, down -9% YoY). TLG VN closed at VND52,300 per share on 18th August 2025, thus 10.5x P/E and 1.8x P/B.
Viconship (VSC VN) collaborates with Hai An Transport & Stevedoring (HAH VN)
Both logistics companies announced that they will co-establish a joint venture, in which Viconship will own 60% interest and Hai An will own 40% interest. This joint venture will be named Hai An Green Shipping and is expected to be a shipwright with the first objective is building two 7,000-TEU vessels at cost of about USD$180 million. These vessels could increase capacities of both companies, allowing them to operate in longer routes. VSC VN closed at price ceiling of VND36,200 per share on 18th August 2025, hence 32.2x P/E and 2.9x P/B. HAH VN closed at VND64,400 per share on 18th August 2025, thus a 10.1x P/E and 2.7x P/B.
EVN Finance (EVF VN): Acting CEO appointed
The Board decided to appoint Mr. Le Manh Minh – Board member, as the Acting CEO at EVN Finance, replacing Mr. Mai Danh Hien who was previously appointed as Vice Chairman, to lead the company. He is the key person behind many of EVN Finance’s ESG initiatives recently, suggesting a new strategy related to Sustainable Finance. EVF VN closed at VND15,750 per share on 18th August 2025, resulting 15.1x P/E and 1.3x P/B.
HAXACO (HAX VN): MG auto dealership subsidiary slated to list on UPCoM in August
PTM Automobile (OTC: PTM) will be available on UPCoM with 22nd August 2025 as the first trading day, with the first reference price of VND20,000 per share, suggesting market cap of VND640 billion (about USD24.5 million). PTM used to be listed on HNX in 2015 before delisted in 2018 due to the lack of minority interest. Currently, PTM has been distributing MG cars via 12 showrooms nationwide, accounting for nearly 40% of MG’s revenue in Viet Nam. In Q2 2025, PTM recorded revenue of VND391 billion (about USD15 million, up +50% YoY) and net income of VND19 billion (about USD728,000, down -25% YoY). Haxaco is still the largest shareholder and the parent company with nearly 52% ownership. HAX VN closed at VND14,050 per share on 18th August 2025, therefore 15.7x P/E and 1.4x P/B./
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