F88 (OTC: F88 VN): Certified by M-CRIL
The pawnshop chain operator received the Client Protection Certification – Gold Level, certified by M-CRIL (an Indian based credit rating agency), valid till 10th July 2028. In H1 2025, F88 also reported Net Promoter Score (NPS) of 7.3 and Customer Retention Rate (CRR) of 50%, generally good for company operating in personal loan business. F88 is already a public company and F88 VN shares will be available for trading on UPCoM soon.
Phu Tai Corporation (PTB VN): Preliminary Q2 results
The company announced its Q2 business performance with revenue of VND1,935 billion (about USD74 million, up +20% YoY) and earnings before tax (EBT) of VND159 billion (about USD6.1 million, up +40% YoY). In Q3, Phu Tai expects to generate revenue of VND1,614 billion (about USD62 million, up +10.9% YoY) and EBT of VND132 billion (about USD5.1 million, up +29.4% YoY). PTB VN closed at VND55,600 per share on 17th July 2025, thus 9.5x P/E and 1.3x P/B.
Binh Son Refinery (BSR VN): Ready to produce E10 petrol
Following the Net-Zero by 2050 plan, E10 petrol will be a must for all vehicles since 2026. Binh Son Refinery already reported to PetroVietnam the production plan, in which it will apply the ratio of 10% ethanol to both A92 and A95 petrol, resulting the need of 1.2 – 1.5 million cubic meter of ethanol per year.
However, the annual domestic supply is just about 450,000 cubic meter, equivalent to 40% of the total future demand, suggesting an enormous import volume of ethanol in 2026 and afterwards. BSR VN closed at VND18,650 per share on 17th July 2025, hence 1.0x P/B while P/E was still negative.
HAXACO (HAX VN): Insiders have been selling nearly all their shares
Mr. Tran Van My – Board member, sold 1.6 million HAX VN shares, decreasing his ownership from 1.52% to 0.03%. Meanwhile, two other insiders, Ms. Do Ngoc Oanh – sister of the Chairman, registered to sell 260,000 HAX VN shares, and Mr. Tran Quoc Hai – DCEO, registered to sell 1.5 million HAX VN shares.
The Authorities of Ha Noi has been considering a progressive plan to ban all petrol vehicles, starting from 1st July 2026 with inner areas of the Ring Road 1, while most of HAXACO’s sold cars were petrol vehicles. HAX VN closed at VND16,150 per share on 17th July 2025, therefore 16.1x P/E and 1.4x P/B.
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