Asia Commercial Bank (ACB VN): Plans VND20 trillion of bond via private placements
ACB has announced plans to Issue up to 200,000 bonds with a face value of VND100 million per bond, in 10 consecutive private placements. These bonds will have 5-year tenor with coupon paid annually, can be callable, and they also increase the bank's tier-2 capital. ACB VN closed at VND26,300 per share on 18th March 2025, hence 7.0x P/E and 1.4x P/B.
Viettel Construction (CTR VN): February update
In the first two months of 2025, Viettel Construction recorded revenue of VND1,762 billion (about USD69 million, up +3% YoY) and pre-tax income of VND100 billion (about USD3.9 million, up +6% YoY). The company recently set a 2025 target revenue and pre-tax income of VND13,968 billion (about USD547 million, up +10% YoY) and VND721.4 billion (about USD28.3 million, up +7% YoY), respectively. By the end of February, the company was still the #1 ranked TowerCo in Viet Nam with 10,114 base transceiver stations (BTS), up +57% YoY. Meanwhile, it recorded 2.45 million m2 of distributed antenna systems (DAS), 2,716 km of transmission cable, and nearly 17 MWp of solar energy as of February 2024. CTR VN closed at VND110,000 per share on 18th March 2025, therefore 23.2x P/E and 6.8x P/B.
BAF Viet Nam (BAF VN): Continuing on with M&A activities
With acquisition of Khoi Duong Ltd. in Dak Nong, the firm has acquired 15 target companies since November 2024, and 7 companies year-to-date. Following the horizontal integration plan revealed in February 2025, BAF will have either merged or acquired 10 to 12 companies by 2026 to boost annual production up to 10 million pigs in 2030. The pig farming business reported 2024 revenue of VND5,554 billion (about USD217.5 million, up +6.8% YoY) and net income of VND323 billion (about USD12.7 million, up +1,100% YoY). BAF VN closed at VND33,350 per share on 18th March 2025, thus 24.7x P/E and 2.7x P/B.
Sai Gon Port (SGP VN): Net profit decreased slightly after audit
The port operator filed its audited financial statements with net profit of VND171 billion, down -5% compared to unaudited report and down -42% YoY. And, income from JVs and associates also accounted for 27.5% of earnings before tax. The firm has been concentrating its resources on a new project, the Can Gio International Transit Port, a joint venture with Terminal Investment Limited Holding S.A. The new port will have land size of 571 hectares, capital investment of over VND50 trillion (about USD2 billion), and is expected to come into operation in 2045. This year, Sai Gon Port targets earnings before tax of VND316 billion, up +40% YoY. SGP VN was last traded at VND30,000/share indicating 37.9x P/E and 2.4x P/B.
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