Phu Tai (PTB VN): Planning a FPO for its core businesses
The company has announced plans to have an EGM held on 9th September, balloting its shareholders for a potential follow-on public offering of 13.4 million shares (equivalent to 20% of current shares outstanding) at VND12,000 per share. If successful, the total proceeds of nearly VND161 billion (about USD6.2 million) would be used for Stone Mining (28%) and Woodworking (72%). In H1 2025, Phu Tai made net revenue of VND3,523 billion (about USD135 million, up +15.7% YoY), in which the Woodworking business accounted for 58%, and net income of VND241 billion (about USD9.2 million, up +20.9% YoY).
The company’s wood products division is proving very successful at securing international, sustainable export relations and has been supplying products to many countries worldwide with U.S., France, and Australia as the key markets. PTB VN closed at VND53,700 per share on 19th August 2025, meaning 8.8x P/E and 1.2x P/B.
VietJet Air (VJC VN): Ground-breaking ceremony of an aircraft maintenance centre
The airline plans to invest VND1.7 trillion (about USD65 million) in an aircraft maintenance centre (Hangar No.3 and No.4) in the Long Thanh International Airport. The project will use 8.5 hectares of land, and when coming into operation in mid-2026, it will create 500-600 job vacancies and be able to repair 2 wide-body aircraft (i.e. Airbus A330) or 4 narrow-body aircraft (i.e. Airbus A320 and A321) at the same time.
VietJet Air reported H1 revenue of VND35.84 trillion (about USD1.37 trillion, up +5.3% YoY) and net income of VND1.3 trillion (about USD49.35 million, up +55.6% YoY). VJC VN closed at VND146,000 per share on 19th August 2025, thus 46.3x P/E and 3.6x P/B.
BAF Viet Nam (BAF VN): Ground-breaking of the largest piggery complex in Viet Nam
The company started its most important project in Quang Tri province (proximate to Hue) with total investment of nearly VND2.4 trillion (about USD91.6 million), supplying 15,000 breeding sows and 450,000 meat pigs annually. After coming into operation, at full capacity, it could generate revenue of up to VND3.4 trillion (about USD130 million) every year for BAF Viet Nam. This piggery, will be by far the largest piggery in Vietnam once in operation.
In H1 2025, the company sold about 330,000 meat pigs, resulting revenue of over VND2.5 trillion (about USD96 million, down -4% YoY) and net income of VND327 billion (about USD12.5 million, up +112% YoY). BAF VN closed at price ceiling of VND38,050 per share on 19th August 2025, hence 23.6x P/E and 2.7x P/B.
Investor can see the full Newsletter below:
