Phu Nhuan Jewelry (PNJ) – New CFO appointed
Mr. Nguyen Minh Hai, formerly Director of Financial Investment Strategy, has been appointed as new Senior Director of Finance (CFO), replacing Ms. Dang Thi Lai – a seasoned executive with 35 years at PNJ, effective from 1st Jan 2025. Ms. Dang will still have a seat on the Board, meaning that she will become a non-executive director until 2029. PNJ VN closed at VND97,400 per share on 19th Dec 2024, thus 16.3x P/E and 3.1x P/B. To remind, EPS and BVPS was calculated based on Q3 2024 financials, not incorporating the firm’s October and November 2024 updates.
Saigon Ground Services, SAGS (SGN VN) – Bamboo Airways agreed to settle its debt
SAGS and Bamboo Airways have mutually agreed with the court result in which SAGS was the plaintiff. The agreement will result in a pay-in-3 solution for the VND68.5 billion (about USD2.7 million) debt owned by the airline dated 12th November, 2024. This agreement will be welcomed by SAGS as recently, at the end of Q3 2024, SAGS recorded an allowance of VND73.8 billion (about USD2.9 million), for irrecoverable receivables linked to Bamboo Airways. SGN VN closed at VND83,100 per share on 19th December 2024, hence 12.8x P/E and 2.7x P/B.
Thanh Cong Group (TCM VN) – November update
The company estimated its 11-month YTD business results with revenue of VND3,481 billion (about USD137 million, up +10% YoY) and net income of VND263 billion (about USD10.4 million, up +49% YoY). Therefore, it completed 94% revenue projection and already surpassed its profit projection by 63%. Much of this outperformance is thanks to high growth achieved from Korea – with commendable support from TCM’s largest shareholder, E-land. TCM VN closed at VND47,100 per share on 19th Dec 2024, therefore 20.3x P/E and 2.2x P/B. To remind, EPS and BVPS was calculated based on Q3 2024 financials, not incorporating the above November 2024 update.
2025 Vietnam Economic Outlook – 6.5% GDP Growth and Above Predicted
The National Assembly (NA) agreed with the 2025 GDP growth rate projection of 6.5% - 6.7% for the base case, and 7.0% - 7.5% for the best case. Meanwhile, Standard Chartered Bank estimates 6.7%, ADB and UOB both estimate a growth rate of 6.6%, and other international institutions including HSBC, OECD, and World Bank together predict a 6.5% growth rate. This is very good versus the ASEAN economies growth forecast of 4.7% in 2025.
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