Military Bank (MBB VN): 2025 plan
The bank set target credit growth rate of 25 to 26% and earnings before tax of VND27.6 trillion (about USD1.08 billion, up +13% YoY) for 2025. The high expectation about credit growth rate is fuelled by an aggressive expansion plan of its digital bank – MBV (formerly OceanBank). As at February 28th, 2025, the list of shareholders holding over 1% of the bank was updated with two new names: (1) UBS AG London Branch with nearly 130 million shares or 2.13% ownership; and (2) Manulife Viet Nam and its related parties with nearly 63.8 million shares, equivalent or 1.04% ownership. MBB VN closed at VND23,850 per share on 19th March 2025, hence 8.8x P/E and 1.2x P/B.
Thanh Cong Textile Garment (TCM VN): February update
In spite of Tet Holidays, the company still recorded an increase of 57% YoY in February net profit while having backlog equivalent to 85% capacity for Q2 and it started receiving orders for Q3. Accumulated, the firm generated revenue of VND635.5 billion in the first two months of 2025 (about USD25 million, up +7% YoY) and net profit of VND50.9 billion (about USD2 million, up +31% YoY). TCM VN closed at VND40,600 per share on 19th March 2025, thus 15.0x P/E and 1.8x P/B. EPS and BVPS are not adjusted following the February update.
VanEck Vectors Vietnam ETF (VNM US): Re-balancing
Following the Q1 2025 reconstitution of MarketVector Vietnam Local Index – the benchmark index of this ETF, the fund purchased 812,100 NAB VN shares by March 17th. Based on market cap weight calculation, this fund may need about 8.6 million NAB VN shares more to complete its re-balancing. Total market value of its portfolio was about USD421 million on March 17th.
Vietnam International Bank (VIB VN): A major shareholder sold shares via put through
Mr. Do Xuan Thu – father of the Mr. Do Xuan Hoang who is a Board member of VIB, sold 1.2 million shares, decreasing his holding down to 37.26 million shares or 1.25% ownership. His son is owning nearly 147 million shares, equivalent to 4.93% of shares outstanding, and also the co-largest shareholder alongside with the current Chairman. In early-March, Finnish-fund, PYN Elite announced that It bought 54 million VIB VN shares from Commonwealth Bank of Australia, equivalent to 1.8% ownership. VIB reported a slightly bearish 2024 financial statement with total operating income of VND20.6 trillion (about USD806 million, down -7.2% YoY) and net profit of VND7.2 trillion (about USD282 million, down -15.9% YoY). VIB VN closed at VND20,500 per share on 19th March 2025, therefore 8.5x P/E and 1.5x P/B.
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