SAVICO (SVC VN): Expanding non-core business
In 2025, the firm targets sales volume of 42,500 vehicle sales, up +5%, YoY, resulting in target revenue of VND29.7 trillion (about USD1.14 billion, up +20% YoY) and net income of VND83 billion (about USD3.2 million, down -17% YoY). The management expects increasing competition among key players in Viet Nam’s automotive industry, and SAVICO is looking at selling a greater percentage of high-end cars out of its total sales mix. The company also plans to run a business prototype with allowing retail clients to rent cars as the key feature. TASCO (HUT VN) is akin to being the parent company of SAVICO with 54.1% voting power via privately-held TASCO Auto. SVC VN closed at VND19,750 per share on 19th May 2025, therefore 13.5x P/E and 0.9x P/B.
Viettel Global (VGI VN): Q1 2025 Update
In Q1, the company generated VND9,657 billion (about USD371.8 million, up +22.1% YoY) and pre-tax income of VND1,310 billion (about USD50.4 million, down -47% YoY). VGI VN last traded at VND70,600 per share on 19th May 2025, suggesting 50.0x P/E and 6.1x P/B.
An Gia Corporation (AGG VN): Conservative approach to market
The management of the real estate developer supposed that the real estate market has showed some signs of recovery but retains certain risks, especially legal risks and financial risks when acquiring land banks with financial leverage. Combining with the current reserve of 7,000 units, equivalent to 3-4 years of sales volume, AGG will source land and develop projects steadily and conservatively. This year, AGG expects revenue of VND800 billion (about USD31 million, down -58% YoY) and net income of VND340 billion (about USD13 million, up +14% YoY). AGG VN closed at VND15,800/share on 19th May 2025, thus 23.9x P/E and 0.8x P/B.
Tan Cang Offshore Services (TOS VN): Aggressive expansion brought fruitful results
Within two recent years, the firm has founded new businesses: (1) TC Mermaid (a JV with the Thailand-based Mermaid Subsea Services); (2) TC Maritime Support and OS (a JV with strategic partners); (3) partial acquisition of Tan Cang Shipping; and (4) full acquisition of YICO Viet Nam. By the end of Q1 2025, TOS owned 12 tugboats, 12 multi-functional work boats (AHTS) vessels and platform supply vessels (PSVs) with DP2 positioning system, 4 sea barges, 2 remotely operated vehicles (ROVs), and 10 container crane systems. The firm reported 2024 revenue of VND3.9 trillion (about USD150.4 million, up +147% YoY) and net income of VND447 billion (about USD17.2 million, up +174% YoY). It also announced a bullish Q1 result. TOS VN was last traded at VND135,700 per share, implying 6.8x P/E and 2.9x P/B.
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