Becamex IJC (IJC VN): 2025 plan
Becamex IJC announced its 2025 objectives with revenue of VND2,086 billion (about USD82 million, up +78% YoY) and net income of VND429 billion (about USD17 million, up +21% YoY). The firm wants to invest VND2.4 trillion out of 13.3 trillion worth of pipelined projects and also plans to raise over VND2.5 trillion from existing shareholders. Becamex IDC (BCM VN) is presently the largest shareholder with 49.8% ownership. IJC VN closed at VND14,300 per share on 20th March 2025, hence 15.2x P/E and 1.0x P/B.v
Vietravel (VTR VN): Significant changes in the shareholder structure
On March 13th, Ms. Nguyen Thuy Tien purchased 6 million shares and has become the largest shareholder of Vietravel with nearly 21% ownership post-transaction. At the same time, Hung Thinh Group – also the major shareholder of Hung Thinh Incons (HTN VN), announced that they have fully divested from Vietravel with the sale of 6 million shares. Meanwhile, Vietravel Group (privately held) is still holding 14.3% of VTR VN shares outstanding. Vietravel reported 2024 revenue of VND6,743 billion (about USD264 million, up +13.3% YoY) and net income of VND48 billion (about USD1.9 million, down -40.8% YoY). VTR VN was last traded at VND22,400/s on 20th March 2025, thus 13.4x P/E and 1.3x P/B.
Oriental Commercial Bank (OCB VN): Chairman’s daughters register to sell some shares
Ms. Trinh Mai Van and Ms. Trinh Mai Linh, two daughters of the bank’s Founder and Chairman, registered to sell 45 million and 50 million shares, respectively, due to personal needs. These to-be-sold shares collectively accounted for 3.85% of shares outstanding. Currently, the Trinh family ‘directly’ holds about 459.5 million shares, equivalent to 18.63% ownership of the bank while Japanese investor – the Aozora Bank (8304 JP) owns 15% economic interest and has 2 out of 9 seats on the Board of Directors. The bank recorded total operating income of VND10.07 trillion in 2024 (about USD394 million, up +12.7% YoY) and net profit of VND3.17 trillion (about USD124 million, down -3.9% YoY). OCB VN closed at VND11,150 per share on 20th March 2025, thus 8.7x P/E and 0.9x P/B.
FPT Corporation (FPT VN): February 2025 update
In the first two months of 2025, FPT generated revenue of VND10.4 trillion (about USD409 million, up +16.4% YoY) and pre-tax income of VND1.9 trillion (about USD74 million, up +20.3% YoY), meaning 14% completion of both 2025 target revenue and profit. FPT VN closed at VND125,000 per share on 20th March 2025, therefore 23.4x P/E and 6.2x P/B. EPS and BPVS are not adjusted following the February results.
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