Thien Long Group (TLG VN): Acquisition of Phuong Nam Cultural JSC (PNC VN)
The Board of Thien Long Group approved the purchase of PNC VN shares from 15 PNC’s shareholders at undisclosed prices, and after that the acquirer will have nearly 8.3 million PNC VN shares, equivalent to nearly 77% of shares outstanding. This deal can be considered a strategic move when the target has been running 48 book stores nationwide, in which there are 19 stores in HCMC and 5 in Ha Noi, and all of them can be a channel for distributing stationery. TLG VN closed at VND48,100/share on 20th May 2025, thus 9.2x P/E and 1.7x P/B. And PNC VN closed at its price ceiling of VND22,000/share, thus 23.1x P/E and 1.3x P/B.
Techcombank (TCB VN): 2025 ESOP
The bank approved 2025 ESOP, in which there will be nearly 21.4 million additional TCB VN shares offered to eligible employees at VND10,000 per share, expected to be completed in Q3 or Q4 this year. Options to buy around 6.6 million shares will be allotted to foreign experts and options to buy the rest of over 14.8 million shares will be allotted to Vietnamese employees. TCB VN closed at VND30,950/share on 20th May 2025, hence 10.3x P/E and 1.4x P/B.
911 Group (NO1 VN): 911 Taxi will come into operation in Q3
During the 2025 AGM, the management shared a bearish outlook on the economy, followed by an expected decrease of 5 – 10% in market demand for construction machinery. However, the company still targets revenue of VND880 billion this year (about USD34 million, up +10% YoY) and net income of VND18 billion (about USD700,000 nearly unchanged compared to last year). The AGM also approved the VND680 billion (about USD26 million) supply contract with Vincons – a subsidiary of Vinhomes (VHM VN). Additionally, the company has received 200 out of 400 cars from Vinfast per agreement and is developing the infrastructure for ride-hailing operations. By the end of 2026, the company expects to have 800 electric cars and 4 complexes with 2S-level garages, showroom, centre for used cars, and charging stations.NO1 VN closed at VND7,800 per share on 20th May 2025, hence 13.0x P/E and 0.6x P/B.
Thu Duc House (TDH VN): Established a new business line
The real estate developer signed an agreement with BSH of Germany, in which Thu Duc House will be the wholesaler of Bosh home appliances, kitchenware to key retailers (e.g. Cho Lon, Nguyen Kim, etc.) and directly to residential projects. The firm will also provide services including consultation, installation, and maintenance for consumers. TDH expects that the new business could bring a revenue stream of up to VND800 billion (about USD31 million) in 2026. TDH VN closed at VND4,920/share on 20th May 2025, still trading at negative P/E, 7.3x P/B.
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