Preliminary Q3 results (dated 20th October 2025):
- Vinatex (VGT VN): The firm announced its 9M revenue of VND14.44 trillion (about USD549 million, up +110% YoY) and 9M pre-tax income of VND1.04 trillion (about USD39.5 million, up +105% YoY), completing 79% and 114% of annual target revenue and profit respectively. VGT VN closed at VND11,100 per share, thus 8.7x P/E and 0.8x P/B.
- F88 (F88 VN): The pawnshop chain reported Q3 EBT of VND282 billion (about USD10.7 million, double compared to Q3 2024), completing 90% of target profit this year. F88 also observed a credit growth rate of 40% YTD, exceeding many other traditional credit unions (i.e. commercial banks and finance companies). F88 VN closed at VND1,050,000 per share.
- Thanh Cong Textile & Garment (TCM VN): September revenue and profit decreased by 24% and 69% YoY respectively, resulting 9M revenue of VND2.73 trillion (about USD104 million, completing 60% target) and 9M net income of VND218 billion (about USD8.3 million, completing 78% target). TCM VN closed at VND28,000 per share, thus 10.4x P/E and 1.3x P/B.
- VietABank (VAB VN): The bank made EBT of VND336 billion (about USD12.8 million, up +46% YoY), thanks to 20% reduction in operating expenses. VAB VN closed at VND11,750 per share, thus 9.0x P/E and 1.0x P/B.
DNP Holding (DNP VN): A major change in shareholder structure
Tasco Investment Limited – a tier-1 subsidiary of Tasco JSC (HUT VN), registered to buy over 91.6 million DNP VN shares, officially announcing the their own direct relationship after years of being a related party to each other. With that purchase, Tasco will own 65% interest at DNP Holding, effectively consolidating the latter’s financials into its own. DNP VN closed at VND20,000 per share on 20th October 2025, meaning 44.4x P/E and 1.3x P/B, while HUT VN closed at VND15,600 per share on the same date, resulting 104x P/E and 1.9x P/B.
Vocarimex (VOC VN): Plans to go private
Following shareholder restructuring throughout the course of 2025, as at 17th of September, 2025 there were 2 major shareholders holding nearly 93% interest, leaving the remaining interest owned by 1,099 non-controlling shareholders. Because of not meeting the requirement on shareholder structure, the Board of Directors decided to take the company private, and the largest shareholder and also the parent company – KIDO Group (KDC VN) with 87.3% interest - was requested to buy out all the shares held by other shareholders if they want. VOC VN was last traded at VND11,700 per share on 20th October 2025, suggesting 21.2x P/E and 0.7x P/B, while KDC VN closed at VND51,800 per share on the same date, hence 280x P/E and 2.3x P/B.
