PVI Holdings (PVI VN): Plans to offer services to HNWIs
PVI AM – the fund management company wholly-owned by PVI, announced its partnership with SonKim Capital to develop and launch real estate investment products to High Net Worth Individuals, considering REITs, asset-backed securities, and other structured products. AUM of PVI AM was above USD600 million and the firm itself is currently one of the top 10 asset manager by AUM. PVI Holdings generated total revenue of VND7.54 trillion (about USD295 million, up +15.7% YoY) but net income of just VND843 billion (about USD33 million, down -11.9% YoY) due to impact of Typhoon Yagi. PVI VN closed at VND67,200 per share on 21st March 2025, thus 18.6x P/E and 2.0x P/B.
REE Corporation (REE VN): 2025 objectives
The management of the company set target revenue of VND10.25 trillion (about USD401.5 million, up +22.3% YoY) and target net income of VND2.43 trillion (about USD95.2 million, up +21.9% YoY). The high-growth expectation is backed by bullish projection of the real estate business with segment revenue of VND2.11 trillion (about USD83 million, up +84% YoY) and segment net income of VND803 billion (about USD31.5 million, up +58% YoY). REE VN closed at VND71,500 per share on 21st March 2025, therefore 16.9x P/E and 1.8x P/B.
Thien Long Group (TLG VN): Conservative objectives and ESOP for 2025
The firm has proposed target revenue of VND4.2 trillion (about USD164.5 million, up +12% YoY) and target net profit of VND450 billion (about USD17.6 million, down -2% YoY). Last year earnings will be distributed with another cash dividend, expected to be VND1,500 per share. Additionally, Thien Long will allocate options to buy 1.3 million additional shares at VND10,000 following 2025 ESOP, to eligible employees, revealed to be Board members and managers. These shares will be issued in H2 2025 and locked up for a year afterwards. TLG VN closed at VND59,000 per share on 21st March 2025, leading to 11x P/E and 2.2x P/B.
Bach Tuyet Cotton (BBT VN): Cash dividend declared and potential listing
The company plans cash dividend of VND500 per share and if approved, it will be the first cash dividend settlement - ever. A public offering of 9.8 million additional shares to existing shareholder, at price of VND10,000 per share, will be balloted alongside with an issuance of 980,000 additional shares at the same price following 2025 ESOP. Re-listing on either HOSE or HNX will be considered at the 2025 AGM in early-April too, after being delisted from HOSE nearly 16 years ago. BBT VN was last traded at VND16,000 per share on 21st March 2025, suggesting 7.5x P/E and 1.0x P/B.
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