Duc Giang Chemicals (DGC VN): Bullish Q1 2025
The company reported Q1 2025 revenue of VND2.81 trillion (about USD109 million, up +18% YoY) and net income of VND978 billion (about USD38 million, up +27% YoY), mostly supported by DAP sales growth of 37%. DGC VN closed at VND88,200 per share on 22nd April 2025, hence 10.7x P/E and 2.4x P/B.
Vietnam Rubber Group (GVR VN): Expecting stable performance
The state-backed corporation sets its 2025 objectives with revenue of VND30.5 trillion (about USD1.2 billion, up +6% YoY) and net income of VND4.78 trillion (about USD185 million, down -1% YoY).
Beside its core operations in rubber industry, the company has been operating 14 industrial parks nationwide with total land size of 4,630 hectares and average occupancy rate of 82%. GVR VN closed at VND22,300 per share on 22nd April 2025, thus a 22.4x P/E and 1.7x P/B.
GELEX Group (GEX VN): Bullish business performance reported
The group announced its Q1 2025 financial statements with revenue of VND7.92 trillion (about USD307 million, up +19% YoY) and pre-tax income of VND646 billion (about USD25 million, up +68% YoY).
The management also disclosed that export revenue only accounted for 1.5% of GELEX’s revenue, suggesting insignificant impacts from the recent global economic events. GEX VN closed at VND26,300 per share on 22nd April 2025, leading to 13.9x P/E and 1.6x P/B.
Oriental Commercial Bank (OCB VN): Q1 performance
The bank revealed Q1 2025 financials with earnings before tax of nearly VND900 billion (about USD35 million, down -26% YoY) and credit growth rate of 2.2%. The strategic investor Aozora disclosed that it has supported OCB in building relationships with Japanese clients, both corporate and individual, and net revenue from these groups increased by 52% and 43% respectively in 2024.
On the other hand, OCB has implemented Green Bank strategy, focusing on green credit, and green credit accounted for 11% of the loan book balance at year end 2024. OCB VN closed at VND10,450 per share on 22nd April 2025, indicating 8.1x P/E and 0.8x P/B.
Investor can see the full Newsletter below:
