Saigon Cargo Service (SCS VN) – Peak performance in 2024
The air cargo company filed its Q4 2024 financial statements, reporting annual revenue of VND1,037 billion (about USD41.1 million, up +47% YoY) and net income of VND693 billion (about USD27.5 million, up +39% YoY). The company also disclosed its total cargo volume of approximately 267.4 thousand tons, up +41% YoY, thanks to volume increase of 77% for international air cargo which in turn mainly came from the agreement with Qatar Airways. Gemadept (GMD VN) and Vietnam Airlines (HVN VN), are currently the two largest shareholders with 33.4% and 13.6% ownership, respectively. SCS VN closed at VND82,500 per share on 22nd January 2025, meaning 11.3x P/E and 5.6x P/B.
Asia Commercial Bank (ACB VN) – Q4 2024
The bank reported 2024 EBT of over VND21 trillion (about USD832 million, up +5% YoY), thanks to income growth of service fees and surprising gains from FX trading. End of 2024, credit growth rate was 19%, followed by an NPL ratio of 1.51%. CASA ratio was 23.3% while LDR was 78% and CAR was still over 12%. ACB VN closed at VND24,850 per share on 22nd January 2025, leading to 6.8x P/E and 1.4x P/B
Gilimex (GIL VN) – Government approves 3rd industrial park project
The Government approved a Gilimex’s subsidiary to invest in a 149-hectare industrial park with expected investment of VND2,200 billion (about USD87 million). Before that, Gilimex has owned 2 other industrial parks, Phu Bai 4 IP in Hue with land size of 469 hectares, and Gilimex Vinh Long IP in Vinh Long with land size of 400 hectares. Phu Bai 4 started generating revenue in 2023 while Gilimex Vinh Long is still under construction. The company used to supply textile products to Amazon.com (Nasdaq: AMZN) for many years in the past but the latter suddenly cancelled its orders in 2022, which had been accounting for about 80% of the former’s production. It then led to a lawsuit (filed by Gilimex) in the same year. At this point in time, there is no announced verdict. There is no preliminary 2024 financial result available yet for Gilimex. GIL VN closed at VND17,200 per share on 22nd January 2025, hence 17.0x P/E and 0.7x P/B.
HCMC – Thu Duc City is being planned to become an innovative city
The Government approved the Development plan for Thu Duc City by 2040, using over 21 square kilometres for a high tech R&D centre, tech incubators, residential area for tech workers, 4 industrial parks, 4 logistics centres, and supporting transportation infrastructure. Thu Duc City plan envisages its division into 9 sub areas with different purposes.
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