Phu Nhuan Jewellery (PNJ VN): Widened profit margin in Q1 2025
The company generated revenue of VND9,635 billion (about USD373.5 million, down -23.5% YoY) and net income of VND678 billion (about USD26.3 million, down -8.1% YoY). Demand for gold has risen sharply this year, causing a temporary gold shortage in Q1, which then led to a decline of gold dealing revenue from 41% of total revenue to just over 18%.
Meanwhile, revenue from retail business and wholesale business still recorded a growth of 6.1% and 22.8% YoY, respectively. At quarter-end Q1, PNJ had 429 stores, including 4 Style by PNJ stores, 3 CAO Fine Jewellery, a wholesale centre, and 421 normal retail stores. PNJ VN closed at VND68,800 per share on 23rd April 2025, thus 11.0x P/E and 2.1x P/B.
FPT Corporation (FPT VN): Preliminary Q1 results
FPT reported Q1 revenue of VND16.06 trillion (about USD622 million, up +14% YoY) and net income of VND2.17 trillion (about USD84 million, up +21% YoY). The Technology business segment accounted for 61% of total revenue, in which export markets recorded fruitful growth. FPT VN closed at VND110,400 per share on 23rd April 2025, therefore 20.7x P/E and 5.5x P/B.
VPBank (VPB VN): Bullish performance in Q1
The bank publicly announced its Q1 2025 financials with earnings before tax of VND5,015 billion (about USD194 million, up +20% YoY), thanks to credit growth rate of 5% compared to year end 2024, and also higher than industry average of 3.93%.
FE Credit (consumer finance) recorded the 4th consecutive quarter having net profit while the capital markets business doubled its earnings. VPB VN closed at VND16,700/share on 23rd April 2V025, leading to 8.4x P/E and 0.9x P/B.
Vinhomes (VHM VN): Q1 update
During the 2025 AGM, the management announced preliminary Q1 business performance with revenue of VND35 trillion (about USD1.36 billion, up +326% YoY). For full year, revenue and net income could be VND180 trillion (about USD7 billion, up +76% YoY) and VND42 trillion (about USD1.63 billion, up +32% YoY) respectively, thanks to customer advances of VND94 trillion at year end 2024. VHM VN closed at VND58,500 per share on 23rd April 2025, hence 7.6x P/E and 1.2x P/B.
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