LPBank (LPB): Key takeaways from the EGM
Following the EGM on 23rd December 2025, shareholders agreed:
- Resignation of Mr. Nguyen Duc Thuy – Chairman of the Board, Mr. Nguyen Van Thuy – Vice Chairman, and Ms. Nguyen Thi Kieu Anh – Deputy CEO from their current posts;
- An extraordinary cash bonus of VND10 billion (about USD380,000) to Mr. Nguyen Duc Thuy. He also proposed to donate all to philanthropic activities, supporting the underprivileged who have been impacted by the recent typhoons;
- Changes in foreign ownership limit, from current 5% to 30%.
Before that, the bank decided to relocate its headquarters from Ha Noi to Ninh Binh, which is unique when most financial institutions has been choosing headquarters in either Ha Noi or HCMC. LPB closed VND41,800/s on December 23, 2025 thus 12.0x P/E and 2.9x P/B.
Phu My Fertilizer or PVFCCo (DPM): Maintenance suspension of Urea production
Since 22nd December, the firm has paused its Urea production line to perform periodic maintenance. This is one of the largest overhaul with over 5,500 tasks, requiring nearly all its employees and experts from other Petrovietnam-backed companies. Several key upgrades will be implemented simultaneously, allowing Phu My Fertilizer to launch new projects in the future. Other operating divisions such as NPK fertilizer factory or Trading business still have been operating normally. DPM closed at VND22,200 per share on 23rd December 2025, resulting 18.3x P/E and 1.4x P/B.
Viconship (VSC) & Hai An Transport & Stevedoring (HAH): VSC wants to increase ownership
Viconship registered to buy 14 million HAH shares, increasing its interest from 12.95% to 21.24% if successful. Before that, Hai An passed a resolution on ESOP, offering 2.5 million shares (equivalent to 1.5% of current shares outstanding) at VND10,000 per share to its eligible employees. Hai An also revised its 2025 objectives upwardly, raising revenue and profit target up by 11% and 32% respectively. VSC closed at VND20,800 per share on 23rd December 2025, hence 17.5x P/E and 1.5x P/B. HAH closed at VND60,500 per share on the same date, leading to 8.7x P/E and 2.4x P/B.
Vinh Hoan Corporation (VHC): November update
November revenue was VND963 billion (about USD36.6 million, down -10% MoM and -1% YoY). Revenue from the U.S. market observed a significantly decrease of 25% compared to October. Despite a bearish performance of Pangasius business (down -23% MoM and down -10% YoY), By-products business surprisingly accounted for a larger part of revenue stream. VHC closed at VND54,300 per share on 23rd December 2025, thus 7.8x P/E and 1.2x P/B.
