Tasco (HUT VN): International Finance Corporation (IFC) invested in subsidiary – VETC
The International Finance Corporation (IFC) – a member of The World Bank Group (WB), decided to invest in VETC via a convertible bond of VND500 billion (about USD19.2 million), 5-year tenor (due in 2030), coupon rate of 5% p.a.. Currently, VETC has been running 133 toll gates with 719 lanes, processing about 2 million transactions every day, resulting 75% market share in a duopoly. In the past, the IFC invested in multiple Vietnamese listed and to-be-listed companies via convertible bonds, and it normally exercises the options after a year if the investees meet several key ratios (i.e. EBITDA, Gearing ratio, DSCR, etc.). However, Tasco has not yet publicly announced anything related to IPO or listing of VETC as well as its Q2 financials. HUT VN closed at VND14,300 per share on 23rd July 2025, thus a 96.6x P/E and 1.8x P/B.
Q2 result updates:
- Duc Giang Chemicals (DGC VN): Revenue was VND2,894 billion (about USD111.3 million, up +16% YoY) and net income was VND854 billion (about USD32.8 million, up +1% YoY). DGC VN closed at VND105,700 per share on 23rd July 2025, thus 12.9x P/E and 2.7x P/B.
Tien Phong Plastic (NTP VN): Revenue was VND1,991 billion (about USD76.6 million, up +18.5% YoY) and net income was VND321 billion (about USD12.3 million, up +34.5% YoY). NTP VN closed at VND69,000 per share on 23rd July 2025, thus a 12.8x P/E and 3.1x P/B. - Binh Minh Plastics (BMP VN): Revenue was VND1,308 billion (about USD50.3 million, up +13.4% YoY) and net income was VND330 billion (about USD12.7 million, up +17.7% YoY). BMP VN closed at VND144,100 per share on 23rd July 2025, leading to 10.8x P/E and 3.9x P/B.
Gemadept (GMD VN): Revenue was VND1,497 billion (about USD57.6 million, up +30.1% YoY) and net income was VND423 billion (about USD16.3 million, up +27.9% YoY). GMD VN closed at VND57,800 per share on 23rd July 2025, thus 17.5x P/E and 2.0x P/B. - Military Insurance (MIG VN): Earned premium was VND981 billion (about USD37.7 million, up +11% YoY) and net profit was VND84 billion (about USD3.2 million, up +49% YoY). MIG VN closed at VND18,350 per share on 23rd July 2025, hence 12.8x P/E and 1.5x P/B. The parent bank – Military Bank (MBB VN) has not disclosed its Q2 financials yet.
- NET Detergent (NET VN): Revenue was VND352 billion (about USD13.5 million, down -9.5% YoY) and net income was VND30 billion (about USD1.2 million, down -40.3% YoY). Masan Group (MSN VN) is maintaining its 52.25% voting power in this company, while the state-owned Vinachem does not have divestiture plan, retains a veto with 36% ownership. NET VN closed at VND78,000 per share on 23rd July 2025, thus a 9.1x P/E and 2.9x P/B.
Investor can see the full Newsletter below:
