Asia Commercial Bank (ACB VN): A Malaysia-based investor held over 1% of the bank
The bank filed an update on shareholder list with a new name, Employees Provident Fund Board, one of the largest pension fund in Malaysia, owning over 45.6 million ACB VN shares. ACB VN closed at VND21,600 per share on 23rd May 2025, hence 5.8x P/E and 1.1x P/B.
Truong Son Investment & Construction (TSA VN): HOSE received listing filings
After nearly a year on UPCoM, the firm filed documents for listing on HOSE on May 20th, 2025. The HOSE typically needs a month to make its listing approval decision. The company is having 38.5 million shares outstanding, owned directly about 40% by insiders and their relatives. In 2025, the company sets target revenue of VND690 billion (about USD26.6 million, up +6% YoY) and net income of VND26.5 billion (about USD1 million, up +13% YoY). TSA VN last traded at VND12,700 per share on 23rd May 2025, thus 19.7x P/E and 1.1x P/B.
Imexpharm (IMP VN): Major shareholders sold its stake to a Chinese investor
Livzon Pharmaceutical Group (000514 SZ) – a China-based pharmaceutical company, decided to acquire nearly 65% of IMP VN shares outstanding from 3 major shareholders (i.e. SK Investment with 47.7%, Sunrise with 9.8%, and KBA with 7.4%) at total value of over VND5.7 trillion (about USD221 million), implying an estimated price of about VND57,400 per share, +13.4% higher than closing price on May 22nd. However, no tender offer has been made yet. IMP VN closed at VND52,000 per share on 23rd May 2025, thus 24.0x P/E and 3.6x P/B.
Hoa An JSC (DHA VN): Plans to acquire an unlisted stone mine
The company announced it has decided to purchase 100% of the company operating Tay Ka Rom 1 stone mine, increasing their total number of mines owned to 4. Before that, in the 2025 AGM, the management also revealed a plan to acquire one or two more stone mines if deemed investable. The company targets revenue of VND315.6 billion (about USD12.15 million, up +2% YoY) and net income of VND57.6 billion (about USD2.22 million, up +11% YoY). DHA VN closed at VND40,800 per share on 23rd May 2025, leading to 8.9x P/E and 1.4x P/B.
Nuclear energy: The 2nd partner announced
After the Russia-based Rosatom officially announced it intention in supplying nuclear reactor to Viet Nam, the US-based nuclear power company, Westinghouse Electric Company LLC, signed a MOU with PetroVietnam (PVN), relating to potentially providing a nuclear reactor for the PVN-ran upcoming nuclear power plant. This may suggest that Rosatom could collaborate with EVN – a state-backed corporation assigned to run the other nuclear energy project.
Investor can see the full Newsletter below:
