Duc Giang Chemicals (DGC VN): Q4 2024 performance
The company publicly disclosed its Q4 2024 financial reports with 1% and 4% better for quarter revenue and profit respectively. However, annual revenue was VND9,865 billion (about USD394 million, up +1% YoY) and net income was VND3,110 billion (about USD119 million, down -4% YoY).
By the end of 2024, Duc Giang Chemicals had nearly VND10.8 trillion (about USD431 million) of highly liquid assets, almost enough for the Duc Giang Nghi Son industrial complex project without external funding sources. DGC VN closed at VND111,400 per share on 24th January 2025, thus 14.2x P/E and 3.2x P/B.
SASCO (SAS VN): Bullish Q4 2024
The duty-free retailer recorded a good Q4 2024 with revenue and profit growth of 14% and 157% YoY respectively. In 2024, the company generated revenue of VND2.9 trillion (about USD116 million, up +12.6% YoY) and net income of VND430 billion (about USD17 million, up +50.5% YoY). SASCO has been debt-free for years and had a net cash position of VND754 billion (about USD30 million) at year-end.
Airports Corporation of Vietnam (ACV VN) and Jonathan Hanh Nguyen’s shareholder group are currently the two largest shareholders of the company. SAS VN was last traded at VND43,100 per share on 24th January 2025, hence 13.4x P/E and 3.5x P/B.
Vietnam International Bank (VIB VN): Underperformed results
The bank reported its annual TOI of VND20.57 trillion (about USD820 million, down -7.2% YoY) and EBT of VND9 trillion (about USD359 million, down -15.9% YoY). VIB recorded a credit growth rate of 22%, almost the highest among commercial banks in Viet Nam, followed by NPL ratio of 3.5%, LDR of 72%, CAR of 11.9%, and NSFR of 117%. To remind, Commonwealth Bank of Australia (ASX: CBA) is no longer a major shareholder of VIB after the latter had decreased its foreign ownership limit down to 4.99%. VIB VN closed at VND20,650 per share on 24th January 2025, therefore 8.5x P/E and 1.5x P/B.
Recall: VIB was one of the first 3 banks to get Basel II accreditation, and in 2023 ranked in the top 10 banks with the highest Total Operating Income (TOI), with VND22,160 billion and VND18,058 TOI in 2022. In fact, in terms of Total Operating Income growth, the 2023 result (up +22.7%), was the 4th best among all banks under SBV oversight.
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