Mobile World Group (MWG VN): May 2025 update
The retailer reported 5M2025 results with revenue of VND61.2 trillion (about USD2.34 billion, up +13% YoY), in which TGDD stores (ICT goods) and DMX stores (home appliances) accounted for 67% total revenue with most transactions were in-store purchases (about 94%). BHX stores (convenience stores) has expanded aggressively with 410 new stores opened year-to-date, higher the target range (200-400 new stores) and increasing number of BHX stores up to 2,180 - and, we note BHX has not opened stores in Hanoi or proximate Northern provinces. MWG VN closed at VND64,900 per share on 24th June 2025, thus 22.0x P/E and 3.3x P/B.
Masan Group (MSN VN): Estimated results for Q2
The group announced its preliminary Q2 results with profit after tax of VND1.5 trillion (about USD57.3 million, up +60% YoY). The fact that the Government maintains VAT rate at 8% for most consumer staples until the end of 2026 once again confirmed the stimulus package, boosting domestic consumption which in turn has a positive impact for the Masan Group. In the first 5 months of 2025, WinCommerce opened 257 new convenience stores, completing 40% of the base-case objective. MSN VN closed at VND69,200 per share on 24th June 2025, hence 43.5x P/E and 3.2x P/B following the Q1 report.
Ricons (OTC: Ricons): Remains unlisted
The 2025 AGM approved this year financial objectives with revenue of VND8 trillion (about USD306 million, nearly unchanged) and net income of VND200 billion (about USD7.7 million, up +26% YoY). However, shareholders did not want to list Ricons on any exchange ‘yet’ due to unfavourable market conditions. Ricons is still one of the best construction contractors in Viet Nam alongside listed peers such as Coteccons (CTD VN), and Hoa Binh Construction (HBC VN), and Vinaconex (VCG VN). We note, Coteccons is a major shareholder of Ricons, (owning 14.4%) and Coteccons used to appoint Ricons as its key sub-contractor in many large-scale projects in the past. Currently, Ricons has been a contractor of two key airport projects: Long Thanh International Airport and Terminal 3 – Tan Son Nhat International Airport.
Dabaco (DBC VN): New subsidiary established in Quang Tri province
The group decided to invest VND190 billion (approximately USD$7.5 million) to set up a wholly-owned limited company to implement a pig farming project, for both breeding and commercial purposes. Before that, in March, Dabaco commercialized its ASF vaccines, Dacovac-ASF2, and also put its vaccine manufacturing site into operation. DBC VN closed at VND31,800 per share on 24th June 2025, therefore 8.8x P/E and 1.5x P/B.
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