TTC AgriS (SBT VN): Offering convertible bonds
The agribusiness approved the plan to offer nearly 5 million convertible bonds to existing shareholders. These bonds will have face value of VND100,000 per each, 1-year tenor, 9.5% p.a. coupon rate with quarterly payment. The lead arranger also committed to underwrite the purchase limit of 2 million bonds, equivalent to VND200 billion or 40% of the offering. Exercise price is 80% of the 30-day moving average closing price right before the exercise date, and conversion rate will be determined as face value divided by exercise price. All proceeds will be used for refinancing. The company recorded revenue of VND29,995 billion in calendar year 2024 (about USD1.17 billion, up +15.8% YoY) and net income of VND834 billion (about USD32.7 million, up +47.7% YoY). SBT VN closed at VND15,050 per share on 24th March 2025, therefore 14.7x P/E and 1.2x P/B.
Gelex Group (GEX VN): 2025 objectives
Following release of the AGM's documents, Gelex targets consolidated revenue of VND37.6 trillion (about USD1.47 billion, up +11.5% YoY) and pre-tax income of VND3.04 trillion (about USD119 million, down -15%) due to expectedly lower financial gains this year. Gelex Group is the parent company of several listed companies, including Viglacera (VGC VN) and Gelex Electric (GEE VN). Gelex holds 10% interest of Eximbank (EIB VN) directly also the ownership cap, and is the largest shareholder. GEX VN closed at VND23,300 per share on 24th March 2025, thus 12.3x P/E and 1.4x P/B.
Techcombank (TCB): Expanding into insurance
The bank and its long-term partner, Vingroup (VIC VN), decided to co-invest and establish TCLife - a Life & Health (L&H) insurer having charter capital of VND1.3 trillion (about USD51 million), in which Techcombank will own 80% interest. This investment has been announced to have an IRR of 23.4% in 6 years. Meanwhile, the bank is accelerating the purchase of 57% interest of TCGInsa Property & Casualty (P&C) insurer in which the bank is holding 11% interest directly, from its current parent company. Techcombank reported 2024 total operating income of VND46.99 trillion (about USD1.84 billion, up +17.3% YoY) and net profit of VND21.52 trillion (about USD843 million, up +19.5% YoY). TCB VN closed at VND28,000 per share on 24th March 2025, hence 9.2x P/E and 1.3x P/B.
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