Digiworld (DGW VN): Considering expanding into automotive industry
In 2025, the ICT wholesale specialist aims its revenue growth at 15% and net income at 18%. In Q1, Digiworld generated revenue of 5.52 trillion (about USD214 million, up +11% YoY) and net income of VND106 billion (about USD4.1 million, up +15% YoY). The management revealed intention to supply products to the automotive industry in the future but did not disclose full information yet. Digiworld also divested 81% of VietMoney – a pawnshop chain, in Q1 due to the il-liquidity of pledged assets, and now only owns 19% of the business. DGW VN closed at VND32,750 per share on 24th April 2025, therefore 16.2x P/E and 2.4x P/B.
PGBank (PGB VN): 2025 objectives
The bank targets this year credit growth rate of 17%, followed by NPL ratio of under 2% and earnings before tax of VND1 trillion (about USD39 million, up +135% YoY). At the AGM another public offering of total 450 million additional shares to existing shareholders at VND10,000 per share received approval alongside with a stock dividend of 50 million shares, which could be implemented this year. PGBank has been seeking strategic investors, revealing no internal restriction in foreign ownership while 3 institutional shareholders of TC Group decreased their collective ownership from 40% to 33.6%. PGB VN was last traded at VND13,700 per share on 24th April 2025, suggesting 24.6x P/E and 1.3x P/B.
IDICO (IDC VN): Impacts from the trade wars sees IDC looking at domestic revenue drivers
The company disclosed that the U.S. tariff schedule highly impacts investment decisions and investment progresses of foreign investors, especially ones with manufacturing sites, which then affects the industrial park business. However, revenue from industrial parks accounted for approximately 40% of consolidated revenue, and IDICO is financially strong to face the uncertainties while seeking domestic revenue opportunities (exhibit: data centres and logistic centres). In 2025, IDICO projects revenue of VND8.92 trillion (about USD346 million, down -1% YoY) and pre-tax income of VND2.6 trillion (about USD101 million, down -13% YoY). The firm is still expecting to list its shares on HOSE in early-2026. IDC VN closed at VND37,100 per share on 24th April 2025, leading to 6.1x P/E and 2.2x P/B.
SaigonBank (SGB VN): Expecting a treble increase in profit
The bank aims to have earnings before tax of VND300 billion (about USD11.5 million, up +203% YoY), to be backed by a credit growth of 10%, quite lower compared to industry average. SGB VN was last traded at VND12,900 per share, implying 44.8x P/E and 1.0x P/B.
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