Gemadept (GMD VN): 2025 AGM updates
The port and logistics operator forecasts a bullish set of results for the 1st half of 2025, with revenue of VND2,760 billion (about USD106.2 million, up +28% YoY) and earnings before tax of VND1,100 billion (about USD42.3 million, down -10% YoY), completing 57% and 61% revenue and profit target, respectively. The company also amended the use of proceeds from the last public offering, canceling the purchase of two 85-ton ship-to-shore (STS) cranes and reallocating this fund for equity investments.
Additionally, Gemadept is planning to buyback 21 million shares, equivalent to 5% of shares outstanding, at the price having P/B ratio lower than 1.5x, suggesting the price of VND45,000 per share following Q1 results. GMD VN closed at VND55,800 per share on 25th June 2025, thus 18.0x P/E and 1.8x P/B.
Kinh Bac City (KBC VN): Only 41.2% of offered shares sold in the private placement
Among 11 accredited investors allowed to join the private placement of 250 million KBC VN shares, only the securities arm of VPBank (VPB VN) fulfilled its registered volume of 20 million shares. Prudential Life Insurance Viet Nam and 4 funds managed by Dragon Capital did not purchase any shares while 5 other investors only bought a part of their registered quantities.
147.1 million remaining KBC VN shares will be offered to other domestic professional investors at VND23,900 per share, unchanged. All shares will be locked up for a year after distributed. KBC VN closed at VND25,750 per share on 25th June 2025, hence 19.4x P/E and 1.3x P/B.
Vietnam Airlines (HVN VN): Expectation for huge profit in Q2 2025
Beside financial metrics for 2024, the management also revealed the airline’s full-year 2024 operational metrics, including 139,700 safe flights carrying 22.75 million passengers with on-time performance of 85% (far higher than VietJet Air with about 62%). This year, Vietnam Airlines expects to have 25.4 million passengers and 346,000 tons of cargo, up +11.6% and 11.5% YoY, resulting consolidated revenue of VND116.7 trillion (about USD4.5 billion, up +3.5% YoY).
In the 1st half of 2025, the airline opened 5 new international routes to key cities in Asia and prepared to open 2 new ones, to Milan (Italy) and Copenhagen (Denmark). HVN VN closed at VND37,400 per share on 25th June 2025, therefore, 12.5x P/E while P/B was still negative.
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