PVN Ca Mau Fertilizer (DCM VN): 2025 objectives
Despite bullish view on the global fertilizer market, the company expects revenue of VND13,983 billion (about USD548 million, up +4% YoY) and earnings before tax of VND864 billion (about USD34 million, down -43.2% YoY). However, the company has periodically set conservative targets then outperformed them handsomely. DCM VN closed at VND34,050 per share on 25th March 2025, thus 12.7x P/E and 1.8x P/B.
GC Food (GCF VN): 2025 plan
GC Food sets 2025 target revenue of VND716 billion (about USD28 million, up +24% YoY) and net income of VND90 billion (about USD3.5 million, up +41% YoY). The company also plans to pay cash dividends of VND1,600 per share from 2024 profit and VND1,000 per share from 2025 profit. On the other hand, GC Food has been proposing its shareholder a private placement of roundly 7.14 million shares at price of no lower than VND28,000 per share. The sole investor in this deal is Asia Ingredients Corporation (AIG VN), currently holding 13.65 million shares or 42.4% ownership, and it may increase up to 52.9% after the private placement. GCF VN was last traded at VND26,600 per share on 25th March 2025, suggesting 12.2x P/E and 2.0x P/B.
Thu Duc Water (TDW VN): The Chairman submitted his letter of resignation
Mr. Nguyen Tong Dang Khoa – Chairman of the Board, wants to leave his post to take another responsibility at the parent company – state-owned SAWACO, currently holding 51% interest. Voting and election of the replacement will be held in 2025 AGM on April 17th. Thu Duc Water reported 2024 revenue of VND1,318 billion (about USD51.6 million, up +2.8% YoY) and net income of VND57 billion (about USD2.2 million, up +4.9% YoY). TDW VN closed at VND57,000 per share on 25th March 2025, hence 8.6x P/E and 2.0x P/B.
GELEX Electric (GEX VN): Q1 preliminary results
In Q1 2025, the company could generate revenue of VND4.8 trillion (about USD188 million, up +29% YoY) and earnings before tax of VND465 billion (about USD18.2 million, up +215% YoY). For full year 2025, GELEX Electric expects revenue of VND22,282 billion (about USD873 million, up +5.5% YoY) and earnings before tax of VND1,686 billion (about USD66 million, down -21.6% YoY). Last year, nonrecurring financial income played a crucial role in the surge of profit metric. GEE VN closed at VND71,500 per share on 25th March 2025, leading to 13.7x P/E and 3.4x P/B.
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