Eximbank (EIB VN): A GELEX executive has been nominated to be a Board member
Mr. Pham Tuan Anh – currently DCEO at GELEX Electric (GEE VN) and previously Chief Accountant at GELEX (GEX VN), is a candidate in the upcoming Board election. Two new independent directors are also nominated for election to the board, who are (1) Mr. Pham Thi Huyen Trang – an experienced manager, formerly at Vietinbank, Sun Group, and Deoca; and (2) Mr. Hoang The Hung – a senior IT manager, formerly DCEO at MBBank, Viettel Group, and EVN Finance. Besides, the list of 5 nominees for the Supervisory Board was approved by the SBV. The bank targets to have earnings before tax of VND5,188 billion, backed by credit growth rate of 16.2% and NPL ratio of 1.99%. EIB VN closed at VND19,350 per share on 28th April 2025, thus 10.8x P/E and 1.4x P/B.
Transimex (TMS VN): Macro events significantly influence current operations
Due to uncertainties in international trade, the company has faced challenges when planning long-term strategies. Therefore, the management decided to focus on increasing flexibility, risk control, and corporate governance to cope with black swans effectively. In 2025, Transimex projects revenue of VND3,360 billion (about USD130 million, up +1% YoY) and net income of VND204 billion (about USD8 million, up +20% YoY). The company completed 21% target revenue and 29% target profit in Q1, said the Chairman. TMS VN closed at VND42,000 per share on 28th April 2025, hence 37.0x P/E and 1.8x P/B.
FECON (FCN VN): Considering cooperation with Chinese and Japanese partners in TOD
The construction contractor recorded backlog of approximately VND2.5 trillion (about USD97 million) for 2025 at year end 2024, and newly signed contracts with total value of VND1.3 trillion (about USD50.4 million) in Q1 2025. The company expects to net VND200 billion in profit this year (about USD7.8 million, up +567% YoY). FCN has been focusing on projects related to transit-oriented development (TOD), or more specific, Metro 2A Hanoi and Metro 2B HCMC, with technology transfer from strategic partners from Japan and China. FCN VN closed at VND14,400/s on 28th April 2025, meaning 244.1x P/E and 0.9x P/B.
Bidiphar (DBD VN): Preliminary Q1 results
Q1 2025 revenue was VND441 billion (about USD17 million, up +15% YoY). Pre-tax income was VND96 billion (~USD3.7 million, up +21% YoY), fueled by increasing volume of its own branded products. In 2025 DBD targets revenue of VND2 trillion (~USD77.5 million, up +10% YoY) and pre-tax income of VND335 billion (~USD13 million, up +3% YoY). DBD VN closed at VND48,100 per share on 28th April 2025, leading to 16.4x P/E and 2.7x P/B.
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