Military Bank (MBB VN): Potentially selling 10% equity stake of its securities company
The parent bank has been holding 76.35% of the MB Securities (a.k.a. ‘MBS’) but is being spoken of as lowering its ownership to 65.9% with a sale of 60 million shares on the market. The bank explained that this sale would increase the publicity of the securities company. MBB VN closed at VND27,200 per share on 28th August 2025, leading to 8.9x P/E and 1.7x P/B.
GELEX Group (GEX VN): IFRS compliant financial statements published for the first time
The group announced its Audited FS FY204 (auditor: Deloitte), which had been prepared following the International Financial Reporting Standards (IFRS). The new formatted statements showed a better financial health with higher net income and EPS (up +52.1%), higher total assets (up +3.7%) but lower total liabilities (down -6.3% YoY). GELEX Group also mentioned the supports of CBRE and other appraisers in determining fair value of goodwill, real estate for rent, long-term investments, and impairment of assets. GEX VN closed at VND55,800 per share on 28th August 2025, thus 32.0x P/E and 3.4x P/B. Importantly, listed companies publishing results in ‘IFRS’ have greater ability to access international funding.
Viglacera (VGC VN): Corporate restructuring
Following the approved plan, Viglacera Tien Son (VIT VN) will merge with Viglacera Ha Noi (VIH VN) and Viglacera Thang Long (TLT VN) via stock-for-stock deals, then after the merger, both latter ones will no longer exist - while Viglacera Tien Son will be in charge of the Viglacera’s Tiles business. Viglacera Tien Son is planned to be the parent company of other unlisted companies in which Viglacera have controlling interests. Underperformers, including Viglacera Consulting and Visaho will be divested “at the right time” while Viglacera will establish new subsidiaries and joint ventures to implement industrial parks and residential projects. VGC VN closed at VND62,700 per share on 28th August 2025, thus 18.8x P/E and 3.1x P/B. Viglacera is also an important part of GELEX Group (GEX), amd is still partly owned by the Government via Ministry of Construction and Transportation with (38.6% ownership).
Pha Le Plastics (PLP VN): Private placement
The company wants to offer professional investors 20 million additional shares (equivalent to 28.6% of current shares outstanding) at VND10,000 per share in a private placement. These shares will be locked up for a year after the Closing date. Proceeds will be used for refinancing (50%) and increasing working capital (50%). No information about the participating investors has been disclosed yet. The company reported Q2 revenue of VND684 billion (about USD26.1 million, up +36.8% YoY) and net income of VND7.8 billion (about USD300,000, down -36% YoY). PLP VN closed at VND5,140/share on 28th August 2025, thus 17.0x P/E and 0.4x P/B.
