Vinhomes (VHM VN): New project in Haiphong is now available for fundraising
The provincial authority approved funding needs of VND13.5 trillion (about USD529 million) from Vinhomes to develop the residential project. The project has a total land size of 240.6 hectares, expected to supply about 5,000 apartments, 1,300 villas, and several 10-story affordable condominiums. Before, Vietcombank (VCB VN) has provided a credit line of up to VND7.92 trillion (about USD310 million) to the real estate developer for clearing land and construction and 61% already disbursed. VHM VN closed at VND51,500 per share on 26th March 2025, hence 6.8x P/E and 1.0x P/B.
Hoa Phat Group (HPG VN): Expecting record revenue in 2025
The leading steelmaker sets target revenue of VND170 trillion (about USD6.66 billion, up +21% YoY) and target net income of VND15 trillion (about USD588 million, up +25% YoY). The 2025 AGM will be held on April 17th in Hanoi and the company has been proposing a cash dividend of VND500 per share. HPG VN closed at VND27,550 per share today, meaning 14.7x P/E and 1.5x P/B.
Vietnam Airlines (HVN VN): Routes Expand as Relations Grow
Following on from the re-start of direct flight routes from Hanoi to Moscow in May 2025, Vietnam Airlines has announced a ramp up in its routes to Russia, India and Indonesia. The new routes to India are Hanoi to Bengaluru (commencing May 1st) and Hanoi to Hyderabad (commencing May 7th). Regarding India, HVN already offers direct flights from Hanoi to Mumbai, Hanoi to Delhi, HCMC to Mumbai, and HCMC to Delhi. Regarding Indonesia - HVN offers direct flights from Hanoi to Jakarta. Vietnam Airlines direct flights from HCMC to Indonesia will commence on the 1st of June 2025 landing on the island of Bali, Indonesia's tourism hot spot. HVN VN closed at VND29,200 per share, thus a 9.4x P/E.
Masan Group (MSN VN): Sets bullish revenue targets for 2025
In the lead up to the Company AGM being held in Ho Chi Minh City on the 25th of April 2025, Masan Group has released it's 2024 Annual Report and updated on it's 2025 business targets. Of interest is a targeted increase in net revenue up to VND85,500 billion (up +14% v pcp). Examining the Group's companies: 1) WinCommerce 2025 targets VND35.6 to 36.9 trillion (low to high projection); 2) Masan Consumer target is VND33.5 trillion to VND35.5 trillion (low to high projection); 3) Masan MeatLife targets VND8.3 trillion to VND8.7 trillion (low to high projection); 4) Phuc Long targets VND1.9 trillion to VND2.2 trillion (low to high projection). MSN VN closed at VND60,000 per share today thus 50.7x P/E. and 3.2x P/B.
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