SCIC: Divestiture plan, the 1st phase 2025 (percentage of sell downs to be advised later)
SCIC plans to sell stakes in 31 enterprises. Some iconic investments held by the SCIC include:
- FPT Corporation (FPT VN): SCIC is the 2nd largest shareholder with over 73 million shares, equivalent to 5.7% ownership. FPT VN closed at VND109,400 per share on 29th April 2025, thus 19.5x P/E and 5.0x P/B.
- Tien Phong Plastic (NTP VN): SCIC is the largest shareholder with nearly 52.9 million shares or 37.1% ownership. NTP VN closed at VND72,600 per share on 29th April 2025, hence 12.3x P/E and 2.8x P/B.
- Domesco (DMC VN): SCIC is the 2nd largest shareholder with nearly 12.1 million shares, equivalent to 34.7% of shares outstanding. SCIC has been expecting to sell all the shares at VND127,000 per share at least. Domesco is currently a subsidiary of Abbott Laboratories (ABT US), as it owns 51.7% of DMC. DMC VN was last traded at VND62,300 on 29th April 2025, hence 10.4x P/E and 1.3x P/B.
At year end 2024, SCIC had 110 equity investments with total market cap of USD8 billion. This year, Vietnam’s sovereign wealth fund targets pre-tax income of VND9,252 billion (about USD358.6 million, down -27.3% YoY) and total investment spending of VND18,920 billion (about USD733.3 million).
Asia Commercial Bank (ACB VN): Bearish Q1 2025 results
The bank recorded Q1 earnings before tax of VND4.6 trillion (about USD178.2 million, down -6% YoY), following a slow credit growth of 3% compared to year end 2024. On March 31st, NPL ratio was 1.51%, LDR was 79.8%, and CAR was still over 11%. ACB VN closed at VND24,050 per share on 29th April 2025, leading to 6.5x P/E and 1.2x P/B.
TTC AgriS (SBT VN): Bullish Q1 performance
Vietnam’s leading sugar producer announced its Q1 (fiscal Q3) business results with revenue of VND7.3 trillion (about USD282.5 million, up +18% YoY) and pre-tax income of VND231 billion (about USD9 million, up +15% YoY). Sugar still accounted for 91% of total sales. SBT VN closed at VND17,000 per share on 29th April 2025, thus 16.6x P/E and 1.3x P/B.
Coteccons (CTD VN): Offshore investing
CTD stated it will establish two new entities overseas to provide construction services. Coteccons already has 2 subsidiaries (one in the U.S. and one in Myanmar). CTD has set a CAGR of 20-30% p.a in revenue for 2025-2029, and is targeting up to 30% of sales from overseas. CTD VN closed at VND80,900/s on 29th April 2025, and 21.8x P/E, 0.9x P/B.
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