Q3 preliminary results (dated 29th September 2025):
- Dabaco (DBC VN): Q3 net profit estimated to be VND300 billion (about USD11.4 million, down -4% YoY), resulting 9M net profit of over VND1.3 trillion (about USD49.2 million, up +31% YoY). DBC VN closed at VND27,800 per share, meaning 6.8x P/E and 1.4x P/B.
- DIC Corp (DIG VN): The firm estimated 9M pre-tax income of VND209 billion (about USD8 million, up +398% YoY). DIG VN closed at VND24,400/share, thus 115.6x P/E | 2.0x P/B.
Nam Kim Steel (NKG VN): Invested more in the Phu My factory
Nam Kim Steel spent another VND620 billion (about USD23.5 million) to the Phu My factory, Ho Chi Minh City, expected to come into operation in Q1 2026. The factory initially had required investment of VND4.5 trillion (about USD170.5 million), able to galvanize 350,000 tons of products (zinc only) and 450,000 tons of products (aluminium-zinc alloy) annually. NKG VN closed at VND18,150 per share on 29th September 2025, thus 33.8x P/E and 1.1x P/B.
Vinaconex (VCG VN): Changes in top management
Vinaconex appointed two new DCEOs: (1) Mr. Nguyen Hai Dang – currently CEO at a subsidiary operating in specialized construction (i.e. hydropower); and (2) Mr. Le Van Huy – currently DCEO at Vinaconex-ITC (VCR VN), which was spun-off last August. Both have the same 5-year tenor, effective since 25th September 2025. VCG VN closed at VND28,000 per share on 29th September 2025, meaning 23.4x P/E and 2.2x P/B.
Viettronics (VEC VN): SCIC has been divesting
The sovereign fund SCIC plans to divest of all its 38.5 million VEC VN shares, equivalent to nearly 88% interest, via public auction. The selling price starts at VND964.4 billion (about USD36.5 million) for all the shares, implying per share price of VND25,000. The auction will be held on October 24th at HNX. The firm reported bullish business performance in H1 2025 with net revenue of VND161.4 billion (about USD6.1 million, up +42% YoY) and net income of VND0.8 billion (about USD29,000, bullish compared to a loss in H1 2024). VEC VN was last traded at VND14,400/share on 29th September 2025, 1.5x P/B but EPS was still negative.
Thang Long Wine (VTL VN): Going private
The Vietnamese-listed winery and member of the BRG Group decided to go private again after failed to comply with requirements for public companies, which are low equity value and highly concentrated shareholder structure. Its business results has fallen for years since 2022, resulting consecutive losses. Its last trading day is October 9th. VTL VN closed at VND7,400 per share on 29th September 2025, but its financials has not been updated since Q1 2023.
