Q2 result updates:
Military Bank (MBB VN): TOI was VND17.2 trillion (about USD661 million, up +22.1% YoY) and EBT was VND7.5 trillion (about USD287 million, down -1.7% YoY). The bank also recorded the highest value of Loan Loss Provision in 10 recent quarters, resulting a more healthier balance sheet from risk-controlling perspective. MBB VN closed at VND27,400 per share on 30th July 2025, therefore 6.8x P/E and 1.3x P/B.
Vincom Retail (VRE VN): Revenue was VND2,143 billion (about USD82.1 million, down -13.6% YoY) and net income was VND1,233 billion (about USD47.2 million, up +20.7% YoY). In Q3, the commercial real estate operator expects 2 grand openings: (1) Vincom Mega Mall Ocean City; and (2) Vincom Megal Mall Royal Island.
These two properties will increase GFA from 1.84 million sqm to 1.94 million sqm. End of Q2 2025, Vincom Retail recorded an average occupancy rate of 86.3% among all its 88 operating malls. VRE VN closed at VND28,100 per share on 30th July 2025, leading to 14.5x P/E and 1.4x P/B.
Dat Xanh Group (DXG VN): An insider has been selling shares
Mr. Ha Duc Hieu – Board member, registered to sell roundly 6.4 out of 6.8 million DXG VN shares held (equivalent to 0.66% ownership, pre-transaction). Before that, Dragon Capital and its funds sold successfully 3.5 million shares while Mr. Bui Ngoc Duc – CEO at Dat Xanh Group, has been selling over 744 thousand out of his 1.69 million shares. The real estate company did not publicly announce its Q2 financial statements yet. DXG VN closed at VND19,300 per share on 30th July 2025, thus 72.0x P/E and 1.6x P/B.
VanEck Vectors Vietnam ETF (VNM ETF): Net buying position in the last 2 weeks
From July 11th to 28th, the ETF purchased more shares of all constituents, in which Hoa Phat Group (HPG VN) and Khang Dien House (KDH VN) are the top stocks bought by volume. However, the most important buy was the addition of over 7.1 million options to buy convertible bonds (2582700D, equivalent to about 43,766 bonds to be subscribed), which will be issued by Thanh Thanh Cong – Bien Hoa (SBT VN) – the nation leading sugar producer. The issuer has been offering nearly 5 million convertible bonds to its existing shareholders, with 1-year tenor, coupon rate of 9.5% p.a., quarterly coupon payment, and face value of VND100,000 per bond. Conversion price will be determined based on 80% of the unweighted 30-day moving average of closing price.
Investor can see the full Newsletter below:
