Preliminary Q3 results (dated 3rd October 2025):
- PVTrans (PVT VN): PVTrans recorded 9M revenue of VND11 trillion (about USD418.3 million, up +30% YoY) and 9M pre-tax income of VND1.14 trillion (~USD43.3 million, down -24% YoY). For the last quarter of 2025, the company targets revenue of VND4.5 trillion (~USD171.1 million, up +38% YoY) and pre-tax income of VND586 billion (~USD22.3 million, up +62% YoY). PVT VN closed at VND17,750/share, thus 7.7x P/E and 1.0x P/B.
- Nam A Bank (NAB VN): The bank reported 9M EBT of over VND3.8 trillion (about USD144.5 million, up +14.4% YoY) and total assets of over VND377 trillion (about USD14.3 billion, up +54% YTD) on the end of September. NAB VN closed at VND14,900 per share, thus 6.6x P/E and 1.2x P/B.
- PetroVietnam (unlisted): the state-owned giant disclosed its 9M consolidated revenue of VND795 trillion (about USD18.4 billion, up +7% YoY) and estimated a significant increase in 9M pre-tax income (8M: VND42.1 trillion, ~USD1.6 billion). Production volume, operating efficiency ratios were reported bullish and PVN completed 98% target revenue.
HDBank (HDB VN): Green bond issue
HDBank offered successfully USD50 million of green bonds, with The International Finance Corporation (IFC, member of The World Bank Group) was the sole bondholder. The 3-year tenor bonds are USD denominated. Proceeds from the issue will be used to fund at least 50 clients running green projects, expected to reduce 100,500 tons of CO2 emission annually. The second USD50 million green bond issue could happen in the near future. HDB VN closed at VND30,200 per share on 3rd October 2025, resulting 7.4x P/E and 1.6x P/B.
Petrolimex (PLX VN): Corporate restructuring
Petrolimex announced it’s the dissolution of a wholly-owned holding subsidiary owning oil and gas wholesale, absorbing all its assets and reducing the number of management layer. Additionally, Petrolimex plans to divest of 4 subsidiaries (full or partial undisclosed) including Petrolimex Equipment (PECO), Petrolimex Mechanical (PMS), Petrolimex IT and Telecom (PIACOM), and Petrolimex Construction and Trading (PGCC). PLX VN closed at VND33,450 per share on 3rd October 2025, leading to 20.1x P/E and 1.7x P/B.
Hoang Huy Group (TCH VN): Dragon Capital becomes major shareholder
Shareholder group represented by Dragon Capital, bought 1 million TCH VN shares, increasing ownership from 4.94% to 5.05%. TCH fiscal Q1 revenue was VND390 billion (~USD14.8 million, down -33% YoY) and net income of VND38 billion (~USD1.44 million, down -73% YoY). TCH VN closed at VND21,400/share on 3rd October 2025, thus 24.7x P/E and 2.0x P/B.
