Kinh Bac City (KBC VN): A new subsidiary in Dong Thap
The real estate developer established a subsidiary in Dong Thap (proximate to Can Tho and Ho Chi Minh City) with charter capital of VND1.5 trillion (approximately USD$40 million), in which KBC owns 90% interest. The post-merger Dong Thap province is now having 9 industrial parks and several industrial clusters. KBC VN closed at VND40,300 per share on 4th September 2025, hence 26.8x P/E and 1.6x P/B.
Taseco Land (TAL VN): 15 investors in the upcoming private placement
Taseco Land, a specialist real-estate company and connected to Taseco Group (unlisted), announced the list of 15 investors subscribing to the company’s upcoming placement, in which there are 7 institutions and 8 individuals. 5 funds managed by Dragon Capital collectively want to subscribe 20 million TAL VN shares out of 48.15 million additional shares to-be-offered, equivalent to nearly 42%. Other institutional investors, consists of two securities companies, SHS and Vietinbank Securities, with subscribed quantities of 8 million shares and 2 million shares, respectively. The offer price in this private placement will be VND31,000 per share, 23% lower than the market price of TAL VN on 4th September 2025, which was VND40,100 per share. Given the market price, TAL VN was traded at 17.4x P/E and 3.6x P/B.
Truong Thanh Group (TTA VN): A new major shareholder appears
Mr. Dinh Quang Chien, not an insider de jure, purchased over 2.2 million TTA VN shares, increasing his ownership to 5.6% then becoming a major shareholder. In Q2 2025, the company made revenue of VND187 billion (about USD7.1 million, down -3.3% YoY) and net income of VND65 billion (about USD2.5 million, up +5.7% YoY). TTA VN closed at VND13,000 per share on 4th September 2025, thus 9.1x P/E and 1.0x P/B.
TASCO (HUT VN): Revised use of proceeds from the recent public offering
Following the original plan, TASCO would inject VND500 billion (approximately USD$19 million) to VETC (toll collection solution provider) but the company adjusted that, using those to invest more in TASCO Auto (auto dealership), totally VND958 billion (about USD36.6 million). It was caused by the new funding source from the International Finance Corporation (IFC), which was completed via convertible bond. HUT VN closed at VND18,200 a share on 4th September 2025, thus 121.3x P/E and 2.3x P/B.
