Q3 results (dated 5th November 2025):
- EVNGENCO3 (PGV VN): 9M revenue was VND30.9 trillion (about USD1.2 billion, down -8% YoY) and 9M EBT was VND1.15 trillion (about USD43.7 million, bullish compared 3Q 2024). PGV VN closed at VND19,950 per share, hence 31.4x P/E and 1.5x P/B.
- Pomina Steel (POM VN): 9M revenue was VND1.7 trillion (about USD64.5 million, up +7% YoY) and 9M net loss of VND-512 billion (about USD-19.5 million), thanks to cease of operation of the Pomina 3 factory while other factories was running under-capacity. The high level of interest expenses also played a major part in the firm’s financial burden. POM VN was last traded at VND2,000 per share while both its EPS and BVPS were negative.
- Vinh Hoan Corporation (VHC VN): 9M revenue was VND9.31 trillion (about USD354 million, down -0.2% YoY) and 9M net income was VND1.14 trillion (about USD43.4 million, up +41% YoY). Importantly, its financial account recorded unrealized gains from public equities, bullish compared to write-offs in previous years. VHC VN closed at VND58,700 per share, hence 8.5x P/E and 1.4x P/B.
The PAN Group (PAN VN): Created another ownership layer on Bibica
The group established a new wholly-owned vehicle named Bibica Capital Limited with capital call fulfilled by over 18.4 million BBC VN shares. At the same time, news about the sale of Bibica at undisclosed price to Sari Murni Abadi – a large confectionery company in Indonesia was announced. Meanwhile, PAN recorded a bearish Q3 but still able to made 9M revenue of VND13.3 trillion (about USD505 million, up +11.5% YoY) and 9M EBT of VND848 billion (about USD32.2 million, up +3.2% YoY). PAN VN closed at VND32,150 per share on 5th November 2025, hence 10x P/E and 1.3x P/B.
Vinpearl (VPL VN): Bearish performance despite favourable conditions
Vinpearl announced its Q3 results with 9M consolidated revenue of VND9 trillion (about USD343 million, down -25% YoY) and 9M net income of VND428 billion (about USD16.3 million, down -86% YoY). VinWonders – theme parks & nature parks business, recorded 7.9 million tourists in 9 months, up +13% YoY.
Meanwhile, all Vinpearl’s hotels & resorts served nearly 2 million customers, up +14.7% YoY, thanks to the VinWonders Vu Yen in Hai Phong. The 36-hole golf course with international standards – Vinpearl Golf Léman in HCMC, came into operation since October 2025, expected to attract more affluents in using Vinpearl’s services. VPL VN closed at VND74,600 per share on 5th November 2025, hence 53x P/E and 4.4x P/B.
