Becamex IDC (BCM VN): Raised VND2.5 trillion via corporate bond issues in August
Last month, the industrial park developer issued two new bonds with bond codes: BCM12501 and BCM12502. The first ones have 3-year tenor, coupon rate of 10.3% p.a., and value of VND500 billion. The second ones have 4-year tenor, coupon rate of 10.5% p.a., and value of VND2 trillion, embedded with call options exercisable after 2 years. Both have been secured by collateral which is real estate owned by Becamex IDC or third parties. BCM VN closed at VND67,900 per share on 9th September 2025, thus 19.4x P/E and 3.3x P/B.
Bibica (BBC VN): Going private
BBC listed in 2001, and respecting its iconic brand and market share, Bibica quickly garnered the attention of domestic investors (exhibit: PAN Group et al), and Korean conglomerate Lotte, via Lotte Confectionary. Both PAN (PAN VN) and Lotte Confectionery engaged in years long substantial share acquisitions of Bibica stock. PAN came up trumps and Bibica subsequently became a subsidiary of PAN Group with the latter holding 98.3% interest. Fast forward to today, Bibica is considering going private and given the current shareholder structure, it will be most likely approved at the EGM held in late-September, 2025.
Following the 2024 annual report, the company set its long-term goal of becoming the market leader with 15% market share. BBC VN closed at VND87,500 per share on 9th September 2025, leading to 14.1x P/E and 1.1x P/B. PAN VN closed at VND32,000 per share on the same date, traded at 9.8x P/E and 1.3x P/B.
Vinh Hoan Corporation (VHC VN): Fined for errors in tax filings in 3 recent years
VHC has to settle total VND8.2 billion (about USD312,000) for all its missed tax liabilities, which were miscalculated in the last three years as well as corresponding penalties following on-going regulations. In H1, the firm made revenue of VND5.84 trillion (about USD222 million, down -3.5% YoY) and net income of VND708 billion (about USD27 million, up +45.1% YoY). VHC VN closed at VND58,300/share on 9th September 2025, hence 9.0x P/E and 1.4x P/B.
Taseco Group (unlisted): H1 results shows bullish performance (up +59%, YoY)
The company reported its H1 EBT of VND463 billion (about USD17.6 million, up +59% YoY), thanks to the bullish results of its two listed subsidiaries, Taseco Airs (AST VN) and Taseco Land (TAL VN). Following the upcoming private placement of Taseco Land, Taseco Group could lower its ownership from 72.5% to 51%, the same as its interest at Taseco Airs. AST VN closed at VND69,100 per share on 9th September 2025, thus 15.7x P/E and 5.4x P/B. Meanwhile, TAL VN closed at VND38,900 per share, resulting 16.9x P/E and 3.5x P/B.
