Preliminary Q3 results (dated 22nd October 2025):
- Techcombank (TCB VN): 9M TOI was VND38.6 trillion (about USD1.47 billion, up +3.1% YoY) and 9M EBT hit VND23.4 trillion (about USD890 million, up +2.4% YoY). TCB VN closed at VND38,000 per share, thus 12.6x P/E and 1.7x P/B.
- LPBank (LPB VN): 9M EBT was VND9.6 trillion (about USD365.5 million, up +9% YoY), equivalent to 65% of profit target for full year 2025. The bank also recorded a credit growth rate of 17% 9M YTD, NPL ratio of 1.78%, and LLR of 76% at the end of Q3. LPB VN closed at VND49,900 per share, thus 14.4x P/E and 3.4x P/B.
- Vicem Ha Tien (HT1 VN): 9M revenue was VND5.4 trillion (about USD205 million, up +7% YoY) and 9M net income was VND189 billion (about USD7.2 million, up +330% YoY), thanks to an increase of 18% in cement products sales volume. HT1 VN closed at price ceiling of VND20,100 per share, thus 37.4x P/E and 1.5x P/B.
- Sao Ta Foods (FMC VN): 9M revenue reached VND6.85 trillion (about USD260.5 million, up +23.4% YoY) and 9M EBT was VND245 billion (about USD9.3 million, up +5.6% YoY), meaning that the firm achieved its revenue target but only completed 58% of its profit target for 2025. Mr. Pham Hoang Viet – CEO, also submitted his letter of resignation last week, leaving the company after nearly 3 decades of working. FMC VN closed at VND35,150 per share, thus 7.2x P/E and 1.0x P/B while PAN VN (its parent company) closed at VND30,000 per share, thus 9.2x P/E and 1.2x P/B.
- DHG Pharma (DHG VN): 9M revenue was VND3.52 trillion (about USD134 million, up +3% YoY) and 9M net income was VND713 billion (about USD27.1 million, up +25% YoY), completing 68% and 85% revenue and profit target, respectively. DHG VN closed at VND105,100 per share, thus 15.9x P/E and 3.6x P/B.
The State Securities Commission (SSC): Two new Vice Chairs
The Ministry of Finance (MOF) appointed Mr. Nguyen Hoang Duong – former Deputy Head of Financial Institution Department of MOF, and Ms. Le Thi Viet Nga – former Head of Securities Business Regulation Department of SSC, as Vice Chairs of the SSC, effective from 21st October 2025. Given the new information, the SSC currently has five (05) Vice Chairs.
Margin loan balance: Record high
The use of margin credit in Vietnam is increasingly popular and the collective margin loan balance of all securities companies exceeded VND384.2 trillion (USD14.61 billion) at the end of Q3 2025, marking the 11th consecutive quarter with positive growth rate. For reference, the drawn down loan balance of margin loans as at Q3 2023 was slightly over VND160 trillion.
