HCMC Infrastructure Investment (CII VN): Completed the convertible bond offering
These bonds have trading code CII425001, 10-year tenor, mixed coupon rate (fixed 10% p.a. in the 1st year, floating afterwards), with embedded conversion options. The VND2 trillion bond offering was oversubscribed - and, 155 investors subscribed successfully, in which there were 3 domestic institutions accounting for 74.4% and 6 foreign institutions accounting for 10%. CII VN closed at VND per share on 22nd August 2025, thus 334.2x P/E and 1.8x P/B.
Bank-backed securities companies excite the market with IPO and M&A activities
Techcombank (TCB VN) is presently implementing the IPO of its securities company (TCBS), and VPBank (VPB VN) has begun the IPO process of its securities company (VPBankS). Meanwhile, Vietnam International Bank (VIB VN) has prepared to list its related securities company on UPCoM. Other commercial banks including Maritime Bank (MSB VN), Sacombank (STB VN), SeABank (SSB VN), and PGBank (PGB VN) all have either acquired or been seeking acquisition of a securities company (exhibit: OCB VN recently launched OCBS).
GELEX Group (GEX VN): Cash dividend and potential listing of a subsidiary
GEX declared cash dividend of VND800 per share with September 11th as Ex-date and October 10th as Settlement date. The company also revealed the potential IPO and listing of GELEX Infrastructure – one of two core subsidiaries alongside with GELEX Electric (GEE VN), holding all Building Material, Real Estate, Industrial Park, Energy, and Water Supply businesses of GELEX Group. GEX VN closed at VND53,900 per share on 22nd August 2025, thus 30.9x P/E and 3.3x P/B.
Viconship (VSC VN): Expecting an earnings surprise
The company management has been proposing an EGM whereby, its shareholders approve a revised profit target, in which EBT has increased from VND400 billion to VND1,250 billion. The proposed EGM will be held August 21st. The EBT increase came from its successful partial divestiture of VIP Green Port (VGR VN) with the sale of 12.65 million VGR VN shares. VSC VN closed limit down at VND31,750 per share on August 21, 2025, thus 28.3x P/E and 2.5x P/B.
Becamex IDC (BCM VN): Changing name and headquarters location
The company will ballot its shareholders for changes in company name and headquarters location in September, 2025. However, details have not been disclosed yet. Becamex IDC reported Q2 revenue of VND2,521 billion (about USD96.2 million, up +118% YoY) and net income of VND1,466 billion (about USD56 million, up +436% YoY). BCM VN closed at VND66,500 per share on 22nd August 2025, hence 19.0x P/E and 3.3x P/B.
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