ABBank (ABB VN) – CEO appointment
Mr. Pham Duy Hieu – Deputy CEO and also acting CEO of the bank since August 2023, was promoted to CEO officially, effective from 1st January 2025. ABBank recorded total operating income of VND743 billion (about USD29 million, down -9.5% YoY), resulting in a relatively slim NIM of 1.9%, and net loss of VND-285 billion (about USD-11 million) for Q3 2024. End of September 2024, the bank had an LDR of 108.4%, NPL ratio of 3.2%, and LLR of 53.5%. ABB VN closed at VND7,300 per share on 3rd January 2025, thus 317.4x P/E and 0.6x P/B.
TNG Investment and Trading (TNG VN) – Estimated a peak in net profit for FY2024
The textile and garment company estimated 2024 revenue of VND7,736 billion (about USD304 million, up +9% YoY) and net profit of VND315 billion (about USD12.4 million, up +44% YoY). It has been the highest number recorded since 2005. Export markets accounted for 97% of total revenue with the US (50%) undoubtedly on the top, followed by France (13%), Spain (7%), and Canada (6%). TNG has approximately 19,200 employees, increasing by around 1,200 compared to last year. TNG VN closed at VND25,400 per share on 3rd January 2025, hence 10.5x P/E and 1.7x P/B. To remind, EPS and BVPS are still based on Q3/2024 financials.
Khang Dien House (KDH VN) – Vinacapital fund registered to buy 1.5 million shares
VINACAPITAL-VMEEF wants to purchase 1.5 million KDH VN shares within 8th – 24th January 2025, leading to 0.15% post-trade ownership if successful. Before that, two Dragon-Capital-managed funds, Norges Bank and VEIL, already completed a collective purchase of 1.1 million shares, increasing ownership from 8.97% up to 9.08%. KDH VN closed at VND34,800 per share on 3rd January 2025, therefore 74.2x P/E and 2.1x P/B.
Dabaco (DBC VN) – PYN Elite increased stake
The Finnish institutional investor reported that it already purchased 2 million DBC VN shares in late-December 2024, increasing ownership from 5.8% up to 6.4%. Nevertheless, in early-November 2024, PYN Elite had sold 3 million DBC VN shares but remained one of two major shareholders, second only to the Company’s Chairman. Dabaco announced a bullish business performance for Q3 2024 with revenue of VND3,525 billion (about USD138.5 million, up +30.1% YoY) and net income of VND312 billion (about USD12.3 million, up +2,405% YoY). DBC VN closed at VND27,750 per share on 3rd January 2025, thus 17.3x P/E. 1.4x P/B.
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