Taseco Airs (AST VN): Plans to build up facilities for high-end non-aeronautical services
The company will cooperate with its Saigon-based subsidiary to develop 3 VIP lounges and 5 restaurants / cafeterias in Terminal 3 of Tan Son Nhat International Airport (Ho Chi Minh City). Total needed capital is estimated at VND106 billion (about USD4.2 million) and all works are expected to be completed by Q3 2025. Currently, Taseco Airs has been operating 102 retail shops and VIP lounges in airports nationwide.
The company reported 2024 revenue of VND1,330 billion (about USD52 million, up +20.9% YoY) and net income of VND149 billion (about USD5.8 million, up +28.6% YoY). AST VN closed at VND57,100 per share on 5th March 2025, therefore 17.3x P/E and 4.9x P/B.
Dat Xanh Group (DXG VN): Remaining shares from the public offering were sold out
Earlier this year, the real estate developer offered existing shareholders options to buy 5 additional shares for every 24 shares owned, at a price of VND12,000 per share. However, there were several shareholders who didn't exercise their rights, leaving 10.8 million shares unsold. Options to purchase these shares were subsequently distributed to 19 individuals, 5 of which held no shares previously. Thus, Dat Xanh Group completed distribution of all 150.1 million shares to 48,561 investors in which there were 77 foreign institutions and 93 domestic institutions, leading to net proceeds of over VND1.8 trillion (about USD70.6 million).
In 2024, Dat Xanh Group recorded revenue of VND4.7 trillion (about USD185 million, up +27.1% YoY) and net income of VND253 billion (about USD10 million, up +46.9% YoY). DXG VN closed at VD15,900 per share on 5th March 2025, thus 54.8x P/E and 1.3x P/B.
Maritime Bank (MSB VN): A large shareholder wants to sell 24.2 million shares
Rox Key Holdings (TN1 VN), formerly TNS Holdings, decided to sell 24.2 million out of its 63.3 million MSB VN shares via put through, effective from March 6th to March 15th, 2025, but did not reveal the counterparties yet. If successful, Rox Key Holdings will have exactly 39 million MSB VN shares, equivalent to 1.5% of the bank's shares outstanding. Rox Key Holdings is known for a close relationship with MSB.
Performance wise, the bank reported 2024 total operating income of VND14.2 trillion (about USD557 million, up +16% YoY) and net income of VND5.5 trillion (about USD216 million, up +19% YoY). MSB VN closed at VND11,300 per share, leading to 5.3x P/E and 0.8x P/B.
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