S&P Global, Vietnam Manufacturing PMI: New orders fall amid tariff announcements
The S&P Global VN Manufacturing PMI dropped back to 45.6 in April from 50.5 in March 2025 reflecting the introduction of tariffs by the US and fluctuations in international market conditions. There are some key findings as follows: (1) Marked reductions in output, new orders, and employment; (2) Business sentiment lowest since August 2021; (3) Input cost inflation eases and output prices fall. Tariff talks starting in May should renew confidence.
BAF Viet Nam (BAF VN): Profit from core operations hits record high
In Q1 2025, even without income from real estate business, BAF generated revenue of VND1,124 billion (about USD43.3 million, down -10% YoY) and net income of VND134 billion (about USD5.2 million, up +11% YoY), thanks to over 160,000 pigs sold, up +50% YoY. BAF owns nearly 800,000 pigs, 2x compared to the full-year 2023 figure, followed by 42 high tech piggeries, 2 feed factories, and an extensive distribution network including retail stores. BAF VN closed at VND34,950 per share on 5th May 2025, thus 32.2x P/E and 3.5x P/B.
Kinh Bac City (KBC VN): Q1 earnings call
The industrial park developer reported its bullish financial position in Q1 2025 with revenue of VND3,117 billion (about USD120 million) and consolidated net income of VND849 billion (about USD32.7 million), equivalent to 31% and 27% of target revenue and profit this year. KBC recorded inventory balance of nearly VND20.3 trillion (about USD781 million) on March 31st, in which the Trang Cat project accounted for 76%. KBC VN closed at VND23,650 per share on 5th May 2025, hence 14.5x P/E and 0.9x P/B.
PV Gas (GAS VN): Bullish Q1 results
GAS recorded high demand from clients and stability in prices, resulting in sales of VND25.68 trillion (about USD988 million, up +10% YoY) and net income of VND2.76 trillion (about USD106 million, up +10% YoY). Thus, GAS completed 35% target revenue and 52% target profit for 2025. GAS VN closed at VND58,500 per share on 5th May 2025, therefore 12.9x P/E and 2.2x P/B.
Quang Ngai Sugar (QNS VN): Bearish Q1 results
QNS reported bearish Q1 performance, with revenue of VND2,269 billion (~USD87.3 million, -10% YoY) and net income of VND392 billion (~USD15.1 million, -26% YoY). Sluggish sugar sales was a drag, while the soy milk business thrived with sales growth of 19% YoY. QNS VN was last traded at VND45,600 per share on 5th May 2025, suggesting 7.5x P/E and 1.7x P/B.
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