Wood Industry, Vietnam 2024 - Export Volume Near Record High
The export volume of wood and wooden products in 2024 was USD16.25 billion, up +20.3% YoY. The regulator projects that export volume for full-year 2025 can reach about USD18 billion or growth rate of 10.8%, thanks to on-going high growth rate in US market while expecting lower tariffs in EU market because of impact from EVFTA. Top 3 investable timber companies by market cap are An Cuong Wood (ACG VN), VINAFOR (VIF VN), and Phu Tai Corporation (PTB VN). All export, and manufacture wooden furniture and floorings.
SAFOCO (SAF VN) - New major shareholder appears
With a purchase of over 1.4 million shares, Viet Value Investment Management Co., Ltd. now owns 11.8% of SAFOCO, thus becoming a major shareholder. SAFOCO is a subsidiary of VINAFOOD II (VSF VN). SAFOCO generated revenue of VND197 billion in Q3 2024 (about USD7.8 million, down -6.1% YoY) and net income of VND13 billion (about USD512,000, down -6.5% YoY). SAF VN closed at VND64,800 per share on 7th January 2025, thus 15.7x P/E and 4.7x P/B.
VINALINES or VIMC (MVN VN) – Estimated profit peaks
State-invested corporation MVN reported its estimates for business performance in 2024, mentioning revenue of VND24,813 billion (about USD978 million) and profit of VND4,940 billion (about USD195 million). The cargo volume handled by the fleet and ports is higher than initial projection, thanks to new trade routes to Malaysia, Singapore, and Indonesia. In 2025, MVN will focus on developing new projects, including Lach Huyen Port, Lien Chieu Port, and Can Gio Port, as well as purchasing new vessels which are more eco-friendly and cost effective. MVN VN last traded at VND54,000 per share on 7th January 2025, hence 32.8x P/E and 5.3x P/B. To remind, EPS and BVPS are not adjusted to follow new estimated business results, which in turn are not truly clear about definition of revenue and profit here.
DABACO (DBC VN) – Estimated business performance in Q4 2024
In Q4 2024, the agribusiness company most likely generated pre-tax income of VND269 billion (about USD10.6 million, up +1,693% YoY), thus VND857 billion for full-year result (about USD33.8 million, up +774.5% YoY, surpassing 5.5% initial target). The actual results will be announced soon. The company also revealed its plan for 2025, targeting pre-tax income of VND1,108 billion (about USD43.7 million, up +29.3% compared to actual FY2024 performance). DBC VN closed at VND26,750 per share on 7th January 2025, therefore 16.7x P/E and 1.4x P/B. To remind, EPS and BVPS are still calculated based on Q3 2024 financials.
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