Macro-economy: Government proposes Bullish change to GDP target
The National Assembly is anticipating receipt of an upward change in target GDP growth rate, expecting 8% this year, to create a stepping stone for double-digit annual growth rates afterwards. This change is followed by a higher target headline CPI of 4.5 to 5.0% and a target budget deficit of 4.0-4.5% of GDP for full-year 2025.
FPT Corporation (FPT VN): Set high growth rate for 2025 results, on par with recent years
FPT projects FY2025 revenue of VND75.4 trillion (about USD2.97 billion, up +20% YoY) and FY2025 EBT of VND13.4 trillion (about USD528 million, up +21% YoY). The company also plans to organize the 2025 AGM on 15th April, and the Ex-date is 6th March. FPT VN closed at VND142,000 per share on 10th February 2025, thus 26.6x P/E and 7.0x P/B.
PC1 Group (PC1 VN): Corporate Governance Hiccup, But Still A Stellar Year
The firm has to settle VND190 million in total to the SSC for not submitting financial filings in time related to minor issues regarding corporate bonds and for the lack of independent director. In 2024, PC1 Group generated revenue of VND10,078 billion (about USD397 million up +29.6% YoY) and net income of VND460 billion (about USD18.1 million, up +228.9% YoY). PC1 VN closed at VND23,200/s on February 10th, hence 18.0x P/E 1.5x P/B.
Viettel Post (VTP VN): New CEO Announced
The Board of the courier services company dismissed Mr. Hoang Trung Thanh and Mr. Can Long Giang from their posts as CEO and Deputy CEO, respectively, to hold another position in Viette Group. The firm simultaneously appointed Col. Phung Van Cuong - former CEO of Viettel Global (VGI VN) as the new CEO. Viettel Post reported its 2024 revenue of VND20.76 trillion (about USD817 million, up +6.0% YoY) and net income of VND383 billion (about USD15.1 million, up +0.8% YoY). VTP VN closed at VND150.600 per share on 10th February 2025, therefore 47.9x P/E and 11.5x P/B
TMT Motors (TMT VN): Increasing market capitalization despite net loss in 2024
The automaker and auto dealer announced its un-audited 2024 financial position with revenue of VND2.324 billion (about USD91.5 million, down -11.8% YoY) and net loss of VND-315 billion (about USD-12.4 million). The company explains that it has been experiencing a corporate restructuring and had to sell certain inventories at discount. resulting in reduced gross margins than previously expected. TMT VN closed at VND14,300 per share on 10th February 2025, leading to 4.3x P/B.
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