State-owned enterprises announced their FY2024 result estimates
+ Airports Corporation of Viet Nam (ACV VN): Operating revenue is VND21,466 billion (about USD844 million, up +35% YoY, outperforming by +28%) and profit before tax is VND11,981 billion (about USD471 million, up +8% YoY, outperforming by +6%). ACV also served about 109 million passengers and handled over 1.5 billion tons of air cargo this year. ACV VN closed at VND126,300 per share on 23rd December 2024, thus 31.3x P/E and 4.8x P/B.
+ Vietnam Rubber Group (GVR VN): Consolidated revenue is VND26,307 billion (about USD1.03 billion, up +7% YoY, outperforming by +5%) and net income of VND3,746 billion (about USD147 million, up +7% YoY, outperforming by +11%). By now, the group has 34 group companies with 286.9 thousand hectares of forest. GVR VN closed at VND30,850 per share on 23rd December 2024, hence 36.3x P/E and 2.4x P/B.
+ Vietnam Airlines (HVN VN): Revenue is VND 113,577 billion (about USD4.47 billion, outperforming by +7%) and net income is VND6,264 billion (about USD246 million, outperforming by +38.5%). HVN VN closed at VND1,760 per share on 23rd December 2024, thus 17.3x P/E and 2.3x P/B.
VISSAN (VSN VN) – New CEO appointed
In accordance with disclosure from VISSAN, Mr. Le Minh Tuan – Board member, former Deputy CEO, would replace Mr. Nguyen Ngoc An to become CEO of the company with a 5-year tenure. The meat packer is owned nearly 68% by state-backed SATRA and 25% by Masan MEATLife (MML VN) – also a subsidiary of Masan Group (MSN VN). VISSAN generated revenue of VND763 billion in Q3 2024 (about USD30 million, down -7.3% YoY) and net income of VND33 billion (about USD1.3 million, +32.3% YoY). VSN VN was last traded at VND18,000 per share on 23rd December 2024, therefore 13.5x P/E. 1.1x P/B.
VINASUN (VNS VN) – New major shareholder arrived
Mr. Le Hai Doan – a technopreneur, also the Chairman of HIPT Group (HIG VN), reported to become a major shareholder of the taxi operator by purchasing 1.4 million shares, thus 4.1 million VNS VN owned in total, equivalent to 6% of shares outstanding. At the same time, long-term investor Tael Two Partners Ltd registered to sell all its stakes, or 5 million shares, effective from 19th December 2024 to 17th Jan 2025. VINASUN reported bearish results for Q3 2024 with revenue of VND246 billion (about USD9.7 million, down -21.2% YoY) and net income of VND21 billion (about USD830,000, down -35.9% YoY). VNS VN closed at VND10,200 per share on 23rd Dec 2024, hence 8.1x P/E and 0.6x P/B.
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