Petrolimex (PLX VN): A major change in management
In 2025, the company plans to have revenue of VND248 trillion (about USD9.5 billion, down -12.7% YoY) and earnings before tax of VND3.2 trillion (about USD123 million, down -19.4% YoY). Human resource-wise, the leading downstream O&G sector company decided to dismiss its CEO, Mr. Dao Nam Hai from his current management role, 3 weeks after he was temporarily removed by the Ministry of Finance (MOF) as the state capital representative and CEO at Petrolimex. PLX VN closed at VND35,650 per share on 3rd June 2025, thus 23.2x P/E and 1.7x P/B.
VNG Corporation (VNZ VN): Completed 2024 ESOP and proposing 2025 ESOP
The Vietnam tech giant announced that it issued nearly 641,000 additional shares, allocated to 430 eligible employees via option to buy newly issued stock. Mr. Vuong Quang Khai – Board member and also Senior DCEO, received the largest portion with nearly 135,000 shares, equivalent to 21% of total ESOP shares issued.
Following the documents prepared for the 2025 AGM, the company has been proposing 2025 financial objectives with revenue of VND10.8 trillion (about USD414 million, up +16.2% YoY) and net loss of VND-561 billion (about USD-21.5 million, approximately a half of net loss last year). At the same time, the 2025 ESOP has been proposed with nearly 419,000 additional shares (equivalent to 1.43% current shares outstanding) to be issued at VND30,000 per share (91% discount to today’s price), allocated to eligible employees via stock options with quantity based on their seniority, position, performance, and potential. VNZ VN was last traded at VND346,000 per share on 3rd June 2025, suggesting 13.3x P/B while P/E still was negative.
Thien Long Group (TLG VN): April observed growth in sales
The well-known stationery manufacturer and new owner of Phuong Nam Cultural (PNC VN) one of Vietnam’s premiere bookstore chains, reported 4M revenue of VND1.09 trillion (about USD42 million, up +1.1% YoY). TLG disclosed that they have been ranked at 18th position on the list of global top stationery companies by profitability, and also the top of mind awareness in Viet Nam market with high conversion rate, leaving the runner-up Deli far behind. The PNC acquisition provides the company with an excellent distribution channel, and is expected to support the group in sales volume and building competitive advantages. However, foreign ownership of TLG VN shares decreased markedly, from 22% in early-April down to 15.2% in early-June. Divestitures from KIM shareholder group was the major factor behind this event. TLG VN closed at VND53,700 per share on 3rd June 2025, therefore 10.3x P/E and 1.9x P/B.
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