Ho Chi Minh Stock Exchange (HOSE): Two new stocks to list on the exchange
The Ho Chi Minh Stock Exchange (HOSE) announced that it had received filings for listing from two public companies: (1) Tu Hai Ha Nam J.S.C. (THM VN); and (2) Vietnam Machine Investment Development J.S.C. (VVS VN). Both are currently available for trading on UPCoM. For reference, it typically takes a month or more before the HOSE’s decision.
Tu Hai Ha Nam J.S.C (THM VN)
Sector: Consumer Discretionary – Textile, Apparels and Luxury Goods; Key products: OEM apparels; FY2024 financials: revenue of VND135 billion (about USD5.2 million, up +69.1% YoY) and net income of VND6 billion (about USD230,000, down -0.4% YoY); Shareholder structure: Appatex is the parent company holding 65.7% ownership; 2025/2026 objectives: revenue of 150/170 billion (about USD5.8/6.5 million, up +11%/13% YoY), net income of VND9/15 billion (about USD346,000/576,000, up +39%/67% YoY); Stock performance: THM VN was last traded at VND5,600 per share on 5th June 2025, suggesting 10.5x P/E and 0.5x P/B.
Vietnam Machine Investment Development J.S.C (VVS VN)
Sector: Consumer Discretionary – Specialty Retail; Key products: SINOTRUK trucks; FY2024 financials: revenue of VND3,891 billion (about USD149.4 million, up +71.8% YoY) and net income of VND68 billion (about USD2.6 million, up +296.2% YoY); Shareholder structure: Mr. Nguyen Vu Tru – Chairman of the BOD is the largest shareholder with 47.8% direct ownership and 10.3% indirect ownership via his wife and also the Vice Chairwoman. An institutional investor, M&A Holding Viet Nam J.S.C., is holding 8.4% interest in the company; 2025 objectives: revenue of VND4.2 trillion (about USD161.3 million, up +7.9% YoY) and pre-tax income of VND90 billion (about USD3.5 million, up +2.3% YoY); Stock performance: VVS VN was last traded at VND19,800 per share on 5th June 2025, meaning 5.0x P/E and 1.1x P/B.
Transimex (TMS VN): Unsuccessful purchase of VNT VN and TJC VN shares
Transimex had registered to buy 100,000 shares of VNT Logistics (VNT VN) in May but failed to complete and explained that the market price momentum had not been favourable. Before that, Transimex held 3.7 million VNT VN shares, equivalent to 22.3% of shares outstanding. Transimex had also registered to buy 100,000 TJC VN shares and the results and explanation were still the same. We note that Transco (TJC VN) is already a subsidiary of Transimex with 57.6% owned by the latter, TMS VN closed at VND42,400 per share on 5th June 2025, thus 28.0x P/E and 1.7x P/B. Meanwhile, both VNT VN and TJC VN had no trades on the day.
Investor can see the full Newsletter below:
