Q4 & FY2025 preliminary results (dated 9th January 2026):
- GARCO 10 (M10): The company estimated its FY2025 revenue of VND5,136 billion (about USD195.3 million, up +10.5% YoY) and net income of VND212 billion (about USD8.1 million, up +116.3% YoY). M10 was last traded at VND23,200 per share, thus 5.1x P/E and 1.2x P/B.
- SAGS (SGN): The aviation ground service provider recorded outperformance in both revenue and profit, which are VND1.53 trillion (about USD58.2 million, up +10% YoY). SGN closed at VND56,700 per share, thus 7.8x P/E and 1.7x P/B.
- Hoa Phat Group (HPG): With 3 million tons of raw steel in Q4 (up +10% QoQ), the steel-focused conglomerate reached 11 million tons in steel production (up +24% YoY), in which there were 3 million tons of high-quality products (i.e. HRC, rebar, etc.). The firm secured its #1 market share domestically in term of steel rebars (c.36%), HRC (c.60%), and steel pipes (c.31%). By the end of 2026, Hoa Phat expects to have design capacity of 16 million tons of steel with 60% of them are high-quality. HPG closed at VND26,200 per share, thus 14x P/E and 1.6x P/B.
DABACO (DBC): Set 2026 objectives
Despite not disclosing FY2025 results yet, the agribusiness still passed its 2026 plan, in which it set total unconsolidated revenue target of VND29.3 trillion (about USD1.1 billion) and net profit target of VND1.12 trillion (about USD42.6 million), lower than even the 9M 2025 net profit (i.e. VND1.36 trillion or USD51.7 million). DBC closed at VND56,700 per share on 9th January 2026, therefore 7.8x P/E and 1.7x P/B.
KienlongBank (KLB): To be listed on HOSE
KLB shares will be available for trading on HOSE in this month with 15th January as the first trading day and the first reference price of VND16,200 per share, followed by the first day’s volatility range of 20%. At this price, its market cap is about VND9.43 trillion (about USD359 million) while having …x P/E and …x P/B. KLB was last traded at VND16,800 per share on 6th January 2026.
Phuoc Hoa Rubber (PHR): VinaCapital is no longer a major shareholder
VOF Investment Limited sold 285,000 PHR shares, decreasing ownership of VinaCapital shareholder group from 5.12% to 4.91%, meaning that VinaCapital will no longer be required by law to disclose their trades in the future. On the other hand, the rubber company did not disclose anything about its Q4 business performance yet. PHR closed at price ceiling of VND62,400 per share on 9th January 2026, resulting 12.6x P/E and 2.1x P/B.
