Phat Dat Corporation (PDR VN): Vice Chairman wants to divest all his shares
Mr. Nguyen Tan Danh – Vice Chairman of the Board, also son of the Chairman, registered to sell his all nearly 3.4 million shares. Before that, in January, Mr. Bui Quang Anh Vu – CEO and Board member, sold successfully his over 1.4 million shares he had received from ESOP issuance.
The 2025 AGM will be held on 27th June and the management has been proposing 2025 objectives with revenue of VND3.2 trillion (about USD123 million, up +289% YoY) and pre-tax income of VND262 billion (about USD$35 million, up +246% YoY). PDR VN closed at VND17,750 per share on 10th June 2025, hence 105x P/E and 1.5x P/B.
RALACO (RAL VN): Tax reform could decrease sales
The company foresees a considerable decrease in business performance this year, and noted 2025 could be the first year resulting in a negative revenue growth rate since 2005. RALACO targets 2025 revenue of VND6.1 trillion (about USD$234 million, down -27% YoY) and earnings before tax of VND395 billion (about USD$15 million, down -37% YoY). The tax reform will remove poll tax completely, leading to distributors demanding direct discount included in sale prices, thus decreasing net revenue by about 10%.
Moreover, the new U.S. Tariff Schedule may reduce export volume of LED products to the U.S. while export volume of Flasks products to the Middle East could decrease due to increasing conflicts on the Red Sea and higher logistics costs. Additionally, the new factory in Hoa Lac Hi-tech IP is expected to come into operation in 2027 with projected total capex of over VND2.3 trillion (about USD$88 million). RAL VN closed at VND97,700 per share on 10th June 2025, meaning 4.6x P/E and 0.7x P/B.
Kinh Bac City (KBC VN): The key project in Hung Yen province
The industrial park developer announced that this year AGM will be held on late-June. The company will ballot its shareholders on some financial issues related to the USD$1.5 billion project co-developed with The Trump Organization. IDG Capital - an asset manager with AUM of USD$20 billion - has been discussed as representing the interests of The Trump Organization in this project. The project could be completed in mid-2029, providing 54-hole golf course with international standards, resorts, luxury villas, modern urban areas, and other international-level infrastructure. KBC VN closed at VND25,000 per share on 10th June 2025, thus a 15.3x P/E and 1.0x P/B.
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