Thang Long Investment (TIG VN) and DICERA Holdings (DC4 VN): Joint venture established
The two companies announced they have co-invested a total of VND100 billion to establish a Hanoi-based joint venture - Dicera Construction - in which DICERA Holdings (formerly known as DIC Holdings Construction) owns 51% and Thang Long Investment owns 48%. In 2025, Thang Long Investment targets revenue of VND1.1 trillion (about USD42.2 million, down -32% YoY) and pre-tax income of VND250 billion (about USD9.6 million, up +5% YoY), while DICERA Holdings sets financial objectives with revenue of VND1.82 trillion (about USD70 million, up +64.5% YoY) and consolidated net income of VND172 billion (about USD6.6 million, up +42.8% YoY).TIG VN closed at VND7,300 per share on 11th June 2025, thus 8.5x P/E and 0.7x P/B. On the same date, DC4 VN closed at VND13,700 per share, hence 8.2x P/E and 1.2x P/B.
EVNGENCO3 (PGV VN): Completed 77% profit target in the first 5 months
The state-backed electricity company announced its 2025 objectives with revenue of VND42.4 trillion (about USD1.63 billion, up +7% YoY) and profit (before FX adjustments) of VND512 billion (about USD19.7 million, up +4.7% YoY), thanks to electricity generation plan of 25.4 billion kWh, up +8.6% YoY. By the end of May 2025, the company completed 44% revenue target and 77% profit target, stating the electricity consumption has increased slower than expected. In the near term, the management is expecting major maintenance in Q3 and Q4 which could be costly while in long run, the company will upgrade its capacity by about 6,455 MW, partly funded by future share offerings (no time details, yet). PGV VN closed at VND18,700 per share on 11th June 2025, leading to 1.5x P/B but P/E was still negative.
Duy Tan Plastics (unlisted): SCG (Thailand) completed acquisition of Duy Tan Plastics
The Siam Cement Public Company Limited a.k.a. SCG (SCC BK), market cap ~USD$6.2 billion via a subsidiary, acquired the remaining 30% interest in Duy Tan Plastics at over VND2.8 trillion (~USD108 million). In 2024, Duy Tan Plastics generated revenue of VND5.4 trillion (~USD207.4 million) and net income of VND578 billion (~USD22.2 million). SCG also has other key investments in Viet Nam, all related to packaging or plastics, including: (1) Bien Hoa Packaging (SVI VN); (2) Starprint Viet Nam (unlisted); and (3) Binh Minh Plastics (BMP VN).
UPCoM: 3 companies will be de-listed in July
Khanh Hoa Power Centrifugal Concrete (KCE VN), Quang Tri Clean Water (NQT VN), and Hai Duong Seeds (HDS VN) will be de-listed from the UPCoM effective in early-July. Meanwhile, the UPCoM will welcome a new constituent - Railway Transport (TRV VN). TRV will be listed onto the UPCoM on 19th June, 2025 with a reference price of VND10,000 per share.
Investor can see the full Newsletter below:
