Sonadezi Chau Duc (SZC VN): Earnings surprise in Q1 2025
The industrial park developer announced that it completed 48% full year financial objectives in just 3 months, thanks to revenue earned from key clients (i.e. Electronic Tripod and Vinaone). Q1 2025, the company recorded revenue of VND414 billion (about USD16 million, up +94% YoY) and net income of VND134 billion (about USD5.2 million, up +106% YoY). The company also disclosed that it had signed 3 MOUs in this Q1 2025, suggesting nearly 10 hectares of land could be transferred, supporting over 15 hectares already included in backlog. SZC VN closed at VND30,700/s on 17th April 2025, hence 18.3x P/E and 1.8x P/B.
Phat Dat Corporation (PDR VN): Issued additional shares to repay debt principal
The real estate developer issued 34.1 million additional shares at price of VND20,000 per share to the current debtor – ACA Vietnam Real Estate III LP to pay off the USD30 million, 3-year loan initiated in 2022. These shares will be locked up for a year. As this event has the potential to significantly lower the company’s gearing ratio, it could be a recovery catalyst. PDR VN closed at VND16,550 per share on 17th April 2025, thus 93.0x P/E and 1.3x P/B.
Dat Xanh Group (DXG VN): Dragon Capital group increased ownership
Shareholders represented by Dragon Capital together recently purchased 1.8 million DXG VN shares in total, increasing their collective ownership up to over 12.1%. Last year, the real estate company recorded revenue of VND4.8 trillion (about USD186 million, up +28.7% YoY) and net income of VND256 billion (about USD10 million, up +48.8% YoY). DXG VN closed at VND14,100 per share on 17th April 2025, hence 48.0x P/E and 1.2x P/B.
Long Hau IP (LHG VN): KIM Vietnam Fund Management - Funds divested
KIM’s funds sold totally 400,000 LHG VN shares last week. In 2024, the industrial park developer had revenue of VND423 billion (about USD16.4 million, up +7.2% YoY) and net income of VND187 billion (about USD7.2 million, up +12.8% YoY). LHG VN closed at VND24,900 per share on 17th April 2025, leading to 6.6x P/E and 0.7x P/B.
Masan Group (MSN VN): WinCommerce’s Q1 2025 preliminary results
The retail operator reported a bullish per store growth rate of 11%, YoY, in Q1 2025 (with target top-line growth of 8-14% for WinCommerce). Average daily sales of a store ~VND25.2 million for stores in urban areas, and ~VND17.1 million for stores in rural areas (a new market opportunity with 60% Viet Nam population living outside of tier-1 cities). MSN VN closed at VND57,300 per share on 17th April 2025, meaning 41.2x P/E and 2.7x P/B.
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