Vietinbank (CTG VN): 2025 AGM update with Q1 2025 preliminary results
The bank report a credit growth rate of 4.7% in early-April, in line with target rate. Q1 earnings before tax increased by 6%, YoY, while NPL ratio was approximately 1.3% at quarter end (and, is expected to be lower in Q2). CTG also revealed its plan to cut the number of physical branches while promoting digital banking. On the other hand, the bank has been focusing on ‘Employee Experience’ this year with application of AI in setting KPIs and also using AI to replace humans in some tasks. About outlook, the management forecasts a lot of downward pressure on NIM, and disclosed the target credit growth of 15% assigned by the SBV, followed by under-1.8% target NPL ratio but no information related to any profit metric. CTG VN closed at VND37,450 per share on 18th April 2025, thus 7.9x P/E and 1.4x P/B.
Thanh Cong Textile and Garment (TCM VN): Bullish results in Q1 2025
The company reported its Q1 2025 preliminary performance with revenue growth of 8% YoY and profit growth of 25% YoY. The U.S. market accounted for 30% of revenue from export markets, and it was lower than industry average. TCM maintains its target revenue of VND4,525 billion (about USD175 million, up +19% YoY) and net income of VND279 billion (about USD11 million, same level as last year) for 2025. TCM VN closed at VND29,250 per share on 18th April 2025, hence 10.8x P/E and 1.3x P/B.
TTC Hospitality (VNG VN): Land use fees heavily impacted profit metrics
The hotel operator disclosed that despite recovery of tourism and hospitality in 2024, consumer spending was still low due to uncertainty on economic outlook and high fees related to land use, levelling up correspondingly with the scale of land bank. In 2025, the hotel operator expects revenue of VND720 billion (about USD28 million, up +1% YoY) and pre-tax income of VND25 billion (about USD1 million, down -36% YoY). VNG VN closed at VND8,100 per share on 18th April 2025, leading to 324x P/E and 0.7x P/B.
PVFCCo or Phu My (DPM VN): Q1 2025 update
The fertilizer company reported quarterly revenue of VND3,692 billion (about USD143 million, up +11% YoY) and quarterly pre-tax income of VND203 billion (about USD8 million, down -37.3% YoY). The firm sets modest objectives for 2025 but budgets a 50% larger capex this year. DPM has been approved by shareholders to expand business into producing calcium ion, metals, and ores to diversify business operations. DPM VN closed at VND32,900 per share on 18th April 2025, leading to 23.9x P/E and 1.2x P/B.
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