Q4 & FY2025 preliminary results (dated 20th January 2026):
- Da Nang Rubber (DRC): The company reported full year revenue of VND5 trillion (c. USD190.6 million, up +7% YoY) and pre-tax income of VND151 billion (c. USD5.8 million, down -48% YoY). These mixed results were caused by multiple reasons (e.g. no more FX gain, provisioning for uncollectible accounts, etc.), DRC completed revenue target but only 53% of profit target. DRC closed at VND15,400 per share, thus 19.6x P/E and 1.2x P/B.
- NIFERCO (NFC): With bullish performance in Q4, the firm made full year revenue of VND1,240 billion (c. 47.2 million, up +35.6% YoY) and net income of VND143 billion (c. USD5.4 million, up +220% YoY). NFC closed at VND72,000/s, thus 7.9x P/E and 3.4x P/B.
- Lix Detergent (LIX): In 2025, the company generated revenue of VND3,066 billion (c. USD116.8 million, up +6.6% YoY) and net income of VND200 billion (c. USD7.6 million, down -0.8% YoY). LIX closed at price ceiling of VND39,400/s, thus 12.8x P/E and 2.5x P/B.
- Dinh Vu Port (DVP): The company observed a decrease of 13% in Q4 business performance, resulting annual revenue of VND587 billion (c. USD22.4 million, down -15.4% YoY) and pre-tax income of VND405 billion (c. USD15.4 million, slightly up +0.5% YoY), thanks to growth in dividend income (from associates) and lower G&A expenses. DVP closed at VND71,900 per share, thus 10.5x P/E and 2.1x P/B.
- Hodeco (HDC): In 2025, the real estate developer reported revenue of VND456 billion (c. USD17.4 million, down -16% YoY) but net income of VND639 billion (c. USD24.4 million, up +867% YoY), thanks to the huge financial gains from sale of equity investments. HDC closed at VND21,150 per share, thus 6.9x P/E and 1.5x P/B.
- Sonadezi Chau Duc (SZC): With bullish performance in Q4, the company generated revenue of VND1,098 billion in full year 2025 (c. USD41.8 million, up +26% YoY) and net income of VND345 billion (c. USD13.1 million, up +16% YoY). These results also outperformed this year objectives. SZC closed at VND32,550 per share, thus 17.0x P/E and 1.8x P/B.
Hoa Phat Agriculture (HPA, unlisted): Hoa Phat Group (HPG) sold shares
Hoa Phat Group announced its sale of over 1.3 million HPA shares, decreasing ownership from 85% to 84.5%. In 9M 2025, the firm made revenue of VND6.26 trillion (c. USD238.4 million, up +28% YoY) and after-tax profit of VND1.3 trillion (c. USD49.4 million, up +88% YoY), achieving 78.2% and 86.5% of revenue and profit target. After 10 years of operations, Hoa Phat Agriculture has been #1 in Australian Beef, #1 in Eggs in northern provinces. The agribusiness completed its IPO recently, successfully offering 30 million additional shares at VND41,900 per share. Combining this news and the assumption that HPA could completed 100% its objectives, HPA shares has been valued at 7.1x P/E and 2.7x P/B.
