Taseco Airs (AST VN): 2025 AGM update - Bullish outlook for 2025 and beyond
At the 2025 AGM held in Hanoi this morning, the management announced its high profit growth in Q1 2025, thanks to surprisingly higher number of inbound tourist this quarter, and estimates for up to 57 million domestic air passengers and up to 45 million international passengers traveling through Vietnam’s Airports network. With the T3 terminal of Tan Son Nhat International Airport newly opened on April 17th, 2025. The company expects a higher top line growth and widened profit margin in its prime locations compared to its competitors and its own other stores. Long Thanh International is expected to operate Q1 to Q2, 2026.
On the other hand, the airline catering services business started its construction phase of the airline meal factory in Long Thanh International Airport, able to serve 20,000 meals per day for both domestic and international airlines. Additionally, the management once again stated that the new U.S. Tariffs has not impact the company’s business operations. In 2025, the shareholders approved this year plan with revenue of VND1.6 trillion (about USD62 million, up +20.3% YoY) and pre-tax income of VND300 billion (about USD11.6 million, up +17.1% YoY). AST VN closed at VND55,000/share on 21st April 2025, thus 16.7x P/E and 4.7x P/B.
Construction Corporation No.1 (CC1 VN): Shares will be listed on HOSE by 2026
The management shared the 3-year strategic plan with shareholders, revealing its basis for 2025 revenue of VND12.9 trillion (about USD500 million, up +27% YoY) and earnings before tax of VND371 billion (about USD14.4 million, up + 27% YoY), which is the backlog value of over VND10 trillion. To fund its potential projects, CC1 plans to sell all 337,800 treasury shares at price of at least VND14,200 per share while submitting its fillings to HOSE for listing, expected to completed by the end of 2026. CC1 was last traded at VND17,100 per share on 21st April 2025, suggesting 26.7x P/E and 1.5x P/B.
Maritime Bank (MSB VN): Preliminary Q1 2025 results
The bank announced its Q1 2025 earnings before tax of VND1,630 billion (about USD63.2 million, up +6.5% YoY) thanks to credit growth rate of 8.9% after 3 months. Quarter-end CAR was over 12%, followed by its low LDR of just 79%. In 2025, MSB projects earnings before tax of VND8 trillion (about USD310 million, up +16% YoY), backed by an expected credit growth of 20%, while keeping its NPL ratio under 3%. MSN VN closed at VND11,150 per share on 21st April 2025, hence 5.3x P/E and 0.8x P/B.
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