Q4 & Full year 2025 preliminary results (dated 22nd January 2026);
- WinCommerce – a subsidiary of Masan Group (MSN): The firm recorded net sales of VND39 trillion in 2025 (c. USD1.49 billion, up +18.3% YoY), doubling the retail consumption growth rate of 9%. In 2025, it opened 764 new points of sale, exceeding the initial objective and most of those stores had net operating profit already. Masan Group did not disclose its consolidated financial statements yet. MSN closed at VND79,900 per share, thus 34.7x P/E and 3.4x P/B.
- Nam Tan Uyen Industrial Park (NTC): The industrial park developer had 2025 revenue of VND716 billion (c. USD27.3 million, up +95% YoY) and net income of VND360 billion (c. USD13.7 million, up +23% YoY). It has been concentrating resources on the 2nd phase of the Nam Tan Uyen IP Expansion project, which has size of 346 hectares and may require VND872 billion (c. USD33.2 million) to build up. NTC closed at VND157,400 per share, thus 10.5x P/E and 2.9x P/B.
- Au Lac Corporation (ALC): The UPCoM newbie updated its Q4 performance and on full year basis, it recorded revenue of VND1,312 billion (c. USD50 million, down -16% YoY) and net income of VND284 billion (c. USD10.8 million, up +9% YoY). This maritime logistics company was well known due to its deep connection with the Asia Commercial Bank (ACB). ALC was last traded at VND25,400 per share, suggesting 19.0x P/E and 1.3x P/B.
- SASCO (SAS): The ground services company generated revenue of VND3,316 billion (c. USD126.3 million, up +14% YoY) and net income of VND695 billion (c. USD26.5 million, up +65% YoY). SAS was last traded at VND41,200 per share, thus a 11.9x P/E and 3.3x P/B.
- DAP – Vinachem (DDV): The market leader in DAP fertilizer announced its FY2025 financials with revenue of VND5,624 billion (c. USD214.2 million, up +67.1% YoY) and net income of VND634 billion (c. USD24.2 million, up +276.3% YoY). DDV was last traded at VND28,600 per share, suggesting 6.6x P/E and 1.8x P/B.
HOSE: Official changes in VN30-Index constituents
In the January 2026 review, HOSE replaces Becamex (BCM) with Vinpearl (VPL) when BCM has no longer met the market liquidity requirement (i.e. ADTV of at least VND30 billion). Therefore, ETFs will need to restructure their corresponding portfolios to track the VN30-Index effectively. The reserve list for VN30 is also revealed with 5 candidates: Binh Son Refining & Petrochemical (BSR), Eximbank (EIB), GELEX Electric (GEE), Maritime Bank (MSB), and REE Corporation (REE). Following this change, Vingroup is now dominated the index with 4 stocks (i.e. VIC, VHM, VRE, and the most recent VPL) and collective market cap of four accounted for 32% of all VN30 total market cap, in which VIC single-handedly was worth 20%.
