G.C Food (GCF VN) & Asia Ingredient Group (AIG VN): Private placement Takeover
G.C Foods plans to offer 7.1 million additional shares at VND30,000 per share in a private placement. We note, there is only one investor - Asia Ingredient Group - who already owns 13.65 million GCF VN shares, equivalent to 42.4% ownership. If successful, AIG will own about 20.8 out of 39.3 million outstanding GCF VN shares, increasing its ownership up to 52.8%, therefore recording business combination of G.C Food in its consolidated financial statements.
GCF VN was last traded at VND33,000 per share on 25th July 2025, suggesting 12.7x P/E and 2.3x P/B. Meanwhile, AIG VN was last traded at VND45,000 per share on the same date, implying 10.4x P/E and 1.2x P/B.
Q2 result updates:
Asia Commercial Bank (ACB VN): TOI was VND9,293 billion (about USD357.4 million, up +7.4% YoY) and EBT was VND6,093 billion (about USD234.3 million, up +8.8% YoY). NPL ratio and LLLR were still lagging compared to the previous quarters. ACB VN closed at VND23,600 per share on 25th July 2025, thus 7.3x P/E and 1.4x P/B.
GELEX Group (GEX VN): Consolidated revenue was VND10.13 trillion (about USD389.7 million, up +22.8% YoY) and EBT was VND1.55 trillion (about VND59.7 million, up +12.3% YoY).
GELEX Group is growing rapildy and now a related party to many other large-cap stocks including Eximbank (EIB VN), GELEX Electric (GEE VN), and Viglacera (VGC VN). GEX VN closed at price ceiling of VND53,500 per share on 25th July 2025, thus 27.5x P/E & 3.4x P/B.
SAGS (SGN VN): Revenue was VND356 billion (about USD13.7 million, down -6.4% YoY) and net income was VND56 billion (about USD2.14 million, down -12.1% YoY). The bearish performance was explained by establishment of a new subsidiary generating no revenue yet.
The contract with Vietjet Air (VJC VN) was terminated but SAGS still provided services to its client until 20th May 2025. Vietjet Air accounted for 39% revenue of SAGS in Q1. SGN VN closed at VND69,900 per share on 25th July 2025, leading to 8.4x P/E and 2.0x P/B.
VietCredit (TIN VN): TOI was VND489 billion (about USD18.8 million, up +346.4% YoY) and EBT was VND242 billion (about USD9.3 million, bullish compared to the huge loss in Q2 2024). TIN VN was last traded at VND53,000 per share, implying 15.4x P/E and 4.0x P/B.
Investor can see the full Newsletter below:
