Preliminary Q3 results (dated 27th October 2025):
- Military Bank (MBB VN): 9M TOI was VND48.1 trillion (about USD1.83 billion, up +24% YoY) and 9M EBT was VND23.1 trillion (about USD880 million, up +12% YoY), completing 73% of this year profit target. The bullish performance was supported by high credit growth rate of 18.6% 9M YTD and increasing CASA ratio. MBB VN closed at VND23,800 per share, thus 7.8x P/E and 1.5x P/B.
- Century Synthetic Fibre (STK VN): 9M revenue was VND1,209 billion (about USD46 million, up +38% YoY) and 9M net income was VND39.4 billion (about USD1.5 million, up +47% YoY). Rising financial expense still had a significantly impact on the firm’s financial performance. STK VN closed at VND24,600 per share, thus 95.3x P/E and 1.4x P/B.
- Saigonres (SGR VN): 9M revenue was VND182 billion (about USD6.9 million, up +54% YoY) and 9M net income was VND83 billion (about USD3.2 million, up +363% YoY). However, the firm completed just 23% and 26%, respectively of revenue and profit target for 2025. SGR VN closed at VND21,950 per share, thus 8.8x P/E and 1.1x P/B.
- Bao Long Insurance (BLI VN): 9M earned premium was VND939 billion (about USD35.7 million, up +0.8% YoY) and 9M net income was VND53 billion (about USD2 million, up +12.8% YoY). With these results the firm just achieved 72% of revenue target, but already outperformed profit target by 20%. BLI VN was last traded at VND8,900 per share, thus 7.5x P/E and 0.6x P/B.
- Masan Group (MSN VN): 9M revenue was VND58.38 trillion (about USD2.22 billion, up +8% YoY) and 9M net income was VND4.47 trillion (about USD170 million, up +64% YoY), completing over 90% of 2025 profit target. All core subsidiaries except Masan Consumer (MCH VN) recorded bullish results while income from associates (which is mostly equity investment in Techcombank (TCB VN)), also played a crucial role in consolidated financials. MSN VN closed at VND78,500 per share, thus 40.3x P/E and 3.5x P/B.
- LIX Detergent (LIX VN): 9M revenue was VND2.16 trillion (about USD35.4 million, down -0.7% YoY) and 9M net income was VND140.5 billion (about USD5.3 million, up +0.6% YoY). LIX VN closed at VND34,000 per share, thus 10.9x P/E and 2.2x P/B.
Vingroup (VIC VN): Potential investment in Democratic Republic of Congo (DRC)
The conglomerate signed an MOU with DRC, in which both parties will co-develop a 6,300 ha riverside residential project and will convert 300,000 ICE vehicles to EVs, followed by infrastructure investment with electric buses and charging stations. DRC sits on approximately 70% of global Cobalt reserve, one of the most important material for EV production, as well as huge amounts of Copper and other minerals. Vingroup has not disclosed its Q3 financials. VIC VN closed at VND214,000 per share on 27th October 2025, thus 61x P/E and 5.7x P/B.
