Preliminary Q3 results (dated 28th October 2025):
- SeABank (SSB VN): 9M TOI was VND22.07 trillion (about USD839 million, up +26.8% YoY) and 9M EBT was VND6.74 trillion (about USD256 million, up +49.5% YoY). SSB VN closed at VND17,750 per share, thus 7.4x P/E and 1.3x P/B.
- ABBank (ABB VN): 9M EBT was VND2.32 trillion (about USD88.2 million, up +871% YoY), outperforming the target by 30%, thanks to (in relative terms) ‘enormous’ non-interest income. ABB VN was last traded at VND13,000 per share, thus 6.5x P/E and 0.8x P/B.
- GELEX Group (GEX VN): 9M revenue was VND27.8 trillion (about USD1.06 billion, up +18% YoY) and 9M net income was VND3.4 trillion (about USD129.3 million, up +52% YoY), completing 74% and 113% of revenue and profit target respectively. GEX VN closed at VND51,000 per share, thus 29.4x P/E and 3.1x P/B.
- Viconship (VSC VN): 9M revenue was VND2.33 trillion (about USD89 million, up +16% YoY) and 9M EBT of VND456 billion (about USD17.3 million, up +50% YoY). VSC VN closed at VND24,900 per share, thus 22.2x P/E and 2.0x P/B.
- Saigon Ground Services (SGN VN): 9M revenue was VND1.12 trillion (about USD43 million, nearly unchanged YoY) and 9M net income was VND166 billion (about USD6.3 million, down -14% YoY). The bearish result was caused by a lacklustre Q3 following the departure of a key long-term customer – Vietjet Air (VJC VN) which already set up its own ground services team. SGN VN closed at VND64,200 a share, thus 7.9x P/E and 2.0x P/B.
- Tasco (HUT VN): 9M revenue was VND24.5 trillion (about USD932 million, up +24% YoY) and 9M EBT was VND786 billion (about USD30 million, up +376% YoY), primarily thanks to out-sized financial income recorded at the tier-2 subsidiary Savico (SVC VN). HUT VN closed at VND16,800 per share, thus 40.3x P/E and 1.7x P/B.
- PTSC (PVS VN): 9M revenue was VND23 trillion (about USD874.6 million, up +63% YoY) and 9M net income of VND1,015 billion (about USD38.6 million, up +61% YoY). The firm already outperformed 2025 targets by 2% and 30% in term of revenue and profit respectively. PVS VN closed at VND31,500 per share, thus 10.4x P/E and 1.0x P/B.
Asia Commercial Bank (ACB VN): Establishing an wholly-owned P&C insurance company
The bank has been balloting its shareholders for establishment of a P&C insurer, in which ACB will own 100% - and, firstly inject VND500 billion to the subsidiary. This business division will see the insurance company expected to have a CAGR of 50% until 2030, and at that time, earning premium of VND2,300 billion with 1.5% market share. Meanwhile, as the bank’s business model is currently configured, ACB reported 9M EBT of VND16.07 trillion (about USD611.1 million, up +5% YoY), thanks to credit growth rate of 15% 9M YTD. ACB VN closed at VND25,400 per share on 28th October 2025, hence 7.5x P/E and 1.4x P/B.
