Q2 result updates:
- Century Synthetic Fibre (STK VN): The company reported net loss of VND-6 billion (about USD-230,000) in Q2 but it was still bullish compared to Q2 2024. Meanwhile revenue increased by just 10% YoY, reaching VND333.4 billion (about USD12.8 million). STK VN closed at VND… per share on 29th July 2025, meaning 25.0x P/E and 1.4x P/B.
- Quang Ninh Sugar (QNS VN): Quarterly revenue was VND2,956 billion (about USD113.3 million, up +4.8% YoY) and net income was VND546 billion (about USD21 million, down -21% YoY). The bearish result came mainly from abnormally higher selling expenses. QNS VN was last traded at VND48,800 per share on 29th July 2025, suggesting 8.6x P/E and 1.8x P/B.
- Phu Nhuan Jewellery (PNJ VN): Quarterly revenue was VND7,582 billion (about USD290.5 million, down -20% YoY) and net income was VND442 billion (about USD17 million, up +3% YoY). Lower cost of goods sold was the key driver leading to higher profit margin. PNJ VN closed at VND84,300 per share on 29th July 2025, thus 13.9x P/E and 2.4x P/B.
- Viettel Construction (CTR VN): Revenue was VND3.23 trillion (about USD124 million, up +7.5% YoY) and net income was VND145 billion (about USD5.6 million, up +16% YoY). CTR VN closed at VND95,000 per share on 29th July 2025, leading to 19.3x P/E and 5.5x P/B.
- Gia Lai Electric (GEG VN): Revenue was VND624 billion (about USD24 million, up +28% YoY) and net income was VND166 billion (about USD6.4 million, up +673% YoY). GEG VN closed at VND16,350 per share on 28th July 2025, resulting 14.5x P/E and 1.2x P/B.
Chuong Duong Corporation (CDC VN): The largest shareholder divested
No.1 Construction Corporation (CC1 VN) announced that it successfully sold all its nearly 10.5 million of its shares, decreasing its ownership from 23.8% to zero. Despite, several individual shareholders were recorded as major shareholders, owning over 5% of total current shares outstanding. CDC VN closed at VND20,000/s on July 29, 2025, thus 35.3x P/E and 2.7x P/B.
National Citizen Bank (NVB VN): Private placement plan was approved
The SSC and before that, the SBV, approved the private placement of 750 million additional shares. With this offering, the bank could complete the restructuring earlier than expected, which was initiated in June 2024. NVB reported a Q2 credit growth rate of 22% YTD, resulting net profit of VND311 billion (~USD12 million), the most profitable quarter in last 3 years. NVB VN closed at VND14,300 per share on 29th July 2025, meaning 2.7x P/B and negative P/E.
Investor can see the full Newsletter below:
