Preliminary Q3 results (dated 23rd October 2025):
- Phu Nhuan Jewellery (PNJ VN): Q3 revenue increased by 14.1% YoY - however, 9M revenue was down slightly at VND25.35 trillion (about USD964 million, down -13.3% YoY). Nevertheless, 9M net income was VND1.96 trillion (about USD74.5 million, up +21.7% YoY), thanks to higher margin in jewellery retail business and favourable gold price movement. PNJ is still in a ‘expansion-mode’ and successfully opened 10 new stores in the quarter, while closing 10 lower performing locations, leading to the same number of stores but more efficient. PNJ VN closed at VND92,300 per share, thus 15.3x P/E and 2.6x P/B.
- Imexpharm (IMP VN): 9M net revenue reached VND1.8 trillion (about USD68.5 million, up +15.9% YoY) and net income of VND242 billion (about USD9.2 million, up +20.7% YoY). IMP VN closed at VND49,500 per share, thus 21x P/E and 3.5x P/B.
- Asia Commercial Bank (ACB VN): The bank recorded 9M EBT of VND16.07 trillion (about USD611 million, up +4.8% YoY) meanwhile, credit growth rate clocked at 15% 9M YTD, CASA ratio increased slightly to 22.9%, and NPL ratio dropped significantly by 39 bps. ACB VN closed at VND24,950 per share, thus 7.4x P/E and 1.4x P/B.
- PGBank (PGB VN): Q3 EBT increased considerably, pulling 9M EBT up to VND497 billion (about USD18.9 million, up +44.2% YoY). However, its credit growth rate was only 8% 9M YTD, lower than most peers in the banking sector while recording NPL ratio of 3.85%, up +128 bps compared to year end 2024. PGB VN was last traded at VND13,600 per share, thus 30.5x P/E and 2.1x P/B.
- Mobile World Group (MWG VN): Q3 revenue and net income increased by 17% and 121% YoY, respectively, resulting 9M revenue of VND113.6 trillion (about USD4.32 billion, up +13.9% YoY) and 9M net income of VND4.97 trillion (about USD189 million, up +72.7% YoY). MWG VN closed at VND85,700 per share, thus 21.8x P/E and 4.0x P/B.
Vinh Son – Song Hinh Hydropower (VSH VN): Long term, major foreign investor divested
Samarang Ucits – Samarang Asian Prosperity sold nearly 23.2 million VSH VN shares, equivalent to 9.8% of shares outstanding, leaving 0.02% interest remaining. After that, Samarang Ucits has been no longer a major shareholder of the electricity company but, neither new shareholder nor existing shareholder has disclosed new ownership yet, suggesting, perhaps one of the following two potential outcome of the Samarang sale:
- existing major shareholders (i.e. REE Corporation and EVN Genco3) did not purchase(as increases to ownership above 1% requires a public announcement)
- The counter-party consisted of at least two investors, holding less than 5% interest each.
- VSH VN closed at VND43,350/share on October 23, 2025, hence 12.6x P/E and 2.1x P/B.
