Asia Commercial Bank (ACB VN) – First quarter of negative TOI growth since Q2/2022
The bank reported its Q3 2024 financials with total operating income of VND8,136 billion (about USD320.3 million, down -3.4% YoY) and net income of VND3,870 billion (about USD152.4 million, down -4.1% YoY). Despite net interest income growth of 11%, TOI was still going down due to drops in income from FX trading (-24%), securities investment (-82%), and other activities (-37%). ACB VN closed at VND24,900 per share on 25th October 2024, just down -5.1% from its all-time high weeks ago, hence 6.8x P/E and 1.4x P/B. In terms of Q3 2024 ranking for it’s securities company (ACBS), it placed 8th in the top 10 (its best quarter since COVID-19), outperforming VCI which ranked 9th.
A Dong Paint (ADP VN) – First slowdown after 4 consecutive quarters of high profit growth
The Ho Chi Minh based industrial coating producer, established in 1970, announced its operating results for Q3 2024 with net revenue of VND215 billion (about USD8.5 million, up +41.2% YoY) but net income of VND18 billion (about USD0.7 million, down -5% YoY). Surprisingly lower gross margin and increased labor expenses are key reasons behind controversial results between revenue and profit. The company has 54 years of continuous trading history, and was listed on the Ho Chi Minh Stock Exchange (HOSE) in 2010. Since that time, the company has paid cash dividends regularly, typically after quarterly earnings release. ADP VN closed at VND28,400 per share on 25th October 2024, up +80.5% from its 52-week low, thus 7.2x P/E and 2.4x P/B.
Vinh Hoan Corporation (VHC VN) – Bullish Q3 2024 results
Vietnam’s leading pangasius (a la catfish) exporter filed its financial statements for Q3 2024 with net revenue of VND3,278 billion (about USD129 million, up +22% YoY) and net income of VND321 billion (about USD12.6 million, up +68% YoY). Year-to-date, the company has completed 101% of its base case projections or 81% of its best case projections in terms of profit for FY2024. VHC VN closed at VND71,100 per share on 25th October 2024, down -10.3% from its 52-week high, thus 18.6x P/E and 1.8x P/B.
One of Vietnam’s oldest company prepares to list on the Hanoi UPCOM exchange
Thong Nhat Bicycles, the leading Vietnamese bicycle manufacturer based in Hanoi, and set up in 1960 is preparing to list its shares on the UPCOM. In total, 23.7 million shares will be listed, Thong Nhat submitted listing related documentation on the 15th of August, and published its registration to trade as a listed company. Stock ticker (TBC) is TNV.
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