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| F88 shares will be traded on UPCoM from August 8, 2025. Photo: Duc Thanh |
Another new recruit is listed at a "huge" price
The Hanoi Stock Exchange (HNX) has just decided to approve the registration of F88 Investment Joint Stock Company's stock trading. Accordingly, the reference price at the first trading session on the UPCoM market on August 8th will be quite a surprise, at VND634,900/share. As of early August 2025, the entire market recorded 41 stocks trading around the price of over VND100,000/share. With the appearance of F88, the "club" of enterprises with "3-digit" stock prices will welcome a new member.
The Vietnamese stock market has gone through many ups and downs. In early January 2022, when the VN-Index reached its highest point (1,534 points), the number of stocks with prices exceeding VND100,000 was approximately 40. This list had narrowed to more than 25 stocks when the market experienced a bond shock at the end of 2022 and only really expanded again in recent days, when the VN-Index recovered to the 1,500 point area and set new records in terms of points.
Trading history has recorded stocks with prices of over a million VND, such as VNZ - a stock of VNG Corporation. However, at the time of listing, F88 is still the stock with the highest reference price announced on the first trading day. Although the listing price is more than 63 times the par value, the charter capital is only 82.6 billion VND, making F88's actual market capitalization only over 5,200 billion VND. On the stock exchange, two non-bank credit institutions such as Electricity Finance Joint Stock Company (EVN Finance, EVF) and VietCredit (TIN) have capitalizations of 10,700 billion VND and 4,700 billion VND, respectively.
In 2024, F88 reported a net profit of VND 351.3 billion, in stark contrast to the loss of more than VND 545 billion in 2023. With this positive profit figure, F88's net income per share (EPS) reached VND 40,750, corresponding to a P/E of 15.6 times.
Expensive stocks, are the prices really high?
Not only based on stock price, the comparison between stock price and profitability or book value can show the correlation in valuation. For the group of "3-digit" stocks, statistics based on the last 4 business quarters show that P/E has a large differentiation.
The case of VNZ shares is quite special, when the profit in the last 4 quarters is still reporting a loss. VNG Company has just recorded a profit again in the second quarter of 2025, after 3 consecutive quarters of loss. Although EPS is negative, VNZ's market price on the stock exchange still fluctuates around the mark of over 400,000 VND/share. VNG is among the few technology companies trading shares on the stock exchange. Meanwhile, in recent years, the technology sector has continuously attracted global investment capital thanks to its growth potential.
As of early August 2025, the entire market recorded 41 stocks trading at around VND100,000/share. With the appearance of F88, the "club" of businesses with "3-digit" stock prices will welcome a new member. 
However, the liquidity of VNZ shares is very low. In the first trading session of August, VNZ only matched 200 shares. This story is not unique to VNZ. On August 1, 2025, the entire market had only about 15 stocks with a trading value of over 1 billion VND, equivalent to less than 40% of the stocks in the "3-digit club".
In fact, VNG has nearly 2,300 shareholders, but transactions are very small, due to the scarcity of VNZ shares. This "concentration" situation does not only happen with VNG, but is also common in many stocks with high market prices and low liquidity. Many businesses with high and stable EPS, along with attractive dividend policies, also retain long-term shareholders.
It is worth noting that, in the group of "3-digit" stocks, many codes are still being priced lower than the market average, when the P/E of many businesses is below the average of the VN-Index (about 13.5 times).
At the same time, there are some businesses that stand out thanks to their solid operating foundation, high profits, stable cash flow, regular dividend policies, and relatively high stock liquidity. These advantages attract capital to these stocks, pushing up stock prices, especially thanks to the boost in the recently announced second quarter business results.
Vietjet Air (VJC) shares also just surpassed the 100,000 VND/share mark on July 22, thanks to a strong recovery in second-quarter business results. Although the P/E is now close to 30 times, VJC shares still attract cash flow thanks to the expectation that Vietjet's 2025 profits will accelerate again, when fuel prices cool down and domestic travel demand improves.
Similarly, many experts from securities companies highly appreciate the business potential of FPT Retail, with a market price of approximately VND 110,000/share, corresponding to a P/E of about 40 times. According to experts from An Binh Securities Company, FPT Retail's Long Chau chain still has a lot of room for expansion, in both the pharmacy and vaccination center segments. At the same time, selling capital to the Creador fund will help increase financial resources and expand the medical ecosystem, while the FPT Shop chain continues to optimize costs, benefiting from the year-end crop season... Forecasting for 2025, this expert said that FPT Retail's annual profit could be 2.1 times higher than the previous year.
In the case of F88, the number of shareholders of this enterprise is not too large. The report updated to December 31, 2024, F88 has 334 shareholders, including 6 foreign shareholders owning 57.52% of charter capital. The number of shareholders is not too large and the supply shortage situation can significantly support F88 stock transactions on the first trading day.
Source: https://baodautu.vn/nhom-co-phieu-dat-do-nhat-thi-truong-gia-vuot-100000-dong-co-that-su-cao-d350032.html
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