F88 shares hit the ceiling in the first trading session, investors have no "goods" to buy

On the morning of August 8, F88 Investment Joint Stock Company (F88) listed 8.26 million shares on UPCoM with a reference price of VND634,900/share. As soon as the trading session began, F88's share price increased to the maximum limit, with a buy surplus of 350,800 units but no sell orders.

And although the market price has increased to the ceiling of 888,800 VND/share, helping F88's capitalization exceed 7,341 billion VND, equivalent to 282 million USD, by the end of the session, only 400 shares were traded.

The question is why, despite the "peak" of F88 stock price, the remaining sales are very limited?

In fact, this is also easy to explain because previously, on the OTC market, F88 shares were also "changed hands" at prices from 1.1 million to 1.2 million VND/share. In discussions before listing, many investors said that with the opening price of nearly 635,000 VND/share, the pre-tax profit plan for 2025 is more than 670 billion VND, calculated at P/E of only around 10 times - F88 will "race" to the ceiling in the first session, because this is an attractive price with a "strange" business model, high NIM, good growth potential.

F88 is converging all three necessary factors: network scale, operating model and business results. F88 is currently the leading enterprise in the mortgage lending market with a superior network of nearly 900 stores, equivalent to about 1/24 of the total number of pawn shops of all kinds nationwide and accounting for over 75% of the number of new generation pawn shops, according to a report by Fiin Group.

Not only developing a chain of physical stores, F88 is also promoting lending on digital platforms, something that no other pawn shop has done. F88's representative said that on average, every 6 months after opening a new store, an F88 store will reach the break-even point and by 2025, 100% of F88 points of sale will be profitable. Regarding providing loans on digital platforms through the My F88 mobile application (app), after 6 months of launch, 105,000 customers have downloaded the app and made transactions. This is a breakthrough on a market-wide scale.

Mr. Phung Anh Tuan, Chairman of the Board of Directors of F88, shared the goal that by 2026, 80% of transactions will be conducted via digital channels, the rest will be conducted through 1,000 F88 stores and 10,000 touch points linked to F88 .

F88's business results in recent times have been assessed as positive. Pre-tax profit in the second quarter of 2025 was VND 189 billion, bringing the total pre-tax profit in the first half of the year to VND 321 billion, an increase of 213% over the same period. Disbursement value in the second quarter of 2025 reached VND 3,862 billion, an increase of 47% over the same period, the highest in the past 3 years. The total cumulative disbursement value in the first 6 months reached VND 7,146 billion, an increase of 36% over the same period. The outstanding loan scale also increased by about 45%, reaching VND 5,543 billion at the end of the second quarter of 2025.

Although it is just a “rookie”, with advantages in network scale, operating model and business results, many investors believe that it is not difficult to understand why F88 shares hit the ceiling in the first session. In fact, this stock is strong enough to maintain strong growth in the coming time.

Source: https://baodautu.vn/co-phieu-f88-tang-kich-tran-trong-phien-dau-tien-giao-dich-nha-dau-tu-khong-co-hang-de-mua-d353859.html