Vinpearl returns to HoSE after more than a decade

The Ho Chi Minh City Stock Exchange (HoSE) has officially approved the listing of nearly 1.79 billion VPL shares of Vinpearl Joint Stock Company. This is considered an important milestone marking Vinpearl's return to the stock market, after more than a decade of absence since its merger with Vingroup in 2011.

Vinpearl was listed on HoSE in 2008, but at the end of 2011, this company merged with Vincom to form Vingroup Corporation (code VIC), causing the code VPL to be delisted. By 2023, Vinpearl was separated into an independent subsidiary of Vingroup.

The number of listed VPL shares is more than 1.79 billion units, corresponding to charter capital of more than 17,933 billion VND.

According to the announcement from HoSE, the total number of shares approved for listing this time is more than 1.79 billion units, corresponding to a charter capital of VND17,933 billion.

Starting to submit listing documents in early March, Vinpearl previously issued more than 70 million shares privately in February 2025, attracting 105 investors at an average price of VND 71,350/share, thereby helping this enterprise successfully mobilize more than VND 5,000 billion.

According to the capital use plan announced after the issuance, Vinpearl plans to spend nearly VND1,140 billion to contribute capital to the VinWonders Nha Trang cultural park project, and more than VND1,850 billion to acquire almost all shares of Vinpearl Cua Hoi, the investor of Cua Hoi Amusement Park. In addition, the company will spend VND495 billion to expand the project in Ha Giang , pay off more than VND1,500 billion in debt and supplement working capital.

The focused allocation of capital shows that Vinpearl is on the right track in its strategy to expand its tourism - resort - entertainment ecosystem, with the orientation of becoming a key enterprise in this field in Vietnam.

Vinpearl's Q1/2025 financial report shows revenue of VND2,435 billion, up 45% year-on-year - equivalent to about VND27 billion per day. Growth mainly comes from the strong recovery of the tourism industry, with the number of visitors to Vinpearl hotels increasing by 18% and the VinWonders entertainment system welcoming 1.6 million visitors, up 29% compared to Q1/2024.

However, after-tax profit dropped sharply from VND2,145 billion to only VND90 billion, mainly due to a decrease in financial revenue from VND3,264 billion to VND514 billion.

Mr. Han Huu Hau, senior analyst at VPS Securities Company, commented: “Vinpearl’s re-listing after more than 10 years shows Vingroup’s clear strategic direction in separating and increasing the value of each core business segment. With a closed ecosystem from resorts, entertainment, to transportation such as VinWonders, VinBus, Vinpearl has the potential to become an independent billion-dollar enterprise.”

According to Mr. Hau, the domestic and international tourism market is recovering strongly after the pandemic, which is a favorable factor helping Vinpearl boost capacity exploitation at its high-end resort complexes, especially when the company owns 31 hotels and resorts with more than 16,000 rooms and dozens of theme parks in 18 provinces and cities across the country.

Investors are expecting VPL shares to create a positive spillover effect for the entire group of "Vin family" stocks including: VIC, VHM, VRE, which are currently the pillars of the Vietnamese stock market.

According to brokerage experts from SSI, after the listing approval news, VIC shares had a positive price increase and are expected to reach the target price range of 75,000 - 80,000 VND/share.

However, some analysts also recommend that investors need to monitor the actual performance of VPL in the first trading sessions, because the expectation factor has been partly reflected in the prices of related stocks before.

At the end of the first quarter of 2025, Vinpearl achieved net revenue of VND 2,971 billion, an increase of 76.6% over the same period.

With total assets as of the end of the first quarter reaching over VND78,000 billion, of which fixed assets accounted for over VND35,000 billion and equity reached VND35,586 billion, Vinpearl is considered one of the enterprises with a solid financial foundation. Financial debt of over VND12,000 billion, mainly long-term, also shows a reasonable capital structure, creating favorable conditions for long-term investment and development.

In 2025, the company aims to achieve revenue of VND14,000 billion and after-tax profit of VND1,700 billion - a very promising growth rate considering the context of the tourism industry on the path of strong recovery.

Listing nearly 1.8 billion VPL shares on HoSE is a strategic move by Vinpearl to enhance transparency, standardize corporate governance and access long-term capital from the stock market. With its existing internal resources and support from parent corporation Vingroup, Vinpearl is ready for a new growth cycle.

Source: https://thoibaonganhang.vn/vinpearl-tro-lai-san-hose-sau-hon-mot-thap-ky-163775.html