{"id":31322,"date":"2025-06-05T11:27:48","date_gmt":"2025-06-05T04:27:48","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&#038;p=31322"},"modified":"2025-06-06T15:58:03","modified_gmt":"2025-06-06T08:58:03","slug":"gtjasvn_f88-equity-report_new-stock-commence-trading-on-the-upcom-in-july-2025","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_f88-equity-report_new-stock-commence-trading-on-the-upcom-in-july-2025\/","title":{"rendered":"GTJASVN_F88 Equity Report_NEW STOCK COMMENCE TRADING ON THE UPCOM IN JULY 2025"},"content":{"rendered":"<p>\u00a0<\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>COMPETITIVE ADVANTAGES OF F88<\/strong><\/span><\/p>\n<ul>\n<li><span style=\"font-family: helvetica, arial, sans-serif\"><strong>Market Leadership and Dominant Scale<\/strong>: F88 is Vietnam\u2019s largest pawnshop chain, far surpassing competitors in its segment in terms of scale and number of stores. According to F88\u2019s statistics, as of December 2024, its network of transaction offices has served over 1 million pawn loan customers, with more than 360,000 customers in 2024 alone. The customer return rate is 55%. As of December 2024, the total outstanding pawn loan balance reached VND 4,585 billion. The company\u2019s network spans 63 provinces and cities, supported by a workforce of over 4,000 employees.<\/span><\/li>\n<li><span style=\"font-family: helvetica, arial, sans-serif\"><strong>Expertise in Business Model Development and Product Design<\/strong>: F88 exhibits extensive experience in building scalable business models and designing financial products, with rapid network expansion and stringent risk management policies. The brand enjoys high recognition. Founded by Mr. Ph\u00f9ng Anh Tu\u1ea5n, who has a proven track record in developing chain-based business models and a strong technological foundation, F88 has effectively scaled its operations.<\/span><\/li>\n<li><span style=\"font-family: helvetica, arial, sans-serif\"><strong>Strategic Shareholder Support and Financial Backing<\/strong>: F88 benefits from advisory support and backing from strategic shareholder Mekong Capital and other foreign investment funds. This support enables F88 to effectively address capital allocation challenges for its business operations and maintain a strong credit history, with its bond issuances secured by guaranteed obligations.<\/span><\/li>\n<li><span style=\"font-family: helvetica, arial, sans-serif\"><strong>Significant Growth Potential in Consumer and Alternative Finance<\/strong><\/span><\/li>\n<li><span style=\"font-family: helvetica, arial, sans-serif\"><strong>Superior Credit Growth and Operational Efficiency<\/strong>: Compared to competitors in the consumer and pawn loan segments, F88 demonstrates exceptional credit growth and operational performance. Company leadership has outlined targets of over 40% annual revenue and profit growth, with a minimum sustained growth rate of 30% over the next five years. In 2024, F88\u2019s loan portfolio growth reached 22.7%, significantly outperforming the consumer finance industry average of 3.84%. The company\u2019s profitability from lending activities (including interest and fees) is notably impressive (<em>see Appendix 4 for details<\/em>).<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>F88 is slated to commence trading on the UPCoM exchange in July 2025, with an ambition to list on the Ho Chi Minh Stock Exchange (HoSE) in 2027, targeting a market capitalization of USD 1 billion. <\/strong><\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">As of the end of 2024, F88\u2019s equity stood at VND 1,727.8 billion, with 8.4 million shares outstanding (post a projected 2.5% ESOP issuance), resulting in a book value per share (BVPS) of VND 205,690. Currently, F88\u2019s shareholder structure is highly concentrated, with major shareholders holding over 84% of the company\u2019s total shares. Share liquidity is expected to improve following the UPCoM listing, particularly after a planned stock split scheduled for late 2025 (<em>details of the stock dividend plan are outlined in the report<\/em>).<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>Backed by Mekong Capital, F88\u2019s distinctive business model in the consumer finance sector positions it as a notable new entrant in the stock market. However, we highlight potential risks, including the business model\u2019s vulnerability to economic downturns, which could lead to elevated non-performing loan ratios, as well as latent legal risks associated with the pawnshop business model.<\/strong><\/span><\/p>\n","protected":false},"author":31,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-31322","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>GTJASVN_F88 Equity Report_NEW STOCK COMMENCE TRADING ON THE UPCOM IN JULY 2025 - GTJA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_f88-equity-report_new-stock-commence-trading-on-the-upcom-in-july-2025\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GTJASVN_F88 Equity Report_NEW STOCK COMMENCE TRADING ON THE UPCOM IN JULY 2025 - GTJA\" \/>\n<meta property=\"og:description\" content=\"\u00a0 COMPETITIVE ADVANTAGES OF F88 Market Leadership and Dominant Scale: F88 is Vietnam\u2019s largest pawnshop chain, far surpassing competitors in its segment in terms of scale and number of stores. 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