Stock of Vingroup’s hospitality arm Vinpearl hits ceiling price in market debut

VPL, the ticker of Vinpearl JSC - the hospitality subsidiary of Vietnam's leading conglomerate Vingroup, surged 20% to its ceiling price of VND85,500 ($3.29) per share within the first trading hours on the Ho Chi Minh bourse Tuesday morning.

With nearly 1.8 billion outstanding shares, Vinpearl's market capitalization now exceeds VND153.33 trillion ($5.9 billion).

Founded in 2006, Vinpearl is one of Vietnam’s largest players in the tourism, hospitality, and entertainment sectors. As of end-Q1/2025, Vingroup held an 85.55% stake in the company.

This is not Vinpearl’s first appearance on the Ho Chi Minh Stock Exchange (HoSE). The company was previously listed under the VPL ticker in January 2008.

However, it was delisted in December 2011 when Vinpearl merged with Vincom JSC, the precursor to Vingroup. At the time, 205.5 million VPL shares were exchanged for VIC shares.

In 2024, Vinpearl recorded VND14.39 trillion ($564.2 million) in total revenue from sales and services, marking a 55% increase from the previous year. Of that, nearly 75% or VND10.68 trillion came from its core businesses in hospitality, tourism, and entertainment, up 2.1% year-over-year.

After expenses, the company reported VND2.55 trillion ($99.98 million) in net profit, a substantial increase from VND671 billion in 2023.

By the end of 2024, Vinpearl operated a network of 31 hotels and resorts with over 16,100 rooms, along with 12 theme parks and entertainment complexes, 4 golf courses, and 1 convention center across Vietnam.

According to a report by Vietcap Securities, the hospitality segment under Vingroup is projected to generate VND9.9 trillion ($381.5 million) in revenue in 2025, a 14% increase year-over-year, and VND11.8 trillion in 2026, up 19%.

Net profit is forecast to reach VND386 billion ($14.87 million) in 2025 and climb to VND1.5 trillion ($57.8 million) in 2026.

Vietcap estimates the enterprise value of Vingroup’s hospitality segment at around VND52 trillion ($2 billion), based solely on existing operational assets. The valuation excludes potential contributions from undeveloped land or future expansion plans due to a lack of public disclosures.

The VPL listing is viewed as a major catalyst for VIC of the parent firm Vingroup. Since the start of the year, VIC has soared by 95.81%, making it the second-best performing stock on the HoSE.