DatVietVAC creates IPO valuable at over 6,000 billion VND
The initial public offering (IPO) price of DatViet VAC Group Holdings Joint Stock Company (DatVietVAC) is 54,800 VND per share, corresponding to a P/E valuation based on projected 2026 earnings of 13.x times. This is an attractive price compared to the average of comparable companies in the region.
DatVietVAC to List on the Stock Exchange
According to official figures disclosed in the prospectus, DatVietVAC’s IPO offering price of VND 54,800 per share was determined on a prudent financial basis. The price is higher than the company’s book value per share (BVPS) of approximately VND 11,800 as of December 31, 2025, but 33% lower than the independent valuation of VND 81,716 per share.
With a 2026 plan for net profit after tax attributable to shareholders of the parent company at VND 420 billion, representing 11% growth from VND 379 billion in 2025, and a projected ROE of 34.7%, the offering price implies a P/E ratio of approximately 13.x times.
This figure is 28% lower than the average 2026 forward P/E of peer companies in Asia, including markets with comparable entertainment consumption models such as South Korea and Thailand, which are trading at 18.1 times on average, with a median of 16.1 times, according to a research report by Vietcap.
For example, HYBE, South Korea’s leading entertainment institution, is trading at a 2026 forward P/E of up to 26.3 times, supported by its global position and the integrated monetization leverage of its fandom ecosystem. JYP Entertainment and YG Entertainment are trading at forward P/E levels of 16.1 to 16.6 times, while SM Entertainment is trading at a forward P/E of 15.4 times.
DatVietVAC’s 2026 forward P/E valuation of approximately 13.x times is only close to that of domestic media companies in neighboring Southeast Asian markets. One example is Thailand’s entertainment group One Enterprise (ONEE), which is trading at a forward P/E of 13.0 times.
Meanwhile, DatVietVAC records an EBIT margin of up to 13.9%, more than twice that of ONEE, and a record normalized ROE of 40.8%, 7.5 times higher than its Thai peer, significantly outperforming the regional industry average ROE of only 8.4%.
DatVietVAC’s financial performance also stands out in the Vietnamese stock market. In 2025, DatVietVAC recorded net revenue of VND 3,196 billion, 1.95 times higher than YEG’s VND 1,639 billion. DatVietVAC’s earnings before interest and taxes (EBIT) in 2025 reached VND 445 billion, while YEG recorded only VND 7.9 billion.
In terms of operating margin, DatVietVAC recorded an EBIT margin of 13.9%, far ahead of YEG’s near-break-even EBIT margin of only 0.5%. Similarly, DatVietVAC’s ROE reached 40.8%, while YEG’s stood at only 4.2%.
DatVietVAC’s differentiation and market position
The difference comes from the fundamental nature of the business model. YEG’s revenue remains dependent on traditional advertising services and media agency services, which carry lower profit margins. These segments accounted for as much as 85% of YEG’s 2025 revenue structure, equivalent to VND 1,393 billion, with the segment’s gross profit margin reaching only around 10%.
In contrast, DatVietVAC’s Media Services segment generated nearly VND 1,700 billion in revenue in 2025. This is one of the Group’s two pillars, playing the role of delivering stable foundational revenue and profit, while also creating leverage from its brand client base.
With more than 30 years of experience and a leading position in content production, DatVietVAC has been moving up the value chain, building a closed, vertically integrated model centered on its Content segment, which generated nearly VND 1,500 billion in revenue in 2025.
This model is built on three difficult-to-replicate advantages: ownership of original IP rights from self-produced blockbuster programs, exclusive management and commercial exploitation of its artist roster through NOMAD, and direct-to-consumer (D2C) commercialization through concert ticket sales and merchandise. As a result, the Content segment achieved a gross profit margin of up to 40.2%.
Based on Vietcap’s core investment thesis, DatVietVAC’s value is expected to enter a strong acceleration cycle, driven by the flywheel of the Fandom Economy and the growth of D2C, a direct distribution channel to audiences.
Vietcap forecasts that DatVietVAC’s revenue from direct-to-consumer commercial monetization, or D2C, including live events and sales of products associated with intellectual property assets, will grow at a compound annual growth rate (CAGR) of up to 22% during the 2025-2028 period.
This intelligent shift in revenue structure is expected to help the Group’s consolidated gross profit margin expand continuously, reaching 27.2% by 2028. On that foundation, Vietcap forecasts that net profit after tax attributable to shareholders of the parent company will grow at a stable CAGR of 13% throughout the 2025-2028 period.
A defensive anchor for shareholders participating in this IPO is the cash dividend policy. The expected dividend is VND 2,500 per share, to be paid in Q4 2026, equivalent to a 5% dividend yield based on the offering price. Supported by a strong liquidity buffer of nearly VND 1 trillion in deposits and cash equivalents, management’s commitment to regular annual cash dividends through 2030 appears well within execution capacity.
