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SeABank: Vietnam Stock Overview

Southeast Asia Bank or SeABank, listed on the Ho Chi Minh City Stock Exchange under the ticker SSB, is a commercial bank in Vietnam.

In the first half of 2024, SSB’s total operating income surged by 43 percent, reaching US$240.4 million, and profit before tax jumped by 60.6 percent to US$129.5 million.

In contrast to these positive business results, SSB’s stock has fallen by around 20 percent since the start of the year. It’s not clear why this might be but pundits have noted that 42 million shares issued to staff on an employee share program in 2023 have now vested and it could be that these are being sold off.

Furthermore, SeABank’s annual general meeting of shareholders was attended by only a few dozen individuals, however the combined ownership and proxy rights represented over 90 percent of the bank’s charter capital, possibly contributing to lower liquidity and less stock price stability.

Also of note, at the end of 2023, several SSB management members registered to sell their shares and then registered to buy back their shares of the bank under the 2023 ESOP program. This persisted into 2024, but the volume of shares repurchased has been relatively low.

Disclosure: The author does not have any financial interest in SSB stock.

See also: Banking in Vietnam: Industry Overview 2024

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