- 2023-07-21T00:00:00
- Company Research
- Bien Hoa Building Materials Production and Construction JSC (UPCoM: VLB) is the largest construction stone manufacturer in Dong Nai Province.
- VLB manages five stone quarries that have a total mining capacity of 5.7 million cbm per year and a total mining reserve of 94 million cbm.
- In Q1 2023, VLB’s revenue dropped 8.9% YoY due to the slow pace of public investment disbursement and Vietnam’s depressed residential real estate sector.
- However, given our expectation for major infrastructure projects in southern Vietnam to start construction in H2 2023, we expect a surge in construction stone demand will benefit VLB.
- Compared with competitors in the region, VLB’s advantages include its large mining reserve, longstanding mining licenses, and favorable quarry locations.
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