“Tech Giant TOS Splashes Billions on M&A Spree: Stock and Profits Soar”

On October 10, 2023, the TOS Board of Directors approved the capital contribution to establish Tan Cang Mermaid Underground Services Company Limited (TC Mermaid), headquartered in Ho Chi Minh City, with a charter capital of over VND 35.3 billion. TOS and Mermaid Subsea Services (Thailand) Limited each hold a 50% stake, with capital sourced from development investment funds and retained earnings. Mr. Le Dang Phuc, CEO of TOS, was authorized to represent 100% of the capital in this joint venture.

On March 07, 2024, TOS and its partners established Tan Cang Maritime Support and Offshore Services Joint Stock Company with a charter capital of VND 50 billion. TOS and Tan Cang Pilot Company Limited each contributed VND 18 billion (36%). TOS authorized Mr. Nguyen Phung Hung, Deputy General Director, to represent the contributed capital.

On June 06, 2024, TOS continued to acquire nearly 8.6 million shares, equivalent to 43.785% of the capital of Tan Cang Sea Transport Joint Stock Company (TCS), at a price of VND 25,000/share, with a total value of nearly VND 219 billion. After the deal, TOS became the second largest shareholder of TCS, increasing its ownership to nearly 44%. The capital source for this acquisition was equity capital, and the transaction was completed in the second quarter of 2024.

Most recently, on April 25, 2025, TOS approved the increase of its ownership in YICO Vietnam Investment Joint Stock Company from 3.5% to 51%, making YICO a subsidiary. The total registered additional capital contribution was 14.25 million shares, equivalent to 47.5% of the charter capital. Following the adjustment, YICO’s shareholder structure comprises TOS holding 51% and other shareholders holding the remaining 49%. Simultaneously, the TOS Board of Directors also approved the name change of YICO to Tan Cang Industrial Infrastructure Investment Joint Stock Company to unify the brand identity and strategic orientation towards investment in supporting industrial parks.

With a series of strategic moves, TOS currently owns one of the most modern fleets in Vietnam: 12 tugboats, 12 multi-purpose AHTS vessels, DP2-equipped PSV vessels, 4 sea barges, 2 ROVs, and a system of 10 container cranes. As of March 31, 2025, TOS had 7 direct and indirect subsidiaries.

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In terms of business results, TOS consistently earned net profits of over VND 100 billion each year from 2019, with an average revenue of about VND 1,500 billion in the period of 2021-2023. In 2024, revenue surged to VND 3,905 billion, and net profit reached a record high of VND 447 billion, doubling the previous year’s figure. This remarkable performance was attributed to the effective implementation of offshore services and adjustments in rental rates.

This growth momentum extended into the first quarter of 2025, with TOS reporting a net profit of over VND 206 billion, a 5.7-fold increase compared to the same period last year. Gross revenue reached VND 881.5 billion, up 73%, while the gross profit margin expanded to nearly 25%.

The positive business results were reflected in the share price movement of TOS. From the price range of VND 56,000/share at the end of October 2024, TOS’s share price surged to VND 73,000 in mid-November and further climbed to above VND 79,000/share by the end of January 2025.

From this point, the share price soared to over VND 147,000/share in mid-February and peaked at nearly VND 152,000/share in late March. However, TOS’s share price quickly plummeted to below VND 98,000/share in early April due to the impact of new tariff-related information. Currently, the share price of TOS has recovered to VND 140,000/share, marking a 43% increase from the recent low and an 180% surge over the past year, with a trading volume of more than 32,000 shares per session.

The Minh

– 10:28 19/05/2025