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Is F88 Stock’s Upper Limit Price and Restricted Selling Unusual?

10 August, 2025

Although F88’s stock code, F88, of F88 Investment Joint Stock Company has the highest market price on the Vietnamese stock market at the moment, the buy surplus is very high, up to 350,800 units. Nonetheless, the sell surplus is almost non-existent, and by the end of the session, only 400 shares had been traded. But this is not unusual, as before, on the OTC market, F88 shares had been handed over at prices ranging from VND 1.1 million to VND 1.2 million per share.

Moreover, with a listing price of nearly VND 635,000 per share and a 2025 pre-tax profit plan of more than VND 670 billion, according to the “rough calculation” of many investors earlier, the P/E ratio is only around 10 times, helping F88 to “race” in the first session, as this is an attractive price for a “strange” business model with high NIM and good growth potential. Hence, it is understandable that investors are reluctant to sell.

In addition, F88 is an intriguing enterprise as it is not only the first pawnshop (belonging to the alternative finance industry) to go public but also because F88 possesses a favorable position. This position is reflected in three factors: network scale, operating model, and business results.

In terms of network scale, F88 is currently the market leader in pawnshops, boasting an extensive network of nearly 900 stores, equivalent to approximately 1/24 of the total number of pawnshops nationwide and accounting for over 75% of the new-generation pawnshops, according to a report by Fiin Group. In addition to developing physical stores, F88 is also promoting lending through digital platforms, something that no other pawnshop business has implemented.

F88’s representative stated that, on average, a new F88 store would break even after six months, and in 2025, 100% of F88 sales points would be profitable. Digital lending is facilitated through the My F88 mobile application. After six months of launch, 105,000 customers have downloaded the app and transacted. This is a breakthrough move on a market-wide scale.

Mr. Phung Anh Tuan, Chairman of F88’s Board of Directors, shared that by 2026, 80% of transactions would be conducted through digital channels, with the remaining 20% through 1,000 F88 stores and 10,000 linked F88 touchpoints.

F88’s business results have been positive. The second-quarter pre-tax profit of VND 189 billion brought the six-month pre-tax profit to VND 321 billion, up 213% over the same period. The second-quarter disbursement value reached VND 3,862 billion, up 47% over the same period and the highest in the last three years. The six-month cumulative disbursement value reached VND 7,146 billion, up 36% over the same period. Outstanding loans also increased by about 45%, reaching VND 5,543 billion at the end of the second quarter of 2025.

With a share price of VND 888,800, F88’s capitalization in the first session reached more than VND 7,341 billion, equivalent to USD 282 million. This is considered a significant step forward for the “rookie” F88, the only representative of the Pawnshop Service industry (belonging to the alternative finance sector) on the UPCoM exchange.

Minh Tai

– 19:26 08/08/2025