REPORT HIGHLIGHTS

• F88 completed its IPO in July 2025 and officially listed on the UPCoM on August 8, 2025. The company is the largest pawnshop chain in Vietnam, significantly outperforming peers in both scale and store network. As of June 2026, F88 had served more than 1.6 million pawn lending customers, with net outstanding loan reaching VND 8.8 trillion, accounting for approximately 2.5% of Vietnam’s alternative finance market. The company operated a nationwide network of branches across 34 provinces and cities, supported by more than 4,000 employees.
• F88 benefits from the strategic support and expertise of Mekong Capital and other foreign institutional investors. Their backing has strengthened the company’s capital structure, enabling sustainable business expansion while maintaining a solid credit profile, as reflected in its successful track record of secured bond issuances.
• Vietnam’s consumer finance and alternative finance markets remain significantly underpenetrated, providing substantial room for modern pawn lending operators such as F88 to expand their market share.
• Compared with peers in the consumer finance and pawn lending segments, F88 has consistently demonstrated superior loan growth and profitability. For the 2025–2030 period, management targets a 34.5% CAGR in net loan balance, 33.4% CAGR in revenue, and 37.6% CAGR in net profit, while maintaining an average ROE above 30%. The company also generates an attractive lending yield (including both interest income and service fees), with lending profitability exceeding 55% and ROE remaining above 30% during 2024–2025.
• F88 is currently conducting a pre-listing share offering ahead of its planned transfer from UPCoM to the HOSE, expected in 4Q26.

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