Why is MSB stock unexpectedly nearing its historical peak?

The stock of Maritime Commercial Joint Stock Bank (MSB) has experienced a significant surge, climbing over 30% since April 1 and approaching its all-time high. The share price rose from 11,600 Vietnamese dong on April 1 to 15,100 dong by the close of trading on May 28, placing it near the historical peak of 15,620 dong reached in September 2025.

Several factors are contributing to this positive performance. Notably, ROX Living, a real estate development company within the ROX Group ecosystem, has registered its intent to acquire 100 million MSB shares. This transaction, valued at an estimated 1 trillion Vietnamese dong, is expected to occur between May 29 and June 8 through market orders and negotiated deals.

This move by ROX Living marks a significant shift. Previously, the company had intended to sell its nearly 31.2 million MSB shares for portfolio restructuring but postponed the transaction due to unfavorable market conditions. If the new purchase is completed, ROX Living's stake will increase from approximately 31.2 million shares to 131.2 million, representing about 4.2% of the bank's charter capital. Tạ Ngọc Đa, a member of MSB's Board of Directors, also holds a Vice Chairman position at Rox Living.

The shareholder structure has seen other notable changes. Vietnam Maritime Security and Services Corporation (VMSC) announced it had completed the divestment of nearly 2.9 million MSB shares. Additionally, Vietnam Posts and Telecommunications Group (VNPT) is planning to divest its holdings, currently standing at over 188.7 million shares, or 6.05% of the charter capital. The bank's updated shareholder list also shows the presence of Vietnam Enterprise Investments Limited (VEIL), a fund managed by Dragon Capital, which now holds 33.2 million MSB shares (approximately 1.06% of charter capital). Another new major shareholder, Truong Long Investment Trading Co., Ltd., acquired 149.8 million shares, or 4.8% of the capital, and is headquartered in the ROX Tower.