Comparison between F88 and two Thai pawnshop giants: ‘Little boss’ throws a profit punch of 213%, scale only 1/14 but stock price 30 times higher

Since its listing in August 2025, F88’s stock has seen significant price increases, currently trading around 1 million VND, much higher than TIDLOR and SAWAD of Thailand. Despite F88’s smaller market cap and asset scale compared to these giants, its pre-tax profit grew by 213% in the first half of 2025, while SAWAD’s dropped by 6.2%. Srisawad started from a pawnshop in 1979, while Ngern Tid Lor excelled with an M&A strategy. Both companies are present in Vietnam but with different strategies: Srisawad competes directly, while Ngern Tid Lor recently partnered with F88. The microfinance market in Vietnam shows great potential, with consumer lending rates still modest compared to regional countries. F88 holds a leading position in this ‘blue ocean’.