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    GDA – Brief – [NONRATED] – 1Q26 – Difficulties remain

    GDA – Brief – [NONRATED] – 1Q26 – Difficulties remain

    • In 1Q26, GDA recorded revenue of VND3,589bn, down 9.7% yoy. The revenue decline stemmed from both sales volume and average selling price (ASP).
    • Gross profit in 1Q26 reached VND160bn, down 43.4% yoy, with the gross margin (GPM) compressing to 4.5%, down 2.6 ppts yoy and 0.9 ppts qoq (Fig 7). The qoq-decline in GPM stemmed from ASP being adjusted downward faster than COGS, likely due to GDA accelerating its export volume to the Southeast Asian market as mentioned above. Meanwhile, input HRC prices from both domestic and imported sources recorded a slight decrease in 1Q26 (Fig 6).
    • Net profit was recorded at VND51bn, down 19% yoy, cushioned by narrowed selling expenses as export activities slowed down during the period (1Q25: VND164bn; 1Q26: VND51bn, down 69% yoy).

    GDA – Brief – [NONRATED] – 1Q26 – Difficulties remain

    • In 1Q26, GDA recorded revenue of VND3,589bn, down 9.7% yoy. The revenue decline stemmed from both sales volume and average selling price (ASP).
    • Gross profit in 1Q26 reached VND160bn, down 43.4% yoy, with the gross margin (GPM) compressing to 4.5%, down 2.6 ppts yoy and 0.9 ppts qoq (Fig 7). The qoq-decline in GPM stemmed from ASP being adjusted downward faster than COGS, likely due to GDA accelerating its export volume to the Southeast Asian market as mentioned above. Meanwhile, input HRC prices from both domestic and imported sources recorded a slight decrease in 1Q26 (Fig 6).
    • Net profit was recorded at VND51bn, down 19% yoy, cushioned by narrowed selling expenses as export activities slowed down during the period (1Q25: VND164bn; 1Q26: VND51bn, down 69% yoy).

    GDA – Brief – [NONRATED] – 1Q26 – Difficulties remain

    • In 1Q26, GDA recorded revenue of VND3,589bn, down 9.7% yoy. The revenue decline stemmed from both sales volume and average selling price (ASP).
    • Gross profit in 1Q26 reached VND160bn, down 43.4% yoy, with the gross margin (GPM) compressing to 4.5%, down 2.6 ppts yoy and 0.9 ppts qoq (Fig 7). The qoq-decline in GPM stemmed from ASP being adjusted downward faster than COGS, likely due to GDA accelerating its export volume to the Southeast Asian market as mentioned above. Meanwhile, input HRC prices from both domestic and imported sources recorded a slight decrease in 1Q26 (Fig 6).
    • Net profit was recorded at VND51bn, down 19% yoy, cushioned by narrowed selling expenses as export activities slowed down during the period (1Q25: VND164bn; 1Q26: VND51bn, down 69% yoy).

    GDA – Brief – [NONRATED] – 1Q26 – Difficulties remain

    • In 1Q26, GDA recorded revenue of VND3,589bn, down 9.7% yoy. The revenue decline stemmed from both sales volume and average selling price (ASP).
    • Gross profit in 1Q26 reached VND160bn, down 43.4% yoy, with the gross margin (GPM) compressing to 4.5%, down 2.6 ppts yoy and 0.9 ppts qoq (Fig 7). The qoq-decline in GPM stemmed from ASP being adjusted downward faster than COGS, likely due to GDA accelerating its export volume to the Southeast Asian market as mentioned above. Meanwhile, input HRC prices from both domestic and imported sources recorded a slight decrease in 1Q26 (Fig 6).
    • Net profit was recorded at VND51bn, down 19% yoy, cushioned by narrowed selling expenses as export activities slowed down during the period (1Q25: VND164bn; 1Q26: VND51bn, down 69% yoy).

    GDA – Brief – [NONRATED] – 1Q26 – Difficulties remain

    • In 1Q26, GDA recorded revenue of VND3,589bn, down 9.7% yoy. The revenue decline stemmed from both sales volume and average selling price (ASP).
    • Gross profit in 1Q26 reached VND160bn, down 43.4% yoy, with the gross margin (GPM) compressing to 4.5%, down 2.6 ppts yoy and 0.9 ppts qoq (Fig 7). The qoq-decline in GPM stemmed from ASP being adjusted downward faster than COGS, likely due to GDA accelerating its export volume to the Southeast Asian market as mentioned above. Meanwhile, input HRC prices from both domestic and imported sources recorded a slight decrease in 1Q26 (Fig 6).
    • Net profit was recorded at VND51bn, down 19% yoy, cushioned by narrowed selling expenses as export activities slowed down during the period (1Q25: VND164bn; 1Q26: VND51bn, down 69% yoy).

    GDA – Brief – [NONRATED] – 1Q26 – Difficulties remain

    • In 1Q26, GDA recorded revenue of VND3,589bn, down 9.7% yoy. The revenue decline stemmed from both sales volume and average selling price (ASP).
    • Gross profit in 1Q26 reached VND160bn, down 43.4% yoy, with the gross margin (GPM) compressing to 4.5%, down 2.6 ppts yoy and 0.9 ppts qoq (Fig 7). The qoq-decline in GPM stemmed from ASP being adjusted downward faster than COGS, likely due to GDA accelerating its export volume to the Southeast Asian market as mentioned above. Meanwhile, input HRC prices from both domestic and imported sources recorded a slight decrease in 1Q26 (Fig 6).
    • Net profit was recorded at VND51bn, down 19% yoy, cushioned by narrowed selling expenses as export activities slowed down during the period (1Q25: VND164bn; 1Q26: VND51bn, down 69% yoy).

    GDA – Brief – [NONRATED] – 1Q26 – Difficulties remain

    • In 1Q26, GDA recorded revenue of VND3,589bn, down 9.7% yoy. The revenue decline stemmed from both sales volume and average selling price (ASP).
    • Gross profit in 1Q26 reached VND160bn, down 43.4% yoy, with the gross margin (GPM) compressing to 4.5%, down 2.6 ppts yoy and 0.9 ppts qoq (Fig 7). The qoq-decline in GPM stemmed from ASP being adjusted downward faster than COGS, likely due to GDA accelerating its export volume to the Southeast Asian market as mentioned above. Meanwhile, input HRC prices from both domestic and imported sources recorded a slight decrease in 1Q26 (Fig 6).
    • Net profit was recorded at VND51bn, down 19% yoy, cushioned by narrowed selling expenses as export activities slowed down during the period (1Q25: VND164bn; 1Q26: VND51bn, down 69% yoy).

    GDA – Brief – [NONRATED] – 1Q26 – Difficulties remain

    • In 1Q26, GDA recorded revenue of VND3,589bn, down 9.7% yoy. The revenue decline stemmed from both sales volume and average selling price (ASP).
    • Gross profit in 1Q26 reached VND160bn, down 43.4% yoy, with the gross margin (GPM) compressing to 4.5%, down 2.6 ppts yoy and 0.9 ppts qoq (Fig 7). The qoq-decline in GPM stemmed from ASP being adjusted downward faster than COGS, likely due to GDA accelerating its export volume to the Southeast Asian market as mentioned above. Meanwhile, input HRC prices from both domestic and imported sources recorded a slight decrease in 1Q26 (Fig 6).
    • Net profit was recorded at VND51bn, down 19% yoy, cushioned by narrowed selling expenses as export activities slowed down during the period (1Q25: VND164bn; 1Q26: VND51bn, down 69% yoy).

    GDA – Brief – [NONRATED] – 1Q26 – Difficulties remain

    • In 1Q26, GDA recorded revenue of VND3,589bn, down 9.7% yoy. The revenue decline stemmed from both sales volume and average selling price (ASP).
    • Gross profit in 1Q26 reached VND160bn, down 43.4% yoy, with the gross margin (GPM) compressing to 4.5%, down 2.6 ppts yoy and 0.9 ppts qoq (Fig 7). The qoq-decline in GPM stemmed from ASP being adjusted downward faster than COGS, likely due to GDA accelerating its export volume to the Southeast Asian market as mentioned above. Meanwhile, input HRC prices from both domestic and imported sources recorded a slight decrease in 1Q26 (Fig 6).
    • Net profit was recorded at VND51bn, down 19% yoy, cushioned by narrowed selling expenses as export activities slowed down during the period (1Q25: VND164bn; 1Q26: VND51bn, down 69% yoy).

    GDA – Brief – [NONRATED] – 1Q26 – Difficulties remain

    • In 1Q26, GDA recorded revenue of VND3,589bn, down 9.7% yoy. The revenue decline stemmed from both sales volume and average selling price (ASP).
    • Gross profit in 1Q26 reached VND160bn, down 43.4% yoy, with the gross margin (GPM) compressing to 4.5%, down 2.6 ppts yoy and 0.9 ppts qoq (Fig 7). The qoq-decline in GPM stemmed from ASP being adjusted downward faster than COGS, likely due to GDA accelerating its export volume to the Southeast Asian market as mentioned above. Meanwhile, input HRC prices from both domestic and imported sources recorded a slight decrease in 1Q26 (Fig 6).
    • Net profit was recorded at VND51bn, down 19% yoy, cushioned by narrowed selling expenses as export activities slowed down during the period (1Q25: VND164bn; 1Q26: VND51bn, down 69% yoy).

    Featured Analysis

    GDA – Brief – [NONRATED] – 1Q26 – Difficulties remain

    Report (15)

    Derivatives: A Sell Signal?

    Report (50)

    Market commentary: Selling pressure around elevated price levels

    Report (52)

    GMD – Brief – [NONRATED] – Gemalink drove 1Q26 results

    Report (5)

    Market traders: Proprietary trading recorded strong net selling

    Report (52)

    Covered warrant: Liquidity improved

    Report (50)

    Derivatives: Continued accumulation

    Report (52)

    Market commentary: Market recovery

    Report (51)
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