Analysis Center
03
November
GMD – Brief – [NONRATED] – Rising expenses eroded profits
GMD announced total revenue of VND1,557bn (+23% YoY), in which, port operation generating VND1.4tn revenue thanks to solid throughput volume and fee increases. Gains from associates in 3Q25 soared to...
03
November
VCB – Earnings review – [BUY] – Awaiting the return
3Q25 PBT rose by +5.0%yoy/ +1.9%qoq to VND11.24tn thanks to a moderate increase in total operating incomes (+7.2%yoy/+1.0%qoq). Accumulated 9M25 PBT climbed by +5.1%yoy to VND33.1tn, completing 76% of the...
03
November
SBV maintains liquidity injection as demand persists
This week, the SBV maintained its net liquidity injection, albeit at a modest level, mainly to offset the withdrawal pressure from maturing repo contracts. Specifically, the interbank yield curve diverged,...
03
November
Covered warrant: Cautious sentiment
The covered warrant market remained under pressure, as liquidity continued to decline and the majority of warrants posted losses. This trend indicates a prevailing cautious sentiment among investors and reflects...
03
November
Derivatives: Sell signal
Current signals indicate a progressively confirmed down-trend; however, additional technical confirmation is still required to fully validate this trajectory. Meanwhile, traders should exercise caution, carefully monitor market developments, and wait...
03
November
Market commentary: Downside risks remain present
The market continued to weaken for the second consecutive session, reflecting prevailing cautious sentiment. Moreover, the absence of new inflows suggests that investors remain hesitant about a short-term recovery. In...
03
November
Chart of the day: Sell signal
Short-term risks increased after two consecutive declines at the end of last week, suggesting that a short-term downtrend may resume. Therefore, investors should remain cautious, observe market movements carefully, and...
31
October
VSC – Brief – [NONRATED] – Profit Boosted by Port Fee Hikes
VSC's 3Q25 revenue rose 19% YoY to VND844bn thanks to higher throughput volume and service fees. Financial income significantly increased thanks to cash dividends from GEX and HAH, while financial...
31
October
TCB – Earnings review- [HOLD]- Proactive expansion, Trend capture
3Q25 PBT continued to improve quarterly + 4.4%qoq and +14.4%yoy to VND8,250bn, thanks to strong growth of operating incomes (+21.2%yoy/11.8%qoq). 3Q25 earnings results are relatively in line with KIS’s estimate....
Featured Analysis
VCB – Earnings review – [BUY] – Awaiting the return
SBV maintains liquidity injection as demand persists
Covered warrant: Cautious sentiment
Derivatives: Sell signal
Market commentary: Downside risks remain present
Chart of the day: Sell signal
VSC – Brief – [NONRATED] – Profit Boosted by Port Fee Hikes
