Analysis Center
09
May
Banking – Note – [NONRATED] – On the path to recovery
Total PBT in 1Q24 (27 banks) increased by +9.5% YoY, driven by improved total operating income (+7.6% YoY) from both net interest income (+8% YoY) and non-interest income (+27% YoY),...
15
April
Power sector – Preview – [NEUTRAL] – 1Q24F Preview: The El Niño calls Coal-fired
The bright spot in 1Q24 was coal-fired power. Growth came from the shortage of hydropower supply and the benefit of rapidly falling coal prices compared to gas prices in recent...
10
April
Seafood sector – Preview – [NEUTRAL] – 1Q24F Preview: First stages of restoration
In 2M24, the total export turnover of pangasius fish increased slightly by 7.8% yoy, with the U.S market being the standout. Meanwhile, shrimp export turnover recorded a growth of +22.6%...
17
November
POW – In-depth – [BUY +42.6%] – Waiting for somethings new
We recommend BUY for POW stock with a target price of 16,600 VND per share for mid and long-term investment strategy (upside +42.6%). We especially emphasize that in 2024–25, POW's...
23
October
VCB – In-depth – [BUY+18%] – Best-in-class performer throughout difficult times
We initiate our coverage on VCB with a BUY rating and a target price of VND100,000, implying a 18% upside by using a residual approach (50%) and P/B method (50%)....
02
October
Power – In-depth – [OVERWEIGHT] – Green Era
Long-term, fast growth in demand for electricity opens up a lot of opportunities for industries in the power system. Regarding the power generation activity, especially, we highly evaluate the growth...
25
August
TCB – In-depth – [BUY +30%] – Is TCB past its peak?
We initiate our coverage on TCB with a BUY rating and a target price of VND43,700, implying a 30% upside buy using a residual approach (50%) and P/B method (50%)....
01
June
Crushed Stone – In-depth – [OVERWEIGHT] – Bracing for growth from 2024F
We initiate an Overweight rating on the Crushed Stone industry in 12-month horizons spurred by the robust demand growth serving the public infrastructure spending in 2024-2025F. Going forward, the housing...
Featured Analysis
Derivatives: Waiting for confirmation signals
Market commentary: Broad-based gains
Market commentary: Widespread demand momentum
Derivatives: Green session
Derivatives: Pull-back confirmation
Market commentary: Cautious sentiment
Fund flow: Vietnam leads fund flows in SEA
