Analysis Center
03
July
ANV – Brief – [NONRATED] – 2024 AGM: Awaiting a breakthrough
According to the plan for 2024, revenue and NPAT of ANV could post to VND5,000bn (+12.6% yoy) and VND306bn reviving from the low base VND39.2bn (+6.8x yoy).
28
June
Seafood sector – In-depth – [NEUTRAL] – Awaiting the “inflection point”
“… Seafood sector is over the hump and being on a recovery path, but we believe this path still faces to some challenges in 2H24F. We await the “inflection point”,...
28
June
Retail sector – In-depth – [NONRATED] – It’s time for a sprint
In 1Q24, we see that consumers’ confidence reached the highest level of 78% in the last 5 quarters. Together with a more bustling production activity (especially in 2Q24 with IIP...
28
June
GMD – Brief – [NONRATED] – Conservative 2024 guidance
GMD approved a conservative 2024 guidance, raising VND3.0tn for expansion plans through right issue and paying a 22% cash dividend (VND2,200/share). Despite the conservative outlook in 2024, GMD is investing...
24
May
BID – In-depth – [HOLD+13%] – The Giant’s return to the track
We initiate our coverage on BID with a HOLD rating and a target price of VND55,600, implying a 13% upside, using a residual approach (50%) and P/B method (50%). TTM...
15
May
Retail – Note – [NONRATED] – Weak demand had different impacts
Consumer demand, in general, is not strong during the Tet holiday, but the impact varies among listed retailers. On the positive side, the consumer confidence index in 1Q24 increased to...
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%...
Featured Analysis
Derivatives: Uptrend maintained
Market commentary: Diverging movements
Securities – Note – [NONRATED] – Strong 2Q25 earnings driven by a robust market
Jul 2025: Lower issuances, higher maturity pressure
PLX – Earnings review – [BUY] – 2Q25: Foreign trading saved the day
Derivatives: New high formed
Market commentary: Forming a new peak
