Sector and company

22

July

QTP – Earnings review – [BUY] – 2Q25: NPAT boosted as operational efficiency

In 2Q25, QTP posted revenue of VND2,863bn, down 21% yoy. This decline was mainly attributable to: The average electricity price is estimated to fall 23% yoy to 1,366 VND/kWh. Although...
Report (20)

22

July

PVB – Brief – [NONRATED] – 2Q25: Full speed ahead

PVB’s revenue stood at VND232bn in 2Q25 (+262% yoy, +119% qoq), as PVB is operating at full capacity. Thus, 6M25 revenue fulfilled 62% of BOD’s 2025 plan. Gross profit came...
Report (31)

21

July

CNG – Earnings review – [HOLD] – 2Q25: Aggressive expansion strategy

CNG's 2Q25 volume and revenue upped 36% and 30% yoy CNG's 2Q25 NPAT reached VND37bn, -17% yoy Selling expenses surged on aggressive market expansion
Report (30)

14

July

Banking – In-depth – [NEUTRAL] – 2H25 Outlook: Pragmatic progressive enhancement

In 2H25, the banking industry could grow robust, driven by 1) accelerated credit expansion (16% in 2025 vs 15% in 2024), 2) disciplined operating expense management, and 3) controlled non-performing...
Report (2)

07

July

Textile & Garment – In-depth – [NEUTRAL] – 2H25 Outlook: “Tariffs” pose major headwinds

The prospects of T&G sector become more uncertain in 2H25F onwards. As we observe the US market (the largest markets of Vietnamese T&G exports) which will likely face to notable...
Report (7)

07

July

Seafood – In-depth – [NEUTRAL] – 2H25 Outlook: Turning cautious amid reciprocal tariffs

Pangasius export - 2H25F outlook: In the US market, the demand for pangasius could be dampened by (1) More competitive environment, (2) Potential facing to weaker consumption as macroeconomic headwinds....
Report (3)

04

July

Power – In-depth – [NEUTRAL] – 2H25 Outlook: The dawn of green energy

Based on the growth rates in 1Q25 and 2024, we estimate national power consumption in 2H25F under two scenarios: Scenario 1 (+3.9% yoy) & Scenario 2 (+8% yoy). Hydropower: 2H25F:...
Report (19)

04

July

Oil & Gas – In-depth – [NEUTRAL] – 2H25 Outlook: Tailwinds at home, headwinds abroad

Natural gas: Natural gas (include LNG) is expected to grow by 11% in 2H25F mainly thanks to the commercial operations of Nhon Trach 3 (from Sept) and Nhon Trach 4...
Report (31)

04

July

Retail – In-depth – [NONRATED] – 2H25F Outlook: Better or worsen depends on macro conditions

In 2H25F, we think that the business results of retailers would depend on macro-economic conditions. In which, ICT-CE and Jewelry retail might grow slow compared to 1H25 due to the...
Report (16)
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