Sector and company
19
May
GEG – Earnings Review – [HOLD] – 1Q25: Profit takes off, wind power surging
GEG‘s 1Q25 revenue grew to VND1,113bn, up 50% yoy. Next, the gross profit reached VND826bn, up 98% yoy, leading to the gross margin up to 74%, up 17% in 1Q25....
16
May
FMC – Earnings Review – [HOLD] – 1Q25: Mounting difficulties due to high input costs
In 1Q25, FMC released a revenue of VND1,990bn (+36.3% yoy/ +45.9% qoq), including shrimp products revenue: +37.6% yoy. Shrimp volumes soared to 6,119 tonnes (+43.2% yoy), while average selling prices...
16
May
Retail – Note – [NONRATED] – Better or worsen depends on macro conditions
In 1Q25, consumer demand showed signs of recovery supported by strong macroeconomic growth, benefiting ICT-CE retailers like MWG and FRT; however, outlook for the rest of 2025 remains cautious amid...
15
May
PVD – Earnings Review – [HOLD] – 1Q25: Dark clouds still loom
PVD’s 1Q25 revenue retreated by 14% yoy to VND1.5tn (90% of KIS forecast), with gross profit plunging 40% yoy to VND270bn (113% of KIS forecast). Nonetheless, NPAT-MI remained almost flat...
12
May
REE – Earnings review – [BUY] – 1Q25: Power segment remains key driver in 1Q25
REE recorded a revenue of VND2,068bn (+13% yoy). The gross margin record increased to 46% yoy (+6%p yoy), leading to the gross profit going up to VND950bn (+28% yoy). Additionally,...
12
May
MSH – Brief – [NONRATED] – Solid growth in 1Q25 but risks loom from 2Q25F onward
in 1Q25, MSH’s revenue posted to VND1,036bn (+34.5% yoy/ -27.5% qoq), the MSH’s revenue growth outperformed compared to Vietnam T&G export thanks to the robust growth of CMT orders. Gross...
09
May
Securities – Note – [NONRATED] – Waiting for “Upgrading” theme
In 1Q25, aggregated NPAT was flat yoy at VND6.2tn (-1.9% yoy, +20.9% qoq). Margin loan balance hit the new record to VND267tn (+37.42 yoy). The margin lending rate in domestic-owned...
09
May
HAH – Brief – [NONRATED] – Right size at the right time
Revenue rose 66% YoY to VND1,169bn, led by vessel operation thanks to increased intra-Asia transshipment demand. Net profit jumped 294% YoY to VND233bn on higher container rates and lower SG&A,...
09
May
PLX – Earnings review – [BUY] – 1Q25: Oil turbulence hit hard
PLX’s 1Q25 consolidated revenue declined by 10% yoy to VND67.9tn (97% of our forecast). Gross profit fell 21% yoy to VND3.7tn (97% of our forecast), with gross margin narrowing to...
Featured Analysis
SBV withdraws significantly
Covered warrant: Positive development
Derivatives: Profit-taking pressure
Market commentary: Supply pressure dominates
Chart of the day: Profit-taking pressure
FMC – Earnings Review – [HOLD] – 1Q25: Mounting difficulties due to high input costs
Retail – Note – [NONRATED] – Better or worsen depends on macro conditions
