Sector and company
19
November
VJC – Earnings Review – [HOLD] – 3Q25: Inefficient expansion
3Q25 revenue rose 8% YoY to VND16.9tn, while gross profit (GP) fell 5% YoY to VND2.1tn. Transportation revenue reached VND16.5tn (+9% YoY, table 2). However, GPM narrowed to 10.1% due...
18
November
POW – Earning Review – [HOLD] – 3Q25 – Gross margin widens, profits advance
In 3Q25, revenue recorded VND7,855bn (+30% yoy, -16% qoq) with total electricity production rising 30% yoy, with key drivers coming from the gas-fired and hydropower segments. As a result, gross...
17
November
BSR – Brief – [NONRATED] – 3Q25: Higher volume and margins as expected
3Q25: Higher volume and margins as expected BSR recorded 3Q25 revenue of VND35.3tn (+10% yoy, 99% of KIS forecast), despite lower oil prices, thanks to a solid 13% yoy increase...
13
November
NKG – Brief – [NONRATED] – 3Q25 – Domestic market supported earnings
In 3Q25, NKG recorded the revenue of VND3,773bn, -27.3% yoy. Total sales volume reached 195,102 tonnes, -22% yoy. While selling prices were somewhat less favorable than the previous quarter and...
12
November
REE – Earnings review – [HOLD] – 3Q25: M&E segment drives solid profit expansion
In 3Q25, REE recorded revenue of VND2,552bn (+26% yoy and +2% qoq), mainly driven by the M&E and power segments. Besides, gross profit (GP) reached VND932bn (+36% yoy), equivalent to...
11
November
HAH – Brief – [NONRATED] – Strong 3Q25, growth to moderate in 4Q25F
Revenue rose 19% YoY to VND1,348bn, led by vessel operation thanks to higher rates and increased capacity. Net profit up 53% YoY to VND304bn. We expect 4Q25F earnings growth to...
11
November
Banking – Note – [NEUTRAL] – Right on track
Aggregated 3Q25 PBT (27 listed banks) surged +24.6%yoy from a low base in 3Q24 and -1.8%qoq. The business results resulted from 1) robust credit growth, 2) a strong growth in...
10
November
GEG – Note – [HOLD] – Outlook remains stable
For 2026F, we project GEG’s revenue and GP at VND2,784bn (-10% yoy) and VND1,631bn (-6% yoy), respectively. Growth will primarily be driven by the hydropower and solar segments, with total...
10
November
GAS – Earnings Review – [BUY] – 3Q25: Net profit is on par with forecast
Facts: revenue widened but profit flatted GAS posted 3Q25 revenue of VND35.7tn (+41% yoy, +19% qoq), exceeding our forecast by 29%, mainly thanks to stronger LPG international trading activities and...
Featured Analysis
Derivatives: Uptrend confirmation?
Market commentary: Sustained demand
Market traders: Proprietary trading returned to net buying
POW – Earning Review – [HOLD] – 3Q25 – Gross margin widens, profits advance
Derivatives: Breakout session
Market commentary: Green start to the week
SBV maintains net injection
