Sector and company
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...
08
May
VSC – Brief – [NONRATED] – Non-core boosted 1Q25 under cautious outlook
VSC's 1Q25 revenue rose 16% YoY to VND682bn thanks to stronger port contributions and higher service fees. Financial income significantly increased due to a provision reversal, while expenses fell due...
06
May
GAS – Earnings Review – [BUY] – 1Q25: Bad debt eased
GAS’s 1Q25 revenue rose 10% yoy to VND25.7tn, fulfilling 95% of KIS’s forecast. Gross profit reached VND4.09tn, slightly exceeding expectations at 103% of our forecast. Notably, GAS made no further...
06
May
VHC – Earnings review – [BUY] – 1Q25’s NPAT trails our forecasts
In 1Q25, VHC released a revenue of VND2,648bn (-7.3% yoy/ -17.4% qoq), most of VHC’s business segments were stagnant. Notably, pangasius segment slumped to VND1,354bn (-7.5% yoy/ -26.8% qoq) due...
06
May
HPG – Brief – [NONRATED] – Favorable first quarter, but challenging to sustain
HPG’s financial statement in 1Q25 recorded a revenue of VND37.6tn (+22% yoy) and NPAT of VND3,350bn (+17% yoy). In which, the Steel segment recorded VND35.4bn of revenue, +23.7% yoy, with...
Featured Analysis
Market commentary: Positive developments
Derivatives: Testing the march 2025 peak
REE – Earnings review – [BUY] – 1Q25: Power segment remains key driver in 1Q25
MSH – Brief – [NONRATED] – Solid growth in 1Q25 but risks loom from 2Q25F onward
SBV resumes liquidity injection
Covered warrant: Cautious optimism
Market commentary: Intraday divergence
