Sector and company

13
February
DGW – Brief – [NONRATED] – 4Q24: Unsurprisingly Good
In 4Q24, DGW reported a net revenue of VND5,859bn (+20.8% yoy), showing a continuing recovery from the 2023 bottom, while NPAT surged to VND146bn (+62.2% yoy) due to a lower...

13
February
Textile & Garment – Sector Note – [Nonrated] – On a growth track
In 4Q24, textile and garment sector continued a growth stance in both manufacturing and export activity. Particularly, clothing, fabric and yarn domestic production soared by a double-digit in 4Q24. Notably,...

12
February
BSR – Brief – [NONRATED] – 4Q24: Difficulties remain
4Q24 volume inched up 4% yoy per our estimates, at 2.1mn tonnes. Yet, revenue declined 14% yoy to VND36tn. 4Q24 gross profit turned positive but still poorly performed due to...

10
February
QTP – Earnings review – [BUY] – The high coal price harmed earnings
In 4Q24, QTP recorded revenue of VND2,884bn, +1.2% yoy. Of which: (1) The output’s QTP in 4Q24, which is estimated to be decreased by 12% yoy and (2) the full...

10
February
PLX – Brief – [NONRATED] – Back on track
In 4Q24, PLX's earning results bounced back after the Yagi trauma in 3Q24. PLX’s revenue grew by 3% yoy and 10% qoq (to VND71tn) as selling volume rose 8.4% yoy....

10
February
Fertilizer – Note – [Nonrated] – Boost exports amid sluggish domestic demand
In 4Q24, fertilizer supply was tight, with demand concentrated in the Mekong Delta. Revenue for listed companies was stable at VND21,498bn (+2.5% yoy), but NPAT-MI dropped to VND1,494bn (-55.8% yoy)...

08
February
Banking – Note – [NEUTRAL] – Magnificent earnings growth
Aggregated 4Q24 PBT (27 banks) surged +19.6%yoy, supported by all elements: Net interest incomes with a moderate growth (+11.0%yoy), a significant growth in non-interest incomes (+32%yoy), controllable OPEX (remained CIR...

07
February
NT2 – Earnings review – [HOLD] – NPAT experienced unfavorable results
In 4Q24, NT2's revenue was recorded at VND1,792bn, up 49% yoy as (1) A0 prioritized dispatching to compensate for the capacity shortage. Although NT2 recorded positively in output and the...

07
February
VHC – Earnings review – [BUY] – Better-than-expected NPAT in 4Q24
In 4Q24, VHC released a revenue of VND3,206bn (+33.8% yoy/ -2.2% qoq). Notably, Pangasius segment skyrocketed to VND1,850bn (+53% yoy/ -3.2% qoq) thanks to a rally in export volume. 4Q24...