Company report
25
July
NT2 – Earnings review – [HOLD] – 2Q25: Strong bottom-line expansion
In 2Q25, NT2's revenue was recorded at VND2,081bn, down 5% yoy. The key growth drivers were: (1) A significant improvement in output, And (2) the average electricity price in 2Q25...
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...
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...
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
02
June
HDG – Note – [NONRATED] – Earnings boosted by power segment
In 2Q25F, we assess that HDG's outlook could remain positive, supported by the power segment, which is expected to maintain its growth momentum, partially offsetting the decline in profit from...
27
May
PPC – Earnings review – [HOLD] – 1Q25: The profit remains weak
In 1Q25, PPC recorded revenue of VND1,536bn, down 23% yoy, primarily due to (1) the average electricity price dropped 13% yoy and (2) the production’s PPC estimated recorded 1,090mn kWh...
23
May
PVB – Brief – [NONRATED] – 1Q25: Time to roll up the sleeves
PVB’s revenue stood at VND106bn in 1Q25 (-14% yoy, +87% qoq), notably higher than the 5-year average quarterly revenue of VND69bn. Gross profit came in at VND12.6bn (-63% yoy), translating...
23
May
STK – Brief – [NONRATED] – 1Q25: Earnings rebound from the low base
In 1Q25, STK’s revenue posted to VND376bn (+41.6% yoy/ +12.7% qoq), of which, virgin yarn: VND187bn (+17.8% yoy/ +7.9% qoq) and recycled yarn: VND189bn (+77.3% yoy/ +17.9% qoq). Gross margin...
23
May
VOS – Brief – [NONRATED] – Unfavorable time
In 1Q25, VOS reported a VND462bn revenue (-65% QoQ, -58% YoY). Shipping revenue down to VND477bn due to weak market and falling rates in both dry bulk and product tanker...
Featured Analysis
Derivatives: A return to the uptrend?
Market commentary: Extended uptrend
Derivatives: Signs of caution?
Market commentary: Selling pressure on large-cap stocks
Market commentary: Green returns to the market
Derivatives: Bullish Engulfing candlestick
QTP – Earnings review – [BUY] – 2Q25: NPAT boosted as operational efficiency
