Company report
19
November
VCB – Earnings review – [BUY] – Maintaining asset quality
3Q24 PBT rallied +18.2% yoy/+5.8%qoq to VND10.7tn thanks to (1) maintained operating incomes (+6.7%yoy/+0.5%qoq) and (2) a decrease in provision risk expenses (-78.2% yoy/ -78.5%qoq). Accumulated 9M24 PBT posted VND31.5tn,...
18
November
POW – Brief – [HOLD] – Positive information for NT3&4 and 2025 prospects
On 15th, we attended POW’s analyst meeting. Here are some notable highlights: (1) POW recorded October revenue at VND2,261bn (+4% yoy), supported by a 13% yoy rise in production output,...
15
November
CTG – Brief – [NONRATED] – Outperformance
3Q24 PBT climbed by +34.5%yoy to VND6,553bn thanks to higher net interest incomes (+19%yoy) and high incomes from bad-debt collections, compensating by an increase in risk provision expenses (+25%yoy) and...
14
November
HDG – Brief – [NONRATED] – Energy supported growth trend while awaiting Charm Villas phase 3
HDG’s 3Q24 revenue amounted to VND567bn, up 23% yoy, driven by growth in both the energy and leasing & hotel services segments. Besides, the GP rose by 33% yoy to...
13
November
PVS – Brief – [NONRATED] – FX loss pressured earnings
3Q24 revenue grew to VND4.82tn (+15% yoy) thanks to the top-line growth from almost all segments. Company gross profit rose 85% yoy with gross margin expanded by 2.6%p, to 6.9%....
08
November
PLX – Brief – [NONRATED] – Higher Brent volatility undermined earnings
In 3Q24, PLX’s revenue plummeted by 11% yoy (to VND64.3tn) owing to the contraction of both selling price and volume. In 3Q24, gross margin reached 5.3% (-1.0%p qoq and +0.1%p...
07
November
REE – Brief – [NONRATED] – Waiting for the Real Estate story
3Q24 revenue persisted a 5% yoy to VND2,061bn, fulfilling 63% of KIS forecast, as the occupancy rate of the Etown 6 fell short of our expectations. Meanwhile, NPAT surged by...
05
November
VOS – Brief – [NONRATED] – 3Q24: Loss yet improved
In 3Q24, VOS reported a VND1.27tn revenue (-32% QoQ, +77% YoY). In particular: Commercial revenue soared to VND778bn (-38% QoQ, +218% YoY), Shipping revenue inched up to VND492bn (-20% QoQ,...
05
November
BSR – Brief – [NONRATED] – Unfavorable crack spread landscape
3Q24 revenue came in at VND31.9tn (-16% qoq, +14% yoy) regardless of a 17% yoy volume increase sourced from a steep pullback of crack spread of -46% yoy and oil...
Featured Analysis
Derivatives: Piercing line pattern
Market commentary: Broad-based gains
Derivatives: Downtrend returns
Market commentary: Low liquidity
VCB – Earnings review – [BUY] – Maintaining asset quality
Covered warrant: Negative movements
Derivatives: Spinning top
