Company report
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...
29
April
QTP – Earnings review – [BUY] – 1Q25: Profit shrinks as fuel price pressure
In 1Q25, QTP recorded revenue of VND2,912bn (-3% yoy) due to flat production, and FMP dropped 13% yoy to VND1,307/kWh. Additionally, (a) depreciation expenses decreased by 10% yoy but were...
29
April
GMD – Brief – [NONRATED] – Strong throughput growth, solid results
In 1Q25, GMD announced a total revenue of VND1,277bn (+27% YoY), in which, port operation generating VND1.14tn revenue thanks to solid throughput volume and fee increases. Gains from associates in...
29
April
TNG – Brief – [Non-rated] – Solid earnings amid tariff uncertainties
In 1Q25, TNG’s revenue posted to VND1,511bn (+11.6% yoy) thanks to the brighter textile & garment (T&G) export orders to key markets. However, 1Q25’s gross margin sat at 15.3%, edging...
28
April
ANV – Earnings review – [HOLD] – 1Q25: Earnings beat our forecasts
In 1Q25, ANV released revenue of VND1,106bn (+8.9% yoy/ -18.7% qoq). Pangasius segment (ANV’s core business) contributed VND1,071bn (+8.8% yoy/ -19.4% qoq). Gross margin strongly rebounded to 20.2% (+10.3%p yoy/...
25
April
NT2 – Earnings review – [HOLD] – 1Q25: Profit recovery from low base
In 1Q25, NT2's revenue was recorded at VND1,426bn, up 444% yoy. Due to the production record of 628mn kWh, which skyrocketed by 483x yoy. Additionally, the average gas price in...
Featured Analysis
Market commentary: Continued growth momentum
VSC – Brief – [NONRATED] – Non-core boosted 1Q25 under cautious outlook
April 2025: The return of real estate issuance
Market commentary: Real Estate leads the market
Derivatives: Breakout session?
Derivatives: Late-session selling pressure
Market commentary: Caution remains
