Company report

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• Company in-dept
• Company note

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...

Report (10)

24

April

CNG – Earnings review – [HOLD] – 1Q25: Recovery is hitting a rough patch

1Q25 volume and revenue upped 35% yoy from the low base, fulfilling 88% and 83% of our forecast. Gross profit grew 69% yoy, fulfilling 68% of our forecast. NPAT was...

Report (30)

23

April

TCB – Earnings review- [HOLD]- Underwhelming earnings growth in 1Q25

1Q25 PBT was down -7.2%yoy to VND7,236bn due to (1) lower net interest incomes (-2.3%yoy) and (2) lower non-interest incomes (-12.1%yoy). Meanwhile, operating expenses (+1.1%yoy) and provision risk expenses (-10%yoy)...

Report (0)

25

February

VCB – Earnings review – [BUY] – Strengthening credit growth

4Q24 PBT was down -8.5%yoy to VND10.7tn due to absence of provision reversal as in 4Q23. Otherwise, some items contributed to the 4Q24 profit: Net interest incomes (+8.1%yoy), other incomes...

Report (3)

25

February

MWG – Brief – [HOLD] – Waiting for the long-term growth to kick-off

In 4Q24, MWG reported a net revenue of VND34,574bn (+10.0% yoy) and NPAT of VND852bn. BHX opended 44 stores (to 1,770 stores; +72 YTD). Sales / store was maintained at...

Report (14)

25

February

GAS – In-depth – [BUY +16%] – Adopting new sources of growth

We maintain a BUY rating for GAS stock with a target price of VND79,300/share for long-term investment strategies:  Despite a vibrant LNG segment, high provisions and a poorer oil price...

Report (33)

22

February

CTG – Brief – [NONRATED] – An impressive profit growth rate

4Q24 PBT surged by+59.1%yoy to VND12,245bn thanks to higher net interest incomes (+12%yoy), FX (+38%yoy), high incomes from bad-debt collections (+71%yoy), controllable operating expenses (4Q24’s 31% vs 4Q23’s 34%), and...

Report (1)

19

February

REE – Brief – [NONRATED] – Profit gains through cost reduction

REE recorded a revenue of VND2,334bn (+15% yoy). The main reason comes from an improvement in M&E and Water segments. Hence, gross profit and NPAT amounted to VND1,015bn (+10% yoy)...

Report (12)

19

February

PNJ – Brief – [Non-rated] – Challenges still ahead

In 4Q24, PNJ reported a net revenue of VND8,581bn (-12.1% yoy), NPAT surged to VND733bn (+15.2% yoy) after reaching the bottom in 3Q24 (-14.8% yoy – due to the unsual...

Report (3)