Company brief – review
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...
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...
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...
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)...
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...
14
February
POW – Earning Review – [HOLD] – Gross margin encountered many challenges
POW’s 4Q24 revenue grew to VND8,493bn, up 32% yoy. Increasing revenue driven by total the output recorded 4,556mn kWh (+22% yoy). However, GP recorded VND540bn (-26% yoy). The main reasons...
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...
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...
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