Company brief – review
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...
22
May
VCB – Earnings review – [BUY] – Subdued profit performance
1Q25 PBT was only up +1.3%yoy to VND10.86tn due to weak operating income growth despite lower risk provision expenses. 1Q25 PBT equaled 94% of KIS’s 1Q25 estimation. Our estimation was...
21
May
BSR – Brief – [NONRATED] – 1Q25: Prolonged difficulties
1Q25 volume grew 14% yoy, but revenue grew slower at 4% yoy, to VND31.9tn. 1Q25 gross profit remained weak at VND382bn under the pressures of (1) continued gross loss from...
19
May
GEG – Earnings Review – [HOLD] – 1Q25: Profit takes off, wind power surging
GEG‘s 1Q25 revenue grew to VND1,113bn, up 50% yoy. Next, the gross profit reached VND826bn, up 98% yoy, leading to the gross margin up to 74%, up 17% in 1Q25....
16
May
FMC – Earnings Review – [HOLD] – 1Q25: Mounting difficulties due to high input costs
In 1Q25, FMC released a revenue of VND1,990bn (+36.3% yoy/ +45.9% qoq), including shrimp products revenue: +37.6% yoy. Shrimp volumes soared to 6,119 tonnes (+43.2% yoy), while average selling prices...
15
May
PVD – Earnings Review – [HOLD] – 1Q25: Dark clouds still loom
PVD’s 1Q25 revenue retreated by 14% yoy to VND1.5tn (90% of KIS forecast), with gross profit plunging 40% yoy to VND270bn (113% of KIS forecast). Nonetheless, NPAT-MI remained almost flat...
Featured Analysis
Market commentary: Mild volatility
Derivatives: Caution returns
Market commentary: Continued uptrend
PPC – Earnings review – [HOLD] – 1Q25: The profit remains weak
Market traders: Domestic institutional trading activity surged
Derivatives: Unusual movement
Market commentary: Cash inflows return
