Company brief – review
08
August
PVD – Earnings Review – [BUY] – 2Q25: Recovery comes early
2Q25 revenue upped 8% yoy to VND2.4tn, with gross profit (GP) growing 11% yoy to VND520bn. Gross margin (GPM) saw a solid recovery to 21.4% (+3.4%p qoq, +0.2%p yoy). 2Q25...
07
August
PLX – Earnings review – [BUY] – 2Q25: Foreign trading saved the day
PLX’s 2Q25 consolidated revenue grew 5% yoy to VND77.1tn (119% of our forecast). Gross profit surprisingly grew 11% yoy to VND5.1tn (156% of our forecast), with gross margin expanding to...
04
August
PNJ – Brief – [Non-rated] – The fog remains
In 2Q25, PNJ’s net revenue dropped to VND7,582bn (-20.3% yoy) and PNJ’s NPAT lift up slightly to VND442bn (+3.0% yoy). In 2H25F, we think that Jewelry Retail’s sales might still...
01
August
PVS – Earnings Review – [BUY] – 2Q25: Full steam ahead
PVS’s 2Q25 revenue continue to witness a solid growth of 33% yoy (+28% qoq) to VND7.38tn, which fulfilled 91% of our 2Q25 forecast. 2Q25 gross profit was recorded at VND441bn,...
01
August
GAS – Earnings Review – [BUY] – 2Q25: One-off provision reversal boosted bottom line
GAS’s 2Q25 revenue flatted at VND30.1tn, fulfilling 96% of KIS’s forecast. Gross profit (GP) reached VND4.95tn (-14% yoy), reaching 99% our forecast. Gross profit margin (GPM) remained stable at 16.5%...
01
August
REE – Earnings review – [HOLD] – 2Q25: Steady surge in utilities
REE recorded a revenue of VND2,516bn (+15% yoy,). The main reason comes from an improvement in utilities and real estate segments. The gross margin record increased to 33.9% (+2.7% yoy),...
29
July
ACB – Brief – [NONRATED] – Strengthened asset quality
2Q25 PBT rose by +8.8%yoy to VND6,093bn thanks to higher non–interest incomes from FX activities, investment, and bad-debt collection and lower risk provision expenses (-21.3%yoy). 1H25 PBT reached VND10,690bn, up...
26
July
TCB – Earnings review- [HOLD]- Quarterly turnaround
2Q25 PBT improved quarterly + 9.2%qoq and stayed flat +0.9%yoy to VND7,899bn. Cost management offset the lower operating incomes. The accumulative number, 1H25 PBT, declined by -3.2%yoy to VND15,135bn, completing...
25
July
NT2 – Earnings review – [HOLD] – 2Q25: Strong bottom-line expansion
In 2Q25, NT2's revenue was recorded at VND2,081bn, down 5% yoy. The key growth drivers were: (1) A significant improvement in output, And (2) the average electricity price in 2Q25...
Featured Analysis
Derivatives: Uptrend maintained
Market commentary: Diverging movements
Securities – Note – [NONRATED] – Strong 2Q25 earnings driven by a robust market
Jul 2025: Lower issuances, higher maturity pressure
PLX – Earnings review – [BUY] – 2Q25: Foreign trading saved the day
Derivatives: New high formed
Market commentary: Forming a new peak
