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...
Report (10)

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...
Report (30)

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...
Report (0)

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...
Report (3)

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...
Report (0)

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...
Report (31)

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....
Report (13)

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...
Report (2)

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...
Report (31)
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