Company brief – review
20
August
BID – Earnings review – [BUY] – Enhancing bad debt recovery
2Q25 profit before tax rose by +5.7%yoy to VND8,626bn mainly thanks to other incomes (+181%yoy) from bad debt collection. Accumulated 1H25 PBT rose by +3.1%yoy to VND16,039bn, completing 50% of...
15
August
VCB – Earnings review – [BUY] – Gradual improvement
2Q25 PBT rose by +9.1%yoy to VND11.03tn due to lower risk provision expenses (-46.5%yoy) and higher other incomes. Accumulated 1H25 PBT climbed by +5.1%yoy to VND21.9tn, completing 50% of the...
11
August
VNM – Brief – [HOLD] – Gradually improved
In 2Q25, VNM’s revenue rose to VND16.7tn (+0.4% yoy) and NPAT decreased to VND2.5tn (-7.6% yoy). In 2H25m we expect VNM business results to be better than 1H25 with (1)...
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),...
Featured Analysis
Market commentary: Maintaining the uptrend
Derivatives: Finding a bottom
Market commentary: Green returned
Market traders: Extend the liquidity uptrend
Derivatives: Downside phase
Market commentary: Selling pressure intensifies
Dovish Fed, decisive SBV amid USDVND movement
