Company brief – review

22

July

QTP – Earnings review – [BUY] – 2Q25: NPAT boosted as operational efficiency

In 2Q25, QTP posted revenue of VND2,863bn, down 21% yoy. This decline was mainly attributable to: The average electricity price is estimated to fall 23% yoy to 1,366 VND/kWh. Although...
Report (20)

22

July

PVB – Brief – [NONRATED] – 2Q25: Full speed ahead

PVB’s revenue stood at VND232bn in 2Q25 (+262% yoy, +119% qoq), as PVB is operating at full capacity. Thus, 6M25 revenue fulfilled 62% of BOD’s 2025 plan. Gross profit came...
Report (32)

21

July

CNG – Earnings review – [HOLD] – 2Q25: Aggressive expansion strategy

CNG's 2Q25 volume and revenue upped 36% and 30% yoy CNG's 2Q25 NPAT reached VND37bn, -17% yoy Selling expenses surged on aggressive market expansion
Report (30)

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 (11)

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 (32)

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 (2)

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 (2)

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)
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