Company brief – review
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...
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...
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...
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
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...
Featured Analysis
Market commentary: Cautious sentiment
Aug 2025: Higher issuances, lower maturity pressure
Sep FOMC meeting: What to expect?
Derivatives: Profit-taking pressure
Market commentary: Market reversal
Market traders: Market liquidity recovered
Derivatives: Liquidity declines
