Company brief – review
04
February
GMD – Brief – [NONRATED] – Net profit contracts due to extraordinary loss
In 4Q24, GMD reported a total revenue of VND1,382bn (+9% QoQ, +34% YoY), in which, revenue from port operation rose to VND1.25tn thanks to solid throughput volume and fee increases....
04
February
HAH – Brief – [NONRATED] – Record quarterly profit
In 4Q24, HAH reported a VND1,211bn revenue (+82% YoY, figure 1), Ii which, Vessel operation: revenue doubled to VND1,163bn (+105% YoY). 4Q24 blended gross margin (GPM) rose to 42.8% mainly...
04
February
BID – Earnings review – [BUY] – Improving earnings quality
4Q24 profit before tax was up +18.4% yoy to VND9,336bn thanks to (1) resilient net interest incomes (+5.2%yoy) (2) non-interest incomes with substantial growth (+88%yoy), and (3) manageable operating expenses...
04
February
GAS – Earnings Review – [BUY] – 4Q24: New sources of growth
GAS’s 4Q24 revenue grew by 11% yoy (VND24.9tn, 98% of KIS forecast), while gross profit (GP) went flat at VND4.0tn (103% of KIS forecast). 4Q24 NPAT shrank 26% yoy, to...
04
February
ANV – Earnings Review – [HOLD] – 4Q24: The hardship dragged on
In 4Q24, ANV released revenue of VND1,361bn (+22.5% yoy). Gross margin was at 10.2% (staying flat yoy but inching down by 2.7%p qoq) due to ANV recorded an allowance for...
03
February
PVD – Earnings Review – [BUY] – 4Q24: Rising pressures
PVD’s 4Q24 revenue grew by 60% yoy (VND2,789bn, 112% of KIS forecast), but gross profit plummeted 10% yoy to VND359bn (71% of KIS forecast) owing to poorer day rates. 4Q24...
23
January
ACB – Brief – [NONRATED] – Defending earnings growth in 4Q24
4Q24 PBT jumped +12.4%yoy (to VND5,671bn thanks to (1) net interest incomes (+12.6%yoy), (2) manageable operating expenses (-9.1%yoy), and (3) lower risk provision expenses (-54%yoy). Meanwhile, non-interest incomes dropped by...
23
January
VHC – Brief – [BUY] – Weaker-than-expected results in Dec-24
In Dec-24, VHC released monthly revenue which sat at VND1,029bn (+26% yoy and +6.3% mom). While this reflects positive growth, it fell short of our expectations due to weaker-than-expected pangasius...
22
January
VOS – Brief – [NONRATED] – Lower freight rates dampened 4Q24 profit
In 4Q24, VOS reported a VND1.32tn revenue (+4% QoQ, +45% YoY). Shipping: revenue inched down to VND477bn (36% of total revenue, - 3% QoQ, -4% YoY) due to significant decline...
Featured Analysis
HAH – Brief – [NONRATED] – Right size at the right time
Strategy Monthly: Bottom of the 8th 3-year cycle?
PLX – Earnings review – [BUY] – 1Q25: Oil turbulence hit hard
Derivatives: Uptrend confirmed
Market commentary: Continued growth momentum
VSC – Brief – [NONRATED] – Non-core boosted 1Q25 under cautious outlook
April 2025: The return of real estate issuance
