Company brief – review
07
November
REE – Brief – [NONRATED] – Waiting for the Real Estate story
3Q24 revenue persisted a 5% yoy to VND2,061bn, fulfilling 63% of KIS forecast, as the occupancy rate of the Etown 6 fell short of our expectations. Meanwhile, NPAT surged by...
05
November
VOS – Brief – [NONRATED] – 3Q24: Loss yet improved
In 3Q24, VOS reported a VND1.27tn revenue (-32% QoQ, +77% YoY). In particular: Commercial revenue soared to VND778bn (-38% QoQ, +218% YoY), Shipping revenue inched up to VND492bn (-20% QoQ,...
05
November
BSR – Brief – [NONRATED] – Unfavorable crack spread landscape
3Q24 revenue came in at VND31.9tn (-16% qoq, +14% yoy) regardless of a 17% yoy volume increase sourced from a steep pullback of crack spread of -46% yoy and oil...
04
November
POW – Earnings Review – [HOLD] – Earnings could stay resilient in 4Q24F
POW’s 3Q24 revenue sustained at VND6,061bn, +7% yoy. Notably, NPAT skyrocketed 765% yoy to VND453bn. Key contributing factors were (1) 3Q24 exchange rate gains VND227bn (3Q23 VND0.25bn); (2) absence of...
04
November
BID – Earnings review – [HOLD] – 3Q24 Cost mitigation
BID posted 3Q24 profit before tax of VND6,498bn, up +10% yoy (from a low base 3Q23)/ -20% qoq. Overall, 3Q24 earnings resulted from (1) lower provision expenses (-25% yoy, -17%...
04
November
VNM – Brief – [HOLD] – 3Q24: Recovery faced short-term challenges
In 3Q24, VNM reported net revenue of VND15,537bn (-0.6% yoy, -6.7% qoq), in which domestic revenue sit at VND12,928bn (-2.4% yoy, -4.4% qoq) and oversea revenue came in at VND2,609bn...
02
November
GMD – Brief – [NONRATED] – Highest NPAT of Gemalink
In 3Q24, GMD reported a total revenue of VND1,264bn (+7% QoQ, +26.7% YoY), in which, revenue from port operation rose to VND1.2tn thanks to solid throughput volume and fee increases....
01
November
HAH – Brief – [NONRATED] – Outstanding net profit growth
In 3Q24, HAH reported a VND1,129bn revenue (+19.1% QoQ, +63.0% YoY). 3Q24 gross margin (GPM) rose to 27.5% primarily through the hike in container rates, operating margin (OPM) and net...
01
November
VHC – Earnings Review – [BUY] – Industry-leading recovery performance
In 3Q24, VHC released a revenue of VND3,278bn (+21.5% yoy/ +2.6% qoq). Specifically, pangasius segment posted to VND1,912bn (+32.6% yoy/ +10.9% qoq). 3Q24 gross margin strongly sat at 17.6% (+7.1%p...
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
