Company brief – review
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...
22
January
TCB – Earnings review – [HOLD] – Unattractive earnings growth in 4Q24
4Q24 PBT was down -18.7%yoy to VND4,696bn due to (1) lower non-interest incomes (-72.1% yoy) and (2) significantly higher operating expenses (+31%yoy). Meanwhile, stronger net interest incomes (+13.2%yoy) and lower...
21
January
FMC – Earnings review – [HOLD] – Led by KAF…
In 4Q24, FMC posted a revenue of VND1,364bn (+8.9% yoy) and a NPAT-MI of VND110bn (+33.7% yoy). This result beat our forecasts due to FMC recorded (1) An exponential growth...
17
January
BCG – Brief – [NONRATED] – Charge against BOD members
On Mar 1, The Bamboo Capital Group (BCG VN Equity, Non-rated) was notified by the competent authority regarding the decision to initiate a case and a suspect charge against members...
19
November
VCB – Earnings review – [BUY] – Maintaining asset quality
3Q24 PBT rallied +18.2% yoy/+5.8%qoq to VND10.7tn thanks to (1) maintained operating incomes (+6.7%yoy/+0.5%qoq) and (2) a decrease in provision risk expenses (-78.2% yoy/ -78.5%qoq). Accumulated 9M24 PBT posted VND31.5tn,...
18
November
POW – Brief – [HOLD] – Positive information for NT3&4 and 2025 prospects
On 15th, we attended POW’s analyst meeting. Here are some notable highlights: (1) POW recorded October revenue at VND2,261bn (+4% yoy), supported by a 13% yoy rise in production output,...
15
November
CTG – Brief – [NONRATED] – Outperformance
3Q24 PBT climbed by +34.5%yoy to VND6,553bn thanks to higher net interest incomes (+19%yoy) and high incomes from bad-debt collections, compensating by an increase in risk provision expenses (+25%yoy) and...
Featured Analysis
Derivatives: Test the 10-period moving average
Market commentary: Demand dominated toward the end of the session
HDG – Note – [NONRATED] – Earnings boosted by power segment
Exchange rate pressure returns
Aviation – Note – [NONRATED] – Sweet spot
Covered warrant: Rising risks
Market commentary: Downside risk emerging?
