Company brief – review
01
November
GAS – Brief – [NONRATED] – Retreat on the low season
GAS's 3Q24 revenue came in at VND25.3tn (-16% qoq, +14% yoy). Gross profit (GP) was accordingly at VND4.18tn (-13% qoq, +14% yoy), while gross profit margin (GPM) sits at 16.6%...
31
October
PVD – Earnings Review – [BUY] – Keep up the momentum
PVD’s 3Q24 revenue grew by 77% yoy (VND2,438bn, 104% of KIS forecast), attributed to high workload. NPAT-MI, accordingly, rose by 21% yoy to VND182bn, fulfilling 110% of our forecast.
30
October
QTP – Earnings Review – [BUY] – Waiting for new cycle
In 3Q24, QTP recorded revenue of VND2,386bn (-5% yoy,). The main reason comes from the output’s QTP in 3Q24, which is reported to decrease slightly compared to the same period...
28
October
ANV – Earnings Review – [BUY] – NPAT has gradually improved qoq
In 3Q24, ANV released revenue of VND1,341bn (+22% yoy/ +12.4% qoq). Pangasius segment (ANV’s core business) contributed VND1,310bn (+22.1% yoy/ +14.5% qoq). Gross margin was at 12.9% (+5.2%p yoy/ +0.05%p...
28
October
ACB – Brief – [NONRATED] – A muted earnings season
3Q24 PBT only grew -4%yoy (to VND4,844bn) due to a significant decrease in non-interest incomes (-43%yoy) despite a moderate growth of net interest incomes (+11%yoy). Non-interest incomes dropped by -43%yoy...
25
October
NT2 – Earnings review – [HOLD] – 3Q24 NPAT experienced robust growth
In 3Q24, revenue NT2 recorded VND1,711bn (+110% yoy) due to (1) the output grew significantly (+104% yoy) and (2) an improvement in the average selling price (FMP) in 3Q24 recorded VND1,207kWh...
23
October
TCB – Earnings review – [HOLD] – Stronger retail loan disbursement
3Q24 PBT was up +23.5%yoy to VND7,214bn from a low base 3Q23, driven by (1) strong credit growth, (2) manageable operating expenses (-5.5%yoy, 3Q24 CIR’s 29% vs 3Q23 CIR’s 35%),...
23
October
FPT – Brief – [NONRATED] – 3Q24: Enhancing international presence
In 3Q24, FPT’s revenue and PBT continued to climb up to VND15.9tn (+15.6% yoy) and VND2.9tn (+19.9% yoy) respectively. For 9M24, signed revenue increased to VND25.1tn (+21.4% yoy) with 33...
23
October
CNG – Earning review – [HOLD] – 4Q24: On the recovery trajectory
In 4Q24, CNG recorded robust top-line growth of 42% yoy, coupled with qoq improvements in gross margin. Yet, high SG&A undermined the bottom-line. In 1Q25F, CNG will enjoy booming yoy...
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
