Company report

09
May
HAH – Brief – [NONRATED] – Right size at the right time
Revenue rose 66% YoY to VND1,169bn, led by vessel operation thanks to increased intra-Asia transshipment demand. Net profit jumped 294% YoY to VND233bn on higher container rates and lower SG&A,...

09
May
PLX – Earnings review – [BUY] – 1Q25: Oil turbulence hit hard
PLX’s 1Q25 consolidated revenue declined by 10% yoy to VND67.9tn (97% of our forecast). Gross profit fell 21% yoy to VND3.7tn (97% of our forecast), with gross margin narrowing to...

08
May
VSC – Brief – [NONRATED] – Non-core boosted 1Q25 under cautious outlook
VSC's 1Q25 revenue rose 16% YoY to VND682bn thanks to stronger port contributions and higher service fees. Financial income significantly increased due to a provision reversal, while expenses fell due...

06
May
GAS – Earnings Review – [BUY] – 1Q25: Bad debt eased
GAS’s 1Q25 revenue rose 10% yoy to VND25.7tn, fulfilling 95% of KIS’s forecast. Gross profit reached VND4.09tn, slightly exceeding expectations at 103% of our forecast. Notably, GAS made no further...

06
May
VHC – Earnings review – [BUY] – 1Q25’s NPAT trails our forecasts
In 1Q25, VHC released a revenue of VND2,648bn (-7.3% yoy/ -17.4% qoq), most of VHC’s business segments were stagnant. Notably, pangasius segment slumped to VND1,354bn (-7.5% yoy/ -26.8% qoq) due...

06
May
HPG – Brief – [NONRATED] – Favorable first quarter, but challenging to sustain
HPG’s financial statement in 1Q25 recorded a revenue of VND37.6tn (+22% yoy) and NPAT of VND3,350bn (+17% yoy). In which, the Steel segment recorded VND35.4bn of revenue, +23.7% yoy, with...

29
April
QTP – Earnings review – [BUY] – 1Q25: Profit shrinks as fuel price pressure
In 1Q25, QTP recorded revenue of VND2,912bn (-3% yoy) due to flat production, and FMP dropped 13% yoy to VND1,307/kWh. Additionally, (a) depreciation expenses decreased by 10% yoy but were...

29
April
GMD – Brief – [NONRATED] – Strong throughput growth, solid results
In 1Q25, GMD announced a total revenue of VND1,277bn (+27% YoY), in which, port operation generating VND1.14tn revenue thanks to solid throughput volume and fee increases. Gains from associates in...

29
April
TNG – Brief – [Non-rated] – Solid earnings amid tariff uncertainties
In 1Q25, TNG’s revenue posted to VND1,511bn (+11.6% yoy) thanks to the brighter textile & garment (T&G) export orders to key markets. However, 1Q25’s gross margin sat at 15.3%, edging...