Company report

• Company brief - review
• Company in-dept
• Company note

10

September

BSR – Brief – [NONRATED] – Reactivating the ethanol plant and finding strategic investors for divesting

We believe that BSR-BF has strong potential to quickly maximize its capacity after the official policy about E10 gasoline is implemented thanks to exponential growth in ethanol demand, yet we...

Report (33)

20

August

BID – Earnings review – [BUY] – Enhancing bad debt recovery

2Q25 profit before tax rose by +5.7%yoy to VND8,626bn mainly thanks to other incomes (+181%yoy) from bad debt collection. Accumulated 1H25 PBT rose by +3.1%yoy to VND16,039bn, completing 50% of...

Report (3)

15

August

VCB – Earnings review – [BUY] – Gradual improvement

2Q25 PBT rose by +9.1%yoy to VND11.03tn due to lower risk provision expenses (-46.5%yoy) and higher other incomes. Accumulated 1H25 PBT climbed by +5.1%yoy to VND21.9tn, completing 50% of the...

Report (1)

11

August

VNM – Brief – [HOLD] – Gradually improved

In 2Q25, VNM’s revenue rose to VND16.7tn (+0.4% yoy) and NPAT decreased to VND2.5tn (-7.6% yoy). In 2H25m we expect VNM business results to be better than 1H25 with (1)...

Report (33)

08

August

PVD – Earnings Review – [BUY] – 2Q25: Recovery comes early

2Q25 revenue upped 8% yoy to VND2.4tn, with gross profit (GP) growing 11% yoy to VND520bn. Gross margin (GPM) saw a solid recovery to 21.4% (+3.4%p qoq, +0.2%p yoy). 2Q25...

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07

August

PLX – Earnings review – [BUY] – 2Q25: Foreign trading saved the day

PLX’s 2Q25 consolidated revenue grew 5% yoy to VND77.1tn (119% of our forecast). Gross profit surprisingly grew 11% yoy to VND5.1tn (156% of our forecast), with gross margin expanding to...

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04

August

PNJ – Brief – [Non-rated] – The fog remains

In 2Q25, PNJ’s net revenue dropped to VND7,582bn (-20.3% yoy) and PNJ’s NPAT lift up slightly to VND442bn (+3.0% yoy). In 2H25F, we think that Jewelry Retail’s sales might still...

Report (3)

01

August

PVS – Earnings Review – [BUY] – 2Q25: Full steam ahead

PVS’s 2Q25 revenue continue to witness a solid growth of 33% yoy (+28% qoq) to VND7.38tn, which fulfilled 91% of our 2Q25 forecast. 2Q25 gross profit was recorded at VND441bn,...

Report (31)

01

August

GAS – Earnings Review – [BUY] – 2Q25: One-off provision reversal boosted bottom line

GAS’s 2Q25 revenue flatted at VND30.1tn, fulfilling 96% of KIS’s forecast. Gross profit (GP) reached VND4.95tn (-14% yoy), reaching 99% our forecast. Gross profit margin (GPM) remained stable at 16.5%...

Report (30)