Company report
24
July
ANV – Brief – [NONRATED] – Earnings appear to be rebounding
In 2Q24, as our observation, NPAT-MI could show signs of bottoming out, but there has not been a significant improvement due to the glimmer selling prices.
22
July
ACB – Brief – [NONRATED] – Tighten cost to keep profit growth
2Q24 PBT grew +16%yoy (to VND5,598bn) thanks to controls in operating expenses and risks provision expenses, per our estimation. 1H2024 PBT rose +5%yoy to VND10,491bn, completing 48% of the 2024...
19
July
FPT – Brief – [NONRATED] – 2Q24: Positive growth with highlights on AI
In 2Q24, FPT’s revenue and PBT continued to climb up to VND15.2tn (+22.1% yoy) and VND2.6tn (+20.1% yoy) respectively. Technology continued to be the driver with revenue of VND9.6tn (+30.5%...
03
July
ANV – Brief – [NONRATED] – 2024 AGM: Awaiting a breakthrough
According to the plan for 2024, revenue and NPAT of ANV could post to VND5,000bn (+12.6% yoy) and VND306bn reviving from the low base VND39.2bn (+6.8x yoy).
28
June
GMD – Brief – [NONRATED] – Conservative 2024 guidance
GMD approved a conservative 2024 guidance, raising VND3.0tn for expansion plans through right issue and paying a 22% cash dividend (VND2,200/share). Despite the conservative outlook in 2024, GMD is investing...
24
May
BID – In-depth – [HOLD+13%] – The Giant’s return to the track
We initiate our coverage on BID with a HOLD rating and a target price of VND55,600, implying a 13% upside, using a residual approach (50%) and P/B method (50%). TTM...
17
November
POW – In-depth – [BUY +42.6%] – Waiting for somethings new
We recommend BUY for POW stock with a target price of 16,600 VND per share for mid and long-term investment strategy (upside +42.6%). We especially emphasize that in 2024–25, POW's...
23
October
VCB – In-depth – [BUY+18%] – Best-in-class performer throughout difficult times
We initiate our coverage on VCB with a BUY rating and a target price of VND100,000, implying a 18% upside by using a residual approach (50%) and P/B method (50%)....
25
August
TCB – In-depth – [BUY +30%] – Is TCB past its peak?
We initiate our coverage on TCB with a BUY rating and a target price of VND43,700, implying a 30% upside buy using a residual approach (50%) and P/B method (50%)....
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
