Company report

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

01

August

REE – Earnings review – [HOLD] – 2Q25: Steady surge in utilities

REE recorded a revenue of VND2,516bn (+15% yoy,). The main reason comes from an improvement in utilities and real estate segments. The gross margin record increased to 33.9% (+2.7% yoy),...

Report (18)

29

July

ACB – Brief – [NONRATED] – Strengthened asset quality

2Q25 PBT rose by +8.8%yoy to VND6,093bn thanks to higher non–interest incomes from FX activities, investment, and bad-debt collection and lower risk provision expenses (-21.3%yoy). 1H25 PBT reached VND10,690bn, up...

Report (0)

26

July

TCB – Earnings review- [HOLD]- Quarterly turnaround

2Q25 PBT improved quarterly + 9.2%qoq and stayed flat +0.9%yoy to VND7,899bn. Cost management offset the lower operating incomes. The accumulative number, 1H25 PBT, declined by -3.2%yoy to VND15,135bn, completing...

Report (3)

25

July

NT2 – Earnings review – [HOLD] – 2Q25: Strong bottom-line expansion

In 2Q25, NT2's revenue was recorded at VND2,081bn, down 5% yoy. The key growth drivers were: (1) A significant improvement in output, And (2) the average electricity price in 2Q25...

Report (18)

22

July

QTP – Earnings review – [BUY] – 2Q25: NPAT boosted as operational efficiency

In 2Q25, QTP posted revenue of VND2,863bn, down 21% yoy. This decline was mainly attributable to: The average electricity price is estimated to fall 23% yoy to 1,366 VND/kWh. Although...

Report (20)

22

July

PVB – Brief – [NONRATED] – 2Q25: Full speed ahead

PVB’s revenue stood at VND232bn in 2Q25 (+262% yoy, +119% qoq), as PVB is operating at full capacity. Thus, 6M25 revenue fulfilled 62% of BOD’s 2025 plan. Gross profit came...

Report (32)

21

July

CNG – Earnings review – [HOLD] – 2Q25: Aggressive expansion strategy

CNG's 2Q25 volume and revenue upped 36% and 30% yoy CNG's 2Q25 NPAT reached VND37bn, -17% yoy Selling expenses surged on aggressive market expansion

Report (30)

02

June

HDG – Note – [NONRATED] – Earnings boosted by power segment

In 2Q25F, we assess that HDG's outlook could remain positive, supported by the power segment, which is expected to maintain its growth momentum, partially offsetting the decline in profit from...

Report (19)

27

May

PPC – Earnings review – [HOLD] – 1Q25: The profit remains weak

In 1Q25, PPC recorded revenue of VND1,536bn, down 23% yoy, primarily due to (1) the average electricity price dropped 13% yoy and (2) the production’s PPC estimated recorded 1,090mn kWh...

Report (11)