Company report

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04

February

GAS – Earnings Review – [BUY] – 4Q24: New sources of growth

GAS’s 4Q24 revenue grew by 11% yoy (VND24.9tn, 98% of KIS forecast), while gross profit (GP) went flat at VND4.0tn (103% of KIS forecast). 4Q24 NPAT shrank 26% yoy, to...

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04

February

ANV – Earnings Review – [HOLD] – 4Q24: The hardship dragged on

In 4Q24, ANV released revenue of VND1,361bn (+22.5% yoy). Gross margin was at 10.2% (staying flat yoy but inching down by 2.7%p qoq) due to ANV recorded an allowance for...

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03

February

PVD – Earnings Review – [BUY] – 4Q24: Rising pressures

PVD’s 4Q24 revenue grew by 60% yoy (VND2,789bn, 112% of KIS forecast), but gross profit plummeted 10% yoy to VND359bn (71% of KIS forecast) owing to poorer day rates. 4Q24...

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23

January

ACB – Brief – [NONRATED] – Defending earnings growth in 4Q24

4Q24 PBT jumped +12.4%yoy (to VND5,671bn thanks to (1) net interest incomes (+12.6%yoy), (2) manageable operating expenses (-9.1%yoy), and (3) lower risk provision expenses (-54%yoy). Meanwhile, non-interest incomes dropped by...

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23

January

VHC – Brief – [BUY] – Weaker-than-expected results in Dec-24

In Dec-24, VHC released monthly revenue which sat at VND1,029bn (+26% yoy and +6.3% mom). While this reflects positive growth, it fell short of our expectations due to weaker-than-expected pangasius...

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22

January

VOS – Brief – [NONRATED] – Lower freight rates dampened 4Q24 profit

In 4Q24, VOS reported a VND1.32tn revenue (+4% QoQ, +45% YoY). Shipping: revenue inched down to VND477bn (36% of total revenue, - 3% QoQ, -4% YoY) due to significant decline...

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22

January

TCB – Earnings review – [HOLD] – Unattractive earnings growth in 4Q24

4Q24 PBT was down -18.7%yoy to VND4,696bn due to (1) lower non-interest incomes (-72.1% yoy) and (2) significantly higher operating expenses (+31%yoy). Meanwhile, stronger net interest incomes (+13.2%yoy) and lower...

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21

January

FMC – Earnings review – [HOLD] – Led by KAF…

In 4Q24, FMC posted a revenue of VND1,364bn (+8.9% yoy) and a NPAT-MI of VND110bn (+33.7% yoy). This result beat our forecasts due to FMC recorded (1) An exponential growth...

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17

January

BCG – Brief – [NONRATED] – Charge against BOD members

On Mar 1, The Bamboo Capital Group (BCG VN Equity, Non-rated) was notified by the competent authority regarding the decision to initiate a case and a suspect charge against members...

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