Company report

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

14

November

HDG – Brief – [NONRATED] – Energy supported growth trend while awaiting Charm Villas phase 3

HDG’s 3Q24 revenue amounted to VND567bn, up 23% yoy, driven by growth in both the energy and leasing & hotel services segments. Besides, the GP rose by 33% yoy to...

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13

November

PVS – Brief – [NONRATED] – FX loss pressured earnings

3Q24 revenue grew to VND4.82tn (+15% yoy) thanks to the top-line growth from almost all segments. Company gross profit rose 85% yoy with gross margin expanded by 2.6%p, to 6.9%....

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08

November

PLX – Brief – [NONRATED] – Higher Brent volatility undermined earnings

In 3Q24, PLX’s revenue plummeted by 11% yoy (to VND64.3tn) owing to the contraction of both selling price and volume. In 3Q24, gross margin reached 5.3% (-1.0%p qoq and +0.1%p...

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07

November

REE – Brief – [NONRATED] – Waiting for the Real Estate story

3Q24 revenue persisted a 5% yoy to VND2,061bn, fulfilling 63% of KIS forecast, as the occupancy rate of the Etown 6 fell short of our expectations. Meanwhile, NPAT surged by...

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05

November

VOS – Brief – [NONRATED] – 3Q24: Loss yet improved

In 3Q24, VOS reported a VND1.27tn revenue (-32% QoQ, +77% YoY). In particular: Commercial revenue soared to VND778bn (-38% QoQ, +218% YoY), Shipping revenue inched up to VND492bn (-20% QoQ,...

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05

November

BSR – Brief – [NONRATED] – Unfavorable crack spread landscape

3Q24 revenue came in at VND31.9tn (-16% qoq, +14% yoy) regardless of a 17% yoy volume increase sourced from a steep pullback of crack spread of -46% yoy and oil...

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04

November

POW – Earnings Review – [HOLD] – Earnings could stay resilient in 4Q24F

POW’s 3Q24 revenue sustained at VND6,061bn, +7% yoy. Notably, NPAT skyrocketed 765% yoy to VND453bn. Key contributing factors were (1) 3Q24 exchange rate gains VND227bn (3Q23 VND0.25bn); (2) absence of...

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04

November

BID – Earnings review – [HOLD] – 3Q24 Cost mitigation

BID posted 3Q24 profit before tax of VND6,498bn, up +10% yoy (from a low base 3Q23)/ -20% qoq. Overall, 3Q24 earnings resulted from (1) lower provision expenses (-25% yoy, -17%...

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04

November

VNM – Brief – [HOLD] – 3Q24: Recovery faced short-term challenges

In 3Q24, VNM reported net revenue of VND15,537bn (-0.6% yoy, -6.7% qoq), in which domestic revenue sit at VND12,928bn (-2.4% yoy, -4.4% qoq) and oversea revenue came in at VND2,609bn...

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