Sector and company
31
October
VSC – Brief – [NONRATED] – Profit Boosted by Port Fee Hikes
VSC's 3Q25 revenue rose 19% YoY to VND844bn thanks to higher throughput volume and service fees. Financial income significantly increased thanks to cash dividends from GEX and HAH, while financial...
31
October
TCB – Earnings review- [HOLD]- Proactive expansion, Trend capture
3Q25 PBT continued to improve quarterly + 4.4%qoq and +14.4%yoy to VND8,250bn, thanks to strong growth of operating incomes (+21.2%yoy/11.8%qoq). 3Q25 earnings results are relatively in line with KIS’s estimate....
30
October
PVS – Earnings Review – [BUY] – 3Q25: Profit growth in line with expectations
∙ 3Q25 revenue grew by 99% yoy, and NPAT grew 73% yoy ∙ Net financial gains drove 3Q25 NPAT growth ∙ 4Q25F: Staying busy, with triple-digit NPAT growth expected
29
October
DPM- Brief – [NONRATED] – 3Q25: Benefiting from Selling Prices
In 3Q25, DPM recorded the revenue of VND3,729bn, +21.2%. In which: The growth was boosted by a strong increase in selling price (Urea products ~27% yoy, NPK products ~13% yoy),...
28
October
QTP – Earnings review – [BUY] – 3Q25: Earnings dented by margin pressure
In 3Q25F, revenue is estimated at VND2,056bn (-14% yoy) due to an estimated 28% yoy decline in average selling price, despite production increasing 20% yoy to 1,620mn kWh, as national...
24
October
VOS – Brief – [NONRATED] – Profits surge thanks to higher rates
In 3Q25, VOS reported a VND850bn revenue (+2% QoQ, -33% YoY). Shipping revenue VND539bn (+8% QoQ, +10% YoY) thanks to increased tonnage and higher rates in both dry bulk and...
24
October
CNG – Earnings review – [HOLD] – 3Q25: Sacrificing profit for market expansion
∙ 3Q25 volume and revenue upped 22% and 18% yoy ∙ 3Q25 NPAT reached VND26bn, -4% yoy ∙ Selling expenses surged on aggressive market expansion
22
October
NT2 – Earnings review – [HOLD] – 3Q25: Net profit expansion persists
Revenue in 3Q25 reached VND1,928bn (+13% yoy, -7% qoq). Gross profit in 3Q25 reached VND205bn (+244% yoy), equivalent to a gross margin of 10.6%, up 7.1 %p yoy thanks to...
21
October
PVB – Brief – [NONRATED] – 3Q25: Beating annual plan
PVB’s revenue stood at VND269bn in 3Q25 (+1,144% yoy, +16% qoq), as PVB is operating at full capacity. Thus, 9M25 revenue reached VND609bn (+192% yoy) fulfilled 113% of BOD’s annual...
Featured Analysis
TCB – Earnings review- [HOLD]- Proactive expansion, Trend capture
Market commentary: Selling pressure
Derivatives: Selling pressure intensifies
PVS – Earnings Review – [BUY] – 3Q25: Profit growth in line with expectations
Market commentary: Market recovery
Derivatives: Waiting for further confirmation
DPM- Brief – [NONRATED] – 3Q25: Benefiting from Selling Prices
