Sector and company
14
February
POW – Earning Review – [HOLD] – Gross margin encountered many challenges
POW’s 4Q24 revenue grew to VND8,493bn, up 32% yoy. Increasing revenue driven by total the output recorded 4,556mn kWh (+22% yoy). However, GP recorded VND540bn (-26% yoy). The main reasons...
14
February
Aviation – Note – [Nonrated] – 4Q24: Aviation up on international travel
The overall air traffic grew 7% YoY in 4Q24 thanks to rising international travel, passenger numbers declined slightly by 1% YoY, international arrivals reached 4.88mn pax (+31% YoY). Airlines give...
13
February
DGW – Brief – [NONRATED] – 4Q24: Unsurprisingly Good
In 4Q24, DGW reported a net revenue of VND5,859bn (+20.8% yoy), showing a continuing recovery from the 2023 bottom, while NPAT surged to VND146bn (+62.2% yoy) due to a lower...
13
February
Textile & Garment – Sector Note – [Nonrated] – On a growth track
In 4Q24, textile and garment sector continued a growth stance in both manufacturing and export activity. Particularly, clothing, fabric and yarn domestic production soared by a double-digit in 4Q24. Notably,...
12
February
BSR – Brief – [NONRATED] – 4Q24: Difficulties remain
4Q24 volume inched up 4% yoy per our estimates, at 2.1mn tonnes. Yet, revenue declined 14% yoy to VND36tn. 4Q24 gross profit turned positive but still poorly performed due to...
10
February
QTP – Earnings review – [BUY] – The high coal price harmed earnings
In 4Q24, QTP recorded revenue of VND2,884bn, +1.2% yoy. Of which: (1) The output’s QTP in 4Q24, which is estimated to be decreased by 12% yoy and (2) the full...
10
February
PLX – Brief – [NONRATED] – Back on track
In 4Q24, PLX's earning results bounced back after the Yagi trauma in 3Q24. PLX’s revenue grew by 3% yoy and 10% qoq (to VND71tn) as selling volume rose 8.4% yoy....
10
February
Fertilizer – Note – [Nonrated] – Boost exports amid sluggish domestic demand
In 4Q24, fertilizer supply was tight, with demand concentrated in the Mekong Delta. Revenue for listed companies was stable at VND21,498bn (+2.5% yoy), but NPAT-MI dropped to VND1,494bn (-55.8% yoy)...
08
February
Banking – Note – [NEUTRAL] – Magnificent earnings growth
Aggregated 4Q24 PBT (27 banks) surged +19.6%yoy, supported by all elements: Net interest incomes with a moderate growth (+11.0%yoy), a significant growth in non-interest incomes (+32%yoy), controllable OPEX (remained CIR...
Featured Analysis
Derivatives: Sell signal
Market commentary: Downside risks remain present
Chart of the day: Sell signal
VSC – Brief – [NONRATED] – Profit Boosted by Port Fee Hikes
TCB – Earnings review- [HOLD]- Proactive expansion, Trend capture
Market commentary: Selling pressure
Derivatives: Selling pressure intensifies
