Sector and company
08
November
Banking – Note – [OVERWEIGHT] – 3Q24 strong growth from the bottom
Aggregated 3Q24 PBT (27 banks) surged +17.7%yoy from a low base 3Q23 thanks to net interest incomes’ strong growth (+17.9%yoy) and moderate growths of OPEX (+9.8%yoy) and risk provision expenses...
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...
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...
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,...
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...
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...
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%...
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...
02
November
GMD – Brief – [NONRATED] – Highest NPAT of Gemalink
In 3Q24, GMD reported a total revenue of VND1,264bn (+7% QoQ, +26.7% YoY), in which, revenue from port operation rose to VND1.2tn thanks to solid throughput volume and fee increases....
Featured Analysis
Derivatives: Piercing line pattern
Market commentary: Broad-based gains
Derivatives: Downtrend returns
Market commentary: Low liquidity
VCB – Earnings review – [BUY] – Maintaining asset quality
Covered warrant: Negative movements
Derivatives: Spinning top
