Sector and company
15
May
PVD – Earnings Review – [HOLD] – 1Q25: Dark clouds still loom
PVD’s 1Q25 revenue retreated by 14% yoy to VND1.5tn (90% of KIS forecast), with gross profit plunging 40% yoy to VND270bn (113% of KIS forecast). Nonetheless, NPAT-MI remained almost flat...
13
May
BID – Earnings review – [BUY] – Unchanged earnings
1Q25 profit before tax stayed flat, +0.3%yoy to VND7,413bn due to weak operating incomes: modest increase in net interest incomes (+3.0%yoy), investment incomes (+103%yoy), and other incomes (+143%yoy), compensating for...
12
May
REE – Earnings review – [BUY] – 1Q25: Power segment remains key driver in 1Q25
REE recorded a revenue of VND2,068bn (+13% yoy). The gross margin record increased to 46% yoy (+6%p yoy), leading to the gross profit going up to VND950bn (+28% yoy). Additionally,...
12
May
MSH – Brief – [NONRATED] – Solid growth in 1Q25 but risks loom from 2Q25F onward
in 1Q25, MSH’s revenue posted to VND1,036bn (+34.5% yoy/ -27.5% qoq), the MSH’s revenue growth outperformed compared to Vietnam T&G export thanks to the robust growth of CMT orders. Gross...
09
May
Securities – Note – [NONRATED] – Waiting for “Upgrading” theme
In 1Q25, aggregated NPAT was flat yoy at VND6.2tn (-1.9% yoy, +20.9% qoq). Margin loan balance hit the new record to VND267tn (+37.42 yoy). The margin lending rate in domestic-owned...
09
May
HAH – Brief – [NONRATED] – Right size at the right time
Revenue rose 66% YoY to VND1,169bn, led by vessel operation thanks to increased intra-Asia transshipment demand. Net profit jumped 294% YoY to VND233bn on higher container rates and lower SG&A,...
09
May
PLX – Earnings review – [BUY] – 1Q25: Oil turbulence hit hard
PLX’s 1Q25 consolidated revenue declined by 10% yoy to VND67.9tn (97% of our forecast). Gross profit fell 21% yoy to VND3.7tn (97% of our forecast), with gross margin narrowing to...
08
May
VSC – Brief – [NONRATED] – Non-core boosted 1Q25 under cautious outlook
VSC's 1Q25 revenue rose 16% YoY to VND682bn thanks to stronger port contributions and higher service fees. Financial income significantly increased due to a provision reversal, while expenses fell due...
06
May
GAS – Earnings Review – [BUY] – 1Q25: Bad debt eased
GAS’s 1Q25 revenue rose 10% yoy to VND25.7tn, fulfilling 95% of KIS’s forecast. Gross profit reached VND4.09tn, slightly exceeding expectations at 103% of our forecast. Notably, GAS made no further...
Featured Analysis
Market commentary: Extending the rally
Derivatives: Breakout session
Market commentary: Demand returns
Strategic Insight: Growth driven by domestic factors
Derivatives: Uptrend confirmed
Market commentary: Late-session selling pressure
Market traders: Liquidity hit a record high
