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07

August

Securities – Note – [NONRATED] – Strong 2Q25 earnings driven by a robust market

2Q25 total operating income increased 23.3% yoy, +34.7% qoq driven by rising investment income (+39.9% yoy, +42.9% qoq) and lending income (+24.3% yoy, +12.1% qoq). Margin loan balance hit the...

Report (23)

07

August

PLX – Earnings review – [BUY] – 2Q25: Foreign trading saved the day

PLX’s 2Q25 consolidated revenue grew 5% yoy to VND77.1tn (119% of our forecast). Gross profit surprisingly grew 11% yoy to VND5.1tn (156% of our forecast), with gross margin expanding to...

Report (30)

04

August

PNJ – Brief – [Non-rated] – The fog remains

In 2Q25, PNJ’s net revenue dropped to VND7,582bn (-20.3% yoy) and PNJ’s NPAT lift up slightly to VND442bn (+3.0% yoy). In 2H25F, we think that Jewelry Retail’s sales might still...

Report (3)

01

August

PVS – Earnings Review – [BUY] – 2Q25: Full steam ahead

PVS’s 2Q25 revenue continue to witness a solid growth of 33% yoy (+28% qoq) to VND7.38tn, which fulfilled 91% of our 2Q25 forecast. 2Q25 gross profit was recorded at VND441bn,...

Report (31)

01

August

GAS – Earnings Review – [BUY] – 2Q25: One-off provision reversal boosted bottom line

GAS’s 2Q25 revenue flatted at VND30.1tn, fulfilling 96% of KIS’s forecast. Gross profit (GP) reached VND4.95tn (-14% yoy), reaching 99% our forecast. Gross profit margin (GPM) remained stable at 16.5%...

Report (30)

01

August

REE – Earnings review – [HOLD] – 2Q25: Steady surge in utilities

REE recorded a revenue of VND2,516bn (+15% yoy,). The main reason comes from an improvement in utilities and real estate segments. The gross margin record increased to 33.9% (+2.7% yoy),...

Report (18)

29

July

ACB – Brief – [NONRATED] – Strengthened asset quality

2Q25 PBT rose by +8.8%yoy to VND6,093bn thanks to higher non–interest incomes from FX activities, investment, and bad-debt collection and lower risk provision expenses (-21.3%yoy). 1H25 PBT reached VND10,690bn, up...

Report (0)

26

July

TCB – Earnings review- [HOLD]- Quarterly turnaround

2Q25 PBT improved quarterly + 9.2%qoq and stayed flat +0.9%yoy to VND7,899bn. Cost management offset the lower operating incomes. The accumulative number, 1H25 PBT, declined by -3.2%yoy to VND15,135bn, completing...

Report (3)

25

July

NT2 – Earnings review – [HOLD] – 2Q25: Strong bottom-line expansion

In 2Q25, NT2's revenue was recorded at VND2,081bn, down 5% yoy. The key growth drivers were: (1) A significant improvement in output, And (2) the average electricity price in 2Q25...

Report (18)