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24

April

CNG – Earnings review – [HOLD] – 1Q25: Recovery is hitting a rough patch

1Q25 volume and revenue upped 35% yoy from the low base, fulfilling 88% and 83% of our forecast. Gross profit grew 69% yoy, fulfilling 68% of our forecast. NPAT was...

Report (31)

23

April

TCB – Earnings review- [HOLD]- Underwhelming earnings growth in 1Q25

1Q25 PBT was down -7.2%yoy to VND7,236bn due to (1) lower net interest incomes (-2.3%yoy) and (2) lower non-interest incomes (-12.1%yoy). Meanwhile, operating expenses (+1.1%yoy) and provision risk expenses (-10%yoy)...

Report (0)

15

April

Sector Note – 1Q25F forecast: Recovery but slowdown

Projected growth of NPAT for 44 firms in KISVN's coverage portfolio is 9.8% yoy, reflecting a decline from 54.3% yoy in 4Q24 and 21.7% yoy in 3Q24. • Four sub-industries...

Report (2)

10

April

Power sector – Preview – [NEUTRAL] – 1Q25F Preview: Hydropower and renewable energy shine

Electricity consumption in 1Q25E is estimated at 73bn kWh (+5% yoy), in which hydropower plants are expected to reach 14bn kWh (+26% yoy), accounting for 19% of production in the...

Report (12)

09

April

Oil & Gas sector – Preview – [NEUTRAL] – 1Q25F Preview: Not All Smooth Sailing

Block B – O Mon is poised to become more active than ever, driven by the issuance of full LOAs for the EPCI packages, with PVS positioned as the key...

Report (31)

09

April

Seafood sector – Preview – [Neutral] – 1Q25F Preview: “Wait & See”

We expect that the 1Q25F’s earnings for most enterprises could see a modest yoy growth, driven by gross margin expansion thanks to lower aquafeed costs and well controlled costs of...

Report (4)

25

February

VCB – Earnings review – [BUY] – Strengthening credit growth

4Q24 PBT was down -8.5%yoy to VND10.7tn due to absence of provision reversal as in 4Q23. Otherwise, some items contributed to the 4Q24 profit: Net interest incomes (+8.1%yoy), other incomes...

Report (4)

25

February

MWG – Brief – [HOLD] – Waiting for the long-term growth to kick-off

In 4Q24, MWG reported a net revenue of VND34,574bn (+10.0% yoy) and NPAT of VND852bn. BHX opended 44 stores (to 1,770 stores; +72 YTD). Sales / store was maintained at...

Report (14)

25

February

GAS – In-depth – [BUY +16%] – Adopting new sources of growth

We maintain a BUY rating for GAS stock with a target price of VND79,300/share for long-term investment strategies:  Despite a vibrant LNG segment, high provisions and a poorer oil price...

Report (34)