Sector and company
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...
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...
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...
22
July
QTP – Earnings review – [BUY] – 2Q25: NPAT boosted as operational efficiency
In 2Q25, QTP posted revenue of VND2,863bn, down 21% yoy. This decline was mainly attributable to: The average electricity price is estimated to fall 23% yoy to 1,366 VND/kWh. Although...
22
July
PVB – Brief – [NONRATED] – 2Q25: Full speed ahead
PVB’s revenue stood at VND232bn in 2Q25 (+262% yoy, +119% qoq), as PVB is operating at full capacity. Thus, 6M25 revenue fulfilled 62% of BOD’s 2025 plan. Gross profit came...
21
July
CNG – Earnings review – [HOLD] – 2Q25: Aggressive expansion strategy
CNG's 2Q25 volume and revenue upped 36% and 30% yoy CNG's 2Q25 NPAT reached VND37bn, -17% yoy Selling expenses surged on aggressive market expansion
14
July
Banking – In-depth – [NEUTRAL] – 2H25 Outlook: Pragmatic progressive enhancement
In 2H25, the banking industry could grow robust, driven by 1) accelerated credit expansion (16% in 2025 vs 15% in 2024), 2) disciplined operating expense management, and 3) controlled non-performing...
07
July
Textile & Garment – In-depth – [NEUTRAL] – 2H25 Outlook: “Tariffs” pose major headwinds
The prospects of T&G sector become more uncertain in 2H25F onwards. As we observe the US market (the largest markets of Vietnamese T&G exports) which will likely face to notable...
07
July
Seafood – In-depth – [NEUTRAL] – 2H25 Outlook: Turning cautious amid reciprocal tariffs
Pangasius export - 2H25F outlook: In the US market, the demand for pangasius could be dampened by (1) More competitive environment, (2) Potential facing to weaker consumption as macroeconomic headwinds....
Featured Analysis
TCB – Earnings review- [HOLD]- Proactive expansion, Trend capture
Market commentary: Selling pressure
Derivatives: Selling pressure intensifies
PVS – Earnings Review – [BUY] – 3Q25: Profit growth in line with expectations
Market commentary: Market recovery
Derivatives: Waiting for further confirmation
DPM- Brief – [NONRATED] – 3Q25: Benefiting from Selling Prices
