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23

January

VHC – Brief – [BUY] – Weaker-than-expected results in Dec-24

In Dec-24, VHC released monthly revenue which sat at VND1,029bn (+26% yoy and +6.3% mom). While this reflects positive growth, it fell short of our expectations due to weaker-than-expected pangasius...

Report (0)

22

January

VOS – Brief – [NONRATED] – Lower freight rates dampened 4Q24 profit

In 4Q24, VOS reported a VND1.32tn revenue (+4% QoQ, +45% YoY). Shipping: revenue inched down to VND477bn (36% of total revenue, - 3% QoQ, -4% YoY) due to significant decline...

Report (3)

22

January

TCB – Earnings review – [HOLD] – Unattractive earnings growth in 4Q24

4Q24 PBT was down -18.7%yoy to VND4,696bn due to (1) lower non-interest incomes (-72.1% yoy) and (2) significantly higher operating expenses (+31%yoy). Meanwhile, stronger net interest incomes (+13.2%yoy) and lower...

Report (0)

21

January

FMC – Earnings review – [HOLD] – Led by KAF…

In 4Q24, FMC posted a revenue of VND1,364bn (+8.9% yoy) and a NPAT-MI of VND110bn (+33.7% yoy). This result beat our forecasts due to FMC recorded (1) An exponential growth...

Report (0)

19

January

Power sector – In-depth – [NEUTRAL] – 2025 Outlook: Opportune moment

In 2025, nationwide electricity consumption is expected to maintain an 11% yoy growth, with hydropower and gas-fired power being the highlights of the sector. This is attributed to the anticipated...

Report (28)

17

January

BCG – Brief – [NONRATED] – Charge against BOD members

On Mar 1, The Bamboo Capital Group (BCG VN Equity, Non-rated) was notified by the competent authority regarding the decision to initiate a case and a suspect charge against members...

Report (10)

12

January

Banking – In-depth – [NEUTRAL] – The bumpy road to recovery

In 2025F, improving business conditions and consumption could continue and drive the credit demand. 2025F credit growth could be higher than the 2024 rate. Other integrated banking services could also...

Report (4)

10

January

Aviation Sector – In-depth – [NONRATED] – 2025 Outlook: Await the return of domestic demand

In 2025F, we expect that (a) airfares could decline as new supply enters the market and stored aircraft gradually returns, and (b) consumers could spend more on leisure and travel...

Report (2)

03

January

Retail – In-depth – [NONRATED] – 2025 Outlook: Next Chapter

In 2025F, we think that the retail sector would generally have a positive prospect. (1) ICT-CE and Jewelry retailers would continue to recover due to the recovery of consumer demand....

Report (13)