Sector and company
06
May
VHC – Earnings review – [BUY] – 1Q25’s NPAT trails our forecasts
In 1Q25, VHC released a revenue of VND2,648bn (-7.3% yoy/ -17.4% qoq), most of VHC’s business segments were stagnant. Notably, pangasius segment slumped to VND1,354bn (-7.5% yoy/ -26.8% qoq) due...
06
May
HPG – Brief – [NONRATED] – Favorable first quarter, but challenging to sustain
HPG’s financial statement in 1Q25 recorded a revenue of VND37.6tn (+22% yoy) and NPAT of VND3,350bn (+17% yoy). In which, the Steel segment recorded VND35.4bn of revenue, +23.7% yoy, with...
29
April
QTP – Earnings review – [BUY] – 1Q25: Profit shrinks as fuel price pressure
In 1Q25, QTP recorded revenue of VND2,912bn (-3% yoy) due to flat production, and FMP dropped 13% yoy to VND1,307/kWh. Additionally, (a) depreciation expenses decreased by 10% yoy but were...
29
April
GMD – Brief – [NONRATED] – Strong throughput growth, solid results
In 1Q25, GMD announced a total revenue of VND1,277bn (+27% YoY), in which, port operation generating VND1.14tn revenue thanks to solid throughput volume and fee increases. Gains from associates in...
29
April
TNG – Brief – [Non-rated] – Solid earnings amid tariff uncertainties
In 1Q25, TNG’s revenue posted to VND1,511bn (+11.6% yoy) thanks to the brighter textile & garment (T&G) export orders to key markets. However, 1Q25’s gross margin sat at 15.3%, edging...
28
April
ANV – Earnings review – [HOLD] – 1Q25: Earnings beat our forecasts
In 1Q25, ANV released revenue of VND1,106bn (+8.9% yoy/ -18.7% qoq). Pangasius segment (ANV’s core business) contributed VND1,071bn (+8.8% yoy/ -19.4% qoq). Gross margin strongly rebounded to 20.2% (+10.3%p yoy/...
25
April
NT2 – Earnings review – [HOLD] – 1Q25: Profit recovery from low base
In 1Q25, NT2's revenue was recorded at VND1,426bn, up 444% yoy. Due to the production record of 628mn kWh, which skyrocketed by 483x yoy. Additionally, the average gas price in...
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...
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)...
Featured Analysis
Derivatives: Breakout session
Market commentary: Continuing the uptrend
Derivatives: Bottom-fishing flows
Market commentary: Late-session demand support
Banking – Note – [NEUTRAL] – Moving towards sustainable growth
Aviation – Note – [NONRATED] – Airlines took spotlight
Derivatives: Uptrend maintained
