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28

October

ACB – Brief – [NONRATED] – A muted earnings season

3Q24 PBT only grew -4%yoy (to VND4,844bn) due to a significant decrease in non-interest incomes (-43%yoy) despite a moderate growth of net interest incomes (+11%yoy). Non-interest incomes dropped by -43%yoy...

Report (4)

25

October

NT2 – Earnings review – [HOLD] – 3Q24 NPAT experienced robust growth

In 3Q24, revenue NT2 recorded VND1,711bn (+110% yoy) due to (1) the output grew significantly (+104% yoy) and (2) an improvement in the average selling price (FMP) in 3Q24 recorded VND1,207kWh...

Report (3)

23

October

TCB – Earnings review – [HOLD] – Stronger retail loan disbursement

3Q24 PBT was up +23.5%yoy to VND7,214bn from a low base 3Q23, driven by (1) strong credit growth, (2) manageable operating expenses (-5.5%yoy, 3Q24 CIR’s 29% vs 3Q23 CIR’s 35%),...

Report (5)

23

October

FPT – Brief – [NONRATED] – 3Q24: Enhancing international presence

In 3Q24, FPT’s revenue and PBT continued to climb up to VND15.9tn (+15.6% yoy) and VND2.9tn (+19.9% yoy) respectively. For 9M24, signed revenue increased to VND25.1tn (+21.4% yoy) with 33...

Report (33)

23

October

CNG – Earning review – [HOLD] – 4Q24: On the recovery trajectory

In 4Q24, CNG recorded robust top-line growth of 42% yoy, coupled with qoq improvements in gross margin. Yet, high SG&A undermined the bottom-line. In 1Q25F, CNG will enjoy booming yoy...

Report (30)

22

October

FMC – Earnings review – [HOLD] – Absence of short-term growth impetus

In 3Q24, FMC released a revenue of VND2,845bn (+58.6% yoy) of which shrimp products revenue: +60.1% yoy (VND2,801bn). Particularly, the shrimp volumes reached at 8,919 tones (+32.3% yoy) and selling...

Report (1)

02

October

Power sector – Preview – [Neutral] – 3Q24F Preview: The comeback of Hydropower

We believe that the 3Q24F's earnings of the hydropower groups could benefit significantly due to the La-Nina phase impact. Besides, thermal power groups record growth thanks to an increase in...

Report (17)

02

October

Seafood sector – Preview – [Overweight] – 3Q24F Preview: A robust growth trajectory

We believe that the 3Q24F’s earnings for most enterprises in the sector could experience high growth due to the low base effect in 3Q23. Regarding the pangasius industry, VHC could...

Report (14)

02

October

Oil & Gas sector – Preview – [NEUTRAL] – 3Q24F Preview: low Gas, robust Drilling

The bright spot of Oil & Gas sector in 3Q24F is a robust Drilling segment, and PVD is the largest listed beneficiary. Meanwhile, natural gas may see a strong retreat...

Report (11)