Sector and company

• Company report
  • Company brief - review
  • Company in-dept
  • Company note
• Sector report
  • Sector in-depth
  • Sector note
  • Sector preview
  • Sector review

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...

Report (12)

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...

Report (4)

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...

Report (0)

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/...

Report (0)

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...

Report (11)

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 (13)