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09

April

Oil & Gas sector – Preview – [NEUTRAL] – 1Q25F Preview: Not All Smooth Sailing

Block B – O Mon is poised to become more active than ever, driven by the issuance of full LOAs for the EPCI packages, with PVS positioned as the key...

Report (31)

09

April

Seafood sector – Preview – [Neutral] – 1Q25F Preview: “Wait & See”

We expect that the 1Q25F’s earnings for most enterprises could see a modest yoy growth, driven by gross margin expansion thanks to lower aquafeed costs and well controlled costs of...

Report (4)

25

February

VCB – Earnings review – [BUY] – Strengthening credit growth

4Q24 PBT was down -8.5%yoy to VND10.7tn due to absence of provision reversal as in 4Q23. Otherwise, some items contributed to the 4Q24 profit: Net interest incomes (+8.1%yoy), other incomes...

Report (5)

25

February

MWG – Brief – [HOLD] – Waiting for the long-term growth to kick-off

In 4Q24, MWG reported a net revenue of VND34,574bn (+10.0% yoy) and NPAT of VND852bn. BHX opended 44 stores (to 1,770 stores; +72 YTD). Sales / store was maintained at...

Report (14)

25

February

GAS – In-depth – [BUY +16%] – Adopting new sources of growth

We maintain a BUY rating for GAS stock with a target price of VND79,300/share for long-term investment strategies:  Despite a vibrant LNG segment, high provisions and a poorer oil price...

Report (37)

22

February

CTG – Brief – [NONRATED] – An impressive profit growth rate

4Q24 PBT surged by+59.1%yoy to VND12,245bn thanks to higher net interest incomes (+12%yoy), FX (+38%yoy), high incomes from bad-debt collections (+71%yoy), controllable operating expenses (4Q24’s 31% vs 4Q23’s 34%), and...

Report (1)

19

February

REE – Brief – [NONRATED] – Profit gains through cost reduction

REE recorded a revenue of VND2,334bn (+15% yoy). The main reason comes from an improvement in M&E and Water segments. Hence, gross profit and NPAT amounted to VND1,015bn (+10% yoy)...

Report (12)

19

February

PNJ – Brief – [Non-rated] – Challenges still ahead

In 4Q24, PNJ reported a net revenue of VND8,581bn (-12.1% yoy), NPAT surged to VND733bn (+15.2% yoy) after reaching the bottom in 3Q24 (-14.8% yoy – due to the unsual...

Report (3)

15

February

Quant Note – 4Q24 wrap-up: better but will be slow down

NPAT-MI growth continues to record a very high earnings growth number, with 29.2% yoy. Even though the financial group, especially real estate, made the number go up a lot, we...

Report (4)