Sector report
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...
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...
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...
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...
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...
14
February
Aviation – Note – [Nonrated] – 4Q24: Aviation up on international travel
The overall air traffic grew 7% YoY in 4Q24 thanks to rising international travel, passenger numbers declined slightly by 1% YoY, international arrivals reached 4.88mn pax (+31% YoY). Airlines give...
13
February
Textile & Garment – Sector Note – [Nonrated] – On a growth track
In 4Q24, textile and garment sector continued a growth stance in both manufacturing and export activity. Particularly, clothing, fabric and yarn domestic production soared by a double-digit in 4Q24. Notably,...
10
February
Fertilizer – Note – [Nonrated] – Boost exports amid sluggish domestic demand
In 4Q24, fertilizer supply was tight, with demand concentrated in the Mekong Delta. Revenue for listed companies was stable at VND21,498bn (+2.5% yoy), but NPAT-MI dropped to VND1,494bn (-55.8% yoy)...
08
February
Banking – Note – [NEUTRAL] – Magnificent earnings growth
Aggregated 4Q24 PBT (27 banks) surged +19.6%yoy, supported by all elements: Net interest incomes with a moderate growth (+11.0%yoy), a significant growth in non-interest incomes (+32%yoy), controllable OPEX (remained CIR...
Featured Analysis
Market commentary: Foreigners net sell “VIC”
Derivatives: Continued correction
Market commentary: Cautious developments
March 2025: Muted sound of real estate issuance
Market commentary: Wide-spread selling pressure
Derivatives: Profit-taking pressure
Sector Note – 1Q25F forecast: Recovery but slowdown
