Sector report

• Sector in-depth
• Sector note
• Sector preview
• Sector review

04

July

Power – In-depth – [NEUTRAL] – 2H25 Outlook: The dawn of green energy

Based on the growth rates in 1Q25 and 2024, we estimate national power consumption in 2H25F under two scenarios: Scenario 1 (+3.9% yoy) & Scenario 2 (+8% yoy). Hydropower: 2H25F:...

Report (16)

04

July

Oil & Gas – In-depth – [NEUTRAL] – 2H25 Outlook: Tailwinds at home, headwinds abroad

Natural gas: Natural gas (include LNG) is expected to grow by 11% in 2H25F mainly thanks to the commercial operations of Nhon Trach 3 (from Sept) and Nhon Trach 4...

Report (30)

04

July

Aviation – In-depth – [NONRATED] – 2H25 Outlook: Hold Altitude

In 1Q25, domestic passenger volume continues to recover and a significant surge in Chinese visitors. Even though airfares could decline due to increased supply, we anticipate a positive impact on...

Report (3)

02

June

Aviation – Note – [NONRATED] – Sweet spot

Vietnam's air travel sector saw a 6%YoY increase in both passengers and traffic in 1Q25, driven by a strong rebound in domestic travel and continued international growth, especially from China....

Report (3)

16

May

Retail – Note – [NONRATED] – Better or worsen depends on macro conditions

In 1Q25, consumer demand showed signs of recovery supported by strong macroeconomic growth, benefiting ICT-CE retailers like MWG and FRT; however, outlook for the rest of 2025 remains cautious amid...

Report (59)

09

May

Securities – Note – [NONRATED] – Waiting for “Upgrading” theme

In 1Q25, aggregated NPAT was flat yoy at VND6.2tn (-1.9% yoy, +20.9% qoq). Margin loan balance hit the new record to VND267tn (+37.42 yoy). The margin lending rate in domestic-owned...

Report (17)

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 (12)

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)