Sector report

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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...

Report (14)

19

January

Power – In-depth – [NEUTRAL] – 2025 Outlook: Opportune moment

In 2025, nationwide electricity consumption is expected to maintain an 11% yoy growth, with hydropower and gas-fired power being the highlights of the sector. This is attributed to the anticipated...

Report (34)

12

January

Banking – In-depth – [NEUTRAL] – The bumpy road to recovery

In 2025F, improving business conditions and consumption could continue and drive the credit demand. 2025F credit growth could be higher than the 2024 rate. Other integrated banking services could also...

Report (4)

10

January

Aviation – In-depth – [NONRATED] – 2025 Outlook: Await the return of domestic demand

In 2025F, we expect that (a) airfares could decline as new supply enters the market and stored aircraft gradually returns, and (b) consumers could spend more on leisure and travel...

Report (2)

03

January

Retail – In-depth – [NONRATED] – 2025 Outlook: Next Chapter

In 2025F, we think that the retail sector would generally have a positive prospect. (1) ICT-CE and Jewelry retailers would continue to recover due to the recovery of consumer demand....

Report (14)

27

December

Oil & Gas – In-depth – [NEUTRAL] – 2025 Outlook: LNG gains the spotlight

We strongly believe that LNG segment could be bright spot for Oil & Gas sector in 2025F. LNG consumption, led by the official run of Nhon Trach 3&4 LNG-fired power...

Report (32)

14

December

Seafood – In-depth – [NEUTRAL] – 2025 Outlook: Against All Odds

In 2025F, as consumer demand continues to revive in key export markets, we project the seafood industry to follow a recovery trend comparable to 2024. However, this may face short-term...

Report (14)

02

December

Housing property-Note-[NONRATED]-Pave the path to unknot

On the afternoon of November 30, 2024, the 8th session of the 15th National Assembly was held with urgency to conclude. The main topic discussed and approved was the draft...

Report (5)

21

November

Aviation – Note – [NONRATED] – Competition arises in the international market

In 3Q24, the aviation industry revenue (represented by HVN and VJC with 70- 80% of total scheduled seats) increased 9% YoY thanks to higher air traffic (+7% YoY), but lower...

Report (5)