Sector report

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...

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...

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...

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...

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....

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...

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...

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...

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...