Company report

• Company brief - review
• Company in-dept
• Company note

13

February

PHR – Brief – [NONRATED] – NP slides on weak IP and no VSIP III payment

In 4Q25, PHR reported VND499bn net revenue (-19% QoQ, -21% YoY, figure 1). In particular: Rubber: revenue lowered to VND468bn (94% of total revenue, -22% QoQ, -19% YoY) due to...

Report (2)

09

February

DCM – Brief – [NONRATED] – 4Q25: NPAT surged on higher ASPs and lower input costs

DCM recorded consolidated revenue of VND4,528bn in 4Q25 (+7% yoy), while total sales volume was broadly flat. Urea: 4Q25 volume declined slightly by 7% yoy to 209 thousand tonnes. However,...

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05

February

PVD – Earnings Review – [HOLD] – 4Q25: NPAT is stronger than preliminary estimates

PVD posted 4Q25 revenue of VND4,313bn (+54% yoy, ~108% of KIS’s forecast). Gross profit grew strongly to VND665bn (+77% yoy, 134% of KIS’s forecast). The solid growth was mainly driven...

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04

February

GEG – Earnings Review – [HOLD] – 4Q25: Profit growth amplified by a low base

Revenue reached VND590bn (+6% yoy, equivalent to 98% of KIS’s forecast, figure 1), with growth mainly driven by the wind power segment (+48% yoy). Total production amounted to 344mn kWh...

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03

February

POW – Earning Review – [HOLD] – 4Q25 – Profit growth mainly reflects a low base

In 4Q25, revenue reached VND8,747bn (+1% yoy, equivalent to 95% of KIS’s forecast, figure 1), supported by a 25% yoy increase in total power production (Qc). Growth was mainly driven...

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02

February

GAS – Earnings Review – [HOLD] – 4Q25: NPAT pressured by bad debt provision

GAS recorded 4Q25 revenue of VND43.7tn (+75% yoy, +22% qoq, ~97% of KIS’s forecast), driven by robust growth in international LPG trading activities and higher LNG volume for power generation....

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29

January

CNG – Earnings review – [HOLD] – 4Q25: Sacrificing profit for market expansion

4Q25 revenue reached VND1,570bn (+49% yoy, ~95% of KIS’s forecast). Gas volume, as estimated by the company, came in at 130mn Sm³ (+64% yoy). Notably, revenue from trading activities (LPG/LNG),...

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28

January

VOS – Brief – [NONRATED] – Core earnings surge, Vosco Unity liquidation

Higher core earnings, VND216bn gains from selling vessel In 4Q25, VOS reported VND957bn revenue (+13% QoQ, -28% YoY). In particular: Commercial segment: revenue stood at VND337bn (35% of total revenue,...

Report (1)

26

January

PVB – Brief – [NONRATED] – 4Q25: Conservative NPAT recognition, exceeding full-year plan

4Q25 is another busy quarter, NPAT recognition remained conservative in our view 4Q25 revenue reached VND222bn (+294% yoy, -16% qoq), driven by full-capacity operations amid a sizable backlog from previously...

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