Company report
20
May
GDA – Brief – [NONRATED] – 1Q26 – Difficulties remain
In 1Q26, GDA recorded revenue of VND3,589bn, down 9.7% yoy. The revenue decline stemmed from both sales volume and average selling price (ASP). Gross profit in 1Q26 reached VND160bn, down...
19
May
GMD – Brief – [NONRATED] – Gemalink drove 1Q26 results
In 1Q26, GMD announced a total revenue of VND1,452bn. Port operation generating VND1.4tn revenue (89% of total revenue, -10% QoQ, +14% YoY). Growth was primarily driven by a 15-20% hike...
18
May
HDG – Brief – [NONRATED] – Earnings weighed down by provisions
In 1Q26, revenue reached VND684bn (+14% yoy, -23% qoq, figure 1), mainly driven by the real estate segment and hotel services. Gross profit came in at VND442bn (+10% yoy, figure...
16
May
HDB – Brief – [NONRATED] – Credit Expansion Phenomenon
1Q26 PBT rose by +14.0%yoy to VND6,107bn, thanks to robust growth in net interest incomes (+14.5%yoy) and net fee incomes (+26.8%yoy), and manageable expenses on operation and risks provision. 1Q26...
15
May
VOS – Brief – [NONRATED] – Swings to Profitability
Elevated freight rates vs. low utilization and rising fuel costs In 1Q26, VOS reported VND709bn revenue (-26% QoQ, +53% YoY), and swung back to profitability with a GP of VND39bn....
14
May
NKG – Brief – [NONRATED] – 1Q26: Significant challenges remain
In 1Q26, NKG recorded revenue of VND3,261bn, down 20.3% YoY . Based on NKG’s galvanized steel price movements over the last two quarters and published revenue by market, we estimate...
14
May
PHR – Brief – [NONRATED] – 1Q26: Receiving compensation from THACO
In 1Q26, PHR reported VND468bn net revenue (-6% QoQ, +50% YoY, figure 1), gross profit increased to VND116bn (-26% QoQ, +14% YoY, figure 2). Net profit came in at VND285bn...
13
May
NT2 – Earnings review – [HOLD] – 1Q26: Profit rebounded strongly
Revenue in 1Q26 reached VND2,172bn (+52% yoy, equivalent to ~90% of KIS’s forecast), driven by (i) a 59% yoy increase in production amid national power consumption growth of 6.5% yoy...
13
May
REE – Brief – [NON-RATED] – 1Q26: M&E boosted profit growth
In 1Q26, REE recorded revenue of VND2,471bn (+19% yoy, figure 1), mainly driven by strong growth from the M&E segment. Gross profit reached VND1,046bn (+10% yoy, figure 6), while gross...
Featured Analysis
Derivatives: A Sell Signal?
Market commentary: Selling pressure around elevated price levels
GMD – Brief – [NONRATED] – Gemalink drove 1Q26 results
Market traders: Proprietary trading recorded strong net selling
Covered warrant: Liquidity improved
Derivatives: Continued accumulation
Market commentary: Market recovery
