Company report
15
April
OCB – Brief -[NONRATED] – AGM Business repositioning
OCB targets 2026 PBT of VND6,960bn (+39% yoy), total assets of VND354,214bn (+10% yoy), customer deposits (market 1) of VND251,919bn (+14% yoy), and customer loans (market 1) of VND235,875bn (+15%...
09
April
ACB – Brief – [NONRATED] – AGM: Enhance capacity and expand operations
Profit before tax 2026 targets VND22,338bn (+14%yoy). Total assets, credit, and deposits plan to grow 16%yoy. NPL ratio (group 3–5) is expected below 2%.
06
March
HDB – Brief – [NONRATED] – Ambitious growth
4Q25 PBT surged sharply by +60.0%yoy to VND6,519bn thanks to robust growth in net interest incomes (18.9%yoy) and non-interest income (+106%yoy), and manageable expenses on operation and risks provision. The...
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...
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,...
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...
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...
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...
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....
Featured Analysis
Market commentary: Extending the uptrend
Mar 2026: High issuances led by the real estate industry
OCB – Brief -[NONRATED] – AGM Business repositioning
Market commentary: Broad-based gains
Accumulation phase ends
Covered warrant: Liquidity has continued to increase
Derivatives: Late-session buying demand
