Company brief – review
07
May
QTP – Earnings review – [BUY] – 1Q25: Earnings remain stable
In 1Q26, revenue reached VND2,733bn, down 6% yoy (figure 1), mainly due to an estimated 15% decline in average selling prices despite an estimated 4% yoy increase in production (figure...
07
May
PLX – Earnings review – [HOLD] – 1Q26: Oil price volatility hit hard
Facts: Oil price volatility hit hard 1Q26 revenue reached VND98.7tn (+45% yoy, -2.1% qoq, ~110% of KIS forecast). The strong growth reflects (1) higher volumes: domestic (+20% yoy, +13.4% qoq,...
06
May
A promising start with solid earnings
TNG delivered strong 1Q26 results, with revenue rising 29.2% YoY, supported by robust order intake from EU clients. NPAT-MI increased 39.2% YoY, though this was largely driven by a one-off...
05
May
VHC – Earnings review – [BUY] – Strong 1Q26 profit on improved margins
Strong 1Q26 profit on improved margins VHC delivered strong 1Q26 results, with revenue up 11.6% YoY and NPATMI surging 37.8% YoY, driven by robust pangasius sales, margin expansion, and lower...
05
May
HPG – Brief – [NONRATED] – Continued Growth Momentum
Domestic market remains positive alongside recovering exports Hoa Phat’s 1Q26 FS recorded consolidated revenue of VND52.9tn (+41% YoY) and consolidated gross profit of VND8,365bn (+54% YoY). Steel segment: Reported robust...
05
May
TCB – Earnings review- [BUY]- Expanding beyond credit
1Q26 PBT rose by +22.6% to VND8,870bn, thanks to a moderate growth in credit activities (+14.6%yoy), a robust growth in net fee incomes, and a decrease in provision expenses. 1Q26...
04
May
BSR – Earnings review- [HOLD] – 1Q26: Profit surges beyond expectations
Facts: Profit surges beyond expectations BSR’s 1Q26 revenue reached VND45.9tn (+44% yoy, 105% of KIS forecast), driven by higher output (estimated +15–20% across key products including Diesel, Gasoline, and Jet...
29
April
CNG – Earnings review – [HOLD] – 1Q26: Sacrificing profit for market expansion
1Q26 revenue reached VND1,192bn (+40% yoy, ~101% of KIS forecast). Gas volume (CNG/LNG/LPG) came in at 90.4mn Sm³ (+42% yoy, 109% of KIS forecast). In particular, revenue from trading activities...
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%...
Featured Analysis
Market commentary: Extending the upward momentum
QTP – Earnings review – [BUY] – 1Q25: Earnings remain stable
PLX – Earnings review – [HOLD] – 1Q26: Oil price volatility hit hard
Derivatives: Breakout signal
Market commentary: Sustained buying demand
Apr 2026: Medium issuances led by Real Estate and Bank industries
A promising start with solid earnings
