Company report
06
November
BAF – Brief – [NONRATED] – 3Q25: The pressure from selling price
- In 3Q25, BAF recorded the revenue of VND1,136bn, -13.5% yoy. The decline in growth was mainly due to BAF no longer recording the revenue and profit in the animal...
05
November
PVD – Earnings Review – [BUY] – 3Q25: Robust growth as expected
3Q25 revenue upped 5.4% yoy to VND2.57tn (110% KIS forecast), with gross profit (GP) growing 36% yoy to VND609bn (114% KIS forecast). Gross margin (GPM) saw a solid recovery to...
04
November
HPG – Brief – [NONRATED] – Sustain a growth trend
HPG’s financial statement in 3Q25 recorded a revenue of VND36.4tn (+7% yoy) and NPAT of VND4,012bn (+33% yoy). In which, the Steel segment recorded VND33.9bn of revenue, +8.2% yoy, with...
03
November
GMD – Brief – [NONRATED] – Rising expenses eroded profits
GMD announced total revenue of VND1,557bn (+23% YoY), in which, port operation generating VND1.4tn revenue thanks to solid throughput volume and fee increases. Gains from associates in 3Q25 soared to...
03
November
VCB – Earnings review – [BUY] – Awaiting the return
3Q25 PBT rose by +5.0%yoy/ +1.9%qoq to VND11.24tn thanks to a moderate increase in total operating incomes (+7.2%yoy/+1.0%qoq). Accumulated 9M25 PBT climbed by +5.1%yoy to VND33.1tn, completing 76% of the...
31
October
VSC – Brief – [NONRATED] – Profit Boosted by Port Fee Hikes
VSC's 3Q25 revenue rose 19% YoY to VND844bn thanks to higher throughput volume and service fees. Financial income significantly increased thanks to cash dividends from GEX and HAH, while financial...
31
October
TCB – Earnings review- [HOLD]- Proactive expansion, Trend capture
3Q25 PBT continued to improve quarterly + 4.4%qoq and +14.4%yoy to VND8,250bn, thanks to strong growth of operating incomes (+21.2%yoy/11.8%qoq). 3Q25 earnings results are relatively in line with KIS’s estimate....
30
October
PVS – Earnings Review – [BUY] – 3Q25: Profit growth in line with expectations
∙ 3Q25 revenue grew by 99% yoy, and NPAT grew 73% yoy ∙ Net financial gains drove 3Q25 NPAT growth ∙ 4Q25F: Staying busy, with triple-digit NPAT growth expected
29
October
DPM- Brief – [NONRATED] – 3Q25: Benefiting from Selling Prices
In 3Q25, DPM recorded the revenue of VND3,729bn, +21.2%. In which: The growth was boosted by a strong increase in selling price (Urea products ~27% yoy, NPK products ~13% yoy),...
Featured Analysis
Market commentary: Foreign investors turned net buyers again
GDA – Brief – [NONRATED] – 3Q25 – Domestic market supported earnings
Market commentary: Selling pressure returned
Derivatives: Awaiting the next signal
VJC – Earnings Review – [HOLD] – 3Q25: Inefficient expansion
Derivatives: Uptrend confirmation?
Market commentary: Sustained demand
