Company report
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
GEG – Earnings Review – [HOLD] – 1Q26: Profit remains subdued
Revenue reached VND767bn (-30% yoy, figure 1), mainly weighed down by the wind power segment despite strong growth from hydropower (+46% yoy, figure 1). Total production amounted to 380mn kWh...
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...
13
May
PVS – Earnings Review – [HOLD] – 1Q26: Strong NPAT growth in line with forecast
Facts: Strong NPAT growth in line with forecast 1Q26 revenue reached VND8.7tn (+45% yoy). Of which, the Mechanical & Construction (M&C) segment recorded revenue of VND5.9tn (+47% yoy), exceeding our...
Featured Analysis
SBV ramps up repo injections
Derivatives: A reversal pattern?
Market commentary: Divergent movements
Chart of the day: Short-term sell signal?
SIP – Brief – [NONRATED] – Surging expenses dragged the 1Q26 net profit
Derivatives: Mounting selling pressure
Market commentary: Selling pressure persists
