Company report
28
October
QTP – Earnings review – [BUY] – 3Q25: Earnings dented by margin pressure
In 3Q25F, revenue is estimated at VND2,056bn (-14% yoy) due to an estimated 28% yoy decline in average selling price, despite production increasing 20% yoy to 1,620mn kWh, as national...
24
October
VOS – Brief – [NONRATED] – Profits surge thanks to higher rates
In 3Q25, VOS reported a VND850bn revenue (+2% QoQ, -33% YoY). Shipping revenue VND539bn (+8% QoQ, +10% YoY) thanks to increased tonnage and higher rates in both dry bulk and...
24
October
CNG – Earnings review – [HOLD] – 3Q25: Sacrificing profit for market expansion
∙ 3Q25 volume and revenue upped 22% and 18% yoy ∙ 3Q25 NPAT reached VND26bn, -4% yoy ∙ Selling expenses surged on aggressive market expansion
22
October
NT2 – Earnings review – [HOLD] – 3Q25: Net profit expansion persists
Revenue in 3Q25 reached VND1,928bn (+13% yoy, -7% qoq). Gross profit in 3Q25 reached VND205bn (+244% yoy), equivalent to a gross margin of 10.6%, up 7.1 %p yoy thanks to...
21
October
PVB – Brief – [NONRATED] – 3Q25: Beating annual plan
PVB’s revenue stood at VND269bn in 3Q25 (+1,144% yoy, +16% qoq), as PVB is operating at full capacity. Thus, 9M25 revenue reached VND609bn (+192% yoy) fulfilled 113% of BOD’s annual...
10
September
BSR – Brief – [NONRATED] – Reactivating the ethanol plant and finding strategic investors for divesting
We believe that BSR-BF has strong potential to quickly maximize its capacity after the official policy about E10 gasoline is implemented thanks to exponential growth in ethanol demand, yet we...
20
August
BID – Earnings review – [BUY] – Enhancing bad debt recovery
2Q25 profit before tax rose by +5.7%yoy to VND8,626bn mainly thanks to other incomes (+181%yoy) from bad debt collection. Accumulated 1H25 PBT rose by +3.1%yoy to VND16,039bn, completing 50% of...
15
August
VCB – Earnings review – [BUY] – Gradual improvement
2Q25 PBT rose by +9.1%yoy to VND11.03tn due to lower risk provision expenses (-46.5%yoy) and higher other incomes. Accumulated 1H25 PBT climbed by +5.1%yoy to VND21.9tn, completing 50% of the...
11
August
VNM – Brief – [HOLD] – Gradually improved
In 2Q25, VNM’s revenue rose to VND16.7tn (+0.4% yoy) and NPAT decreased to VND2.5tn (-7.6% yoy). In 2H25m we expect VNM business results to be better than 1H25 with (1)...
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
