Company report

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• Company note

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....

Report (31)

29

January

CNG – Earnings review – [HOLD] – 4Q25: Sacrificing profit for market expansion

4Q25 revenue reached VND1,570bn (+49% yoy, ~95% of KIS’s forecast). Gas volume, as estimated by the company, came in at 130mn Sm³ (+64% yoy). Notably, revenue from trading activities (LPG/LNG),...

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28

January

VOS – Brief – [NONRATED] – Core earnings surge, Vosco Unity liquidation

Higher core earnings, VND216bn gains from selling vessel In 4Q25, VOS reported VND957bn revenue (+13% QoQ, -28% YoY). In particular: Commercial segment: revenue stood at VND337bn (35% of total revenue,...

Report (1)

26

January

PVB – Brief – [NONRATED] – 4Q25: Conservative NPAT recognition, exceeding full-year plan

4Q25 is another busy quarter, NPAT recognition remained conservative in our view 4Q25 revenue reached VND222bn (+294% yoy, -16% qoq), driven by full-capacity operations amid a sizable backlog from previously...

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23

January

TCB – Earnings review- [HOLD]- Diversified lending book

4Q25 PBT continued to improve quarterly + 10.9%qoq and +94.9%yoy to VND9,153bn, thanks to strong growth of operating incomes (+54.8%yoy/3.9%qoq) and controlled operating expenses. The cumulative number, 2025 PBT, rose...

Report (4)

23

January

QTP – Earnings review – [BUY] – 4Q25: One-off income lifts earnings sharply

In 4Q25, QTP’s revenue reached VND2,953bn, up 2% yoy, mainly driven by (i) the recognition of VND663bn in foreign exchange income and (ii) an estimated 15% yoy increase in production,...

Report (18)

19

January

NT2 – Earnings review – [HOLD] – 4Q25: Net profit expansion persists

4Q25 revenue reached VND2,367bn (+33% yoy and +23% qoq; figure 1), driven by: A 17% yoy increase in production amid stable nationwide electricity consumption in 4Q25 (figure 2); An estimated...

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26

November

BWE – Brief – [NONRATED] – 3Q25: Awaiting the water tariff hike story

In 3Q25 revenue posted VND903bn (-4% yoy and -32% qoq, figure 1), mainly due to the downturn in the waste treatment segment and other segments. Breakdown by business segment: Clean...

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24

November

DCM – Brief – [NONRATED] – 3Q25: NPAT surged on higher ASPs and lower input costs

3Q25: production activities soften slightly, but high ASPs and lower input gas price pushed growth DCM recorded consolidated revenue of VND2,988bn in 3Q25 (+13% yoy). Both gross profit and NPAT...

Report (31)