Company report

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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...

Report (3)

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

Report (30)

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...

Report (12)

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...

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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...

Report (33)

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...

Report (3)

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...

Report (2)

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)...

Report (34)

08

August

PVD – Earnings Review – [BUY] – 2Q25: Recovery comes early

2Q25 revenue upped 8% yoy to VND2.4tn, with gross profit (GP) growing 11% yoy to VND520bn. Gross margin (GPM) saw a solid recovery to 21.4% (+3.4%p qoq, +0.2%p yoy). 2Q25...

Report (31)