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03

February

PVD – Earnings Review – [BUY] – 4Q24: Rising pressures

PVD’s 4Q24 revenue grew by 60% yoy (VND2,789bn, 112% of KIS forecast), but gross profit plummeted 10% yoy to VND359bn (71% of KIS forecast) owing to poorer day rates. 4Q24...

Report (33)

23

January

ACB – Brief – [NONRATED] – Defending earnings growth in 4Q24

4Q24 PBT jumped +12.4%yoy (to VND5,671bn thanks to (1) net interest incomes (+12.6%yoy), (2) manageable operating expenses (-9.1%yoy), and (3) lower risk provision expenses (-54%yoy). Meanwhile, non-interest incomes dropped by...

Report (4)

23

January

VHC – Brief – [BUY] – Weaker-than-expected results in Dec-24

In Dec-24, VHC released monthly revenue which sat at VND1,029bn (+26% yoy and +6.3% mom). While this reflects positive growth, it fell short of our expectations due to weaker-than-expected pangasius...

Report (0)

22

January

VOS – Brief – [NONRATED] – Lower freight rates dampened 4Q24 profit

In 4Q24, VOS reported a VND1.32tn revenue (+4% QoQ, +45% YoY). Shipping: revenue inched down to VND477bn (36% of total revenue, - 3% QoQ, -4% YoY) due to significant decline...

Report (3)

22

January

TCB – Earnings review – [HOLD] – Unattractive earnings growth in 4Q24

4Q24 PBT was down -18.7%yoy to VND4,696bn due to (1) lower non-interest incomes (-72.1% yoy) and (2) significantly higher operating expenses (+31%yoy). Meanwhile, stronger net interest incomes (+13.2%yoy) and lower...

Report (0)

21

January

FMC – Earnings review – [HOLD] – Led by KAF…

In 4Q24, FMC posted a revenue of VND1,364bn (+8.9% yoy) and a NPAT-MI of VND110bn (+33.7% yoy). This result beat our forecasts due to FMC recorded (1) An exponential growth...

Report (0)

19

January

Power – In-depth – [NEUTRAL] – 2025 Outlook: Opportune moment

In 2025, nationwide electricity consumption is expected to maintain an 11% yoy growth, with hydropower and gas-fired power being the highlights of the sector. This is attributed to the anticipated...

Report (37)

17

January

BCG – Brief – [NONRATED] – Charge against BOD members

On Mar 1, The Bamboo Capital Group (BCG VN Equity, Non-rated) was notified by the competent authority regarding the decision to initiate a case and a suspect charge against members...

Report (10)

12

January

Banking – In-depth – [NEUTRAL] – The bumpy road to recovery

In 2025F, improving business conditions and consumption could continue and drive the credit demand. 2025F credit growth could be higher than the 2024 rate. Other integrated banking services could also...

Report (5)