Sector and company
11
November
Banking – Note – [NEUTRAL] – Right on track
Aggregated 3Q25 PBT (27 listed banks) surged +24.6%yoy from a low base in 3Q24 and -1.8%qoq. The business results resulted from 1) robust credit growth, 2) a strong growth in...
10
November
GEG – Note – [HOLD] – Outlook remains stable
For 2026F, we project GEG’s revenue and GP at VND2,784bn (-10% yoy) and VND1,631bn (-6% yoy), respectively. Growth will primarily be driven by the hydropower and solar segments, with total...
10
November
GAS – Earnings Review – [BUY] – 3Q25: Net profit is on par with forecast
Facts: revenue widened but profit flatted GAS posted 3Q25 revenue of VND35.7tn (+41% yoy, +19% qoq), exceeding our forecast by 29%, mainly thanks to stronger LPG international trading activities and...
06
November
BAF – Brief – [NONRATED] – 3Q25: The pressure from selling price
- In 3Q25, BAF recorded the revenue of VND1,136bn, -13.5% yoy. The decline in growth was mainly due to BAF no longer recording the revenue and profit in the animal...
05
November
PVD – Earnings Review – [BUY] – 3Q25: Robust growth as expected
3Q25 revenue upped 5.4% yoy to VND2.57tn (110% KIS forecast), with gross profit (GP) growing 36% yoy to VND609bn (114% KIS forecast). Gross margin (GPM) saw a solid recovery to...
04
November
HPG – Brief – [NONRATED] – Sustain a growth trend
HPG’s financial statement in 3Q25 recorded a revenue of VND36.4tn (+7% yoy) and NPAT of VND4,012bn (+33% yoy). In which, the Steel segment recorded VND33.9bn of revenue, +8.2% yoy, with...
03
November
GMD – Brief – [NONRATED] – Rising expenses eroded profits
GMD announced total revenue of VND1,557bn (+23% YoY), in which, port operation generating VND1.4tn revenue thanks to solid throughput volume and fee increases. Gains from associates in 3Q25 soared to...
03
November
VCB – Earnings review – [BUY] – Awaiting the return
3Q25 PBT rose by +5.0%yoy/ +1.9%qoq to VND11.24tn thanks to a moderate increase in total operating incomes (+7.2%yoy/+1.0%qoq). Accumulated 9M25 PBT climbed by +5.1%yoy to VND33.1tn, completing 76% of the...
31
October
VSC – Brief – [NONRATED] – Profit Boosted by Port Fee Hikes
VSC's 3Q25 revenue rose 19% YoY to VND844bn thanks to higher throughput volume and service fees. Financial income significantly increased thanks to cash dividends from GEX and HAH, while financial...
Featured Analysis
Market traders: Liquidity declines due to the holiday
Derivatives: Cautious observation
Market commentary: Divergence market
SBV maintains liquidity support ahead of the Tet holiday
Covered warrant: Positive developments
Derivatives: All-time high
Market commentary: Year-end breakthrough
