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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...

Report (30)

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 (1)

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 (17)

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...

Report (13)

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...

Report (31)

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)

20

November

GDA – Brief – [NONRATED] – 3Q25 – Domestic market supported earnings

- In 3Q25, GDA recorded the revenue of VND3,680bn, -28.7% yoy. Total sales volume reached 188,848 tonnes, -6% yoy. While selling prices were somewhat less favorable than the previous quarter...

Report (15)

19

November

VJC – Earnings Review – [HOLD] – 3Q25: Inefficient expansion

3Q25 revenue rose 8% YoY to VND16.9tn, while gross profit (GP) fell 5% YoY to VND2.1tn. Transportation revenue reached VND16.5tn (+9% YoY, table 2). However, GPM narrowed to 10.1% due...

Report (5)