Sector and company

• Company report
  • Company brief - review
  • Company in-dept
  • Company note
• Sector report
  • Sector in-depth
  • Sector note
  • Sector preview
  • Sector review

05

May

TCB – Earnings review- [BUY]- Expanding beyond credit

1Q26 PBT rose by +22.6% to VND8,870bn, thanks to a moderate growth in credit activities (+14.6%yoy), a robust growth in net fee incomes, and a decrease in provision expenses. 1Q26...

Report (2)

04

May

BSR – Earnings review- [HOLD] – 1Q26: Profit surges beyond expectations

Facts: Profit surges beyond expectations BSR’s 1Q26 revenue reached VND45.9tn (+44% yoy, 105% of KIS forecast), driven by higher output (estimated +15–20% across key products including Diesel, Gasoline, and Jet...

Report (30)

29

April

CNG – Earnings review – [HOLD] – 1Q26: Sacrificing profit for market expansion

1Q26 revenue reached VND1,192bn (+40% yoy, ~101% of KIS forecast). Gas volume (CNG/LNG/LPG) came in at 90.4mn Sm³ (+42% yoy, 109% of KIS forecast). In particular, revenue from trading activities...

Report (30)

15

April

OCB – Brief -[NONRATED] – AGM Business repositioning

OCB targets 2026 PBT of VND6,960bn (+39% yoy), total assets of VND354,214bn (+10% yoy), customer deposits (market 1) of VND251,919bn (+14% yoy), and customer loans (market 1) of VND235,875bn (+15%...

Report (0)

09

April

ACB – Brief – [NONRATED] – AGM: Enhance capacity and expand operations

Profit before tax 2026 targets VND22,338bn (+14%yoy). Total assets, credit, and deposits plan to grow 16%yoy. NPL ratio (group 3–5) is expected below 2%.

Report (1)

06

March

HDB – Brief – [NONRATED] – Ambitious growth

4Q25 PBT surged sharply by +60.0%yoy to VND6,519bn thanks to robust growth in net interest incomes (18.9%yoy) and non-interest income (+106%yoy), and manageable expenses on operation and risks provision. The...

Report (0)

06

March

Power – In-depth – [NEUTRAL] – 2026 Outlook: Thermal power cycle returns

In 2026, nationwide power demand is projected to grow by 8.5% yoy under EVN’s base-case scenario, with thermal power emerging as a key bright spot for the sector. The main...

Report (42)

13

February

PHR – Brief – [NONRATED] – NP slides on weak IP and no VSIP III payment

In 4Q25, PHR reported VND499bn net revenue (-19% QoQ, -21% YoY, figure 1). In particular: Rubber: revenue lowered to VND468bn (94% of total revenue, -22% QoQ, -19% YoY) due to...

Report (2)

13

February

Banking – Note – [NEUTRAL] – On target

Aggregated 4Q25 PBT (27 listed banks) surged +19.2% yoy and +11.3% qoq. This strong performance was driven by 1) robust credit growth, 2) recovery of service activities, 3) strong growth...

Report (1)