Sector and company
10
February
Banking – In-depth – [NEUTRAL] – The Growth Story Continues
Banking profits could be poised for double-digit growth in 2026F, driven by remaining robust credit growth and a rebound in fee-based services, such as payments and bancassurance. Despite potential NIM...
09
February
DCM – Brief – [NONRATED] – 4Q25: NPAT surged on higher ASPs and lower input costs
DCM recorded consolidated revenue of VND4,528bn in 4Q25 (+7% yoy), while total sales volume was broadly flat. Urea: 4Q25 volume declined slightly by 7% yoy to 209 thousand tonnes. However,...
05
February
PVD – Earnings Review – [HOLD] – 4Q25: NPAT is stronger than preliminary estimates
PVD posted 4Q25 revenue of VND4,313bn (+54% yoy, ~108% of KIS’s forecast). Gross profit grew strongly to VND665bn (+77% yoy, 134% of KIS’s forecast). The solid growth was mainly driven...
04
February
GEG – Earnings Review – [HOLD] – 4Q25: Profit growth amplified by a low base
Revenue reached VND590bn (+6% yoy, equivalent to 98% of KIS’s forecast, figure 1), with growth mainly driven by the wind power segment (+48% yoy). Total production amounted to 344mn kWh...
03
February
POW – Earning Review – [HOLD] – 4Q25 – Profit growth mainly reflects a low base
In 4Q25, revenue reached VND8,747bn (+1% yoy, equivalent to 95% of KIS’s forecast, figure 1), supported by a 25% yoy increase in total power production (Qc). Growth was mainly driven...
02
February
GAS – Earnings Review – [HOLD] – 4Q25: NPAT pressured by bad debt provision
GAS recorded 4Q25 revenue of VND43.7tn (+75% yoy, +22% qoq, ~97% of KIS’s forecast), driven by robust growth in international LPG trading activities and higher LNG volume for power generation....
29
January
CNG – Earnings review – [HOLD] – 4Q25: Sacrificing profit for market expansion
4Q25 revenue reached VND1,570bn (+49% yoy, ~95% of KIS’s forecast). Gas volume, as estimated by the company, came in at 130mn Sm³ (+64% yoy). Notably, revenue from trading activities (LPG/LNG),...
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,...
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...
Featured Analysis
Market commentary: Market reversal
Derivatives: Signal Observation
GDA – Brief – [NONRATED] – 1Q26 – Difficulties remain
Derivatives: A Sell Signal?
Market commentary: Selling pressure around elevated price levels
GMD – Brief – [NONRATED] – Gemalink drove 1Q26 results
Market traders: Proprietary trading recorded strong net selling
