Sector and company
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...
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%...
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%.
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...
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...
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...
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...
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,...
Featured Analysis
SBV ramps up repo injections
Derivatives: A reversal pattern?
Market commentary: Divergent movements
Chart of the day: Short-term sell signal?
SIP – Brief – [NONRATED] – Surging expenses dragged the 1Q26 net profit
Derivatives: Mounting selling pressure
Market commentary: Selling pressure persists
