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24

October

CNG – Earnings review – [HOLD] – 3Q25: Sacrificing profit for market expansion

∙ 3Q25 volume and revenue upped 22% and 18% yoy ∙ 3Q25 NPAT reached VND26bn, -4% yoy ∙ Selling expenses surged on aggressive market expansion

Report (30)

22

October

NT2 – Earnings review – [HOLD] – 3Q25: Net profit expansion persists

Revenue in 3Q25 reached VND1,928bn (+13% yoy, -7% qoq). Gross profit in 3Q25 reached VND205bn (+244% yoy), equivalent to a gross margin of 10.6%, up 7.1 %p yoy thanks to...

Report (12)

21

October

PVB – Brief – [NONRATED] – 3Q25: Beating annual plan

PVB’s revenue stood at VND269bn in 3Q25 (+1,144% yoy, +16% qoq), as PVB is operating at full capacity. Thus, 9M25 revenue reached VND609bn (+192% yoy) fulfilled 113% of BOD’s annual...

Report (30)

16

October

Aviation – In-depth – [NEUTRAL] – Hold altitude

From 2026F onward, Vietnam’s aviation industry will enter a new growth cycle. In the long term, the industry’s outlook will be heavily influenced by the development of the high-speed railway,...

Report (26)

14

October

Banking – Preview – [NEUTRAL] – 3Q25F Preview: Credit acceleration

Combined NP in 3Q25F could grow 15%yoy, based on our coverage. The results could be driven by both net interest incomes with high credit growth and non-interest incomes. 3Q25F Net...

Report (1)

14

October

Banking – Note – [NEUTRAL] – Circular 14 on capital adequacy ratio

The State Bank of Vietnam (SBV) has issued Circular 14/2025, which takes effect on September 15, 2025, and will officially replace Circular 41/2016 on January 1, 2030, though banks that...

Report (0)

10

September

BSR – Brief – [NONRATED] – Reactivating the ethanol plant and finding strategic investors for divesting

We believe that BSR-BF has strong potential to quickly maximize its capacity after the official policy about E10 gasoline is implemented thanks to exponential growth in ethanol demand, yet we...

Report (33)

22

August

Seafood – Note – [NEUTRAL] – A clearer picture emerges

Pangasius: Exports in 2Q25 rose 11.5% yoy to USD559mn, led by the US (+12.5%) and Brazil (+10%), while China (-0.5%) and EU (-3%) weakened. Industry profits improved, with VHC's NPAT-MI...

Report (9)

22

August

Retail – Notes – [NON-RATED] – Minimarts drive the growth

In 2Q25, we see the consumer demand generally stayed flat compared to 1Q25. In 2H25F, we think minimarts would continue to be the spotlight that drive the growth of the...

Report (20)