Sector and company
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...
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...
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...
24
November
DPM- Brief – [NONRATED] – 1Q26: Benefiting from Selling Prices
In 1Q26, DPM recorded revenue of VND5,623bn (+36.5% YoY). This growth was primarily driven by a sharp increase in selling prices: According to our statistics, average selling prices (ASP) for...
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...
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...
18
November
POW – Earning Review – [HOLD] – 3Q25 – Gross margin widens, profits advance
In 3Q25, revenue recorded VND7,855bn (+30% yoy, -16% qoq) with total electricity production rising 30% yoy, with key drivers coming from the gas-fired and hydropower segments. As a result, gross...
17
November
BSR – Brief – [NONRATED] – 3Q25: Higher volume and margins as expected
3Q25: Higher volume and margins as expected BSR recorded 3Q25 revenue of VND35.3tn (+10% yoy, 99% of KIS forecast), despite lower oil prices, thanks to a solid 13% yoy increase...
13
November
NKG – Brief – [NONRATED] – 3Q25 – Domestic market supported earnings
In 3Q25, NKG recorded the revenue of VND3,773bn, -27.3% yoy. Total sales volume reached 195,102 tonnes, -22% yoy. While selling prices were somewhat less favorable than the previous quarter and...
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
