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13

February

Textile & Garment – Sector Note – [Nonrated] – On a growth track

In 4Q24, textile and garment sector continued a growth stance in both manufacturing and export activity. Particularly, clothing, fabric and yarn domestic production soared by a double-digit in 4Q24. Notably,...

Report (10)

10

February

Fertilizer – Note – [Nonrated] – Boost exports amid sluggish domestic demand

In 4Q24, fertilizer supply was tight, with demand concentrated in the Mekong Delta. Revenue for listed companies was stable at VND21,498bn (+2.5% yoy), but NPAT-MI dropped to VND1,494bn (-55.8% yoy)...

Report (6)

08

February

Banking – Note – [NEUTRAL] – Magnificent earnings growth

Aggregated 4Q24 PBT (27 banks) surged +19.6%yoy, supported by all elements: Net interest incomes with a moderate growth (+11.0%yoy), a significant growth in non-interest incomes (+32%yoy), controllable OPEX (remained CIR...

Report (16)

19

January

Power – In-depth – [NEUTRAL] – 2025 Outlook: Opportune moment

In 2025, nationwide electricity consumption is expected to maintain an 11% yoy growth, with hydropower and gas-fired power being the highlights of the sector. This is attributed to the anticipated...

Report (37)

12

January

Banking – In-depth – [NEUTRAL] – The bumpy road to recovery

In 2025F, improving business conditions and consumption could continue and drive the credit demand. 2025F credit growth could be higher than the 2024 rate. Other integrated banking services could also...

Report (5)

10

January

Aviation – In-depth – [NONRATED] – 2025 Outlook: Await the return of domestic demand

In 2025F, we expect that (a) airfares could decline as new supply enters the market and stored aircraft gradually returns, and (b) consumers could spend more on leisure and travel...

Report (2)

03

January

Retail – In-depth – [NONRATED] – 2025 Outlook: Next Chapter

In 2025F, we think that the retail sector would generally have a positive prospect. (1) ICT-CE and Jewelry retailers would continue to recover due to the recovery of consumer demand....

Report (15)

27

December

Oil & Gas – In-depth – [NEUTRAL] – 2025 Outlook: LNG gains the spotlight

We strongly believe that LNG segment could be bright spot for Oil & Gas sector in 2025F. LNG consumption, led by the official run of Nhon Trach 3&4 LNG-fired power...

Report (33)

14

December

Seafood – In-depth – [NEUTRAL] – 2025 Outlook: Against All Odds

In 2025F, as consumer demand continues to revive in key export markets, we project the seafood industry to follow a recovery trend comparable to 2024. However, this may face short-term...

Report (15)