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
Featured Analysis
PHR – Brief – [NONRATED] – NP slides on weak IP and no VSIP III payment
Banking – Note – [NEUTRAL] – On target
Derivatives: Declining liquidity
Market commentary: Sustained demand
Derivatives: Reversal signal?
Market commentary: Broad-based gains
Derivatives: Increased volatility
