IDC – Brief – [NONRATED] – Slower IP Handovers Weigh on Core Earnings

In 1Q26, IDC reported VND2,165bn revenue (-6% qoq, +12% yoy) with a GP landing at VND389bn (-45% qoq, -29% yoy). The contraction in high-margin segments (IP) led to a blended GPM compression of 26.2% (-6.6%p qoq, -4.6%p yoy). Net profit came in at VND338bn (-37% qoq, -19% yoy).