VSC – Brief – [NONRATED] – Non-core boosted 1Q25 under cautious outlook

VSC’s 1Q25 revenue rose 16% YoY to VND682bn thanks to stronger port contributions and higher service fees. Financial income significantly increased due to a provision reversal, while expenses fell due to better financing. Consequently, NPAT surged 59% YoY to VND111bn. VSC projects stable 2025 revenue but expects lower throughput and EBT (-24% YoY to VND400bn) due to increased competition, goodwill depreciation, higher interest expenses.