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 to inefficient network expansion as active fleet +15% but passengers carried increased by 9% YoY. 3Q25 NPAT came in at VND320bn (-44% YoY). With SPQ’s new aircraft expected to arrive late in the year, in preparation for the 2026 Lunar New Year so competitive risk from SPQ in 4Q25 remains limited. We still maintain HOLD recommendation for VJC.