Sector Note – 1Q25F forecast: Recovery but slowdown

Projected growth of NPAT for 44 firms in KISVN’s coverage portfolio is 9.8% yoy, reflecting a decline from 54.3% yoy in 4Q24 and 21.7% yoy in 3Q24. • Four sub-industries – Real estate, Materials, Seafood – pangasius, and Textiles – are anticipated to exhibit exceptional growth relative to other sub-industries. Furthermore, we anticipate our Banking portfolio to attain a yoy-growth rate of 10%, while Retail is projected to maintain its favorable recovery trajectory, achieving a growth rate of 23% yoy. Stocks anticipated to exhibit substantial growth in company performance in 1Q25F include: CTG, VHM, KDH, NLG, VHC, HPG, and HAH.