Oil and Gas
02
February
GAS – Earnings Review – [HOLD] – 4Q25: NPAT pressured by bad debt provision
GAS recorded 4Q25 revenue of VND43.7tn (+75% yoy, +22% qoq, ~97% of KIS’s forecast), driven by robust growth in international LPG trading activities and higher LNG volume for power generation....
29
January
CNG – Earnings review – [HOLD] – 4Q25: Sacrificing profit for market expansion
4Q25 revenue reached VND1,570bn (+49% yoy, ~95% of KIS’s forecast). Gas volume, as estimated by the company, came in at 130mn Sm³ (+64% yoy). Notably, revenue from trading activities (LPG/LNG),...
26
January
PVB – Brief – [NONRATED] – 4Q25: Conservative NPAT recognition, exceeding full-year plan
4Q25 is another busy quarter, NPAT recognition remained conservative in our view 4Q25 revenue reached VND222bn (+294% yoy, -16% qoq), driven by full-capacity operations amid a sizable backlog from previously...
17
November
BSR – Brief – [NONRATED] – 3Q25: Higher volume and margins as expected
3Q25: Higher volume and margins as expected BSR recorded 3Q25 revenue of VND35.3tn (+10% yoy, 99% of KIS forecast), despite lower oil prices, thanks to a solid 13% yoy increase...
10
November
GAS – Earnings Review – [BUY] – 3Q25: Net profit is on par with forecast
Facts: revenue widened but profit flatted GAS posted 3Q25 revenue of VND35.7tn (+41% yoy, +19% qoq), exceeding our forecast by 29%, mainly thanks to stronger LPG international trading activities and...
30
October
PVS – Earnings Review – [BUY] – 3Q25: Profit growth in line with expectations
∙ 3Q25 revenue grew by 99% yoy, and NPAT grew 73% yoy ∙ Net financial gains drove 3Q25 NPAT growth ∙ 4Q25F: Staying busy, with triple-digit NPAT growth expected
24
October
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
21
October
PVB – Brief – [NONRATED] – 3Q25: Beating annual plan
PVB’s revenue stood at VND269bn in 3Q25 (+1,144% yoy, +16% qoq), as PVB is operating at full capacity. Thus, 9M25 revenue reached VND609bn (+192% yoy) fulfilled 113% of BOD’s annual...
10
September
BSR – Brief – [NONRATED] – Reactivating the ethanol plant and finding strategic investors for divesting
We believe that BSR-BF has strong potential to quickly maximize its capacity after the official policy about E10 gasoline is implemented thanks to exponential growth in ethanol demand, yet we...
Featured Analysis
Jan 2026: The lowest issuances
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
