Oil and Gas
07
August
PLX – Earnings review – [BUY] – 2Q25: Foreign trading saved the day
PLX’s 2Q25 consolidated revenue grew 5% yoy to VND77.1tn (119% of our forecast). Gross profit surprisingly grew 11% yoy to VND5.1tn (156% of our forecast), with gross margin expanding to...
01
August
PVS – Earnings Review – [BUY] – 2Q25: Full steam ahead
PVS’s 2Q25 revenue continue to witness a solid growth of 33% yoy (+28% qoq) to VND7.38tn, which fulfilled 91% of our 2Q25 forecast. 2Q25 gross profit was recorded at VND441bn,...
01
August
GAS – Earnings Review – [BUY] – 2Q25: One-off provision reversal boosted bottom line
GAS’s 2Q25 revenue flatted at VND30.1tn, fulfilling 96% of KIS’s forecast. Gross profit (GP) reached VND4.95tn (-14% yoy), reaching 99% our forecast. Gross profit margin (GPM) remained stable at 16.5%...
22
July
PVB – Brief – [NONRATED] – 2Q25: Full speed ahead
PVB’s revenue stood at VND232bn in 2Q25 (+262% yoy, +119% qoq), as PVB is operating at full capacity. Thus, 6M25 revenue fulfilled 62% of BOD’s 2025 plan. Gross profit came...
21
July
CNG – Earnings review – [HOLD] – 2Q25: Aggressive expansion strategy
CNG's 2Q25 volume and revenue upped 36% and 30% yoy CNG's 2Q25 NPAT reached VND37bn, -17% yoy Selling expenses surged on aggressive market expansion
04
July
Oil & Gas – In-depth – [NEUTRAL] – 2H25 Outlook: Tailwinds at home, headwinds abroad
Natural gas: Natural gas (include LNG) is expected to grow by 11% in 2H25F mainly thanks to the commercial operations of Nhon Trach 3 (from Sept) and Nhon Trach 4...
23
May
PVB – Brief – [NONRATED] – 1Q25: Time to roll up the sleeves
PVB’s revenue stood at VND106bn in 1Q25 (-14% yoy, +87% qoq), notably higher than the 5-year average quarterly revenue of VND69bn. Gross profit came in at VND12.6bn (-63% yoy), translating...
21
May
BSR – Brief – [NONRATED] – 1Q25: Prolonged difficulties
1Q25 volume grew 14% yoy, but revenue grew slower at 4% yoy, to VND31.9tn. 1Q25 gross profit remained weak at VND382bn under the pressures of (1) continued gross loss from...
13
May
PVS – Earnings Review – [BUY] – 1Q25: Full steam ahead
PVS’s 1Q25 revenue grew sharply by 62% yoy (-38% qoq) to VND6.01tn, fulfilled 92% of our 1Q25 forecast and fulfilled 17.6% of our full-year forecast. Yet, 1Q25 NPAT slightly retreated...
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
