TCB – Earnings review- [HOLD]- Diversified lending book
4Q25 PBT continued to improve quarterly + 10.9%qoq and +94.9%yoy to VND9,153bn, thanks to strong growth of operating incomes (+54.8%yoy/3.9%qoq) and controlled operating expenses. The cumulative number, 2025 PBT, rose by +18.2%yoy to VND32,538bn, completing 103% of the 2025 guidance and 108% of KIS’s estimate.
Featured Analysis
Derivatives: Low liquidity
HAH – Brief – [NONRATED] – Shipping segment drove 1Q26 profit growth
SBV continues net liquidity withdrawal
Derivatives: Sell signal
Market commentary: Selling pressure persists
Chart of the day: Short-term peak
DCM – Brief – [NONRATED] – 1Q26 earnings down, IP gross margin improved
