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: Breakout signal
NKG – Brief – [NONRATED] – 1Q26: Significant challenges remain
PHR – Brief – [NONRATED] – 1Q26: Receiving compensation from THACO
Market commentary: Energy sector in the spotlight
Derivatives: Waiting for a breakout signal
NT2 – Earnings review – [HOLD] – 1Q26: Profit rebounded strongly
REE – Brief – [NON-RATED] – 1Q26: M&E boosted profit growth
