Uncategorized
28
July
FPT – Brief – [NONRATED] – Technology growth slowed down
In 2Q25, FPT’s revenue grew only by 9.1% yoy to VND16.6tn, which was much slower than the increase of 13.9% yoy in 1Q25 mainly due to the slowndown in technology....
04
July
Retail – In-depth – [NONRATED] – 2H25F Outlook: Better or worsen depends on macro conditions
In 2H25F, we think that the business results of retailers would depend on macro-economic conditions. In which, ICT-CE and Jewelry retail might grow slow compared to 1H25 due to the...
16
May
CTG – Brief – [NONRATED] – Elevated credit growth
1Q25 PBT rose by +9.9%yoy to VND6,823bn thanks to higher other income growth (+59.3%yoy), and flatness in provision risks expenses (+1%yoy). Higher provision risk expenses led to actual 1Q25 PBT...
13
May
BID – Earnings review – [BUY] – Unchanged earnings
1Q25 profit before tax stayed flat, +0.3%yoy to VND7,413bn due to weak operating incomes: modest increase in net interest incomes (+3.0%yoy), investment incomes (+103%yoy), and other incomes (+143%yoy), compensating for...
08
May
Banking – Note – [NEUTRAL] – Uphold a moderate growth trajectory
Aggregated 1Q25 PBT (27 listed banks) surged +14.5%yoy. If excluding the one-off incomes from SSB, the 100% stake sale of Post and Telecommunication Finance Company, 1Q25 PBT only rose by...
05
May
FRT – Brief – [NONRATED] – Growth slowed down
In 1Q25, FRT reported a net revenue of VND11.7tn (+29.1% yoy) and NPAT of VND213bn (+3.5x yoy). Long Chau’s sales continued to rise to VND8.1tn (+45.5% yoy) and NPAT surged...
24
April
ACB – Brief – [NONRATED] – Muted credit growth
1Q25 PBT inched down -6%yoy to VND4,596bn due to lower net interest incomes (-5.4%) and higher risk provision expenses (+22.2%yoy). 1Q25 PBT completed 20% of the 2025 target.
24
February
03
February
Featured Analysis
GAS – Earnings Review – [BUY] – 2Q25: One-off provision reversal boosted bottom line
REE – Earnings review – [HOLD] – 2Q25: Steady surge in utilities
Derivatives: Testing the 20-day moving average
Market commentary: Divergent market performance
Derivatives: Waiting for the next signal
Market commentary: Foreigners reversed strongly to net buying
Derivatives: Downtrend ahead?
