Uncategorized
22
August
Retail – Notes – [NON-RATED] – Minimarts drive the growth
In 2Q25, we see the consumer demand generally stayed flat compared to 1Q25. In 2H25F, we think minimarts would continue to be the spotlight that drive the growth of the...
04
August
PNJ – Brief – [Non-rated] – The fog remains
In 2Q25, PNJ’s net revenue dropped to VND7,582bn (-20.3% yoy) and PNJ’s NPAT lift up slightly to VND442bn (+3.0% yoy). In 2H25F, we think that Jewelry Retail’s sales might still...
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.
Featured Analysis
Market commentary: Liquidity declines
Derivatives: Consolidation phase
Market commentary: Maintaining the uptrend
Derivatives: Finding a bottom
Market commentary: Green returned
Market traders: Extend the liquidity uptrend
Derivatives: Downside phase
