Analysis Center

The residential property market becomes more difficult in 2026 given many challenges: 1. Policy challenges: – Restrict credit growth for the property sector. – Issue ID number for each property product. 2. Macroeconomic challenges: – Rising interest rate. –...

VIETNAM PROSPERITY JSC BANK (VPB) We reduce our target price by 18,9% to VND30,000 per share, mainly driven by a reduction in our target P/E from 9.6x to 7.0x to reflect a higher interest rate environment and the potential...

FPT recently announced that from Jan 1st, 2026, the company will no longer consolidate FPT Telecom JSC (HOSE: FOX) into FPT’s consolidated financial statements as a subsidiary. Instead, FOX will be recorded as an affiliate, with FPT recognizing its...

The stock price has fallen by 19% since our latest update due to AI disruption concerns in IT services and broader market selling amid Middle East tensions. It now trades at 13.7x 2026F earnings, close to the -2SD level...

In 2026, global fertilizer supplies are predicted to tighten due to geopolitical tensions. The factors include: (1)Domestic demand continues to grow thanks to favorable agricultural products prices, especially for key crops such as rice, coffee, and cashew nuts. In...

VHM’s 2025 business results recorded strong growth, primarily driven by bulk sales transactions at the Vinhomes Green Paradise project. Due to rising interest rates and tighter government control over credit growth in the real estate sector, we reduced our...