Analysis Center

A slight decline in 1H2025 business result was mainly due to a lower number of delivered units. Keep our 2025 forecast unchanged. Adjust YE2025 target price up by 65% to VND115,900/share given the adding of 3 industrial parks, Phuoc...

IMEXPHARM CORP (IMP VN) The hospital channel sustained its upward trajectory and the pharmacy channel also witnessed substantial improvements. We maintain our projections of 15.0% YoY and 17.6% YoY growth in net revenue and EAT, respectively, for IMP in...

VINCOM RETAIL JSC (VRE VN) A solid growth in 2Q2025 and 1H2025 profits mainly thanks to higher occupancy rates of malls, 5 new malls opened in 2024 and increased financial income. Adjust 2025 NPAT up by 19% to VND4,762...

VIETNAM DAIRY PRODUCTS JSC (VNM VN)   The company generated a strong QoQ rebound in 2Q2025 following the restructuring of its distribution system, although YoY performance did not replicate the same momentum, in line with our expectations. We maintain...

BANK FOR FOREIGN TRADE OF VIETNAM (VCB)   We raise our 12-month target price by 12.8% to VND 75,100/share, mainly driven by an upward revision of our target P/E from 16.5x to 18.0x to reflect a more favorable macro...

KINH BAC CITY DEVELOPMENT HOLDING CORPORATION JSC (KBC VN)   Positive 1H2025 result mainly thanks to large industrial land delivered at Hung Yen industrial clusters. As the overall risk from the US tariff has reduced, we revise our 2025...