Analysis Center

REE announced Q3/2025 results with VND2,552 bn in revenue, +26% YoY, and  VND674 bn in NPATMI, +40% YoY. For 9M2025, NPATMI reached VND1,908 bn, +45% YoY, fulfilling 79% of the company’s plan and 80% of ACBS’s 2025 forecast. The...

POW announced Q3/2025 results with VND7,855 bn in revenue, +30% YOY, and VND948 bn in NPAT, +109% YoY. Accumulated 9M2025, NPAT reached VND2,181 bn, +96% YoY, nearly five times its plan and twice ACBS’s forecast for 2025. POW’s strong...

The company returned to EAT growth at 4.5% YoY in 3Q2025, in line with our expectations and shrinking the dip in 1H. We maintain our EAT projection at VND9,156bn (-3.1% YoY) for 2025 and move our target price for...

PLX announced its Q3/2025 business results with NPAT reaching VND706 billion (+441% YoY and -48.4% QoQ), which was higher than our expectations. For 9M2025, NPAT decreased by 8.2% YoY to VND 2,341 billion, fulfilling 87.8% of the full-year target...

SAIGON VRG INVESTMENT JSC (SIP VN) Positive 3Q2025 and 9M2025 results mainly thanks to stable power & water supply and industrial park segments and strong growth in financial income. Keep our 2025 and 2026 forecast unchanged. Roll forward target...

We recommend an OUTPERFORM rating for HDB with a 12-month target price of VND34,300/share, based on a target P/E of 7.6x, equivalent to its historical median. The potential private placement to foreign strategic investors is expected to serve as...