Analysis Center

KHANG DIEN HOUSE TRADING AND INVESTMENT JSC (KDH VN) A decline in 2Q2025 and 1H2025 NPAT was mainly due to lower gross margins of Privia project and small land lots delivered. Adjust our 2025 NPAT forecast down by 3%...

PHU NHUAN JEWELRY JSC (PNJ VN)   The company reported a 3.1% YoY EAT growth in 2Q, thereby narrowing the earnings decline for the 1H2025 to 4% YoY. Positive results in 2Q were driven by upholding the 24K-excluded gross...

PetroVietnam Fertilizer and Chemicals Corp (DPM VN)   DPM announced Q2/2025 business results with NPAT of VND 413 billion (+75.5% YoY and +95.7% QoQ), exceeding our expectations. For 6M2025, NPAT increased by 24% YoY to VND624 billion, completing 195%...

REE Corporation (HOSE: REE)   REE released its Q2/2025 results, with VND2,513 bn in revenue, +15.2% yoy, VND853 bn in gross profit, +25.4% yoy, and VND623 bn in NPATMI, +75.5% yoy. Cumulative 6M2025, NPATMI reached VND1,235 bn, achieving 51%...

VIETNAM INTERNATIONAL COMMERCIAL BANK We raise our target price by 21% to VND 20,200/share after revising up our target P/E multiple from 6.5x to 8.0x, reflecting the improvement in VIB’s asset quality on the back of a favorable macroeconomic...

NAM LONG INVESTMENT CORPORATION (NLG VN)   NPATMI 2Q2025 declined by 31% YoY due to a financial profit of VND230 bn from transferring 25% of Paragon Dai Phuoc incurred in 2Q2024. However, 1H2025 NPATMI tripled YoY, to VND208 bn...