Analysis Center

TLG is known as the leading stationery manufacturer in Vietnam with a diversified product mix and distribution network. The domestic market dominates the company’s revenue breakdown while expansion to exports has been and will likely be its growth driver....

Positive 2025 earnings were driven by strong growth in the residential real estate segment and profit from joint ventures and associates. We maintain 2026 forecast and end-of-2026 target price of VND 76,600/share and reiterate our Outperform rating. BCM delivered...

Key points: Consumer spending is expected to witness more improvements in 2026 notwithstanding a slow pace. Despite the dominance of traditional channel, the shift in consumers’ shopping habit from traditional to modern trade favor retailers in Vietnam. The online...

For 2025, PVD achieved revenue of VND 10,892 billion (+17.3% yoy, completing 151% annual plan), and net profit after tax of VND 1,050 billion (+50.4% yoy, completing 198% annual plan, and 118% of ACBS’s forecast). Growth came from the...

POW announced Q4/2025 results VND8,747 bn in revenue, +2% YoY, and NPAT of VND688 bn, +588% YoY. For 2025, NPAT reached VND2,869 bn, +137% YoY, equivalent to 654% of the company’s plan and 126% of ACBS’s 2025 forecast. The...

HOA PHAT GROUP JSC (HPG VN) In 2025, HPG delivered earnings broadly in line with expectations (NPAT: +29% YoY), supported by the commissioning of Dung Quat 2 in 1Q2025 and 3Q2025 and its rapid ramp-up to stable operations. As...