Analysis Center

KINH BAC CITY DEVELOPMENT HOLDING CORPORATION JSC (KBC VN) Disappointing 2024 result was below our forecast due to low industrial park area delivered in 4Q2024. Adjust 2025 NPAT up by 19% to VND1.2 trn given a delay in industrial...

SAI GON THUONG TIN COMMERCIAL JS BANK (STB) We recommend a BUY with a one-year target price of VND 50,700 per share. Our target price includes potential gains from liquidation of the 32.5% STB shares, along with 80% of...

FPT CORPORATION (FPT VN) The company sustained healthy growth in 2024 driven by solid performance of the global IT services segment. Looking forward to 2025, the vigorous outlook persists given 20% YoY EBT growth in our projection; however, the...

GEMADEPT CORPORATION (GMD VN) GMD recorded positive financial results in 4Q2024 and throughout 2024, primarily thanks to increased container handling fees and container throughput. Our 2025 forecast remained unchanged with revenue and net profit of VND4,892 bn (+1.2% YoY)...

IDICO CORPORATION – JSC (IDC VN) FY2024 business result was perfectly in line with our forecast. Adjust our 2025 PBT down by 16% to VND2.3 trn (-23% YoY) and YE2025 target price by 3% to VND65,400/share mainly due to...

BINH SON REFINING AND PETROCHEMICAL JSC (BSR VN)  BSR announced its Q4/2024 financial results with net loss of 89 billion VND (compared to NPAT of 2,406 billion VND in the same period last year), lower than our expectations. For...