Analysis Center

VINHOMES JSC (VHM VN) Strong growth in 4Q2024 result was driven by 2 bulk sales transactions at Vinhomes Ocean Park 3. Flat 2024 result was in line with our forecast. Adjust 2025 NPAT down by 10% to VND33.8 trn...

VIETNAM DAIRY PRODUCTS JSC (VNM VN) The company reported a decline of 0.9% YoY in revenue and 8.7% YoY in 4Q2024, lower than our projections. Although a BUY recommendation is maintained, we revise our target price down by 12%...

COTECCONS CONSTRUCTION JSC (CTD VN) CTD (Fiscal Year (FY): 01/07/2024 – 30/06/2025) achieved robust growth in the first two quarters of the new fiscal year, propelled by the resurgence in construction activities, especially the industrial construction segment, and enhanced...

DEO CA TRAFFIC INFRASTRUCTURE INVESTMENT JSC (HHV VN) HHV’s 4Q2024 and 2024 business results were positive, aligning with ACBS’s forecasts. Keep 2025 forecast and YE2025 target price nearly unchanged at VND16,000/share, upsize 27.5%. HHV announced its positive 4Q2024 business...

GIA LAI ELECTRICTY JST (HoSE: GEG) GEG announced Q4/2024 results with VND555 bn in revenue, -2.5% YoY, and VND12 bn in NPAT, -62.5% YoY. For 2024, NPAT reached VND92 bn, -35.6% YoY, fulfilling 34.1% of the 2024 plan and...

VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK (TCB) We recommend BUY for TCB with a target price of VND 33,100/share. The valuation includes the possibility of TCBS Securities Company being IPO’d and listed, assuming a valuation of 3.0x BVPS,...