Analysis Center

Binh Son Refining and Petrochemical JSC (UPCoM: BSR)  BSR has announced positive business results for Q2/2024, with a NPAT-MI of VND767 billion (-42.7% YoY), lower than our expectations. Cumulatively, 6M2024 NPAT-MI decreased by 35.2% to VND1,925 billion, completing 167.6%...

GEMADEPT CORPORATION (GMD VN): CORE BUSINESS SHOWED POSITIVE GROWTH IN THE 1H2024 Gemadept Corporation (GMD VND) announced Q2/2024 net sales of VNDbn 1,181 (+29.5% YoY). Gross profit reached VNDbn 542 (+25.9% YoY) with gross profit margin of 45.9%, down...

NAM LONG INVESTMENT CORPORATION (NLG VN) 2Q2024 profit mainly came from the 25% transfer transaction at Paragon Dai Phuoc project. Revise down NPATMI 2024 forecast by 11% to VND 535bn (+11% YoY). Roll forward valuation to 2025 with a...

VIETNAM DAIRY PRODUCTS JSC (VNM VN) A recovery in gross margin continued to bolster the company’s earnings growth while a better-than-expected jump in exports refreshed revenue growth in 2Q2024. We slightly revised up our projection for 2024 profit by...

SAIGON VRG INVESTMENT JSC (SIP VN) Positive 2Q2024 and 1H2024 results. Revise up 2024 forecast with 7% up in revenue & 5% up in profit. Adjust our target price down by 4% to VND85,300 given a decline in net...

IDICO CORPORATION – JSC (IDC VN) Positive 1H2024 result. Adjust 2024 forecast. Roll forward target price to VND66,600 at YE2025, up by 3% compared to 2024 target price. Upgrade recommendation from Neutral to Outperform as stock price decreased by...