Analysis Center

KHANG DIEN HOUSE TRADING AND INVESTMENT JSC (KDH VN) 1H2024 NPAT declined mainly due to a lower gross margin, fines and compensation costs. However, we revise up 2024 NPAT by 14% to VND925 bn (+27% YoY) after including realized...

FPT DIGITAL RETAIL JSC (FRT VN) While the FPT Shop chain has yet regained ground, Long Chau sustained solid performance despite investments in vaccination centres, nurturing a positive revision in our EBT projection for 2024 by 53% compared to...

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...