Analysis Center

FPT CORPORATION (FPT VN) The company sustained healthy growth in 1H2024 driven by solid performance of the global IT services segment. Looking forward to 2025, the vigorous outlook persists given 20% YoY EBT growth. Maintain an OUTPERFORM rating with...

VINHOMES JSC (VHM VN) A moderate 1H2024 result was due to variance in project delivery timing. However, we adjust 2024 NPAT up by 2% to VND35.1 trn mainly thanks to higher profit from Vinhomes Royal Island. We revise target...

PetroVietnam Power Corporation (HoSE: POW) For 6M2024, POW reported VND666 bn in NPAT, – 18.6% YoY, completing 80.8% of the 2024 plan.  Due to the end of the El Nino meteorological cycle and the shift to neutral/La Nina conditions...

Hai An Transport & Stevedoring JSC (HSX: HAH) HAH’s BOD approved a resolution on September 18, 2024, with the following key updates: (1) The company revised its 2024 business plan, increasing total revenue by 19% from VNDbn 3,326 to...

PetroVietnam Fertilizer and Chemicals Corp (DPM VN) For the 1H2024, DPM reported a NPAT of VND503 billion (+37% YoY), fulfilling 92.8% of the company’s annual target—traditionally set at a very conservative level—and 65% of our forecast. Specifically, Q2/2024 contributed...

VIETNAM INTERNATIONAL COMMERCIAL JS BANK (VIB) We downgraded from BUY to OUTPERFORM on VIB, following a 16,1% appreciation in the stock price since our last report. Our 1-year target price of VND19,000/share is based on target P/E and P/B...