Analysis Center

Petro Viet Nam Ca Mau Fertilizer JSC (DCM VN) DCM announced a sharp decline in Q3/2023 earnings results with NPATMI only reaching VND73.7 billion (-90% YoY and -74.4% QoQ), much lower than our expectations. Accumulated 9M2023, NPAT-MI decreased by...

PHU NHUAN JEWELRY JSC (PNJ VN) The company reported shaky y/y growth in 9M2023 in light of weak consumer spending, completing 69% of the company’s EAT target and 74% of our projections. The decline is expected to narrow in...

Quang Ninh Thermal Power JSC (UPCOM: QTP) QTP posted earnings results for Q3/2023. Accordingly, revenue was VND2,507 bn (-20.2% yoy), gross profit was VND62 bn (-73.6% yoy) and NPAT was VND12 bn (- 91.8% yoy). Accumulated 9M2023, NPAT reached...

NAM LONG INVESTMENT CORPORATION (NLG VN) Revenue and PBT in 3Q2023 decreased significantly YoY but net profit jumped by more than 8 times YoY, to VND66 bn thanks to deferred corporate income tax of VND81 bn. Net profit in...

FPT CORPORATION (FPT VN) The company maintained strong performance in 9M2023, driven by a solid growth momentum in the global IT services segment, which was quite in line with our expectations. Reiterate our BUY rating and move target price...

Nhon Trach 2 Thermal Power JSC (HOSE: NT2) NT2 disclosed its business results for Q3/2023, which were quite significantly below our expectation.  Specifically, NPAT incurred a loss of 124 bn dong, (Q3/2022: +199 bn dong).  Accumulated 9M2023, NPAT reached...