Analysis Center

VINCOM RETAIL JSC (VRE VN) A solid growth in 2Q2025 and 1H2025 profits mainly thanks to higher occupancy rates of malls, 5 new malls opened in 2024 and increased financial income. Adjust 2025 NPAT up by 19% to VND4,762...

VIETNAM DAIRY PRODUCTS JSC (VNM VN)   The company generated a strong QoQ rebound in 2Q2025 following the restructuring of its distribution system, although YoY performance did not replicate the same momentum, in line with our expectations. We maintain...

BANK FOR FOREIGN TRADE OF VIETNAM (VCB)   We raise our 12-month target price by 12.8% to VND 75,100/share, mainly driven by an upward revision of our target P/E from 16.5x to 18.0x to reflect a more favorable macro...

KINH BAC CITY DEVELOPMENT HOLDING CORPORATION JSC (KBC VN)   Positive 1H2025 result mainly thanks to large industrial land delivered at Hung Yen industrial clusters. As the overall risk from the US tariff has reduced, we revise our 2025...

SAIGON CARGO SERVICE CORPORATION (SCS)   SCS announced Q2/2025 business results with revenue of VND 292 bn (+10.5% YoY), gross profit of VND 233 bn (+9.7% YoY) and gross profit margin at 80% (flat compared to Q2/2024). Profit before...

PetroVietnam Drilling and Well Service Corp. (PVD VN)   PVD reported Q2/2025 business results with NPAT reaching VND250 billion (+92.3% YoY and +74.8% QoQ), in line with our expectations. For the cumulative 6M2025 period, NPAT increased by 40.5% YoY...