Analysis Center

QTP announced Q4/2025 results with VND2,953 bn in revenue, +2% YoY, and VND655 bn in NPAT, +323% YoY. For 2025, NPAT reached VND1,051 bn, +70% YoY, equivalent to 228% of the company’s plan and 238% of ACBS’s forecast. The...

BMP reported its Q4/2025 business results with NPAT of VND 261 billion (+13.1% YoY and -25.5% QoQ), below our expectations. For full-year 2025, NPAT increased by 24% YoY to VND 1,228 billion, completing 116% of its annual plan and...

Nhon Trach 2 Thermal Power JSC (HoSE: NT2) NT2 reported Q4/2025 results with VND2,367 bn in revenue, +33% YoY, and VND423 bn in NPAT, +464% YoY. For 2025, NPAT reached VND1,000 bn, 12 times YoY growth, equivalent to 358%...

We cut our target price by 7.7% to VND 69,300/share by end-2026, mainly due to lowering target P/E from 18x to 16.5x to reflect a slower profit growth outlook of 6.1% in 2026, which largely offsets the positive impact...

We raise our target price by 4.7% to VND29,000 per share by end-2026 and upgrade from NEUTRAL to OUTPERFORM, driven by a 10.5% decline in the share price since our previous report. 2026’s PBT is expected to grow by...

COTECCONS CONSTRUCTION JSC (CTD VN) CTD delivered a solid Q3/2025 earnings performance, primarily driven by the divestment of the Emerald 68 project. For FY2026, we forecast revenue of VND 31,308 bn (+26% YoY) and parent-company net profit of VND728...