Analysis Center

PetroVietnam Technical Services Corporation (HNX: PVS) PVS announced Q3/2025 earnings with NPAT reaching VND334 billion (+73.3% YoY and +4.6% QoQ), in line with our expectations. For 9M2025, NPAT increased by 34.3% YoY to VND949 billion, achieving 121.6% of the...

Coteccons JSC (HOSE: CTD) held its AGM on 20/10/2025 with the following highlights: FY2026 Business Plan (01 July 2025 – 30 June 2026): CTD set revenue target of VND30,000 bn (+21% YoY) and NPATMI of VND700 bn (+54% YoY)....

Nhon Trach 2 Thermal Power JSC (HoSE: NT2) NT2 announced positive Q3/2025 results, wiht VND1,928 bn in revenue, +12.6% YoY, VND204 bn in gross profit, +240% YoY, and VND214 bn in NPAT, 386% YoY. Cumulatively 9M 2025, NPAT reached...

NAM TAN UYEN INDUSTRIAL PARK JSC (NTC VN) Nam Tan Uyen Industrial Park JSC (NTC) will shift its listing of nearly 24 mn share from UpCOM to HOSE. The first trading day will be 10/28/2025 with a reference price...

On October 21, 2025, Techcom Securities JSC (TCBS – ticker: TCX) officially listed on the HOSE with a reference price of VND46,800 per share, equivalent to a market capitalization of VND108 trillion – the highest in the securities brokerage...

We recommend an OUTPERFORM rating for VPB with a 12-month target price of VND 37,000/share. Our valuation is based on (1) target P/E of 9.6x and (2) re-rating potential from the planned IPO of VPBankS. Earnings growth is expected...