Analysis Center

VIETNAM DAIRY PRODUCTS JSC (VNM VN) The company reported a decline of 0.9% YoY in revenue and 8.7% YoY in 4Q2024, lower than our projections. Although a BUY recommendation is maintained, we revise our target price down by 12%...

COTECCONS CONSTRUCTION JSC (CTD VN) CTD (Fiscal Year (FY): 01/07/2024 – 30/06/2025) achieved robust growth in the first two quarters of the new fiscal year, propelled by the resurgence in construction activities, especially the industrial construction segment, and enhanced...

DEO CA TRAFFIC INFRASTRUCTURE INVESTMENT JSC (HHV VN) HHV’s 4Q2024 and 2024 business results were positive, aligning with ACBS’s forecasts. Keep 2025 forecast and YE2025 target price nearly unchanged at VND16,000/share, upsize 27.5%. HHV announced its positive 4Q2024 business...

GIA LAI ELECTRICTY JST (HoSE: GEG) GEG announced Q4/2024 results with VND555 bn in revenue, -2.5% YoY, and VND12 bn in NPAT, -62.5% YoY. For 2024, NPAT reached VND92 bn, -35.6% YoY, fulfilling 34.1% of the 2024 plan and...

VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK (TCB) We recommend BUY for TCB with a target price of VND 33,100/share. The valuation includes the possibility of TCBS Securities Company being IPO’d and listed, assuming a valuation of 3.0x BVPS,...

FPT DIGITAL RETAIL JSC (FRT VN) The company generated 26% YoY revenue growth and VND527bn of EBT (from a loss in 2023) in 2024, in line with our projections. Long Chau sustained its role as the mainstay of the...