Analysis Center

KINH BAC CITY DEVELOPMENT HOLDING CORPORATION JSC (KBC VN) 3Q2024 result grew strongly YoY but 9M2024 result was disappointing due to low industrial park area delivered. Adjust 2024 profit forecast down by 60% to VND586 bn. Expect high growth...

PETROVIETNAM GAS JSC (GAS VN) GAS announced its Q3/2024 business results with NPAT of VND2,578 billion (+7.2% YoY), which is in line with our expectations. Accumulated in 9M2024, GAS’s NPAT decreased by 5.3% to VND8,538 billion, completing 147% of...

VIETNAM BANK FOR INDUSTRY AND TRADE (CTG) We maintain an OUTPERFORM recommendation for CTG with a target price of VND40.600 per share, based on target P/E and P/B of 9.6x and 1.3x, respectively. Business results have significant room for...

KHANG DIEN HOUSE TRADING AND INVESTMENT JSC (KDH VN) A decline in 3Q2024 and 9M2024 results was mainly due to a lower number of low-rise units delivered at Classia project. Keep our 2024 forecast unchanged as we expect the...

REE CORPORATION (HoSE: REE) REE reported +3.4% YoY in revenue to VND2,029 bn in Q3/2024, accompanied by  +6.9% YoY in NPATMI to VND480 bn. Cumulative 9M2024, NPATMI reached VND1,316 bn, -21.8% YoY, fulfilling 55% of the 2024’s company target...

PHU NHUAN JEWELRY JSC (PNJ VN) Although a positive rebound in the retail segment kept propping up the company’s sales growth regardless of a slump in the 24K gold segment in 3Q2024, we revised down 2024-2025 EBT projections by...