Analysis Center

Vietnamese banking sector continues to demonstrate strong resilience against pressures from international macroeconomic fluctuations, along with the negative impact of the domestic economy caused by the real estate and corporate bond crises in 2022–23. We forecast the 2025 pre-tax...

GEMADEPT CORPORATION (GMD VN) Strong recovery in trade activities during Q3/2024 boosted demand for goods, leading to positive business results for GMD. Container throughput exceeded expectations, estimated to surpass the average design capacity by 15-20% across GMD’s northern and...

FPT DIGITAL RETAIL JSC (FRT VN) Surprising earnings of the FPT Shop chain enabled the company to post stunning EBT of VND198bn in 3Q2024 (+198 times YoY), nurturing a positive revision in our EBT projections by 50% for 2024...

VIETNAM NATIONAL PETROLEUM GROUP (PLX VN) PLX announced Q3/2024 NPAT dropping by 82% YoY and 90% QoQ, lower than our expectations. We revised down our 2024 NPAT forecast for PLX by 11% to VND3,712bn (+21.7% YoY). However, recovering fuel...

HOA PHAT GROUP JSC (HPG VN) HPG reported Q3/2024 results showing a continued trend of resilient profits. Cumulative 9M2024, HPG reported VND9,210 bn of NPAT, completing 92% of company 2024 target and 86% of our forecast. Going forward, we...

GEMADEPT CORPORATION (GMD VN) GMD’s Q3/2024 financial results showed significant growth, with net revenue and profit before tax (PBT) for the first nine months reaching 85.5% and 102.5% of the company’s annual targets for 2024, equivalent to 78% and...