Analysis Center

PC1 GROUP JOINT STOCK COMPANY (HOSE: PC1) PC1’s business performance in 2023 was lackluster, with revenue reaching VND7,775 bn, -7.0% YoY, achieving 82.3% of the plan. NPAT was VND303 bn, -43.6% YoY, achieving 59.3% of the plan. This poor...

SAI GON THUONG TIN COMMERCIAL JS BANK We lower our target price to VND36,200/share due to STB’s core operating profit being lower than expected but maintain our BUY recommendation. Our target price is equivalent to 12-month forward P/E and...

HOA BINH CONSTRUCTION GROUP JSC (HBC VN) In Q1/2024, HBC’s business activities showed a partial recovery. Specifically, the revenue reached VND1,650 bn (+38.2% YoY). After deducting COGS, HBC achieved a gross profit of VND21.3 bn, a significant improvement from...

FPT CORPORATION (FPT VN) The company sustained vivid growth in 1Q2024 driven by solid performance of the global IT services segment, in line with our expectation. The stock price has increased by 38% from our latest update and fully...

REE CORPORATION (HOSE: REE) We forecast that the shift in the meteorology cycle from El Nino to La Nina in 2024 will support the business results of REE’s energy segment, which contributes 47.0% of REE’s revenue and 42.9% of...

VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK (TCB) We raise target price to VND49,000/share due to Q1/24 business results being more positive than expected but maintain our NEUTRAL recommendation because TCB stock price has increased 18.9% since our last...