Analysis Center

VIETNAM DAIRY PRODUCTS JSC (VNM VN) Improved gross margin spurred the company’s earnings growth though revenue growth was still moderate in 2023. We maintained our expectations about better earnings growth in 2024 as a result of lower milk material...

INVESTMENT AND INDUSTRIAL DEVELOPMENT CORPORATION (HSX: BCM) BCM announced 2023 business results with net revenue of more than VND8 trn (+24.1% YoY) and PAT of over VND2.3 trn (+34.9% YoY) which was in line with our forecast. Reiterate OUTPERFORM...

Hai An Transport & Stevedoring JSC (HSX: HAH) HAH announced Q4/2023 net revenue at VND 664.7 bn (-21.4% YoY) and gross profit at VND 113.2 bn (-58.2% YoY). GPM was 17%, reducing by 6.2% QoQ; and PAT dropped by...

NAM LONG INVESTMENT JSC (NLG VN) NLG recorded a decline in 2023 business results with revenue of VND3,181 bn (-27% YoY) and NPATMI of VND484 bn (-13% YoY) which were in line with our forecast. Reiterate OUTPERFORM recommendation with...

FPT CORPORATION (FPT VN) The company maintained vivid growth in 2023 driven by solid performance of the global IT services segment, in line with our forecast. Reiterate BUY rating at a target price of VND116,117/share. FPT announced FY2023 net...