Analysis Center

Quang Ninh Thermal Power JSC (Upcom: QTP) QTP announced Q2/2024 business results with revenue reaching VND 3,628 bn, -2.2% YoY, gross profit reaching VND 211 bn, -29.7% YoY and NPAT reaching VND 160 bn, -35.5% YoY. Accumulated 6M2024, NPAT...

Nhon Trach 2 Thermal Power JSC (HOSE: NT2) Following the disappointed results in 2023 (Revenue: -27.3% YoY, NPAT: -46.4% YoY), we project NT2 will continue to experience a decline in revenue and NPAT in 2024 (Revenue: -43.4% YoY, NPAT:...

INDUSTRIAL PROPERTY SEGMENT FDI continues to be a key growth driver: In 1H2024, registered FDI reached USD15.2 bn (+13.1% YoY) and disbursed FDI was USD10.8 bn (+8.2 % YoY). Bac Ninh rose to be the #1 province in the...

IMEXPHARM PHARMACEUTICAL JSC (IMP VN) The hospital channel’s contribution continued to broaden at the expense of the pharmacy channel’s. A new factory is in the early phase of establishment.  IMP reported net revenue of VND491bn (+2.5% YoY) and EBT...

BANK FOR FOREIGN TRADE OF VIETNAM (VCB) We raise VCB’s target price by 12% to VND98,000/share and upgrade our recommendation from NEUTRAL to OUTPERFORM. Our target price is equivalent to 12-month target P/E and P/B of 16.4x and 2.3x,...