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For the first six months of 2026, accumulated revenue reached VND235 trillion (+62.7% YoY, meeting 74% of the annual plan and 66% of our forecast), while net profit stood at VND2,382 billion (+45% YoY, meeting 84% of the annual plan and 64% of our forecast).
We maintain our 2026 revenue and profit growth forecasts of 14% and 21% YoY, respectively, as we anticipate a slowdown in earnings growth during the latter half of the year due to: (1) the risk of provisioning requirements linked to oil price volatility, and (2) the likelihood of loan rates remaining high, thereby keeping financial costs elevated. Our target price for the end of 2026 (post-dividend adjustment) is VND47,600 per share (41% upside potential). Recommendation: Buy.
