Analysis Reports

PLX announced its Q3/2025 business results with NPAT reaching VND706 billion (+441% YoY and -48.4% QoQ), which was higher than our expectations. For 9M2025, NPAT decreased by 8.2% YoY to VND 2,341 billion, fulfilling 87.8% of the full-year target...

SAIGON VRG INVESTMENT JSC (SIP VN) Positive 3Q2025 and 9M2025 results mainly thanks to stable power & water supply and industrial park segments and strong growth in financial income. Keep our 2025 and 2026 forecast unchanged. Roll forward target...

We recommend an OUTPERFORM rating for HDB with a 12-month target price of VND34,300/share, based on a target P/E of 7.6x, equivalent to its historical median. The potential private placement to foreign strategic investors is expected to serve as...

The company reported growth of 26.4% YoY in net revenue and 60.7% YoY in EAT in 3Q2025, beating our estimate driven by Long Chau’s faster-than-expected expansion. We project the company’s EAT at VND902bn (+121% YoY) in 2025, 19% higher...

GEG reported Q3/2025 results with VND671 bn in revenue, +24% YoY,  and VND80 bn in NPAT, (Q3/2024: -VND48 bn). Accumulated 9M2025, NPAT achieved VND850 bn, more than 10-fold YoY, fulfilling 124% of the company’s target and 110% of ACBS’s...

VINCOM RETAIL JSC (VRE VN) Strong growth in 3Q2025 and 9M2025 NPAT mainly thanks to high financial income from deposits. Revise 2025 NPAT up by 39% given the realization of nearly VND1.9 trn of PBT from the transfer of...