Analysis Reports

Petro Vietnam Drilling (HOSE: PVD) In 2025, PVD positive business results were driven by: (1) contribution from the new rig PVD VIII, (2) divestment of the PVD11 land rig, (3) profit margin improvement, and (4) increasing profit/dividends distributed from...

We raise our target price by 4.8% to VND 46,100/share by end-2026, based on target multiples of 12.6x P/E and 1.5x P/B, and upgrade our recommendation from OUTPERFORM to BUY, as the share price has corrected 14% from its...

KINH BAC CITY DEVELOPMENT HOLDING CORPORATION JSC (KBC VN) Strong growth in 3Q2025 and 9M2025 business results was mainly thanks to the delivery of 85.6 ha in industrial clusters in Hung Yen. We keep our 2025 forecast unchanged and...

HOA PHAT GROUP JSC (HPG VN) HPG’s 3Q2025 and 9M2025 results sustained strong growth, broadly in line with ACBS forecasts. The operation of Dung Quat 2 plant in 1Q2025 and 3Q2025 is expected to be a key earnings catalyst...

NAM LONG INVESTMENT CORPORATION (NLG VN) Positive 3Q2025 and 9M2025 business results thanks to a higher number of delivered units. Keep our 2025 forecast unchanged. We expect in 4Q2025 NLG will record NPAT of around VND350 bn from a...

We raise our target price by 12% to VND 57,000/share but downgrade our recommendation from BUY to OUTPERFORM as the stock price has increased by 27% since the previous report. Our target price is based on target multiples of...