Analysis Reports

NAM TAN UYEN INDUSTRIAL PARK JSC (NTC VN) NTC has moved from UpCOM to HSX on 10/18/2025 with the reference price of VND161,470/share. The company owns the second largest IP land bank amongst the listed IP companies with 16...

IDICO CORPORATION – JSC (IDC VN) The 3Q2025 business results were better than our forecast given higher industrial park area delivered than expected. We revised up our 2025 earnings forecast by 20% and rolling forward target price to VND51,900/share...

In 3Q2025, the company delivered 5.3% YoY and 6.2% YoY increases in net revenue and EAT, respectively, in line with our projections. We maintain our respective growth projections at 14.3% YoY and 17.1% YoY for IMP in 2025 and...

Economic data for October 2025 indicates that key growth drivers remain intact. Year-to-date (YTD) credit growth exceeded 15%, and public investment disbursement increased by 15.6% YoY (VND464tn, fulfilling 51.7% of the Prime Minister’s target). Meanwhile, other drivers, such as...

DEO CA TRAFFIC INFRASTRUCTURE INVESTMENT JSC (HHV VN) In 9M2025, HHV recorded revenue of VND2,596bn (+13% YoY) and NPAT of VND406bn (+31% YoY), fulfilling 72% and 86% of its targets and 67% and 79% of ACBS’s forecasts, respectively. We...

PC1 announced Q3/2025’s result with VND3,278 bn in revenue, +47% YoY, and NPAT of VND394 bn, +52% YoY. Cumulative 9M2025, NPAT was VND704 bn, +22% YoY, fulfilling 84% its plan and 76% ACBS’s forecast for 2025. The positive performance...