Analysis Reports

PETROVIET NAM CA MAU FERTILIZER JSC (DCM VN) DCM announced Q2/2025 business results with NPAT reaching VND806 billion (+41.5% YoY, +95.7% QoQ), exceeding our expectations. For 6M2025, cumulative NPAT grew by 30.3% YoY to VND 1,218 billion, achieving 157%...

GEMADEPT CORPORATION (GMD VN) GMD released a positive Q2/2025 earnings report, with revenue rising 26.7% YoY and pre-tax profit increasing 32.5% YoY. For 1H2025, the company achieved 63% of the full-year profit forecast by ACBS. Container throughput across GMD’s...

TECHNOLOGICAL AND COMMERCIAL JS BANK (TCB)   We raise our target price by 15% to VND 38,200/share due to (1) increasing our TCBS IPO valuation multiple from 3.0x to 3.5x BVPS and (2) rolling forward our target price to...

FPT CORPORATION (FPT VN)   The company continued to report vivid EBT growth of 18.5% YoY, to VND6,166bn, notwithstanding slower net revenue rise of 11.4% YoY in 1H2025 (including a 9% upturn in 2Q, lower than our expectation). We...

DUC GIANG CHEMICALS GROUP JSC (DGC VN) DGC announced Q2/2025 business results with NPAT reaching VND890 billion (+2.3% YoY and +6.5% QoQ), in line with our expectations. For 6M2025, cumulative NPAT increased by 9.1% to VND1,727 billion, fulfilling 57.6%...

Nhon Trach 2 Thermal Power JSC (NT2 VN) NT2 released Q2/2025 results with VND2,081 bn in revenue, -4.8% YoY, while NPAT jumped by 165% YoY to VND326 bn in Q2/2025 and reached VND363 bn in 6M2025, completing 130% of...