Analysis Reports

BANK FOR FOREIGN TRADE OF VIETNAM (VCB)   We raise our 12-month target price by 12.8% to VND 75,100/share, mainly driven by an upward revision of our target P/E from 16.5x to 18.0x to reflect a more favorable macro...

KINH BAC CITY DEVELOPMENT HOLDING CORPORATION JSC (KBC VN)   Positive 1H2025 result mainly thanks to large industrial land delivered at Hung Yen industrial clusters. As the overall risk from the US tariff has reduced, we revise our 2025...

SAIGON CARGO SERVICE CORPORATION (SCS)   SCS announced Q2/2025 business results with revenue of VND 292 bn (+10.5% YoY), gross profit of VND 233 bn (+9.7% YoY) and gross profit margin at 80% (flat compared to Q2/2024). Profit before...

PetroVietnam Drilling and Well Service Corp. (PVD VN)   PVD reported Q2/2025 business results with NPAT reaching VND250 billion (+92.3% YoY and +74.8% QoQ), in line with our expectations. For the cumulative 6M2025 period, NPAT increased by 40.5% YoY...

IDICO CORPORATION – JSC (IDC VN) A decline in 1H2025 business results was mainly due to a lower ​​delivered industrial land area. Maintain our 2025 forecast and adjust YE2025 target price down by 6% to VND47,400/share mainly due to...

FPT CORPORATION (FPT VN)   The moderate revenue growth in 2Q was largely driven by a slowdown in global IT services, while the telecom segment continued to underpin EBT. We maintained our EBT growth projection for the company at...