Analysis Reports

HOA PHAT GROUP JSC (HPG VN) In 2025, HPG delivered earnings broadly in line with expectations (NPAT: +29% YoY), supported by the commissioning of Dung Quat 2 in 1Q2025 and 3Q2025 and its rapid ramp-up to stable operations. As...

The company reported surprising earnings growth of 66.8% YoY in 4Q2025, beating most of projections, facilitated by margin expansion. We project 2026 EAT at VND3,288bn (+16.2% YoY) and revise up our target price for the stock to VND132,000/share by...

SIP reported positive 2025 business results which were in line with ACBS’s projections. We maintain our 2026 forecast but adjust our end-of-2026 target price down by 6% to VND 72,500/share due to slower-than-expected leasing progress in the second half...

HAH recorded Q4/2025 business results with NPAT reaching VND360 billion (+3.4% YoY). For full-year 2025, NPAT increased by 75% to VND1,401 billion, completing 123% of the annual plan. NPAT in 2026 is expected to decline slightly from the 2025...

In 2025, DCM achieved revenue of VND 16,961 billion (+26% yoy, 121% annual target), and net profit of VND 1,917 billion (+34% yoy, 248% annual target). Net profit increased mainly due to rising fertilizer prices, while production volume increased...

COTECCONS CONSTRUCTION JSC (CTD VN) CTD (fiscal year: 01/07/2025–30/06/2026), delivered strong results in 2H2025, driven by steady growth in its core construction business and a one-off gain from the divestment of the Emerald 68 project. On this basis, we...