Analysis Reports

VIETNAM INTERNATIONAL COMMERCIAL BANK We raise our target price by 21% to VND 20,200/share after revising up our target P/E multiple from 6.5x to 8.0x, reflecting the improvement in VIB’s asset quality on the back of a favorable macroeconomic...

NAM LONG INVESTMENT CORPORATION (NLG VN)   NPATMI 2Q2025 declined by 31% YoY due to a financial profit of VND230 bn from transferring 25% of Paragon Dai Phuoc incurred in 2Q2024. However, 1H2025 NPATMI tripled YoY, to VND208 bn...

GIA LAI ELECTRICITY JSC (HOSE: GEG)   GEG announced its results for Q2/2025 with VND624 bn in revenue, +27.9% yoy, VND273 bn in gross profit, +28.8% yoy, and VND157 bn in NPAT (compared to VND2 bn in Q2/2024). Cumulatively...

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...