Analysis Reports

DEO CA TRAFFIC INFRASTRUCTURE INVESTMENT JSC (HHV VN) In 2025, HHV delivered positive results which were in line with our expectations (NPAT: +38% YoY), driven by solid contributions from its two core segments: BOT toll collection and construction. Looking...

In 2025, DPM achieved revenue of VND 16,564 billion (+22.7% yoy, 129% of plan, and 107% of ACBS’s forecast), and net profit of VND 1,095 billion (+97.7% yoy, 342% of plan, and 92% of ACBS’s forecast). The growth in...

4Q2025 and 2025 results were in line with ACBS’s projections. Sales value in 4Q2025 and 2025 reached historical peaks. We maintain our 2026 projections but adjust our end-of-2026 target price down by 13% to VND 40,800/share due to a...

Entering FY2026, the government set an aggressive 10% GDP growth target (Resolution 01/NQ-CP). This elevated objective necessitates a strategic pivot toward domestic growth engines. The roadmap prioritizes the consolidation of state-owned economic foundations, the revitalization of the private sector,...

GMD recorded strong business results in Q4/2025, with NPAT reaching VND660 billion (+85.6% YoY). For full-year 2025, NPAT increased by 15.6% to VND 2,224 billion, completing 139% of the annual plan and 123% of ACBS’s forecast. NPAT in 2026...

TLG is known as the leading stationery manufacturer in Vietnam with a diversified product mix and distribution network. The domestic market dominates the company’s revenue breakdown while expansion to exports has been and will likely be its growth driver....