24-10-2025VNINDEX1683.18-3.88-0.23% HNXIndex267.280.500.19% UPCOM110.87-0.17-0.15% VN301944.6-1.18-0.06% VN1001848.01-6.19-0.33% HNX30581.233.120.54% VNXALL2897.43-9.73-0.33% VNX503207.66-8.61-0.27% VNMID2363.85-15.45-0.65% VNSML1510.01-6.47-0.43% DGC – Good Growth in Yellow Phosphorus, Favorable Fertilizer Business
13-06-2025
: DGC
: Chemicals, Fertilizer
: Duong Tran
Tags:
- In Q1 2025, DGC recorded revenue of VND 2,810 billion (+18% YoY, +16% QoQ) with consumption volumes of yellow phosphorus (P4), 85% H3PO4 (TPA), fertilizers, and animal feed additives reaching 14,301 tons (+28% YoY, +25% QoQ), 8,817 tons (-47% YoY, -25% QoQ), 81,717 tons (+11% YoY, +12% QoQ), and 18,918 tons (-14% YoY, -13% QoQ) respectively. The growth in yellow phosphorus was driven by stable demand from export markets, while fertilizer growth was mainly due to a supply shortage from China.
- DGC reported company’s net profit after-tax (NPAT) of VND 65 billion in Q1 2025 (+253% QoQ), recovering from the less favorable business results in Q4 2024.
- At the 2025 Annual General Meeting of Shareholders (AGM), the company set a relatively cautious business plan, with revenue and pre-tax profit at VND 10,385 billion (+5% YoY) and VND 3,000 billion (+0.4% YoY), respectively. In terms of investment, the group officially commenced construction of the Nghi Son Chemical Complex project Phase 1 in February 2025 and expects it to be operational in Q2 2026.
KDH – Gladia will be the next "pillar" for Khang Dien's business
12-06-2025
: KDH
: Real Estate
: Giao Nguyen
Tags: KDH
- The Privia project will continue to contribute to the business performance in the 2nd quarter of 2025, with more than 200 apartments and 20 shophouses remaining, expected to bring in VND 808 billion in revenue and VND 153 billion in profit and profit, maintaining a gross profit margin of around 43%.
- The Gladia project – a strategic highlight of KDH in 2025, currently has a Construction Permit for the Emeria subdivision (67 units), is expected to open for sale in phase 1 in the 3rd quarter of 2025 with a total presales value estimated at VND 5,200 billion.
- We expect KDH's revenue in 2025 to reach ~VND 7,431 billion (+127% YoY), led by contributions from The Privia and Gladia. Currently, KDH shares are trading at a discount of 43% compared to RNAV, based on the stability of business results, development capacity and absorption capacity of projects in the near future, we believe that the discount will narrow as the market brings the stock price closer to its real value.
DGW – Q1-2025’s results aligned with expectations, highlighted by robust performance in new product categories
11-06-2025
: DGW
: Retailing
: Hưng Nguyễn
Tags:
- DGW Q1-2025 results in line with analyst expectations: net revenue reached VND 5,519 bn (+10.7% YoY), NPAT-MI at VND 106 bn (+14.6% YoY), driven by market share gains in laptops & tablets offsetting mobile phone declines (mainly Apple), along with continued expansion in office equipment & home appliances (notably adding Philips to its portfolio). These two segments, with higher margins, helped lift EBIT margin by 103bps to 3.4%. However, their impact on net margin was offset by a one-off financial expense of VND 76 bn, keeping net margin flat YoY
- We view the upside potential in DGW’s target price favorably, driven by brighter signals of improved net margin from new segments such as Office Equipments and Home Appliances. We will update DGW’s valuation in subsequent reports. We note that DGW’s business performance is poised for a “stronger inflection point” in 2026, as one-off financial costs taper off, more accurately reflecting the expanded net profit margin contribution from these new segments.
REE – 1Q/2025 Brighten business results with hydroelectric recovery
10-06-2025
: REE
: Power
: Nguyen Duc Chinh
Tags:
- In Q1/2025, REE's revenue and net profit after tax – minority interest (NPATMI) increased by 13% and 27% YoY, respectively.
- The recovery of Hydroelectric output (+30% YoY) was the main reason for the sharp increase in EBITDA of the energy segment (+74% YoY).
- NPATMI in the mechenical and engineering and real estate segments decreased by 21% and 22% YoY, respectively, due to the impact of interest expenses, warehousing fees and depreciation costs of Etown 6 projects.
- Revenue from the water and environment segment increased 10 times YoY, but high depreciation costs caused NPATMI to be flat (-1% YoY).
GMD – Q1-FY25 delivered strong results, driven by nationwide output growth
09-06-2025
: GMD
: Seaports
: Quan Cao
Tags: Seaports GMD
- NPATMI reached VND 403 billion (+80% YoY, excluding the abnormal profit from the divestment of Nam Hai port in Q1-FY24).
- Net revenue reached VND 1,412 billion (+27% YoY). The container handling segment was the primary growth driver, with a strong increase in throughput in Hai Phong and Ho Chi Minh City.
- The 2025 plan is conservative, given the uncertainty surrounding the US tariff policy towards Vietnam. Revenue and PBT are both projected to remain flat compared to the SPLY, at VND 4,850 billion and VND 1,800 billion, respectively.
- The Board proposes a treasury share buyback plan of up to 21 million shares to be repurchased if the market price falls below 1.5 times the book value, equivalent to a share price below VND 45,000.
Update on Banking Sector’s Asset Quality in 1Q25
06-06-2025
: BID, CTG, VCB, VPB, MBB, SHB, STB, HDB, ACB
: Banking
: Tung Do
Tags:
- On-balance sheet non-performing loans (NPLs) from customer loans at 27 listed banks increased by over VND 37 trillion in 1Q25, following a reduction of more than VND 25 trillion in the prior quarter, representing a 16% QoQ increase. As a result, the total on-balance sheet NPLs at the end of 1Q25 rose to over VND 265 trillion, corresponding to an NPL ratio of 2.16%, compared to 1.92% at the end of 2024.
- Net NPL formation (before write-offs) in 1Q25 reached VND 64.5 trillion, a significant increase from approximately VND 11 trillion in the previous quarter. Of this, net NPL formation for the banking group (excluding consumer finance companies) amounted to VND 57.5 trillion, with a high concentration among four banks—BID, CTG, VPB, and MBB—accounting for 69% of the total net NPL formation.
- NPLs are expected to continue rising in the upcoming quarter, driven by the strong net increase in Group 2 loans, estimated to be equivalent to the net NPL formation in 1Q25, with significant latent NPL risks remaining. However, the scale of new NPLs will vary between state-owned banks and joint-stock commercial banks, as the substantial NPLs incurred by BID and CTG in 1Q25 have passed probation period and returned to the standard loan category.
- Specific credit risk provisioning expenses amounted to nearly VND 29 trillion, representing only 45% of the net NPL formation. Consequently, the industry’s loan loss reserve (LLR) coverage ratio declined to 92% at the end of 1Q25 from 110% in the prior quarter. The LLR coverage ratio for state-owned banks remained above 100%, at 132% (4Q24: 167%), while that of joint-stock commercial banks (JSCBs) further deteriorated to 56% (4Q24: 62%). The low LLR coverage ratio for JSCBs will increase pressure to bolster provisions to address both existing on-balance sheet NPLs (with a high proportion of Group 3 and 4 loans) and newly arising NPLs to manage the NPL ratio effectively.
PVS – Strong Q1/2025 performance driven by major projects
05-06-2025
: PVS
: Oil & Gas
: Huong Le
Tags: Result Update Block B
- PVS reported solid Q1/2025 results, with consolidated revenue reaching VND 6,014 billion (+62% YoY), driven mainly by the M&C segment and the Block B – O Mon and Greater Changhua offshore wind projects in particular. NPAT-MI reached VND 332 billion (+10% YoY), fulfilling 38% of the full-year target, reflecting stable earnings quality from FSO/FPSO joint ventures and provision reversals at PSB.
- We maintain our 2025 forecast with net profit is VND 1,358 billion, up 27% YoY, supported by stable contributions from the FSO/FPSO segment and continued growth in M&C.
- We recommend ACCUMULATE for PVS, with a target price of VND 37,900 per share, offering a 17% upside from the closing price on June 5, 2025.
FMC – Accelerating exports ahead of US tariff decision
04-06-2025
: FMC
: Fishery
: Hien Le
Tags: FMC Fisheries
- Vietnam's shrimp industry has recently faced many difficulties when the US tariff is expected to be applied to Vietnam higher than competitors in the world. However, FMC still shows a reasonable strategy when continuously showing strong growth in the first 5 months of 2025. FMC's 5M2025 export value reached 115 million USD (+41% YoY) as a strong 38% YoY growth of shrimp consumption.
- Although the selling price of Vietnamese shrimp is often higher than that of competitors, Vietnamese enterprises such as FMC have had a strong direction in the niche market of value-added shrimp products, such as breaded shrimp. Vietnam's value-added shrimp is only under pressure to compete directly with Thailand thanks to the positioning of high-quality products.
- In the field of food consumption, in addition to the selling price, consumers are very interested in product quality. Shrimp with high antibiotic residues are often refused import by the FDA. Therefore, we believe that Vietnam can compete in the US market with the position of high-quality value-added (VAT) shrimp products, as shown by accounting for 37% of the market share of value-added shrimp in Japan.
- Although tariff risks from the US and high raw shrimp prices due to the epidemic situation continue to cause difficulties for the shrimp industry , we expect FMC to easily change the market when the tariff rate in the US is not favorable. Since then, FMC's net profit is estimated at VND 308 billion (+1% YoY), equivalent to the long-term target price of VND 48,000 and BUY recommendation.
GDA – Focusing on the domestic market, initial steps for the listing plan
03-06-2025
: GDA
: Materials
: Thach Lam Do, CFA
Tags: Steel
- In Q1 2025, GDA recorded revenue of VND 3,977 billion (-3% YoY, -2% QoQ), with stable sales volume compared to the same period last year, reaching 197 thousand tons (-3% YoY, -1% QoQ). However, compared to the first half of 2024, when the export market had not yet been impacted by protectionist policies, GDA shifted its order allocation towards the domestic market in 2025. This resulted in a domestic sales volume of 117 thousand tons (ranking second in market share and accounting for 16% of the total domestic coated steel output). Gross profit reached VND 282 billion (-19% YoY, +54% QoQ), and the company’s net profit after tax (NPAT) amounted to VND 63 billion (-34% YoY, +194% QoQ).
- The company plans to distribute a 2024 dividend in cash at a rate of 10% (VND 1,000 per share), and in shares dividend of 30% (100 shares entitled to 30 new shares). GDA maintains its plan to construct a new coated steel plant (with a capacity of 1.2 million tons per year), with Phase 1 expected to commence operations in 2026.
- Notably, at the Annual General Meeting of Shareholders, the company presented to a plan to transfer its listing to the Ho Chi Minh Stock Exchange (HOSE), although no timeline was specified. This indicates that GDA has taken initial steps towards listing and is laying the foundation to enhance its visibility among investors in the stock market
Vietnam bond market report - May 2025
02-06-2025
: VDS
: Macroeconomics
: Toan Vo
Tags: Bond
- Primary government bond issuance dropped sharply in May, with new issuance totaling only VND 18,049 billion (–57.5% MoM); the auction success rate fell to its lowest level YTD (46.5%). Winning yields and secondary market yields continued to edge up, reflecting ongoing upward pressure from global yield trends and investor caution.
- Government bond market liquidity remained solid, with average daily trading value at VND 14,463 billion (+14.4%), primarily from outright transactions. Foreign investors maintained net buying activity, helping stabilize liquidity and support market sentiment.
- The real estate sector accelerated bond buybacks in May. New corporate bond issuance decreased (VND 34,500 billion, –21.6% MoM), but early redemption activity picked up, particularly among real estate and banking groups. Cumulatively over the first five months, corporate bond issuance reached more than VND 80,500 billion (+26.2% YoY); early buybacks totaled nearly VND 54,900 billion (+6.8%).
- Corporate bond maturity pressure will rise in the coming quarter. In Q3/2025, the real estate group is expected to face significant maturity pressure with VND 42,000 billion due (57% of total maturities). The value of overdue corporate bonds rose to VND 53,600 billion, with real estate accounting for nearly 60%.
- Liquidity in the secondary corporate bond market improved but remained polarized. Total trading value in May reached VND 9,890 billion (+10.1%), mainly in the 1–3 year tenor segment among financial institutions. Real estate bonds were traded mostly at longer tenors (over 3 years), highlighting a clear divergence in risk appetite across sectors.
HDB - Outstanding growth driven by expanding credit scale and non-interest income
30-05-2025
: HDB
: Banking
: Trang To
Tags: HDB
- Positive 1Q25 business results were mainly driven by a sharp expansion in non-interest income (+204% YoY), especially from fee income, bond trading activities, and other activities. Net interest income grew 3% YoY with credit growth of 3.8% YTD, led by corporate lending at 9.9% YTD, while NIM narrowed by 80 bps QoQ to 4.8%. However, asset quality deteriorated, with a strong rise in net NPLs formation pushing the consolidated NPL ratio (customer loans) to 2.4% (4Q24: 1.9%).
- For 2025, PBT is projected to grow 22% YoY, based on (1) credit growth outlook of 31% and a ~50 bps decline in NIM to 4.8%, and (2) robust non-interest income growth (+51% YoY), primarily contributed by bancassurance, corporate advisory, and recoveries of written-off bad debts.
- The current target price is VND 27,400/share, implying an expected return of 29% (including VND 1,000 in cash dividend), with a BUY recommendation for HDB.
GEG – Revenue rose sharply thanks to the retroactive payment of Tan Phu Dong 1
29-05-2025
: GEG
: Power
: Nguyen Duc Chinh
Tags:
- In Q1/2025, GEG recorded revenue of VND 1.1 trillion (+51% YoY) and NPAT-MI of VND 378 billion (+322% YoY). The main growth driver came from the retroactive payment amount of VND 397 billion from Tan Phu Dong 1 wind power plant after the completion of the PPA, despite a 25% YoY decline in wind power output due to low wind speeds. Solar power output decreased by 9% YoY due to cool weather, leading to a 6% YoY decrease in revenue, to VND 210 billion. In contrast, hydropower benefited from favorable hydrological conditions, output increased by 19% YoY and revenue reached VND 61 billion (+7% YoY), despite a decrease in market prices.
- GEG's interest expense decreased by 24% YoY due to a 9% YoY decrease in the company's total outstanding loans. GEG's NPAT increased by 315% YoY, to VND 375 billion. During the quarter, GEG completed 33% of its revenue plan and 89% of the annual profit plan thanks to unexpected revenue spikes.
13-06-2025
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