POW – Business results Q4/2025 and the whole year 2025: Far exceeding guidance
11-02-2026
11-02-2026: POW
: Power
: Nguyen Duc Chinh
Tags:
- PV Power's electricity genrated volume (Qm) increased by 49% YoY, mainly led by the Nhon Trach 3&4 plant coming into operation.
- POW's revenue was flat (+1% YoY) because Nhon Trach 3&4 plant has not recorded revenue in 4Q/2025. Net profit after tax – minority interest (NPAT-Mi) increased by 956% YoY.
- The company's gross profit margin improved by 5.2 percentage points YoY (reaching 12%) thanks to (1) a 25% YoY increase in contracted production (Qc) and (2) a continued decline in fuel prices.
35 MSN – Emerging signs of medium-term profitability improvement
10-02-2026
: MSN, MML, MSR, MCH
: Retailing
: Hung Nguyen
Tags: MSN MCH MML MSR
- In Q4-2025, MSN recorded net revenue of VND 23,246 bn (+9.8% QoQ, +2.4% YoY), NPAT-MI of VND 1,474 bn (+22.0% QoQ, +113.3% YoY), exceeding our expectation of VND 1,200–1,400 bn. Consistent with prior quarters in 2025, this outperformance stemmed from margin expansion across WCM, MHT, MML, PLH, and contributions from TCB.
- We maintain our 2026 earnings forecast for MSN, with NPAT-MI at VND 6,089 bn (+48.2% YoY), and a target price of VND 107,900 per share, implying a BUY recommendation.
Banking Sector 4Q25 Results Update: PBT Grows 19% YoY Amid Peak Credit Expansion, NIM Stabilization, and Lowest NPL Since 2022
09-02-2026
: MBB, HDB, TCB, VPB
: Banking
: Tung Do
Tags:
- Sector-wide PBT reached VND 97 trillion in 4Q25 (+19% YoY, +11% QoQ), with full-year 2025 PBT amounting to VND 356 trillion (+19% YoY). Primary growth drivers included strong credit expansion fueling net interest income (+15% YoY), resilient non-interest income (particularly service fee income +25% YoY, led by bancassurance and securities/investment banking fees at major joint-stock banks), and record off-balance-sheet bad debt recoveries exceeding VND 23 trillion in Q4 (+58% YoY, more than double QoQ). Operating expenses were tightly controlled (+7% YoY in Q4; full-year CIR improved to 32.1% from 33.6% in 2024), despite a 23% YoY increase in credit loss provisions to reinforce the coverage ratio above 101%.
- Credit Growth Reaches Multi-Year High, Deposit Growth Accelerates: Full-year credit growth from listed banks stood at 19.5% (outstanding loans of VND 14.4 quadrillion), with medium- and long-term lending growing strongly (+26–27% YTD) amid recovering demand in infrastructure, real estate, fixed-asset investment, and consumption. Deposit growth improved to 16.8% for the year (customer deposits +15.0%, valuable papers +32.7%), supported by widespread deposit rate increases starting from 3Q25 to address year-end liquidity pressures, although still trailing credit expansion.
- NIM Stabilizes with Modest QoQ Recovery: 4Q25 NIM held steady at 3.1% (flat versus 9M25, up 10 bps QoQ), breaking the downward trend observed since 2023. This stabilization was driven by flexible repricing of lending rates to partially offset rising funding costs, despite an approximate 20 bps YoY compression for the full year amid intense credit competition and accommodative lending rates to support economic growth.
- Significant Improvement in Asset Quality: The non-performing loan (NPL) ratio declined to 1.84%, with Group 2 loans falling to 1.15%—both the lowest levels since 2022—supported by dilution from strong credit growth, aggressive write-off (VND 48 trillion processed in Q4), favorable macroeconomic conditions (particularly in real estate and exports), and the legalization of Resolution 42 from October 2025, which significantly enhanced off-balance-sheet bad debt recovery efforts. The loan loss reserve coverage ratio (LLR) exceeded 100%, bolstered by increased provisioning.
ACV – Strong volume growth drove impressive operating results in Q4 FY25
06-02-2026
: ACV
: Aviation
: Quan Cao
Tags:
- In Q4 FY25, ACV’s revenue maintained double-digit growth, reaching VND 5,960 bn (+18% YoY), driven by continued strong growth in both international and domestic passenger traffic. International and domestic passenger volumes were estimated at 13 million (+18% YoY) and 18 million (+15% YoY), respectively.
- The shift in passenger mix from 38%/62% (international/domestic) in Q3 to 41%/59% in Q4 FY25 lifted the average aviation service fee to VND 155,400 per passenger (+5% QoQ and +3% YoY). Passenger service fees are regulated under Decision No. 2345/QĐ-BGTVT of the Ministry of Construction, with international passenger service fees set at approximately six times the domestic level. Therefore, the increase in the share of international passengers contributed to a higher blended average price.
- Financial income recorded unrealized FX gains of VND 459 bn (-29% YoY), corresponding to a 5% depreciation of the JPY against the VND compared to the previous quarter. This was the key factor that constrained ACV’s net profit growth, with NPAT-MI reaching VND 3,156 bn (+7% YoY).
PHR – Profit in 2026 is expected to grow thanks to compensation for Bac Tan Uyen 1 IP
05-02-2026
: PHR
: Industrial Land RE
: Giao Nguyen
Tags: PHR
- The 4Q2025 results recorded a decline in profits as the Company increased SG&A expenses and financial revenue declined, although gross profit margin improved to 31%.
- Accumulated for the whole year of 2025, PHR recorded revenue of VND 1,795 billion, which is a 10% YoY increase and in line with our expectations. NPAT-MI reached VND 513 billion, up 9% YoY but lower than expected, mainly due to G&A expenses being higher than initially estimated.
- Positive 2026 outlook thanks to extraordinary income: Profit is expected to break through thanks to compensation revenue from Bac Tan Uyen 1 (~VND 1,000 billion) and large contributions from VSIP III & NTC, helping NPAT-MI in 2026 estimated at VND 1,669 billion (+1.59 times YoY).
NKG – Q4/2025 Business Results: Revenue and gross margin both came in worse than expected
04-02-2026
: NKG
: Materials
: Duong Tran
Tags: Steel
- 2025 ended with weak business results as NKG recorded a net loss of VND 9.3 billion in Q4, facing a double squeeze from declining end-market demand and heavy provisioning expenses. Revenue fell to a five-year low of VND 3,136 billion (-17% YoY), driven by a sharp slowdown in domestic volumes due to trade defense measures and unfavorable weather conditions. Gross margin narrowed significantly to 2.4% (from above 5% in previous quarters), reflecting low selling prices and a VND 15 billion provision for inventory write-downs. For full-year 2025, NKG’s parent company net profit declined by 56% YoY, highlighting a particularly challenging operating period.
- The company continues to pursue a low-cost raw material inventory strategy while allocating resources to accelerate its key project, the Nam Kim Phu My Steel Sheet Plant. As of year-end, inventory remained elevated at VND 5,303 billion (equivalent to an average inventory holding period of 5.1 months), aimed at capitalizing on low HRC prices and securing production input supply ahead of an anticipated rebound in peak construction demand. On long-term investments, the new plant project in Ba Ria–Vung Tau recorded VND 4,400 billion in construction-in-progress costs (representing 70% of the planned capital). At the current pace, the plant is expected to commence operations in the first half of 2026.
FRT – 4Q2025: Long Chau reinforces its leadership in pharmaceutical retail, FPT Shop rebounds
03-02-2026
: FRT
: Retailing
: Anh Tran
Tags: FRT
- FRT’s 2025 results are broadly in line with our revenue expectations, while earnings came in slightly stronger thanks to margin improvement at Long Chau and better operating cost control at FPT Shop as its store network gradually stabilizes.
- 4Q2025 net revenue reached VND 14,913 billion (+30% yoy), with Long Chau contributing 64.7%. Both chains recorded over 24% YoY growth, underscoring the increasingly evident recovery of FPT Shop. Full-year cumulative revenue totaled VND 51,083 billion, exceeding the company’s plan by 6%.
- FPT Shop has entered an operational optimization phase after its restructuring, with 623 existing stores. Average revenue per store/month reached VND 2.8 billion (+26.7% yoy), driving the full-year average revenue per store/month up 13% yoy.
- Long Chau maintained over 30% revenue growth in Q4, reaffirming its leading position in the pharmaceutical retail sector. Strong store expansion since the beginning of the year enabled the chain to accelerate its rollout plan, reaching 474 pharmacies (135% of plan) and 97 vaccination centers (121% of plan). Average annual revenue per store/month maintains at a stable VND 1.2 billion (+4.7% yoy).
- EBT reached 135% of the plan. 4Q2025 NPAT-MI amounted to VND 289.5 billion (+160.6% yoy, 32.4% qoq), full-year cumulative NPAT-MI reached VND 794.9 billion (+150% yoy). A key highlight during this period was the improvement in NPAT-MI margin at Long Chau and FPT Shop on a yoy basis. Long Chau’s NPAT-MI margin reached 2.2% in Q4 and 2.1% for the full year, which are record highs, despite the chain not yet having entered a cost-optimization phase as it remains in an accelerated expansion stage.
- As of 31 December 2025, Long Chau had recorded VND 2,037 billion in proceeds from share issuance and capital contributions from shareholders. According to some sources, Creador has completed the disbursement of its investment in Long Chau. On this basis, we preliminarily estimate that the post-money valuation implied by the transaction corresponds to a 2025 P/S multiple of 0.9-1.0x, implying a standalone valuation for Long Chau in 2026 of ~VND 200,000/share.
PVS – Q4/2025 business results: M&C gross margin at a five-year high and reversal of provisions for land rental at Sao Mai – Ben Dinh
02-02-2026
: PVS
: Oil & Gas
: Huong Le
Tags: PVS
- In Q4/2025, PVS delivered solid results with revenue exceeding VND 9.5 trillion (flat YoY) and NPAT-MI reaching VND 806 billion (+84% YoY), mainly driven by stronger gross margins and the reversal of provisions related to land rental at Sao Mai – Ben Dinh.
- For FY2025, consolidated revenue reached VND 32.58 trillion (+37% YoY) and NPAT-MI amounted to VND 1.823 trillion (+70% YoY), equivalent to 145% of the revenue target and 234% of the profit target for the year.
- Project updates: Key domestic projects such as Block B – O Mon, Lac Da Vang, and Su Tu Trang Phase 2B achieved important milestones. In parallel, PVS expanded its international footprint through offshore wind power projects in Europe, Taiwan, South Korea, Japan, and Australia.
VIB - 2025 PBT results achieved only 83% of the full-year target
30-01-2026
: VIB
: Banking
: Trang To
Tags:
PBT in Q4/25 reached over VND 2 trillion (+1% QoQ, -14% YoY). Total operating income was flat YoY at VND 5.3 trillion, of which (1) net interest income edged up 3% YoY as quarterly NIM declined sharply by 40 bps YoY despite credit growth of 17.7% YoY; (2) non-interest income fell 11% YoY, mainly due to losses from FX trading and investment securities trading (losses of VND 278 billion and VND 77 billion, respectively).
Full-year 2025 PBT amounted to VND 9.1 trillion, fulfilling only 83% of the full-year target (VND 11 trillion). PBT growth in 2025 was flat YoY due to the following factors: (1) credit growth in 2025 was capped at 17.7% (2024: 21.5%); (2) NIM narrowed significantly by 64 bps YoY to 3.1%; (3) non-interest income reached VND 1.8 trillion, down 12% YoY, mainly due to negative FX trading results of VND 154 billion (2024: a gain of VND 500 billion) and investment securities trading contributing only VND 80 billion (-68% YoY); (4) operating expenses amounted to over VND 7.4 trillion (+3% YoY). ROA and ROE declined sharply to 1.4% and 16.4%, respectively (2024: 1.6% and 18.1%).
In 2026, despite the initial credit growth quota being set at a relatively low level (~12%), we believe improvements in the retail segment, together with a strategy to diversify deposit products and promote CASA, will be key drivers for NIM and net interest income expansion. In parallel, non-interest income is expected to improve, supported by positive contributions from bancassurance and off-balance-sheet bad debt recoveries (with support from Resolution 42 on NPL resolution). In addition, we expect progress in the search for a foreign strategic shareholder to serve as a catalyst supporting a re-rating of VIB shares.
We are revisiting our forecasts and valuation (current TP of VND 20,300/share) and will provide detailed updates in upcoming reports.
Understanding the Chip Market – Definition, Classification, Value Chain and Global Status
29-01-2026
: FPT
: Technologies
: Hung Nguyen
Tags:
- A chip (also known as an IC) is a sophisticatedly fabricated, silicon wafer that contains millions to billions of tightly integrated electronic components.
- The value of the global semiconductor industry has grown explosively from the Covid-19 period, reaching USD 700 bn in 2025, expected to reach USD 1,000 bn in 2030, implying the expansion of the chip market size.
- The quartet of the United States - China - Taiwan - South Korea are the names that control the global chip industry game, dividing the main roles in the global semiconductor industry value chain as shown below, implying that any geopolitical fluctuations related to this quartet will significantly affect the outlook for global chip production and prices. In particular, the US controls core technologies in the chip industry such as IP & EDA, Design, Equipment, China-Taiwan-Korea controls chip industry inputs such as semiconductors, silicon wafers and test and assembly (ATP) outputs.
ANV – Record the highest profit in 2025
28-01-2026
: ANV
: Fishery
: Hien Le
Tags:
- ANV's Q4/2025 business performance grew strongly with net revenue reached VND 2,118 billion (+55.7% YoY) and NPAT-MI reached VND 252 billion (+4,611% YoY). Gross margin in Q4/2025 reached 20%, a sharp increase from 10.2% in Q4/2024 but slightly down from 24.4% in Q3/2025 due to a 18% QoQ decrease in Tilapia selling prices.
- Net revenue for the full year of 2025 reached VND 6,952 billion (+40% YoY) and NPAT-MI reach VND 999 billion (up 21 times YoY). The gross margin for the whole year of 2025 reached 23%, a sharp increase compared to 11.4% in 2024 thanks to changes in the pangasius export market from China to the US and tilapia sales.
- We maintain our target price of VND35,200/share, equivalent to a BUY recommendation with a current P/E of 7.2x and we expect NPAT-MI in 2026 to reach VND1,117 billion (+12% YoY) thanks to the diversification of export markets of pangasius and tilapia. The production of tilapia and pangasius segments in 2026 is expected to increase by 9%/50% YoY, respectively, while the selling price of pangasius/tilapia is expected to grow by 2%/-5% YoY, respectively.
NT2– 2025 business performance: A year of change
27-01-2026
: NT2
: Power
: Nguyen Duc Chinh
Tags:
- In Q4/2025, NT2’s revenue increased by 33% YoY, while profit after tax attributable to the parent company (NPAT-MI) surged (+466% YoY). This was driven by (1) a 17% YoY increase in actual power generation (Qm) and (2) the recognition of one-off income amounting to VND 268 billion.
- Full-year 2025 revenue grew 31% YoY, while NPAT-MI improved by 11x YoY, equivalent to 95%/358% of the company’s full-year plan and 99%/160% of the analyst’s forecasts.
- Gross Profit margins improved significantly in 2025 thanks to (1) NT2’s stronger bargaining position with EVN on contracted output (Qc), lifting Qc by 57% YoY, and (2) a 1% YoY decline in the average gas fuel price for the year.
- In 2026, we expect NT2’s revenue and NPAT-MI to grow by 20%/6% YoY, supported by improving gas-fired power dispatch and fuel prices remaining at low levels.
