24-07-2026VNINDEX1686.11-13.27-0.78% HNXIndex272.99-8.08-2.88% UPCOM125.890.360.29% VN301829.36-15.96-0.86% VN1001751.49-16.21-0.92% HNX30458.22-6.66-1.43% VNXALL2720.66-25.17-0.92% VNX503068.52-28.30-0.91% VNMID1845.8-26.11-1.39% VNSML1218.77-10.32-0.84% LHG – Stable financial performance in 1H2026
24-07-2026
: LHG
: Industrial Land RE
: Thach Lam Do, CFA
Tags: IP
- 1H2026 Financial Results: LHG recorded stable financial performance aligned with expectations during the first 6 months of 2026, posting net revenue and NPAT of VND 365 billion (-20% YoY) and VND 187 billion (-6% YoY), respectively. Among these, ready-built factory (RBF) leasing continued to serve as a reliable source of steady cash flow, alongside land lease revenue recognized from Plot 3G-1 in the Long Hau 3 Industrial Park.
- On the asset side, inventory remained stable at VND 824 billion, primarily concentrated in investment costs for Long Hau 3 IP, while land use fees for the LH3 residential and resettlement area (~13 hectares allocated in June) remain unpaid. The balance of customer prepayments decreased to VND 8.4 billion, reflecting a lack of notable new land tenants as of late June 2026.
TRC – Business Results Q2/2026: Siem Reap Farm enters the stage of comprehensive exploitation
23-07-2026
: TRC
: Chemicals
: VDSC
Tags: TRC
- In Q2/2026, TRC recorded revenue of VND 127.05 billion (-53.9% QoQ, -3.8% YoY) and NPAT-MI of VND 42.04 billion (-57.8% QoQ, +20.6% YoY).
- Siem Reap Farm (6,421 hectares, Cambodia) officially reached 100% of the area at the exploitation age from 2026 (compared to 81.3% in the 2023-2025 period), pushing the consumption output in Q2/2026 to increase by +20.1% YoY.
- Although the average selling price of rubber latex decreased from 55-57 million VND/ton to 50-52 million VND/ton in 6M2026, the increase in consumption from Siem Reap Farm and the remaining inventory largely offset the impact of the price downturn, helping the accumulated revenue in 6M2026 increase by 12% YoY.
FMC – Business results Q2/2026- Declining selling price of raw shrimp promotes growth
22-07-2026
: FMC
: Fishery
: VDSC
Tags:
- FMC’s net revenue Q2/2026 reached VND 1,675 billion in Q2/2026 (-11% YoY), primarily due to an 11% decline in the shrimp segment. Shrimp consumption volume reached 4,491 tons (-8% YoY), while the average selling price decreased slightly by 3% to VND 334,000/kg. The sharp drop in volume resulted from the company’s strategy to limit exports to the US while awaiting the final results of the POR20 anti-dumping duty review.
- On a positive note, the gross profit margin improved significantly to 15.0% (+ 444 bps YoY), driven by the shrimp segment’s margin rising from 9.8% to 14.1%. The improvement in shrimp margin was due to raw material prices declining faster than selling prices (-17% vs -3% YoY). The SG&A expense/revenue ratio increased slightly to 7.3% from 6.9% due to lower revenue, but net financial income rose 32% YoY thanks to a 211% surge in interest income from deposits, while interest expenses only increased 45% YoY. As a result, NPAT-MI grew strongly by 93% YoY to VND 155 billion.
- In the first six months of 2026 (1H2026), net revenue reached VND 3,073 billion (-21% YoY), mainly due to an 18% YoY decline in shrimp volume. However, thanks to effective cost control, the gross profit margin improved to 11.4% (+307 bps YoY), driving NPAT-MI up 78% YoY to VND 196 billion.
- These results represent 38% of the company’s full-year revenue target and 50% of the profit target, equivalent to 36% and 51% of our previous forecasts, respectively. We expect to make a slight downward adjustment to our 2026 revenue forecast but maintain the NPAT-MI projection at VND 384 billion (+10% YoY). We anticipate that gross margin improvement — rather than revenue growth — will be the main driver from Q3/2026 onward, as the company awaits the final decision on the POR20 anti-dumping duties.
- We maintain our ACCUMULATE recommendation on FMC stock with a short-term target price of VND 38,800 per share.
Macro Update: Strong growth, but balancing interest rates and exchange rates is the bottleneck that needs to be resolved
21-07-2026
: VDS
: Macroeconomics
: VDSC
Tags:
- Growth remains high, driven by FDI. GDP in the second quarter grew by 8.39%, with industrial production and exports continuing to be led by the FDI sector. Meanwhile, total retail sales increased by 12.9% at current prices but only by 7.3% after excluding price factors, indicating that real purchasing power has not yet broken through proportionally. The average CPI for the first six months was 4.38%, leaving limited room for inflation control in the second half of the year.
- Investment (including private investment, FDI, and the public investment) has become a pillar of growth and a crucial source of additional liquidity. Public investment disbursement accelerated significantly in June, bringing the cumulative value for the first six months to VND 356.9 trillion, equivalent to 35.5% of the plan. In the context of weak consumption and a shift towards a trade deficit, investment is expected to be the main driver of growth in the second half of the year.
- Banking system liquidity is the bottleneck determining the outlook for interest rates and exchange rates. Credit growth is outpacing deposit growth, and greater reliance on short-term funding in the interbank market is increasing maturity mismatches. Therefore, interest rates are unlikely to drop sharply in the second half of the year. Meanwhile, the exchange rate is currently supported by the VND–USD interest rate differential and FDI inflows; however, if public investment disbursement is strong and the dollar strengthens, it will still exert pressure on the exchange rate in the second half of 2026.
FPT – Continuing the story of business model transformation towards AI-intensive adoption
20-07-2026
: FPT
: Technologies
: VDSC
Tags: FPT
- FPT recorded improved Q2-2026 performance with net revenue reaching VND 13,789 bn (+16.4% YoY) and NPAT-MI at VND 2,568 bn (+13.8% YoY). These results were in line with our expectations, driven by sustained strong growth in IT consulting services, particularly in the Japanese and U.S. markets. Although AI/Data analytics posted high growth (+46.6% YoY, reaching VND 1,108 bn in the quarter), this was mainly due to a low base and has not yet made a significant contribution to the segment’s revenue (accounting for only 11% of IT consulting revenue). Growth remains constrained by infrastructure readiness, unclear investment returns, and concerns over data security and information protection.
- FPT is currently trading at a trailing PE of 11.9x and a forward 2026F PE of 10.5x, both below its 5-year historical average of 18.6x and significantly lower than peers in India (above 20.0x). We believe the standout investment thesis for FPT in the coming period revolves around the recovery in new contract signings (backlog) from the second half of 2025 onward, particularly from the Asia-Pacific region (20-25% of FPT’s IT consulting revenue). These contracts are expected to gradually convert into actual revenue in the second half of 2026 as sentiment toward digital transformation improves following de-escalation in the Middle East conflict.
- Nevertheless, we do not favor the IT consulting sector in the second half of 2026, as there is limited potential for profit growth to return to historical levels (above 20% per year), and investor sentiment remains subdued amid global IT services stocks repeatedly hitting 5-year lows, with Indian peers (TCS, Infosys, Wipro) trading at 13-14x PE and U.S. peers (Accenture, EPAM) at 11-13x PE — levels consistent with FPT’s current and forward 2026F valuations. We note that PEG (Price/Earnings to Growth) ratios for most Indian software services companies (Infosys, Tata Consultancy, HCL Technologies, Wipro) and FPT itself have adjusted downward to 0.8-1.0x, in line with their projected EPS growth outlook for 2026-27.
Aviation – Update on air cargo transport developments in the first half of 2026
17-07-2026
: SCS
: Aviation
: VDSC
Tags:
- In 5M2026, global air cargo demand, measured by Cargo Tonne-Kilometres (CTK), grew by 4.1% YoY. Market performance showed divergence: Asia-Europe and intra-Asia routes continued to grow strongly, while the Middle East saw a severe decline due to the US-Iran conflict.
- In May 2026, average freight rates increased by 38% year-on-year, driven by (1) rising jet fuel costs and (2) demand growth outpacing transport capacity.
- In 1H2026, Vietnam’s air cargo volume reached 920,000 tonnes (+13% YoY), concentrated in high-tech goods such as computers, phones, and electronic components.
- In Q2-FY26, SCS's cargo volume moved against the general national trend, reaching only 62 thousand tonnes (-8% YoY) due to the impact of two major Middle Eastern clients, Emirates and Qatar Airways.
Growth potential from enhanced execution of the Financial Group model
16-07-2026
: HDB
: Banking
: Trang To
Tags:
- HDB is gradually expanding its presence in key financial sectors through investments and increasing ownership in subsidiaries, thereby forming the HD Financial Group model. The process of perfecting the Financial Group model has taken place concurrently with the improvement in HDB's scale and operational efficiency during the 2020-2025 period. Accordingly, the 5-year compound annual growth rate (CAGR) of total assets reached 24%, and ROE has been maintained above 20%, placing it among the leaders in the system.
- In the long term, the HD Financial Group model still has significant room for growth, based on the potential to (1) expand the scale of operations of subsidiaries and (2) develop an embedded finance platform.
Introduction About F88 Ahead of Its Public Offering and Transfer to the HOSE Listing
15-07-2026
: VPB, MBB, HDB
: Financial Services
: Tung Do
Tags:
- Solid industry-leading position: F88 is the only listed company in Vietnam's alternative lending sector, holding approximately 85% market share among next-generation pawnshop chains, with nearly 972 transaction offices nationwide (as of June 2026) and a high ROE (~38% at end-Q1 2026).
- The public offering is a strategic stepping stone toward an HOSE listing: F88 is offering more than 22 million shares at VND 71,000 per share (raising ~VND 1,564 billion), below the market price at the time of announcement — though the gap has narrowed following a recent share-price correction (VND 74,700/share as of July 15, 2026). The primary purpose is to satisfy the exemption from the minimum UPCoM trading-period requirement in order to transfer the listing to HOSE within 2026, as well as to reduce the cost of capital.
- F88's P/B valuation on UPCoM has been highly volatile: it traded steadily around 4.0–4.5x through the second half of 2025, then surged to a peak of ~11.2x in late January 2026 amid the capital-raising/HOSE-transfer narrative, before correcting and trading sideways around the 6.0x range from March 2026 to the present. As of July 15, 2026, the market P/B stood at 6.1x. The recent share-price correction has narrowed the discount between the PO price and the market price at the time of announcement — F88's market price (VND 74,700/share as of July 15, 2026) is now quite close to the public offering (PO) price of VND 71,000/share, corresponding to a pre-money P/B of ~5.8x. Should the offering be completed successfully, the post-money P/B valuation would fall to approximately 4.0x.
5M2026 Steel Market: Year-Over-Year Growth Decelerates Slightly Across Most Steel Grades Compared to Q1
14-07-2026
: HPG, HSG, GDA, NKG
: Materials
: VDSC
Tags:
- April & May Consumption: HRC drove overall growth (+38% YoY), fueled by HPG's capacity ramp-up at Dung Quat 2. In contrast, steel pipes saw a modest gain (+5% YoY), galvanized steel remained flat, and construction steel dipped slightly (-3% YoY) against a high base from the previous year.
- Prices ease from Q2 peak: Lower input and transport costs pushed early July 2026 steel prices down 3-5% from their recent highs. Despite this correction, prices are still tracking 5-10% above year-to-date starting levels.
- 2H2026 Outlook: Expect flat to slight HoH moderation, but sustained YoY growth driven by (1) accelerated infrastructure spending, (2) lower interest rates, and (3) domestic trade protection measures.
GEL – A High-Quality Investment Portfolio
13-07-2026
: GEX
: Industrial Land RE, Real Estate
: Thach Lam Do, CFA
Tags: GEL
- GELEX Infrastructure JSC (HOSE: GEL) is a subsidiary of GELEX Group JSC (HOSE: GEX, which holds a 70% stake in GEL) and is structured as a holding company. The enterprise owns high-quality subsidiaries and affiliates focused on real estate (residential and industrial parks), building materials (tiles, etc.), and infrastructure development.
- GEL (through its subsidiaries) is currently the developer of 19 industrial parks spanning both Northern and Southern Vietnam. The company possesses approximately 2,000 hectares of IP land bank for long-term investment and leasing, concentrated in Tier-1 markets in the North (Hung Yen, Thai Nguyen, Hai Phong) and the South (Vung Tau – Ho Chi Minh City). Additionally, the company has expanded into residential real estate development with the Anmaison project (13.6 hectares in Hai Phong) while continuing to accumulate land bank in other high-potential markets.
- Given that most of its pipeline projects are still in their early capital-intensive phases, we anticipate that GEL's total assets will maintain a strong upward trajectory in the near term. To support this massive investment demand and reduce its reliance on debt financing—especially in a high-interest-rate environment that pressures borrowing costs—the company is strategically shifting toward fundraising in the equity capital markets.
VIETNAM ETHANOL MARKET OUTLOOK – ENTERING THE “SEEDLING” STAGE
10-07-2026
: QNS
: Food, Beverage & Tobacco
: VDSC
Tags: Ethanol QNS
- Ethanol is primarily produced using two methods: (1) biological fermentation using sugar- or starch-rich feedstocks; (2) chemical synthesis via the hydration of ethylene derived from petrochemical feedstocks. Among these, biological fermentation accounts for the majority of global ethanol production, as it utilizes renewable agricultural feedstocks with competitive costs in many agricultural economies, while also supporting objectives to reduce greenhouse gas emission.
- On 7 November 2025, the MOIT issued Circular No. 50/2025/TT-BCT, establishing the roadmap for mandatory biofuel blending with conventional fuels in Vietnam. Under the Circular, effective 1 June 2026, all unleaded gasoline that meets the prevailing national technical standards must be blended into E10 gasoline for use in gasoline-powered vehicles nationwide. Meanwhile, E5RON92 gasoline will continue to be produced and supplied until 31 December 2030. We believe this marks a new "seedling" stage for Vietnam's ethanol market, laying the foundation for a new growth cycle over the coming years.
- Although Vietnam has established 07 domestic ethanol plants, local production remains insufficient to fully meet domestic demand, requiring the country to import a meaningful portion of its ethanol consumption each year. Globally, the United States and Brazil are the world's two largest producers and exporters of ethanol, accounting for approximately 70-80% of global output, and also represent Vietnam's primary import sources.
KDH – Strategy to expand the land fund in Ho Chi Minh City
09-07-2026
: KDH
: Real Estate
: VDSC
Tags: KDH
- KDH submitted the BT project in central Ho Chi Minh City to the General Meeting of Shareholders for approval, with a total investment of VND 16,369 billion and a capital structure of 15% equity and 85% debt. KDH also proposed increasing the investment level for the Tan Tao A residential project by VND 10,180 billion, bringing total investment to VND 17,917 billion.
- Based on the progress of handing over low-rise products at the Gladia project, we estimate KDH's Q2/2026 revenue to reach VND 374 billion (-64.3% YoY, +33% QoQ), and Q2/2026 NPAT-M is expected to reach VND 88 billion (-55.7% YoY, -69% QoQ).
- We use a net asset valuation (RNAV) methodology to reflect the value of KDH's land fund. Accordingly, the target price for KDH stock is 41,500 VND/share, equivalent to an expected return of 100% compared to the closing price on 9th July, 2026.
24-07-2026
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