12-06-2026VNINDEX1791.65-6.96-0.39% HNXIndex302.492.400.80% UPCOM126.35-0.06-0.05% VN301944.36-2.92-0.15% VN1001865.93-5.46-0.29% HNX30516.24-0.47-0.09% VNXALL2898.96-8.52-0.29% VNX503265.91-9.24-0.28% VNMID2103.89-3.70-0.18% VNSML1342.3-1.08-0.08% HAH – Long-term vessel chartering is the foundation for strong NPAT growth in Q1-FY26
12-06-2026
: HAH
: Seaports
: VDSC
Tags:
- In Q1-FY26, HAH's revenue and NPAT-MI reached VND 1,265 billion (+8% YoY) and VND 300 billion (+29% YoY), respectively, in line with our projections. Specifically, stevedoring and vessel fleet revenue were estimated at VND 591 billion (-5% YoY) and VND 1,084 billion (+13% YoY), respectively.
- For 2026, HAH's revenue and NPAT-MI are projected to reach VND 5,472 billion (+7% YoY) and VND 1,291 billion (+7% YoY), respectively. This aligns with the Company's 2026 plan, given that charter contracts have been signed long-term and renewal rates have not increased significantly compared to previous contracts. The 2026 EPS is projected to reach 6,305 VND.
- As the Company is currently expanding its fleet and cannot yet contribute to the 2026 business results, we recommend ACCUMULATE with a target price of 62,700 VND/share.
OCB – Q2/26 Earnings forecast: Strong credit growth but NIM remains under pressure
11-06-2026
: OCB
: Banking
: Trang To
Tags: OCB
- Q1/26 PBT reached over VND 1.2 trillion (-23% QoQ, +37% YoY), completing 17% of the full-year plan (VND 7 trillion). PBT growth was positive based on the low base of the same period in 2025, thanks to (1) 2.6% YTD credit growth (+14.2% YoY), driving net interest income up 10% YoY, and (2) non-interest income expanding by 209% YoY.
- Q2/26 PBT is forecast to reach over VND 1.3 trillion (+10% QoQ, +35% YoY), completing 39% of the full-year projection (2026F: VND 6.5 trillion, +30% YoY), with positive growth compare to Q2/25 (+35% YoY) thanks to (1) net interest income rising strongly by 14% YoY based on robust credit growth of 10.0% YTD (equivalent to +15.6% YoY) and (2) non-interest income expanding to nearly VND 640 billion (+88% QoQ, +38% YoY), supported by positive growth in the corporate advisory segment, particularly bond underwriting advisory activities.
- The current target price for OCB stock is VND 13,300/share, equivalent to an ACCUMULATE recommendation with a return of 6% compared to the closing price of VND 12,550/share on Jun 11, 2026.
Rubber industry – Tight supply and long-term growth drivers from the electric vehicle era
10-06-2026
: DPR, PHR, TRC
: Chemicals
: VDSC
Tags: Rubber
- Global natural rubber supply in 2026 is expected to continue to face shortages and maintain a net deficit for the sixth consecutive year. This tightening is due to the shrinking of new planting areas since 2018, combined with the trend of declining production in major producing countries such as Vietnam and Indonesia.
- The wave of shifting to electric and hybrid vehicles is becoming a lifeline to guarantee the long-term needs of the rubber industry. Since electric vehicles have a heavy payload that causes tires to wear out 20% to 30% faster, periodic tire replacement pressure will keep the demand for rubber expected to be stable for the next 3 to 5 years.
- Natural rubber prices in 2026 are expected to remain anchored at a high level, due to the tight supply and demand structure and the disruption of the downstream petrochemical chain from the US-Iran conflict.
REE – Business performance Q1/2026: The first step in to capacity expansion efford
09-06-2026
: REE
: Power
: VDSC
Tags:
- Revenue in Q1/2026 reached VND2,471bn (+19.1% YoY) thanks to (1) a 6.9% YoY increase in hydropower generation as the impact of the La Niña phase persisted in Q1/2026 and (2) revenue of the refrigeration M&E segment increased by 59.5% YoY, benefiting from a large backlog. REE's net profit after tax – minority interest in the quarter improved by 17% YoY, reaching VND715 billion.
- In 2026, REE plans to put into operation a total of 176 MW of wind power, including 48 MW of COD in Q1 and 128 MW of COD in Q4. Further, the Phu Cuong 1A & 1B project with a total capacity of 200 MW is expected to COD in 2028.
- For the full year of 2026, revenue and EBITDA are expected to reach VND 10,774 billion (+7.6% YoY) and 2,403 (-5% YoY), respectively, and EPS of VND 4,098 (-1% YoY). Despite the decline in profits compared to the realized level of 2025, we believe that REE's efforts to expand renewable energy capacity will be a key driver of corporate value growth. Accordingly, we maintain our BUY recommendation with a target price of VND67,500/share.
The State Bank Of Vietnam's Dilemma In Controlling Liquidity And Interest Rates In The Banking System
08-06-2026
: BID, VCB, CTG, MBB, TCB, ACB, VPB, VIB, MSB, OCB, EIB, SSB, TPB
: Banking
: Tung Do
Tags:
- As of end-May 2026, system-wide credit growth reached 5.71% YTD versus deposit growth of only 2.98% YTD, pushing the market-1 LDR to an estimated ~115% - up from 109% at end-2025 and 106% at end-2024.
- Liquidity stress reflects the convergence of three structural forces: accelerating credit demand (especially medium-to-long tenor); fiscal surplus withdrawing liquidity from the banking system; and the SBV constrained from expanding OMO operations by thin FX reserves and elevated inflation risk.
- SBV's policy interventions - administrative directives on deposit rate cuts and the technical LDR adjustment under Circular 08/2026 - address symptoms, not the underlying supply-demand imbalance.
- With monetary policy largely exhausted, the sole credible relief valve is an accelerated drawdown of the state budget surplus through public investment disbursement. Until that materializes, we do not see a sustainable path to lower interest rates.
DPM – Improved Urea segment margin boosts growth in Q1/2026
05-06-2026
: DPM
: Fertilizer
: VDSC
Tags:
- Net revenue in Q1/2026 reaching VND 5,623 billion (+36% YoY) and NPAT-MI of VND 401 billion (+96% YoY). Revenue growth was driven by solid performance across both core segments, Urea and NPK.
- Gross margin in Q1/2026 expanded to 16.7% (from 15.9% in the same period last year), as Urea selling prices rose faster than input gas costs. Financial income surged 156% YoY to VND 82.3 billion, supported by a sharp increase in interest income from deposits and loans. Selling expenses increased 12% YoY due to higher customer support and advertising costs, while administrative expenses rose 15% YoY, mainly from personnel-related costs.
- Q2/2026 results are expected to continue growing as fertilizer selling prices remain elevated amid the ongoing US-Iran conflict, with consumption volume rising primarily driven by exports. For the full year 2026, we forecast net revenue of VND 21,618 billion and NPAT-MI of VND 1,918 billion, implying an EPS of VND 2,922.
- We maintain our ACCUMULATE recommendation with a target price of VND 26,600 per share. Including an expected cash dividend of VND 1,500 per share over the next 12 months, the total expected return stands at 11% compared to the closing price on June 4, 2026.
Draft decree amending and supplementing Decree No. 24/2012/ND-CP: Moving to scrap gold jewelry license
04-06-2026
: PNJ
: Retailing
: Lan Anh Tran
Tags: Draft decree Decree No. 24/2012/ND-CP
- On May 29, 2026, the Government issued a draft decree amending and supplementing several provisions of Decree No. 24/2012/ND-CP on the gold management. We note that several provisions in this draft also amend and supplement Decree No. 232/2025/ND-CP, the most notable of which is that the production and business of gold jewelry and handicraft products will no longer be considered a conditional investment and business line.
- For the import and export of raw gold materials, as well as the production and trading of gold bars, the State Bank of Vietnam (SBV) will continue to exercise strict control, maintaining both pre- and post-inspection mechanisms. For gold jewelry and handicraft production and business, the SBV will no longer conduct pre-inspection or inspection as previously required. Instead, it will shift to post-inspection through interconnected data and enterprise production reports submitted to the SBV.
- Overall, the draft is expected to contribute to promoting the transparency and standardization of the domestic gold market. The proposal are generally consistent with the Government’s orientation to develop the gold market under a state-managed market mechanism. At the same time, they will lay the foundation for Vietnam to gradually develop its gold jewelry and handicraft manufacturing industry, aiming to become a regional center for jewelry production and craftsmanship.
NKG – Q1/2026 Results Under Pressure; Breakthrough Anticipated in Q2
03-06-2026
: NKG
: Materials
: Duong Tran
Tags: Steel
- In Q1/2026, NKG recorded parent company net revenue of VND 3,261 billion (-20% YoY) and net profit after tax of VND 22 billion (-65% YoY). Business results continued to face heavy pressure, with the gross profit margin remaining low at 2.6% due to stagnant steel selling prices and the fact that the company has not yet reversed its inventory provisions.
- Business activities are expected to recover more clearly in the second half of 2026, driven by the momentum of rising steel prices that began at the end of March. On the financial side, NKG is actively tightening its excess inventory (down to VND 4,344 billion, -18% QoQ) to reduce short-term interest pressure, thereby creating borrowing capacity to mobilize long-term capital for the Phu My factory project.
DGW – Growth drivers remain intact
02-06-2026
: DGW
: Retailing
: Hung Nguyen
Tags:
- DGW’s Q1-2026 results significantly exceeded our expectations by 33%, with net revenue reaching VND 8,500 bn (+54.0% YoY) and NPAT-MI at VND 200 bn (+89.0% YoY). The strong performance was primarily driven by the robust breakout in the laptop & tablet segment (+101.5% YoY) and the server segment (+157.4% YoY), alongside improved profit margin resulting from no additional provisions for securities investments and the absence of one-off financial expenses of approximately VND 76 bn recorded in the same period last year.
- We are currently reviewing our projections for DGW’s net profit and target price, taking into consideration potential provisions for securities investments, the business outlook for segments heavily impacted by the rising RAM and chip prices (such as laptops, tablets, and servers), as well as a less favorable valuation environment including higher risk-free rates, beta assumptions in our long-term DCF model, and the reassessment of the 2026F target PE multiple following the anticipated IPO of DMX.
- Overall, DGW’s share price has de-rated by 25% over the past three months, currently trading at a trailing PE of 14.1x and a forward PE of 13.1x (based on the Company’s plan for the first half of 2026). This implies that the current valuation appears attractive relative to the expected earnings growth (average 25.0% YoY for 2025–2027 under our current forecasts).
KBC – Drivers from industrial park land leasing activities
01-06-2026
: KBC
: Industrial Land RE
: Thach Lam Do, CFA
Tags:
- For Q1/2026, KBC recorded revenue and gross profit of VND 1.34 trillion (-57% YoY) and VND 649 billion (-46% YoY), respectively. Industrial park land and infrastructure leasing generated VND 732 billion (-71% YoY), with the company recognizing a leased area of ~15 hectares (-82% YoY) from the Nam Son Hap Linh IP and Que Vo 2 Extended IP at an estimated rental rate of USD 190/sqm/lease term.
- At the 2026 Annual General Meeting, the company set growth-oriented targets for the year, guiding revenue and NPAT at VND 10 trillion (+50% YoY) and VND 3 trillion (+35% YoY), respectively. The IP land leasing segment is expected to drive these strong results, with a target handover of 250 hectares (+106% YoY). The most notable anchor contract involves 92 hectares at the Que Vo 2 Extended IP, leased to Luxshare ICT—a strategic supply chain partner for Apple.
- We maintain our target price of VND 41,600 per share for KBC, corresponding to a BUY recommendation and an expected return of 36%. The stock remains one of our top picks within the industrial park sector for 2026.
If Middle East tensions ease: How will oil prices and energy logistics respond?
29-05-2026
: PVT, PVP, PDV, GSP, PLX, OIL, PVS, PVD, BSR
: Oil & Gas
: Huong Le
Tags:
- The USD 100 per barrel level for Brent crude remains a key threshold, as prices tend to react strongly to developments in the Middle East. Bloomberg forecasts suggest that oil prices could gradually ease in the second half of 2026, implying that current geopolitical tensions are likely to have a temporary impact rather than causing a prolonged supply crisis.
- However, energy shipping markets may take longer to return to normal. Oil flows through the Strait of Hormuz and the Red Sea have not fully recovered, while war-risk insurance costs and vessel rerouting remain elevated. As a result, freight rates are likely to stay high even if oil prices begin to decline.
- In this environment, oil and gas transportation companies are expected to benefit the most from elevated freight rates. Meanwhile, downstream companies may face pressure from higher logistics costs and delays in passing these costs on to customers.
PHR – Breakthrough in profits from compensation
28-05-2026
: PHR
: Industrial Land RE, Chemicals
: Giao Nguyen
Tags: PHR
- NPAT-MI in Q1/2026 grew strongly (+192% YoY) thanks to a sudden increase in other income (VND 232.3 billion), coming from compensation and support of key projects, including Thaco (VND 135.8 billion) and VSIP III (VND 95 billion).
- The progress of compensation collection in 2026 is expected to record very positive signals: 1/1,050 billion VND in May 2026 from the VSIP III project; 2/ Thaco project is expected to continue to contribute about VND 500 billion in income to PHR right in 2026.
- PHR is preparing to issue bonus shares at a ratio of 10:8 to raise charter capital to VND 2,438 billion, strengthening financial capacity for the long-term strategy. The business is drastically expanding into potential segments, including renewable energy (planning 12 projects), high-tech agriculture (1,300 hectares of bananas), and restructuring the wood processing segment.
12-06-2026
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