reports
- Giao Nguyen
PHR – Profit in 2026 is expected to grow thanks to compensation for Ba...
• 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...
- Phuong Nguyen
LOSING EQUILIBRIUM
The market continued to weaken following the cooling signal at the end of the previous session and has temporarily moved away from the 1,800-point support zone. Liquidity increased compared to the previous session, indicating that supply continues to pressure the market, though there is a state of tug-of-war between supply and demand. The move below the 1,800-point level has caused an imbalance and pushed the market into a short-term oversold zone. However, this development is largely due to t...
- Phuong Nguyen
LATE-SESSION COOLING
The market experienced a recovery after preserving the 1,800-point support zone in the previous session; however, the recovery remains quite cautious, as evidenced by the upper shadow of the candle. Liquidity increased compared to the previous session, indicating a tug-of-war between supply and demand during the recovery. The cooling down toward the end of the session may exert downward pressure on the market in the next trading session. Nevertheless, the market is expected to continue receivi...
- Duong Tran
NKG – Q4/2025 Business Results: Revenue and gross margin both came in ...
• 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 provis...
- Anh Tran
FRT – 4Q2025: Long Chau reinforces its leadership in pharmaceutical re...
• 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, ...
- Phuong Nguyen
DEFENDING THE 1,800 THRESHOLD
The market experienced a sharp decline during the trading session, retreating near the MA(50) zone at the 1,775-point level, but received support and made an effort to return above 1,800 points. Liquidity increased slightly compared to the previous session, indicating an increase in supply, but this was temporarily concentrated in only a few stock groups and has not yet significantly impacted the overall market. The effort to return above 1,800 points demonstrates that the market still values ...
- Phuong Nguyen
STAYING IN THE GREEN
The market continued its recovery trend after recording support signals at the 1,800-point zone in the previous session. Liquidity increased compared to the previous session, showing that cash flow has increased its activity to bolster the market, though it remains temporary cautious toward supply at higher price levels. The 1,800-point zone, the lower boundary of the short-term uptrend channel, has performed its support role well and facilitated a market recovery. However, this recovery movem...
- Tung Do
BID - Steady Growth Amid Capital Constraints and NPL Control
We issue an updated valuation report on BID shares of the JSC Bank for Investment and Development of Vietnam, with a 12-month target price of VND 50,100, equivalent to a projected 2026F P/B multiple of 1.8x. • BID is Vietnam's largest state-owned commercial bank by total assets, exceeding VND 3.25 quadrillion (approximately USD 133 billion) as of end-2025. It benefits from a low cost of funds, a comprehensive financial services ecosystem, and an extensive nationwide distribution network. As a k...
- Phuong Nguyen
CORRECTIVE PRESSURE
The market remains cautious ahead of the 1,900-point zone, the upper boundary of the Medium – Long term uptrend channel, and has slipped below the MA(10) line. Liquidity decreased compared to the previous session, indicating that supportive cash flow is acting cautiously and waiting to observe the market. The signal of falling below the MA(10) shows that the market is temporarily imbalanced and the corrective phase has not yet ended. It is likely that the market will face downward pressure as ...
- Phuong Nguyen
CAUTION NEAR RESISTANCE
The market continues to challenge the 1,900 – 1,920 resistance zone, the upper boundary of the Medium – Long term uptrend channel, but is temporarily recording cautious signals. Liquidity decreased compared to the previous session, indicating that supportive cash flow has slowed down to observe the market, though there is a spillover effect into some small and mid-cap stock groups. Although caution remains at the 1,900 – 1,920 resistance with some weakening signs, the market is still striving ...
- Trang To
HDB - Solid growth prospects
We have conducted a valuation for HDB stock and estimate its fair value at VND 31,000, corresponding to projected P/B multiples for 2025F and 2026F of 2.1x and 1.7x, respectively. Superior credit growth potential is driven by (1) receiving a high credit growth quota upon the mandatory transfer of the weak credit institution Dong A Bank, (2) a solid capital buffer and ample liquidity headroom, and (3) the strategy to boost lending to large corporates. Diversified income sources coupled with hi...
- Giao Nguyen
Real Estate Industry 2026 – Rebalancing after a period of misphased gr...
• The residential real estate market is expected to enter a rebalancing phase from 2026, when legal bottlenecks are gradually removed and the project implementation environment gradually improves. The new supply is expected to be more evenly differentiated for the affordable – mid-end segments, with a clear shift to satellite areas around HCMC such as Binh Duong, Long An, Dong Nai and Ba Ria – Vung Tau. • On the demand side, market dynamics in the coming period are forecast to shift markedly fr...
- Tung Do
VPB – Q4-2025 Business Results Update: Profit Growth Exceeds Expectati...
• VPB announced its 4Q25 business results with consolidated profit before tax (PBT) reaching VND 10.2 trillion (+12% QoQ and +66% YoY), exceeding our forecast (VND 8.8 trillion) by 17%. This outperformance was driven by a significant surge in other income (primarily from recoveries of previously written-off bad debts) in 4Q24, amounting to over VND 3 trillion (+31% YoY), alongside service revenue that was 73% stronger than anticipated, while credit costs aligned with expectations. • Full-year 2...
- Phuong Nguyen
TUG-OF-WAR AT RESISTANCE
The market continues to challenge the resistance zone of 1,900 – 1,920 points, the upper boundary of the Medium – Long term uptrend channel, but is temporarily recording cautious signals. Liquidity increased compared to the previous session, showing that supply is trending upward again as the market approaches the resistance zone, though it has not yet exerted significant pressure. Despite the caution at the 1,900 – 1,920 resistance, the market is generally striving to maintain balance above t...
- Anh Tran
- Hung Nguyen
CONSUMER 2026 - WINNER TAKES ALL
2026 OVERVIEW Goods and services retail sales grew by 9.0% YoY in 11M-2025, extending the post-2024 recovery but remaining below pre-COVID levels (11-12% YoY) due to weak consumer confidence. In 2026, purchasing power is expected to gradually improve, with a “rebound from the trough” in 2H driven by: (1) spillover effects from public and private investment into household income and employment; (2) continued consumer-supportive policies; (3) normalization among segments “adversely affected by ...
- Toan Vo
Forecast VN30 Index reconstitution outcome – Q1/2026 review
• VN30 rebalancing timeline: Under HOSE’s periodic review schedule, the VN30 outcome will be announced on 21 Jan 2026 and effective from 02 Feb 2026. Rong Viet Securities’ base case expects VPL to be added and BCM to be removed. • Estimated trading flows (by volume) – Rong Viet: The top expected net buys are ACB (+3.3m shares), HPG (+3.0m shares) and TCB (+2.3m shares).
- Phuong Nguyen
SUSTAINING UPWARD MOMENTUM
Despite the cautious signals at the end of last week, the market still made an effort to gain points with a Hammer candlestick pattern. Liquidity decreased compared to the previous session, indicating that supply is showing signs of cooling down and reducing pressure on the market. The recovery signal confirms the support from the MA(10) line and negates the pullback signal from the previous weekend's session. Fluctuations may continue in the next trading session, but with the current upward...
- Phuong Nguyen
COOLING DOWN AT THE 1,900-POINT ZONE
The market experienced a recovery and retested the 1,900-point zone, but was temporarily resisted and cooled down. Liquidity decreased compared to the previous session, showing that cash flow is slowing down as the market faces difficulties at the resistance zone. With a cautious Shooting Star candle signal, the market is likely to fluctuate or pull back as it enters the new trading week. However, the pullback (if any) is characterized as a retest of supportive cash flow and creating an equili...
- Duong Tran
PVC Resin Price Outlook 2026 – No Longer at Low Levels Due to China’s ...
• In 2026, China will officially tighten its export support policy by abolishing the 13% VAT rebate on PVC resin (effective from April 2026). This move comes as the country’s plastics industry faces significant oversupply pressure (a surplus of more than 364 thousand tons in 2025) and persistently negative profit margins at factories. Cutting subsidies is seen as a step to mitigate the risk of retaliatory tariffs and to weed out inefficient domestic producers. • We expect regional PVC prices to...
- Quan Cao
Aviation - Asia remains the primary growth engine for passenger revenu...
• In 2026, global passenger traffic is forecast to increase by 4.9% YoY, reflecting a modest improvement in global GDP growth. Over the 2024–2026 period, RPK growth is expected to converge more closely with GDP growth, at approximately 1.5x. • Aircraft delivery delays will continue to leave airlines facing fleet shortages in 2026, constraining seat capacity. As a result, load factors (LF) are expected to remain elevated at around 83.8%, edging up slightly YoY. • Asia–Pacific remains the leadin...
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