reports
- Chinh Nguyen
GEG - Growth potential comes from expanding renewable energy capacity
Using a blended valuation approach combining Sum-of-the-Parts (SOTP) and EV/EBITDA multiple comparison at a 50:50 weighting, we estimate GEG’s fair value over the next 12 months at VND 19,600 per share, implying an upside potential of 36%. Accordingly, we maintain a BUY recommendation on GEG. In 2025F, GEG’s key growth driver will come from the adjustment in wind power selling prices. We forecast revenue to reach VND 3,094 billion (+33% YoY) and net profit after tax – minority interest (NPAT-MI...
- Toan Vo
VIETNAM MONEY AND BOND MARKET REPORT NOV 2025: BALANCING STABILITY AND...
The SBV continued to manage system liquidity in November via term purchase operations, providing moderate support. The outstanding balance of these operations rose 20.2% compared with end-October, indicating that short-term funding demand in the banking system remains elevated and has yet to fully cool down. The spread between the free market and official USD/VND exchange rates has stayed wide since mid-October, at around VND1,249/USD as of 25 November. Although this gap has started to narrow s...
- Phuong Nguyen
COOLING DOWN
The market continued its upward trend but quickly faced resistance when approaching the 1,700 point area and cooled down. Liquidity decreased compared to the previous session, indicating that cash flow showed cautious action as the market approached the resistance area, but supply pressure is temporarily not significant. The potential for a pullback and tug-of-war action may continue in the next trading session. However, it is expected that the market will quickly receive support and rebalance...
- Phuong Nguyen
STEP BACK
The effort to break above the MA(50) line, the 1,668 point area, remained unsuccessful and the market declined. Liquidity increased compared to the previous session, indicating that profit-taking supply increased and created pullback pressure on the market. The pullback pressure may continue in the next trading session. However, the recovery trend established since November 12, 2025, will continue to provide supportive momentum for the market during this pullback. It is expected that the mar...
- Phuong Nguyen
SURPASSING THE MA(50)
The market quickly increased in price again after a weak session and climbed above the MA(50) line, the 1,668 point area. Liquidity decreased compared to the previous session, indicating that supply cooled down significantly after the profit-taking session, allowing supportive cash flow to easily prop up the market. The signal of rising above the MA(50) line further reinforces the recovery trend established since November 12, 2025. Contested action or a pullback may appear in the next trading ...
- Anh Tran
PNJ – 3Q2025: Beating expectations and turning to growth, results impr...
• 3Q2025 Revenue: Reached VND 8,136 bn (+14.1% YoY, +7.3% QoQ), primarily driven by an 88.3% YoY surge in gold-related revenue from a low base, as gold-buying demand strengthened amid continuously rising gold prices. This trend led to a significant shift of consumer cash flow toward gold rather than jewelry. • 3Q2025 NPAT-MI: Recorded VND 496 bn (+129.8% YoY, +12.5% QoQ), marking PNJ’s highest 3Q net margin. This was supported by: (1) Price increasing to reflect gold price rising while maintain...
- Duong Tran
Vietnam’s Bauxite – Alumina – Aluminum Value Chain
• Upstream supply is abundant in terms of resource reserves (Vietnam’s bauxite reserves are the third largest in the world), but mining and processing capacity remains limited. • Vietnam is currently positioned only at the alumina production stage (Alumina – Al₂O₃), concentrated in the two plants Tan Rai and Nhan Co with a total capacity of around 1.3 million tons per year. The technology for primary aluminum smelting (Aluminium – Al) has not yet been commercially deployed, although several ma...
- Quan Cao
Overview of the cotton market
• Cotton fibre and cotton yarn are positioned at the upstream segment of the textile supply chain, serving as the fundamental inputs for final textile products. Currently, the market is in a slow-growth phase, driven by stable supply conditions and the absence of a meaningful demand surge. Nevertheless, cotton fibre and cotton yarn continue to hold a strategic position as essential raw materials that determine the quality and value of textile outputs.
- Phuong Nguyen
HALTING AT THE MA(50) LINE
The market returned to an upward trend and is pausing at the MA(50) area, the 1,668 point area. Liquidity decreased compared to the previous session, indicating that supply pressure is temporarily not significant but supportive cash flow remains quite cautious as the market rises. The market made an effort to break above the MA(50) line but was temporarily unsuccessful and created a temporary equilibrium zone around this line. The current upward price action is helping the market maintain the ...
- Phuong Nguyen
EFFORT TO MAINTAIN BALANCE
Despite facing downward pressure during the session and at times pulling back below the MA(20) line, the 1,645 point area, the market recorded a recovery signal and returned to the equilibrium area. Liquidity increased slightly compared to the previous session, indicating that cash flow is still making efforts to support the market at the MA(20) area. The market continued to receive support at the MA(20) area and recovered, which suggests that the signal of breaking above the MA(20) line on Nov...
- Thach Lam Do
HPG – Dung Quat 02 becomes the Locomotive
• In Q3/2025, HPG posted revenue of VND 36.4 trillion (-2% YoY, -17% QoQ). Construction steel volume declined sequentially due to seasonal heavy rainfall and storms, particularly in northern Vietnam, yet remained at an elevated absolute level, confirming relatively resilient domestic demand. Most notably, HRC sales reached one of the highest quarterly figures in recent years, confirming full commercial sales from the Dung Quat 2 facility across both phases, with utilization expected to remain so...
- Hien Le
Shrimp industry in 10M2025 and a positive perspective on FMC
• Shrimp export value in October 2025 grew positively by 22% YoY due to a 14% YoY improvement in selling prices, reaching 10.85 USD/kg while consumption volume grew lower at 7.32%. Shrimp export value grew strongly thanks to whiteleg shrimp increasing by 20.18% YoY while tiger prawn only increased slightly by 1.35% YoY. • The export value of whiteleg shrimp in October 2025 increased sharply thanks to the US market increasing by 45% YoY while Japan declined slightly by 4% YoY. Consumption volum...
- Phuong Nguyen
SELLING PRESSURE EASES
The market recorded a recovery session but overall market action remains quite cautious with a small candlestick body. Liquidity decreased compared to the previous session, indicating that supply cooled down following investors' short-term profit-taking action in the previous session. The market continued to receive support near the MA(20) area, the 1,645 point area, and recovered, which suggests that the signal of breaking above the MA(20) line on November 17, 2025, is gradually being confirm...
- Phuong Nguyen
CORRECTION ACTION
The recovery momentum was temporarily paused and the market showed a correction action to retest the MA(20) area, the 1,645 point area. Liquidity increased compared to the previous session, indicating that investors took profits following the market's recovery, but overall, cash flow is still making efforts to support the market. The lower shadow candlestick pattern at the MA(20) area shows that the market is retesting this area and is still receiving support after the breakout signal on Novem...
- Giao Nguyen
NVL – The return journey of the "giant" of the Real Estate industry
• Accumulated in 10M2025, NVL recorded revenue of VND 5,292 billion (+22% YoY), mainly from the handover of projects: NovaWorld Phan Thiet, Aqua City, NovaWorld Ho Tram and projects in Ho Chi Minh City. • In the period of 2025-2028, NVL is expected to reach a revenue drop point in 2027 and 2028, with total products handed over of 17,956 units and 8,557 units, respectively. Revenue from key projects such as Aqua City and NovaWorld Ho Tram will make a strong contribution, reaching VND 226,461 bil...
- Phuong Nguyen
MAINTAIN GAINS
The market received support when pulling back near the MA(20) area, the 1,645 point area, and increased in price again. Liquidity increased slightly compared to the previous session, indicating that supply is still not causing significant pressure, while cash flow is maintaining its effort to prop up the market. The market continues to confirm the signal of breaking above the MA(20) line following the reversal-like recovery signal at the 1,600 point area on November 12, 2025. This suggests tha...
- Chinh Nguyen
PC1 –Earnings Results Q3/2025: EPC segment leads the recovery
• In Q3/2025, revenue and net profit after tax – minority interest (NPAT–MI) of PC1 increased 47% and 89% YoY, equivalent to +52% / +200% vs. analyst forecasts, and completed 60% / 84% of the Company’s full-year plan. • Revenue from the EPC segment (power construction and industrial zone infrastructure) increased 146% YoY, supported by a strong project backlog. The segment’s gross margin expanded by 5 pptss YoY, contributing to the Company’s overall gross margin of 21% (-1% YoY). • Power gener...
- Phuong Nguyen
MOVE FORWARD
The market continued its upward trend and climbed above the MA(20) line, the 1,645 point area. Liquidity increased slightly compared to the previous session, indicating that supply is still not putting significant pressure despite the market having approached the MA(20) area, while cash flow maintains its effort to prop up the market. The market action continued to show signs of improvement after the reversal-like recovery signal at the 1,600 point area on November 12, 2025. Generally, the m...
- Hung Nguyen
VNM – Gradually revealing positive momentum
• In Q3-2025, VNM posted net revenue of VND 16,953 bn (+1.4% QoQ, +9.1% YoY), with NPAT-MI of VND 2,527 bn (+2.1% QoQ, +5.1% YoY) — beating our projection by 4%, driven by a sharp acceleration in exports. The key narratives from Q2 remained intact: post-restructuring stability in the domestic GT channel and continued tailwind from depressed raw milk powder prices. • We retain our 2025 forecasts with NPAT-MI at VND 8,824 bn (-6.1% YoY) and a target price of VND 66,100, combined to an attractive ...
- Phuong Nguyen
MAINTAIN EQUILIBRIUM
The tug-of-war and probing action continued and the market made an effort to maintain gains at the close. Liquidity was maintained compared to the previous session, indicating that supply is still not causing significant pressure despite the market having approached the MA(20) area. The market action being maintained stably shows that the reversal-like recovery signal at the 1,600 point area on November 12, 2025, is still being preserved. The probing potential will continue in the next tradi...
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