reports
- Phuong Nguyen
SURPASSING THE RESISTANCE AREA
The market continued to gain points and surpassed the 1,665-point resistance area but with decreasing liquidity. The liquidity decrease compared to the previous session shows that cash flow is still making an effort to uplift the market but is only concentrated in a few groups of stocks. Although the upward signal is not yet convincing and the gains are not widespread, the market has still broken above the 1,665-point resistance area. Concurrently, the previous upward trend is still positive...
- Trang To
OCB – Non-interest income expansion supports profit growth
• OCB’s Q2/2025 business results recorded positive growth, with key highlights including (1) Non-interest income expansion driven by fee income growth (notably, banca activities posted a solid recovery while corporate advisory activities grew strongly) and stronger off-balance-sheet bad debt recoveries, (2) Asset quality improvement as net formation of NPLs declined significantly and NPL coverage ratio was strengthened. However, credit activities showed no clear improvement as credit growth in 1...
- Phuong Nguyen
EFFORT TO GAIN
The market continued to gain points but experienced a fairly strong intraday correction, finding support at the 1,615-point area. Liquidity increased compared to the previous session, indicating strong contention between profit-taking supply and supportive cash flow. Although the market is facing significant resistance pressure, the candlestick signals still show the effort of cash flow to uplift the market. Concurrently, the previous upward trend is still positively influencing the market, ...
- Phuong Nguyen
TESTING THE RESISTANCE AREA
The market continued to gain points and returned to the 1,650 – 1,665-point area with contention within this range. Liquidity increased compared to the previous session, indicating that profit-taking supply is returning and is contending with supportive cash flow as the market advanced towards the resistance area. Although the resistance pressure remains and the market has not yet shown a convincing signal of a price increase, the effort to uplift the market is still present. Concurrently, t...
- Tung Do
VCB – Positive Profit Growth Outlook with Clear Drivers for NIM Improv...
• VCB reported a PBT of VND 11.0 trillion in 2Q25, reflecting a +9% YoY and +2% QoQ increase, in line with expectations of VND 11.2 trillion. For the first half of 2025, PBT reached VND 21.9 trillion (+5% YoY), achieving 47% of the full-year forecast.. • The PBT growth in 2Q25 was primarily driven by a significant increase in income from the recovery of written-off bad debts (+560% YoY), FX trading income (+41% YoY), and a 48% YoY reduction in credit risk provisioning expenses. However, core ne...
- Phuong Nguyen
EFFORT TO RECOVER
The market had a slight recovery after the strong volatility of the previous week's final session. Liquidity decreased compared to the previous session, indicating that supply has temporarily cooled down after a fairly strong profit-taking session and that cash flow is still making an effort to uplift the market. The current recovery signal shows that the price gap from August 14, 2025, had a positive supportive effect on the market. Concurrently, the previous upward trend is still positivel...
- Phuong Nguyen
COOLING DOWN
The market faced resistance pressure at the 1,650 – 1,660-point area and pulled back, but is temporarily finding support at the 1,615 – 1,620-point area, a price gap from August 14, 2025. Liquidity increased compared to the previous session, indicating that profit-taking supply is returning as the market advanced towards the resistance area, leading to contention with supportive cash flow. The 1,650 – 1,660-point resistance area is hindering the market's ability to extend its upward trend, and...
- Trang To
VIB - Strategic shift: Poised for transformation
We conducted a valuation for VIB stock and estimate its fair value at VND 24,100 per share, equivalent to a projected 2025F and 2026F P/B of 1.7x and 1.5x, respectively. Earnings are supported by the bank's strategic shift, expanding into corporate lending amid a slow recovery in retail credit. VIB’s new direction is expected to create opportunities to boost credit growth and expand non-interest income through the development of products and services targeting corporate clients. Meanwhile, in t...
- Hung Nguyen
SAB – Leveraging low material costs, the spotlight on special consumpt...
• In Q2-2025, SAB’s results were gloomy with net revenue of VND 6,804 bn (+17.1% QoQ, -15.9% YoY), NPAT-MI reached VND 1,208 bn (+52.2% QoQ, -3.3% YoY), due to the impact of special consumption tax costs after the merger of Sabibeco (UpCOM: SBB) and declining competitiveness with rival Heneiken. • A bright spot in SAB’s otherwise subdued Q2 performance was the reduction in input costs. The company had fully consumed its higher-cost raw material inventory in 2024, and starting in 2025, input pri...
- Phuong Nguyen
MOVING FORWARD
The market had a fairly good gaining session after several sessions of gradual increases. Liquidity decreased compared to the previous session but remained relatively high, indicating that cash flow is still making an effort to uplift the market and supply is not putting excessive pressure on the market. The current breakout signal shows that the market is still in an upward trend and the advantage still leans towards demand. The possibility of further gains may continue in the next trading se...
- Phuong Nguyen
CONTINUING THE GAINING STREAK
The market continued its upward trend despite fairly strong intraday correction pressure, thanks to the supportive impact from the 1,585-point area. Liquidity increased compared to the previous session, indicating strong contention between supply and demand, but overall, cash flow is still making an effort to uplift the market. The rising candle signals in recent sessions show an upward movement that is not yet decisive and is somewhat cautious; however, the market has officially recorded and ...
- Quan Cao
SCS – Fairly positive results despite revenue and NPAT growth decelera...
• SCS is trading at a TTM P/E and TTM EV/EBITDA of 9.0x and 6.9x, respectively, which are 34%/38% lower than the 5-year historical average and 80%/50% lower than the industry median. We recommend BUY based on the expectation that SCS could participate in Cargo Terminal No. 1 at Long Thanh Airport and that its shares will be re-rated. • NPAT reached VND 189 billion (+11% QoQ and flat YoY). SCS maintained double-digit revenue growth while NPAT remained flat due to the expiration of its corporate ...
- Giao Nguyen
Real Estate Market 6M2025 – On the recovery momentum
• In the second quarter of 2025, the apartment market in Ho Chi Minh City continues to record a recovery in supply and absorption rate, showing that demand is still positive. Meanwhile, the Hanoi market recorded a decrease in absorption rate, as new open supply continued to focus on the high-end and luxury segments. • Primary selling prices continue to maintain an upward momentum, the Ho Chi Minh City market reached an average of 82 million VND/m² in the second quarter of 2025 (+6.4% QoQ), whi...
- Phuong Nguyen
SURPASSING THE 1,600-POINT MARK
The market continued its upward trend despite intraday correction pressure and surpassed the 1,600-point resistance threshold. Liquidity was quite similar to the previous session, indicating that profit-taking supply is cooling down and cash flow is still making an effort to uplift the market. The rising candle signals in the last two sessions show an upward movement that is not yet decisive and is somewhat cautious; however, the market has officially moved past the 1,600-point resistance thre...
- Phuong Nguyen
NEARING THE 1,600-POINT MARK
The market continued its upward trend and surpassed the 1,585-point resistance threshold, though the rising candle had a small body. Liquidity decreased compared to the previous session, indicating that profit-taking supply is cooling down and cash flow is still making an effort to uplift the market. The current rising candle signal shows an upward movement that is not yet decisive and is somewhat cautious; however, the market has officially moved past the 1,585-point resistance threshold. W...
- Chinh Nguyen
POW – Q2/2025 Business result surpass expectation despite flat output
• In 2Q25, POW’s revenue was nearly flat, while net profit – minority interest (NPAT-MI) rose 47% YoY. • Total power output fell 3% YoY, with gas-fired plants down 12% YoY, offset by coal-fired and hydropower plants rising 4% and 52% YoY, respectively. • Average selling price increased 3% YoY, in contrast to the market-wide electricity price (FMP) which dropped 28% YoY, thanks to contracted output (Qc) surging 39% YoY. • Higher selling prices and stable fuel costs drove gross margin up 5 pps ...
- Phuong Nguyen
EFFORT TO MAINTAIN GAINS
The market continued its cautious price action at the 1,585-point area but showed an effort to gain points at the end of the trading session and displayed a divergence across the market, with many mid-cap stocks increasing in price. Liquidity increased compared to the previous session, indicating contention between supply and demand before the resistance area. Although it maintained an upward movement, the market is being curbed at the 1,585-point area, the level that caused a quick reversal o...
- Thach Lam Do
KBC – Accumulate for future growth
• In the first half of 2025 (1H2025), KBC recorded positive results, with revenue and gross profit reaching VND 3.7 trillion (+254% YoY) and VND 1.8 trillion (+234% YoY), respectively. Land and infrastructure leasing in industrial parks (IPs) generated revenue of VND 2.8 trillion (+432% YoY), driven by the leasing of 86 hectares (+462% YoY), primarily from the Hung Yen Industrial Cluster (83 hectares). • During the 2025-2026 period, in addition to developing IPs with previously approved investm...
- Trang To
MSB – Shrinking non-interest income and deteriorating asset quality
• Parent bank’s PBT in Q2/2025 reached VND 1.5 trillion, down sharply by 31% YoY, mainly due to (1) a significant drop in income from the recovery of written-off bad debts (-89% YoY) and (2) a 17% YoY increase in operating expenses. Meanwhile, TNEX recorded a PBT of about VND 41 billion, showing robust growth YoY (in the whole year 2024, TNEX’s PBT was only VND 5 billion). Consolidated PBT in 1H2025 reached nearly VND 3.2 trillion, down 14% YoY, completing only 40% of the full-year target (VND 8...
- Phuong Nguyen
TESTING THE 1,585-POINT AREA
The market continued its upward trend but showed cautious price action at the 1,585-point area and closed below this level. Liquidity increased compared to the previous session, indicating contention between supply and demand before the resistance area. Although it maintained its upward momentum, the market is being curbed at the 1,585-point area, the level that caused a quick reversal on August 5, 2025. This signal shows that the market's potential for further gains is not entirely convincing...
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