21-08-2026VNINDEX1768.1233.881.95% HNXIndex284.075.521.98% UPCOM127.520.280.22% VN301927.7940.732.16% VN1001837.7742.202.35% HNX30460.9515.343.44% VNXALL2847.9364.412.31% VNX503229.3177.542.46% VNMID1956.5256.012.95% VNSML1263.6518.611.49% FRT – A new profit margin level for Long Chau following 2Q26 results
21-08-2026
: FRT
: Retailing
: VDSC
Tags: FRT
- FRT delivered impressive 2Q26 results, with net revenue reaching VND 15,626 billion (+37.2% YoY) and NPAT-MI of VND 341 billion (+187.8% YoY). Long Chau was the key contributor to earnings growth, with NPAT-MI of VND 340 billion (+133% YoY, equivalent to an NPAT-MI margin of 3.1% (+1.2 ppts YoY), marking a new record high for the chain. Meanwhile, FPT Shop was barely profitable, as earnings were largely eroded by a 99.3% YoY increase in interest expenses and the company’s limited ability to pass higher input costs through to retail prices.
- FRT is currently trading at a trailing P/E of 22.5x, above the retail sector average of 15.0-18.0x but below the Company's 5-year historical average of 30.3x. This suggests that the market has already priced in a substantial portion of Long Chau's growth expectations over the past three years, which explains the relatively subdued share price performance for much of the past year before the recent rally following 2Q26 results. Nevertheless, we remain constructive on FRT's long-term outlook, supported by Long Chau's expanding leadership in Vietnam's pharmacy retail market in terms of both network scale and profitability, FPT Shop's ongoing recovery and the improving profitability of the vaccination center chain. Given Long Chau's stronger-than-expected earnings contribution and profitability improvement in 2Q26, we see room to revise up our 2026 forecasts and will provide detailed updates in our upcoming reports.
OCB – Solid credit growth supports earnings, while rising group 2 loans weigh on NIM and asset quality
20-08-2026
: OCB
: Banking
: Trang To
Tags:
- OCB’s 2Q26 PBT reached over VND1.2tn, up strongly by 25% YoY. Accordingly, 1H26 PBT reached nearly VND2.5tn (+31% YoY), achieving only 38% of our full-year forecast. OCB’s 2Q26 results were notable for strong growth in total operating income (+18% QoQ, +21% YoY), mainly driven by (1) a sharp acceleration in credit growth, reaching 11% YTD in 2Q26 (1Q26: 2.6% YTD), and (2) a significant expansion in non-interest income (+100% QoQ, +47% YoY). However, OCB continues to face asset quality risks, as Stage 2 loans increased 32% QoQ, putting pressure on NIM and provision expenses.
- In 2H26, although the bank has fully utilized its credit growth quota allocated at the beginning of the year (~11%) and the likelihood of an additional quota being granted remains low, NIM could become the key driver of interest income growth. Specifically, liquidity indicators as of end-2Q26 still had room for improvement (LDR at 74% versus the regulatory cap of 85%, while SMLR was close to 30% versus the newly regulated cap of 40%), creating room for the bank to expand its medium- and long-term loan portfolio. In addition, the plan to recover more than VND1tn of NPLs, including on-balance-sheet bad debts, should also support NIM improvement.
- Our current 2026F forecast: PBT is expected to reach nearly VND6.5tn, equivalent to 29% YoY growth. In 1H26, total operating income, operating expenses, and provision expenses reached 43%, 43%, and 57%, respectively, of our full-year forecasts. OCB’s current share price stands at VND11,650/share, implying a 7% upside from the current market price. We will update our forecasts and valuation in subsequent reports.
GMD – Earnings breakthrough driven by dual momentum from core business growth and divestment
19-08-2026
: GMD
: Seaports
: VDSC
Tags:
- In Q2-FY26, net revenue and NPAT-MI reached VND 1,762 bn (+18% YoY) and VND 1,133 bn (+153% YoY), respectively. Container throughput at major port clusters, including Nam Dinh Vu, Binh Duong & Phuoc Long PIP, and Gemalink, reached 350 thousand TEUs (-10% YoY), 421 thousand TEUs (+5% YoY), and 577 thousand TEUs (+27% YoY), respectively.
- We have revised our 2026 forecasts upward, with net revenue and NPAT-MI expected to reach VND 6,694 bn (+12% YoY) and VND 2,620 bn (+49% YoY), respectively, 6%/17% higher than previous projections due to capital transfer transactions in Q2-FY26. We recommend ACCUMULATE with a target price of 92,600 VND/share along with a cash dividend of 2,200 VND/share, corresponding to an expected return of 19% based on the closing price on August 18, 2026.
ANV – Q2/2026 Business Results Impacted by Rising Input Costs Amid Declining Selling Prices
18-08-2026
: ANV
: Fishery
: VDSC Research
Tags:
- Net revenue in Q2/2026 reached VND 1,937 billion (+12% YoY), while net profit after tax attributable to the parent company (NPAT-MI) came in at VND 134.8 billion (-59% YoY). Revenue growth was mainly driven by pangasius sales volume of 17,812 tons (+21% YoY) and tilapia volume of 4,802 tons (+59% YoY), despite a 17% YoY decline in tilapia selling prices. The export market structure continued to shift notably, with pangasius increasingly directed toward Thailand (sale volume portion rising to 24% from 15%), while declining in Mexico and China. Meanwhile, Tilapia exports were concentrated in Brazil (64%) and the US (27%).
- Gross margin in Q2/2026 fell to 16% from 28% in the same period last year, primarily due to a 63% YoY surge in fishmeal costs and a 17% YoY drop in tilapia selling prices to USD 4.1/kg. Selling expenses reached VND 119.4 billion (+26% YoY), administrative expenses rose 20% YoY to VND 21 billion, and financial activities recorded a net loss of VND 13 billion.
- For Q3/2026, we project net revenue of VND 2,215 billion (+11% YoY, +14% QoQ), supported by pangasius volume of 22,194 tons (+10% YoY) at an average selling price of USD 2.2/kg (+12% YoY) and tilapia volume of 4,802 tons (+39% YoY), despite a 21% decline in tilapia prices to USD 4.0/kg. Gross profit is estimated at VND 332 billion (-32% YoY) with gross margin narrowing to 15% (-940 bps YoY), as cost of goods sold rose 10% YoY on the back of a 54% increase in fishmeal prices and a 10% rise in soybean meal prices. Selling expenses are also expected to increase 13% YoY due to higher freight rates. As a result, NPAT-MI is forecast at VND 147 billion (-48% YoY, +9% QoQ).
- For full-year 2026, we revise down our revenue forecast from VND 8,382 billion to VND 8,250 billion (+19% YoY) and NPAT-MI from VND 1,087 billion to VND 700 billion (-30% YoY). This implies EPS and BVPS of VND 2,626/share and VND 15,511/share, respectively. Our short-term target price for 2026, based on a target P/B of 1.57x (2021–2025 average), is VND 24,400/share. Combined with an expected cash dividend of VND 500/share over the next 12 months, the total expected return is 48% from the market price as of 18 August 2026, corresponding to a BUY recommendation. The long-term target price will be updated in the next report.
PHR – Compensation income at VSIP III and Bac Tan Uyen 1 was slower than expected
17-08-2026
: PHR
: Industrial Land RE, Chemicals
: VDSC
Tags: PHR
- In Q2/2026, PHR recorded net revenue of VND 406.3 billion (-13.4% QoQ, +10.4% YoY) and NPAT-MI of VND 364.1 billion (up 3 times YoY), thanks to the rubber segment benefiting from high selling prices and a sharp decline in management costs. However, the total net other incomes was lower than expected due to the progress of recording land compensation income from VSIP III and Bac Tan Uyen 1 projects was slower than expected.
- Accumulated in 6M2026, NPAT-MI reached VND 643.4 billion (+245% YoY). We continue to maintain our full-year 2026 NPAT-MI forecast of VND 2,067 billion (+303% YoY) thanks to the expectation that the remaining land compensation will be recorded in the following quarters, while maintaining our BUY recommendation with a target price of VND 76,000/share (upside 23.7%).
- In addition, we assess that PHR's lowering of the ceiling on foreign investor ownership to 0% from August 4th, 2026 is only a matter of legal procedures related to a limited number of industries. The company is also actively completing procedures to restore the foreign room, and we believe that this issue does not change the fundamental prospects of the business.
Draft Petroleum Law 2026: Expected to ease bottlenecks in upstream investment
14-08-2026
: PVS, PVD, PVT, GAS, BSR, PLX, OIL
: Oil & Gas
: VDSC
Tags:
- The Draft Petroleum Law (amended), released by the MOIT for public consultation in April 2026, aims to simplify procedures, increase decentralization, and improve the investment framework for oil and gas activities. We believe the proposed changes could shorten the process from discovery to field development, improve the economics of resources that are difficult to develop, and extend the life of existing fields. The Draft also expands the legal framework to cover carbon capture and storage (CCS), high-tech oil and gas services, and offshore energy, creating more opportunities for the industry's long-term growth.
- In 1H2026, upstream investment continued to accelerate, with PVEP's investment spending reaching USD 405.75mn (+26% YoY), equivalent to around 53% of its full-year plan. Therefore, we do not see the amended Law as the start of a new investment cycle. Instead, we believe it could speed up project execution and help turn CAPEX into actual workloads.
- Among listed companies, PVD and PVS are likely to benefit the most, while GAS could benefit indirectly over the medium to long term if new gas resources are brought into commercial production.
CTD - Positive FY2026 Business Results
13-08-2026
: CTD
: Construction
: VDSC
Tags:
- Strong revenue growth, new momentum from infrastructure: FY2026 net revenue reached $34,340 billion VND (+38% YoY), driven by high-rise projects (+99%) and infrastructure (+383%). The ending backlog exceeded $70,000 billion VND (+98% YoY), thanks to a surge in new infrastructure project signings as the Company participated in key projects (Can Gio Bridge, Gia Binh Airport, Long Thanh Airport, etc.).
- Improved profit margins: Gross profit margin FRreached 4.2% (+0.9 pps YoY), and the parent company's net profit margin reached 2.3% (+0.5 pps YoY), driven by four pillars: prioritizing high-margin clients/projects, centralized procurement, technology application (BIM, AI), and strict construction site cost management. Net financial income reached approximately $60 billion VND due to a large cash position (ending balance reached $7,800 billion VND, +82% YoY) despite high interest rates.
- Operating cash flow turned positive: Cash flow from operating activities reversed to positive, reaching $816 billion VND (compared to a negative $1,153 billion VND in the same period last year), supported mainly by a sharp increase in short-term advances from customers (ending balance reached $9,029 billion VND, an increase of $4,215 billion VND YoY), which helped reduce working capital pressure for ongoing projects.
The story of supporting the Yen and why interest rates cannot cool down yet
12-08-2026
: VDS
: Macroeconomics
: VDSC
Tags:
- Japan's Ministry of Finance's foreign exchange intervention to support the yen failed to yield the expected results—as the currency remained weak, exerting upward pressure on US Treasury yields—forcing the US Treasury and the Federal Reserve to step in and support the yen using the FIMA Repo facility combined with FX swaps.
- US-Japan coordination to support the yen will continue, and further time is needed to assess its effectiveness. However, the consequences of this intervention—combined with the Bank of Japan's (BOJ) ongoing process of raising interest rates and shrinking its balance sheet—suggest international interest rates will remain high in the short term, while the US dollar weakens (depending on the frequency and scale of FIMA Repo usage).
- Domestic macroeconomic conditions for lowering interest rates have improved significantly compared to June and July, particularly regarding exchange rates and short-term liquidity. Nevertheless, interest rate levels have not yet cooled, indicating that the factors driving rates extend beyond short-term liquidity and may stem from structural issues within the banking system's balance sheets. Therefore, as we previously assessed, a cooling of interest rates requires time for the system to "self-adjust," and the State Bank of Vietnam's liquidity support (such as spot foreign currency purchases) remains crucial while macroeconomic conditions are relatively favorable.
POW – Business results Q2/2026: Retroactive revenue pushes profit margins up
11-08-2026
: POW
: Power
: VDSC
Tags:
- In Q2/2026, PV Power's revenue increased by 116% YoY and net profit after tax – minority interest (NPAT-MI) increased by 484% YoY. The main growth driver came from (1) the mobilization growth of thermal power plants due to the impact of the El Niño phase, and (2) POW recorded VND 2,475 billion in retroactive revenue from EVN.
- POW's Qm increased by 54% YoY, of which NT3&4 contributed 23% to the total output, reaching 1.7 billion kWh. NT2's Qm increased by 54% YoY, Ca Mau 1&2's output was flat (+1% YoY) due to fuel supply constraints. Contracted output (Qc) increased by 29% YoY with the company-wide average Qc/Qm ratio reaching 82% (-12% YoY), with NT3 &4 remaining high (98%) and traditional thermal power plants adhering to the minimum Qc/Qm ratio (81%).
- POW's Q1/2026 business results were more positive than analysts' expectations, completing 164%/293% of the revenue and profit forecasts. Therefore, we are considering adjusting the forecast of the company's 2026 business results and will update it in the latest report. Currently, we maintain a BUY recommendation on POW stock with a target price of 16,600 VND/share. Currently, POW's P/E and EV/EBITDA ratios are at 6.6x and 6.7x, which is lower than the 5-year average (19.5x and 8.5x). The low valuation of the market creates a good opportunity for the stock.
KBC – Strategic Focus on IP Land Handover in 2H2026
10-08-2026
: KBC
: Industrial Land RE
: Thach Lam Do, CFA
Tags:
- During the first six months of 2026, KBC recorded net revenue and gross profit of VND 1.9 trillion (-48% YoY) and VND 849 billion (-53% YoY), respectively. Industrial park land and infrastructure leasing revenue reached VND 828 billion (-71% YoY), as the company recognized leased acreage of ~20 hectares (-76% YoY), primarily sourced from Nam Son Hap Linh IP and Que Vo 2 Extended IP (5 ha). With core IP leasing performance trailing expectations due to delayed revenue recognition from major tenant contracts, Net Profit After Tax for Shareholders of the Parent Company (NPAT-MI) dropped to VND 240 billion (-80% YoY), fulfilling only 8% of our full-year 2026 earnings forecast.
- On a cumulative basis through June 2026, KBC secured MOUs for approximately 170 hectares of IP land. Luxshare represents the largest client, accounting for 94 hectares in the Que Vo 2 Extended IP. Additionally, signed MOUs were secured for 25 hectares at Nam Son Hap Linh IP and 30 hectares at Trang Due 3 IP. These agreements establish a strong revenue pipeline anticipated for conversion and recognition in 2H2026, offsetting the revenue shortfall experienced during the first two quarters.
VHC – Maintaining gross profit growth in Q2/2026
07-08-2026
: VHC
: Fishery
: VDSC Research
Tags:
- In Q2/2026, net revenue reached VND 3,444 billion (+8% YoY), recording growth across most segments (by-products, value-added products, Sa Giang) and key markets (US, EU, China, and others), with the exception of the C&G segment (-26% YoY) and the domestic market (-1% YoY). The pangasius export segment maintained a stable scale as the average selling price increased 11% YoY, offsetting a 9% decline in volume. Thanks to higher export prices while input costs rose only modestly (aquafeed prices +6% YoY), the gross profit margin expanded to 21% (compared to 20% in the same period last year and 15% in the previous quarter).
- Despite the improved gross margin, NPAT-MI in Q2/2026 declined 8.9% YoY to VND 469 billion. The main reasons were a 54% drop in financial income (as the USD/VND exchange rate remained relatively stable in Q2/2026, reducing foreign exchange gains), combined with a sharp increase in financial expenses (+661% YoY, primarily due to a 108% rise in interest expenses) and a 16% increase in selling expenses. For the first six months of 2026, net revenue and NPAT-MI reached VND 6,399 billion (+10% YoY) and VND 735 billion (+4% YoY), respectively.
- In the second half of 2026, we expect export volume to recover, supported by: (1) a decline in whitefish (cod) supply due to a 44% YoY reduction in fishing quotas in the North Atlantic; (2) the confirmation of Section 301 tariffs related to forced labor; and (3) limited pre-stocking effects in Q2/2026 and the main import season typically occurring in Q3. In addition, the NPAT-MI margin is expected to improve slightly compared to the first half of 2026 as input costs decline faster than selling prices, driven by the easing of Middle East tensions, which is expected to lower soybean meal prices and freight rates.
- We maintain our long-term BUY recommendation on VHC with a target price of VND 73,300 per share. Our full-year 2026 forecasts remain unchanged, with revenue and NPAT-MI projected at VND 12,507 billion (+4% YoY) and NPAT-MI at VND 1,526 billion (+8% YoY). The corresponding EPS is VND 6,800 per share.
KDH – Initial positive signals recorded in sales at the Gladia Heights project
06-08-2026
: KDH
: Real Estate
: VDSC
Tags: KDH
- On August 1, 2026, KDH and its joint venture with Keppel launched approximately 500 apartments at the Gladia Heights project, with over 90% of units receiving deposits during the event. This is a positive signal regarding demand and brand reputation; however, the number of official Sales and Purchase Agreements (SPAs) should be monitored further.
- Q2/2026 NPAT-MI reached VND 749.8 billion (+166.4% QoQ, +277.4% YoY), exceeding analyst expectations, but almost the entire increase stemmed from a one-time accounting gain of VND 896.3 billion from the divestment of Binh Trung Moi.
- KDH's financial leverage continues to rise, with the debt-to-equity ratio increasing to 83.4% (from 48.0% at the end of 2025) and total debt reaching VND 16,659 billion (+64.1% year-to-date). This is a point that requires close monitoring alongside the actual handover pace and cost control capabilities in the coming quarters.
21-08-2026
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