POW – Q2/2025 Business result surpass expectation despite flat output
12-08-2025
: POW
: Power
: Nguyen Duc Chinh
Tags:
- 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 YoY to 12.8%.
KBC - Accumulate for future growth
11-08-2025
: KBC
: Industrial Land RE
: Thach Lam Do, CFA
Tags: KBC
- 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 investment policies, KBC plans to commence business operations for IPs that have recently received investment approval (Trang Due 03, Kim Thanh 2, and four newly approved IPs), increasing the total leasable land bank to approximately 3,000 hectares in the long term.
- For residential real estate projects, significant contributions to revenue growth potential in the coming years are expected from the Trang Cat Urban Area and The Trump International Hung Yen project.
MSB – Shrinking non-interest income and deteriorating asset quality
08-08-2025
: MSB
: Banking
: Trang To
Tags:
- 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 trillion).
- MSB’s Q2 and 1H2025 business results were generally less favorable YoY, mainly due to (1) a continued decline in NIM
driven by lending competition pressure, although partially supported by interest income reversals from the recovery
of on-balance-sheet bad debts, (2) deterioration in asset quality, mainly from an increase in NPLs in the retail segment,
and (3) a contraction in non-interest income (excluding fee income).
- For the profit outlook in 2H2025, we believe that the plan to recover a large amount of off-balance-sheet NPLs will
help support the expansion of TOI and enable the achievement of the full-year profit target. In addition, provisioning
expenses will likely be increased given the persisting risk of rising NPLs, particularly in the retail segment.
PNJ – Despite exceeding 50% of the year target, greater efforts needed in the context of slow recovery in purchasing power
07-08-2025
: PNJ
: Retailing
: Anh Tran
Tags:
- Short-term purchasing power is still going as forecast: Weak in 1H2025 and may extend to Q3/2025 for the luxury and non-essential sector. The key impact factor is the gold price, which is continuously rising higher than expected, causing the demand to buy gold to increase along with the perspective of "accumulating and waiting".
- Vietnam has not yet reached the consumption threshold for jewelry, as reflected by several factors: jewelry consumption/capita remains low (around 0.13 grams/person) compared to the region (China, India, and Singapore, etc.). The expected expansion of the middle and upper classes is anticipated to drive stronger demand for this category.
- In the headwind of input and output challenges, PNJ has completed >50% of the revenue and profit target of FY25 in H1 thanks to flexible adaptation. However, this figure is relatively low compared to the same period (60 – 70% of year target at this time as Q1 is usually the highest-performing quarter). The company maintains the revenue/profit target of VND 31,307 bn and VND 1,960 bn, respectively, but will need to make more effort in H2 to achieve.
Vietnam bond market report July 2025 - Correction and selective phase
06-08-2025
: VDS
: Macroeconomics
: Toan Vo
Tags: Bond market
- Primary government bond issuance slowed, reaching only VND 25.86 trillion (‑15.1% MoM). In response to weaker than expected Q2 results, the State Treasury raised its auction target to VND 52 trillion to accelerate funding. The winning rate dropped sharply to 49.9%, despite a bid-to-offer ratio of 84.9%, reflecting the standoff between rising yield expectations and the State Treasury’s objective to control funding costs.
- The 10-year tenor remained dominant (83.7% of total issuance), while longer tenors (>15 years) saw weak demand, indicating investor preference for liquidity. Government bond yields continued to climb, with the 10-year winning yield rising to 3.29% p.a. at end-July—up 11bps MoM and 53bps YoY. The yield curve shifted higher across all tenors.
- Secondary market liquidity moderated, with average daily trading value down 17.2%, mainly due to reduced trading in the 15-year tenor. Foreign investors remained net buyers, lending support to market stability.
- The corporate bond market cooled significantly, with new issuance in July at just VND 27.55 trillion (‑78% MoM), though YTD volume was still up 51% YoY thanks to a surge in June. The banking sector remained dominant, accounting for 81.5% of total issuance.
- Cautious corporate sentiment stemmed from higher funding costs and the amended Enterprise Law (effective 1 July 2025), which tightened private placement requirements for unlisted firms (limiting total liabilities to five times equity).
- Early redemptions fell 68% MoM, mainly among bank-issued bonds from the high-rate period (2020–2023). Secondary corporate bond liquidity weakened notably (‑32.3% MoM), with trading concentrated in long-term real estate and bank bonds. Investor sentiment turned more cautious amid substantial refinancing pressure and heightened default risks.
- Refinancing pressure in the corporate bond market is set to intensify in August (VND 36 trillion, including VND 21 trillion in real estate). Fifteen issuers announced delayed principal/interest payments in July, including prominent names such as Hoang Anh Gia Lai, Bong Sen, Saigon Glory, and Hano-Vid, who continued to extend bond maturities.
DGC Q2/2025 Business Results Update – Revenue remains positive, reaching the highest level since Q4/2022
05-08-2025
: DGC
: Chemicals
: Duong Tran
Tags: DGC
- DGC's Q2 business results remain positive compared to the previous quarter, with revenue from TPA, fertilizers and some new products (Alcohol, NPK...) growing well and offsetting the slight decline in yellow phosphorus.
- The new projects are expected to enhance the Company's future results, as they continue to make steady progress.
QNS – Expecting the headwinds of the sugar industry to gradually pass
04-08-2025
: QNS
: Food, Beverage & Tobacco
: Hung Nguyen
Tags: QNS
- In Q2-2025, QNS recorded net revenue of VND 2,956 bn (+4.8% YoY), and NPAT-MI of VND 546 bn (-20.9% YoY), primarily due to subdued growth in the sugar industry, marked by limited increases in both sales volume and selling price compared to the prior year. This overshadowed the strong performance of the milk segment within the overall financial contribution.
- With the milk segment demonstrating robust performance in both revenue and net margin, the potential for QNS's stock price appreciation/depreciation hinges significantly on the sugar segment. We are optimistic that QNS will boost sugar output in the upcoming quarters, aligning with its production and business strategy, particularly as the company has expanded its planting area and enhanced sugarcane processing efficiency in the crop 2024-25 season.
- We expect that the headwinds in the sugar industry will gradually be overcome (large amount of smuggled sugar/domestic inventory or weak demand from the impact of Decree 70), supporting selling price and sales volume for QNS to gradually improve QoQ in 2025.
- In the scenario of sugar price remaining in the area of 18,400-18,600 VND/kg, equivalent to the time when anti-dumping and anti-subsidy with Thai sugar take effect (Aug-2023), the target price for QNS according to our forecast is 56,100 VND/share (including cash dividends), equivalent to the ACCUMULATE recommendation.
PVD – Q2 2025 Results: Strengthening profit base, poised for upside with PVD VIII ramp-up
01-08-2025
: PVD
: Oil & Gas
: Huong Le
Tags: PVD Jack-up rig
- PVD delivered a solid 76% YoY NPAT-MI growth in Q2 2025, supported by improved well-related service margins, lower financial expenses, and a one-off insurance gain.
- H1 2025 NPAT-MI rose 34% YoY despite softer revenue and weaker core earnings, driven by lower rig utilization.
- PVD VIII is on track for early start-up in late August 2025. Combined with plans to repatriate PVD I to Vietnam, these developments are expected to enhance profitability from 2026. Long-term contracts across key markets (Malaysia, Indonesia, Brunei) also secure high utilization and broaden international market coverage.
GMD – Maintain strong revenue and profit growth momentum in Q2-FY25
31-07-2025
: GMD
: Seaports
: Quan Cao
Tags: Seaports GMD
- BUY recommendation for GMD with an attractive upside potential of 28% compared to the closing price on July 30, 2025, with a target price of VND 71,000/share and an expected dividend of VND 2,000/share within 12 months.
- Despite intensifying competition in Hai Phong with four new terminals commencing operations in the Lach Huyen area, GMD has demonstrated resilience, expanding its market share from 18.45% at the beginning of the year to 19.32% by 6M2025, equivalent to an 87 bps YTD increase, supported by its favorable geographic location that attracts clients from river ports.
- Joint ventures and associates remain key contributors to GMD’s earnings, with profit from JVs accounting for 57%, reaching VND 241 billion (+32% YoY), primarily driven by Gemalink and SCS.
Transition of solar power policy to match market mechanism
30-07-2025
: GEG, REE, HDG
: Power
: Nguyen Duc Chinh
Tags: GEG REE HDG
- According to the Revised Power Plan VIII, solar power is positioned to become one of the main sources of electricity generation in the national system, targeting 26% of installed capacity by 2030 and increasing to 32% by 2050.
- Investment in solar energy is being promoted based on two key drivers: (1) contributing to Vietnam’s Net Zero emissions commitment and (2) the declining cost of solar power development and generation, making it increasingly competitive with conventional energy sources.
- After the period of FIT-based price support, the Ministry of Industry and Trade has gradually reduced the solar power purchase price and started using pricing as a tool to guide regional development and encourage the adoption of new technologies, such as energy storage systems.
DPR – Rubber segment continue to leads business results in the second quarter of 2025
29-07-2025
: DPR
: Industrial Land RE, Chemicals
: Giao Nguyen
Tags: DPR
- In the second quarter of 2025, DPR recorded revenue of VND 202 billion (equivalent to QoQ, -13% YoY), profit after tax for parent shareholders reached VND 53 billion (-20% QoQ, -28% YoY). The result was affected by the specific seasonality of the rubber industry and the decline of the tree liquidation segment. Gross profit margin reached 34%.
- Accumulated in 6M2025, the selling price of rubber remains high, averaging 54.8 million VND/ton (+31% YoY), consumption volume reaches 3,010 tons (+12% YoY)
- The expanded Bac Dong Phu Industrial Park project is carrying out the necessary legal procedures and is expected to start construction from August 2025; while the Nam Dong Phu expansion project has also been approved for the policy, with a plan to implement in 2027.
FMC – Update of Q2/2025 investor meeting - Bright future expectations as tariff risks diminish
28-07-2025
: FMC
: Fishery
: Hien Le
Tags:
- Revenue and NPAT-MI in Q2/2025 both exceeded our forecast due to a strong growth in shrimp output and selling price (in VND). Revenue recorded an increase of 51% YoY thanks to the growth of export volume from the US market. However, NPAT-MI increased by 21% YoY due to a decrease in net profit margin YoY, as the net margin in the US market was lower than in other markets due to additional tax expenses in this market.
- 2025 PBT’s is expected to be equivalent to the same period last year, with growth in 2H2025 from the Japanese and EU markets compensating for the decline in the US market. Net profit margin in 2H2025 is expected to be difficult to improve significantly, due to the increase in selling prices but accompanied by an increase in the cost of shrimp raw materials.
- In the medium term, the business is expected to maintain its growth momentum by improving the autonomy rate and maintaining a high success rate in shrimp farming as well as maintaining competitive advantages in key markets as following:
- In the US market, becoming a mandatory defendant for 2024 will give businesses the chance to enjoy anti-dumping duties (AD) at 0% for the 2025 period. In addition, there is still room for export as fried shrimp products and fresh shrimp flour products that are not subject to AD tax and fried shrimp products, which face little competition from other countries.
- In the Japanese market, the long-standing brand reputation and consistent products, in line with consumer tastes, continuing to strengthen the company's position.
- With positive business results in Q2/2025, we maintain our Accumulate recommendation on FMC stock with a target price of VND42,000/share. The current target price has reflected the short-term uncertainties associated with tariffs in the US market this year. However, the target price has not taken into account positive factors such as businesses expecting Vietnam's reciprocal tariff to be about 11% and anti-dumping duties to decrease to 0% this year.
12-08-2025
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