Research Center

We maintain our ADD rating, with a target price of VND21,700, implying 38.5% upside, reflecting our expectation of improving asset quality alongside steady profit growth. The reasons for our target price are a higher FY26-27 earning forecast, and rolling our…

4Q25 net profit decreased 8.7% YoY to VND619bn (USD23.6mn) due to a surge in provision expenses. FY25 NP was slightly below our expectations at 94% of our full-year forecast. We see minimal pressure on our target price of VND76,600, which…

We maintain our HOLD rating with 6.6% downside and a 4.1% dividend yield. We revise down our TP by 2.6% while the share price has increased 10.3% since our latest report. Our lower TP is due to rolling our valuation…

2Q24 net profit jumped 21.5% YoY to VND2.6tn (USD104.9mn), recording a third consecutive quarter of double-digit earnings growth. 1H24 results were in-line with our forecast as net profit completed 51.6% of our full-year projection. We see minimal pressure on our…

2Q24 net profit rose 2.1% YoY, mainly thanks to the delivery of 104 shophouse units compared to 23 units delivered in 1Q23, fueling 3.9% YoY growth in 1H24 net profit. 1H24 results were in line with our forecast, as revenue…

We maintain our ADD rating with 24.4% upside. We rise our TP by 23.2% while the shares have increased 24.4% since our last report. We raise our TP given a lower cost of equity and FY24’s BVPS rising 17.4%. YE24…

1Q24 pre-tax profit (PBT) soared 53% YoY to VND943bn (USD37mn). Thus, ROAE increased 1.4% YoY pts to 4.3%. 1Q24 TOI and net profit completed 24%/26% of our full-year forecasts, respectively. We see no pressure on our target price of VND36,500.…

MWG plans for FY24 revenue and net profit of VND125tn/VND2.4tn, respectively, increases of 6% yoy and 14 times compared to FY23. According to management, BHX will begin to record profit in 1Q24 and targets to reach net profit of VND1tn-VND2tn…

We maintain our Hold rating with 11.9% upside and a 0.0% dividend yield. We increase our TP by 11.0% while the stock price has increased 5.6% since our last report. The main drivers of our recommendation are the decline in…

We maintain our ADD rating with 50.2% upside. We decrease our TP by 22.3% while the share price has increased 8.5% since our last report. The main driver of our TP change is that we apply a 40% discount rate…