Rong Viet

VCB maintained its growth momentum in Q1 22 with moderate earnings results (15% yoy), driven by robust net interest income and net profit margin. Non-interest income was impacted by the bancassurance fee bonus, zero transaction fee package and high c...

Significant growth in NPATMI in 1Q2022. Throughput in April and May declined slightly, but we expect it to grow from June this year. We raise our target price for GMD to VND65,700 and recommend Accumulate.

After posting positive results in 2021, BFC announced Q1 22 earnings with growth of 46.8% and 19.3% in net revenue and NPATMI, respectively. However, revenue growth came from a higher ASP while sales volume fell 15.1% in Q1 22. BFC maintained huge in...

We remain positive on Vietnam equities in the long term due to the following structural catalysts: better domestic demand, companies’ earnings prospect, economic activities and FDI inflows on the back of broader economic reopening and fiscal stimulus...

The consumer finance segment of the group has expanded to make up c6% of the consolidated loan book. Despite the growing contribution of riskier segments, we expect operating costs control and easing credit cost margin to prevail to contribute signif...

The thermal group benefits from high contracted volume and high selling price on CGM. Hydropower plants continue to benefit from hydrology conditions. Renewable energy group to wait for the new scheme to expand capacity.