Q4 & Full year 2025 preliminary results (dated 21st January 2026):
- Techcombank (TCB): Techcombank reported TOI of VND53.39 trillion (c. USD2.03 billion, up +14% YoY) and EBT of VND32.54 trillion (c. USD1.24 billion, up +18% YoY), thanks to the booming Q4. The bank also disclosed key operating ratios: 3.9% NIM, 18.4% credit growth rate, 76.5% LDR, 14.6% CAR, 1.13% NPL ratio, and 128% LLR. TCB closed at VND35,800 per share, thus 11.5x P/E and 1.4x P/B.
- VICEM Ha Tien (HT1): The largest subsidiary of VICEM reported annual revenue of VND7,364 billion (c. USD280.5 million, up +7% YoY) and net income of VND274 billion (c. USD10.4 million, up +357% YoY). The cement producer also explained in written that the unusual change in profit was caused by higher production volume (i.e. 10.5% YoY), lower COGS due to increased expense management, and income from toll road (from Nguyen Duy Trinh Street to Phu Huu Industrial Park, HCMC). HT1 closed at VND16,300 per share, thus 22.7x P/E and 1.2x P/B.
- DHG Pharma (DHG): The pharmaceutical company made revenue of VND5,267 billion in FY2025 (c. USD200.6 million, up +7.8% YoY) and net income of VND898 billion (c. USD34.2 million, up +15.3% YoY). These good growth rates mostly came from operational optimization but the firm observed bearish profit metrics in Q4, caused by increasing marketing & selling expenses. DHG closed at VND103,400/s, thus 15.1x P/E and 3.2x P/B.
- Phu Nhuan Jewellery (PNJ): The jewellery reported annual sales of nearly VND34.98 trillion (c. USD1.33 billion, down -7.5% YoY) and net profit of VND2.83 trillion (c. USD107.8 million, up +33.9% YoY). Following the company, higher margin was explained by (1) changes in revenue structure (i.e. higher proportion of retail jewellery compared to 24K gold bar); (2) higher recovery value generated from recycling goods; and (3) efficient cost management. PNJ closed at VND109,900 per share, thus 16.0x P/E and 3.1x P/B.
Market update: HNX will test run the carbon credit exchange
Following the Decree No.29/2026/ND-CP, the Government decided to choose HNX as the operator of carbon credit & greenhouse gas (GHG) quota trading system, expected to run with commission-free mechanism by the end of 2028. To support, VSDC is also assigned to provide custody and clearing services for these trading activities, and each investor will have separate custody accounts for carbon credits, GHG quotas, and normal securities (i.e. stocks, bonds, fund securities, and derivatives). Trading members will be securities firms approved by VNX – the parent holding of both HNX & HOSE, while only one commercial bank will be chosen by the SSC as the settlement bank during this phase. The Ministry of Agriculture and Environment is in charge of the National Registration Management for these financial instruments, and is responsible to share information with VSDC.
