NKG – Update – Valuation back to attractive territory
Posted: Nov 5, 2025
- 25Q3: Net profit declined 25% YoY due to lower revenue and gross margin amid sluggish export demand. 9M net profit reached VND 207bn (-52% YoY), completing 32% of our full-year forecast.
- We revised down 2025–26 net profit forecasts by 54%/48% from previous estimates due to weaker export prospects. After the revision, 2025 net profit is expected to drop 30% YoY, before recovering by 44% YoY in 2026.
- We recommend ADD rating with a target price of VND 18,800/share.
Share:
Relevant reports
Don't have an MBS account?
Open an accountStart trading and stay informed with timely updates and valuable reports from MBS.
If you have an MBS account, please register to receive reports from MBS.
Get the latest market updates and corporate insights from MBS.