NT2 – Update – Reignite the growth momentum

Posted:  Sep 17, 2025

  • In 2025–26, higher Qc allocations will serve as a key growth driver, supporting both output growth and margin improvement.
  • Net profit to surge by 517%/42% yoy in 2025–26 from a low base in 2024. In 2026, earnings will further benefit from lower costs as plant depreciation expenses phase out.
  • Reiterate ADD with higher target price of VND 26.000/share.
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