Published Date: 19/02/2025
- 4Q24 NP surged 85% yoy, supported by improvements in core business segments such as power, ore sales, and construction, despite significant forex losses. Thus, 2024 NP increased 11 times, reaching VND460bn, inline with our forecast.
- 2025-26 NP is expected to grow at 67% and 25% yoy, respectively, driven primarily by industrial real estate, residential projects, and power construction.
- Reiterate ADD with unchanged TP of VND29,200/share.
