Published Date: 07/11/2024
- 3Q24 NP rose 380% yoy, amid modest output growth, mainly due to strong exchange rate gains of ~VND330bn from its USD loans.
- 2024 NP will grow modestly, before rising at 25% CAGR over 2025-26, supported by solid output recovery from low base.
- Reiterate ADD with lower TP of VND14,900/share.