VCG – Update – Strong business outlook
Posted:29/05/2025
- Q1/25: Net profit (NP) dropped 72% YoY due to lower real estate earnings and no contribution from Vimeco. 1Q25 NP fulfilled 12% of our full-year forecast; we expect VCG’s business results to improve in coming quarters.
- We revise up 2025 net profit by 19% from previous forecast, driven by a more positive construction outlook. Adjusted 2025–26 net profit is expected to grow 36%/32% YoY, mainly contributed by construction and real estate.
- We maintain our ADD recommendation with target price VND 26.400/share.
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