VTP – Update – Attractive valuation as business operations maintain strong growth

Posted:  Oct 7, 2025

  • The e-commerce market continues to boom, becoming the main driver sustaining robust growth in the postal and delivery sector.
  • We forecast 2025-27F net profit to grow by 14.8%/20.7%/43.6% YoY, driven by improving gross margin and greater contribution from key logistics projects.
  • We recommend ADD for VTP, with a target price of VND 121,000/share.
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