SSI Research has just announced the estimated business results of the third quarter of 2025 of 42 enterprises listed on the stock exchange.
Of which, 34 enterprises are forecast to have growth profits compared to the same period last year. The growth group spans from electricity, technology, infrastructure to banking, real estate and consumer goods...
Seasonal factors and input prices affect the profits of electricity, oil and gas and infrastructure enterprises
In the energy group, Nhon Trach 2 Petroleum Power Joint Stock Company (NT2) is estimated to achieve a profit after tax of VND 5590 billion, up 24%104% over the same period thanks to a 9% increase in output and a decrease in gas prices, but compared to the previous quarter, it still decreased due to seasonal factors.
Vietnam Oil and Gas Power Corporation (POW) also plans to make a profit of VND 465'566 billion, an increase of 3%'25% with electricity output forecast to increase by 15%' 20% thanks to the stable operation of the factories. In contrast, the Vietnam Gas Corporation (GAS) is estimated to reach VND 2,411 billion, down 6% due to the gas output for district heating during the low season.
Some infrastructure enterprises are forecast to have positive results. Viettel Construction Joint Stock Corporation (CTR) reached 159 billion VND, up 9% when revenue is forecast to increase by 10%11%, although the infrastructure construction and rental segment has stagnated.
Notably, Vietnam Construction and Import-Export Joint Stock Corporation (Vinaconex, VCG) is expected to make a breakthrough with a profit of VND 2,445 billion, up VND 1,563% thanks to divestment in the Cat Ba Amatina project, bringing about VND 2,300 billion in profit.
Sonadezi Chau Duc Joint Stock Company (SZC) reported a profit of VND129 billion, up 117% thanks to leasing of 12.06 hectares of Chau Duc Industrial Park with a value of VND290 billion, with a consolidated profit margin of 62%.
Meanwhile, Dong Phu Rubber Joint Stock Company (DPR) is estimated to reach VND55 billion, down 10% due to a decrease of 19, although output increased by 7%; rubber tree liquidation revenue reached VND80 billion, profit margin was 87%.
Dong Hai Ben Tre Joint Stock Company (DHC) may reach about VND90 billion, up 17% when the average selling price increases by 12% and raw material costs increase more slowly, helping the gross profit margin increase by 6 percentage points. Phu Tai Joint Stock Company (PTB) estimated a profit of 96 billion VND, an increase of 17% thanks to recovered wood exports, increased stone areas by 5%, and no longer allocated bad debt reserves as in the same period.
Meanwhile, the Petroleum Drilling and Mineral Services Corporation (PVD) has VND260 billion, up 45% thanks to higher daily rental prices, increased rate of drilling rig use and additional contributions from PVD VIII rig.
Banking sector maintains strong profit growth
Asia Commercial Joint Stock Bank (ACB) is estimated to reach VND 5,400 billion, up 11% thanks to slight improvement in NIM, although bad debt recovery has decreased. The Bank for Investment and Development of Vietnam (BID) expects a profit of VND 8,5008,700 billion, up 32% thanks to reduced credit costs, but foreign exchange business is not favorable. The Vietnam Joint Stock Commercial Bank for Industry and Trade (CTG) can also achieve VND9,000 billion in profit, up 37% when NIM improves, but the provision for expenses increases.
Ho Chi Minh City Development Bank (HDB) is estimated to reach VND 5,200 billion, up 16% thanks to strong credit growth. The Military Bank (MBB) forecasts a profit of VND 7,600,000 billion, up 4%10%, supported by high credit and reduced credit costs. Vietnam Maritime Bank (MSB) made a profit of VND1,600 billion, up 32% from a low base. The Vietnam Bank for Industry and Trade (TCB) reached VND 8,040 billion, up 11% with reduced credit costs and stable NIM.
It is expected that Tien Phong Bank (TPB) will make a profit of VND1,900 billion, up 10%, while OCB will increase by 83% to VND807 billion thanks to a low base in the same period, although down from the previous quarter.
Saigon Thuong Tin Bank (STB) recorded VND 5,800 billion, up 111% thanks to the completion of the sale of Phong Phu Industrial Park debt. The International Bank (VIB) has VND 2,450 billion, up 23%. The Joint Stock Commercial Bank for Foreign Trade of Vietnam (VCB) reached VND 11,000 billion, up 3% with 9-month credit increasing by 11%12% and improved NIM. Notably, Vietnam Prosperity Bank (VPB) is estimated to have a profit of VND 7,8008,000 billion, an increase of 50%54% thanks to strong credit, credit costs returning to normal and high IB income.
Real estate, consumer and retail have many bright spots
The real estate market has recovered in some large enterprises. Vinhomes Joint Stock Company (VHM) is forecast to reach VND11,420 billion, up 27% thanks to the handover of OP2, OP3, Royal Island and Golden Avenue projects. Nam Long Investment Joint Stock Company (NLG) estimated a profit of VND 345 billion compared to a loss of VND 40 billion in the same period, thanks to the handover of Southgate, Central Lake and sale of Izumi City shares.
In contrast, Khang Dien Joint Stock Company (K human) expects a profit reduction of 9% to VND60 billion due to lack of new projects, while Kinh Bac Corporation (KBC) reached VND18 billion, up 8% thanks to land handover in Hung Yen, Tan Phu Trung and Ninh Town.
The consumer- retailer group shows strong differentiation. Vinamilk (VNM) reached VND 2,300 billion, down 4% due to weak milk demand and high raw material prices. Sabeco (SAB) also decreased by 5% to VND1,100 billion due tobibeco merger and weak demand.
Meanwhile, Imexpharm (IMP) is estimated to make a profit of VND75 billion, up 4%; Dabaco (DBC) reached VND300 billion, down 4% due to reduced pig prices; Binh Minh Plastic (BMP) has VND320 billion, up 10% thanks to high selling prices and low PVC costs. Duc Giang Chemicals (DGC) increased by 19% to VND880 billion, PNJ reached VND275 billion, up 27% thanks to strategic price adjustments and cost optimization.
Retail businesses recorded outstanding growth. The Gioi Di Dong (MWG) expects a profit of VND1,700 billion, up 111% thanks to recovery technology demand and improved efficiency profits. Digiworld (DGW) reached VND150 billion, up 23% thanks to household electricity demand, while Masan Group (MSN) also increased by 31% with a profit of VND1,700 billion thanks to the grocery and sunroofing segment.
