VTP – Update – Technological leverage supporting profits
Posted: Mar 9, 2026
- 4Q25, VTP reported a 17.3% YoY increase in net profit, driven by robust e-commerce expansion and lower fuel costs, which bolstered gross margins. FY2025 net profit rose 16.2% YoY, fulfilling 93.7% of our forecast.
- We forecast FY26-27 net profit to grow 12.9%/26.1% YoY, driven by the sustained e-commerce boom and enhanced cost control.
- Recommend ADD for VTP, with a target price of 118,000 VND/share.
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