GVR – Update – Strong earnings growth but limited upside
Posted: Jun 12, 2026
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1Q26, net profit (NP) increased by 90% yoy, driven by a 72% yoy increase in rubber revenue, rubber tree liquidation and land compensation;
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We increase FY26–27F NP by 121% and 93% vs. previous report, supported by an increase in rubber prices and land compensation from VSIP and Thaco;
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We recommend HOLD for GVR and raise our target price to VND 36,100.
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