VGC – Update – Poised for a powerful growth upswing
Posted: Feb 3, 2026
- 4Q25 net profit rose 3% YoY despite weak core operations. VGC closed 2025 with 27% YoY net profit growth, driven largely by financial income contributions.
- 2026-27 NP is projected to rise 12%/37% YoY, reflecting more sustainable growth supported by strong IP handover and the restructuring of the building materials segment to improved operating efficiency and profit margins.
- We recommend ADD with a target price of 61,200VND/share.
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