VNM – Update – Stabilizing distribution, rebuilding momentum
Posted: Feb 12, 2026
- 4Q25: VNM recorded a strong 31% yoy increase in net profit to VND 2,840bn, supported by broad-based market growth and effective sales channel restructuring. For FY25, net profit reached VND 9,410bn (flat Yoy), completing 95% of MBS Research forecasts.
- We expect net profit CAGR of 8.5% in FY2026–27, mainly driven by a recovery in the domestic market and easing input material costs.
- We maintain an ADD rating with a target price of VND 80,800/share.
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