Earnings Preview

SSI Research would like to send you 1Q2026 Earnings Preview for 40 companies under our coverage. We expect aggregate earnings to increase 16% YoY (-26% QoQ), with the sequential decline largely reflecting seasonality. On a YoY basis, earnings growth has moderated compared to 3Q-4Q25 but remains stronger than in 1H25, supported by robust performance in retail, materials, fertilizers, and port & transportation. Banks continue to drive absolute earnings growth, but expansion has moderated to ~10% YoY amid rising funding costs following higher deposit rates since late 2025.

Companies with positive earnings growth expectations include: BID, NT2, MSN, PNJ, FRT, KDH, HPG, DGW, VPB, MWG, VNM, SAB, GMD, HDB, OCB, CTR, CTG, VIB, PHR, FPT, TCB, ACB, GAS, IDC, MSB, VHM, TPB, VCB, PVT, HAH, HT1, BMP, DCM.

Companies with negative earnings growth expectations include: VGC, POW, STB, SZC, KBC.

SSI Research would like to send you 4Q2025 Earnings Preview for 47 companies under our coverage. Overall, corporate earnings are estimated to increase by 20% YoY (or 27% QoQ) in the period, an acceleration from the +17% YoY growth recorded in 9M25. Based on this projection, full-year 2025 PBT growth for this universe is estimated at +18% YoY. Real estate developers are expected to be the standout contributors this quarter, rebounding from a muted 3Q25 due to revenue recognition timing. Meanwhile, steel producers, retailers and construction material companies continue to act as core growth drivers. In contrast, banking earnings are more divergent: some banks face a high comparison base from 4Q24, while others are increasing provisioning buffers in 4Q25, resulting in a more mixed set of results within the sector.

Companies with positive earnings growth expectations include: KBC, HT1, POW, NT2, KDH, MWG, FRT, DHC, VHM, TCB, HPG, PVT, BMP, SZC, HDB, GMD, VPB, DPR, PNJ, TNG, VNM, DGW, FPT, MSB, TPB, MBB, SAB, PVD, IMP, VCB, ACB, CTR, MSN, DCM.

Companies with negative earnings growth expectations include: OCB, GAS, HAH, VIB, BID, CTG, PVS, HSG, GVR, IDC, NLG, STB, BCM.

SSI Research would like to send you 3Q2025 Earnings Preview for 42 companies under our coverage. Overall, corporate earnings are estimated to increase by 26.9% YoY (or 2.1% QoQ) in the period, improving from the 14% YoY growth seen in 1H2025. The stronger momentum was from a low base in 3Q24 and mainly driven by certain banks, steel producers, retailers and real estate developers.

Companies with positive earnings growth expectations include: VCG, SZC, MWG, STB, OCB, NT2, VPB, HPG, HSG, PVD, CTG, MSB, MSN, GMD, PNJ, VHM, DGW, HAH, VIB, DGC, PTB, DHC, HDB, FPT, POW, ACB, TCB, BMP, TPB, CTR, KBC, MBB, BID, IMP, VCB, NLG.

Companies with negative earnings growth expectations include: DPR, KDH, GAS, SAB, VNM, DBC.

SSI Research would like to send you 2Q2025 Earnings Preview for 40 companies under our coverage. Overall, corporate earnings are estimated to increase by 12.2% YoY (or 19.9% QoQ) in the period, marking a slight moderation from the 14.5% YoY growth seen in 1Q2025. Banks, steel producers, and retailers are the key drivers of growth, while some residential real estate developers may report YoY profit declines due to a high earnings base in 2Q2024.

Companies with positive earnings growth expectations include: FRT, HAH, NT2, STB, HDG, KBC, CTG, DGW, GMD, HPG, VPB, MWG, MSN, POW, DCM, HDB, DPR, FPT, DPM, GAS, TPB, GVR, VIB, MBB, OCB, NTP, HSG, CTR, VCB, TCB, SZC.

Companies with negative earnings growth expectations include: BID, VNM, VHM, IDC, ACB, MSB, PNJ, NLG, KDH.

SSI Research would like to send you 1Q2025 Earnings Preview for 39 companies under our coverage. Overall, corporate earnings are estimated to increase by 12% YoY in the period, a slowdown compared to 4Q2024 (19.8%), but improvement compared to 1Q2024 (1Q24: 10.0%). Banks, developers, utilities and retailers led the overall growth.

Companies with positive earnings growth expectations include: KBC, NLG, NT2, POW, FPT, KDH, FRT, DPR, SZC, STB, CTG, VPB, HDB, GVR, MWG, BID, MBB, PVT, ACB, MSB, PNJ, TPB, DGW, SAB, TCB, CTR, HPG, VCB, DRC, VNM.

Companies with negative earnings growth expectations include: OCB, GMD, HDG, BSR, PLX, HSG.

SSI Research would like to send you 4Q2024 Earnings Preview for 41 companies under our coverage. Overall, corporate earnings are estimated to increase by 22.4% YoY in Q4, an acceleration compared to the first 3 quarters of 2024 (1Q24: 7.6%, 2Q24: 16.3%, 3Q24:14.6%).   Banks and some big caps such as FPT, ACV, MWG, MSN, HVN led the overall growth.

Companies with positive earnings growth expectations include: ACB, ACV, BID, CTG, CTR, DGC, DPR, FPT, GMD, GVR, HAH, HDG, HHV, IMP, KBC, KDH, MBB, MSB, MSN, MWG, NLG, PLX, PNJ, PTB, PVT, TNG, TPB, VEA, VPB.

Companies with negative earnings growth expectations include: BCM, DRC, GAS, HDB, HPG, NT2, POW, SZC, TCB, VIB.

SSI Research would like to send you 3Q2024 Earnings Preview for 46 companies under our coverage. Overall, corporate earnings are estimated to increase by 15.6% YoY in Q3, continuing the growth momentum posted in the past 2 quarters (1Q24: 7.6% YoY; 2Q24: 16.3% YoY). Banks and some big caps such as FPT, HPG and MSN are key drivers. 

Companies with positive earnings growth expectation include: ACB, BCM, BID, CTG, CTR, DBD, DCM, DGW, DPR, FPT, GMD, GVR, HAH, HDB, HDG, HPG, KBC, MBB, MSB, MSN, PAN, POW, PTB, PVD, PVT, STB, STK, SZC, TCB, TPB, VCB, VNM, VPB.

Companies with negative earnings growth expectation include: IMP, KDH, BSR, DRC, HSG, NLG, OCB, PLX, PNJ, VIB.

SSI Research would like to send you 2Q2024 Earnings Preview for 45 companies under our coverage, of which 30 companies are expected to post positive YoY earnings growth in Q2 and 15 companies are likely to post negative earnings growth.

Companies with positive earnings growth expectation include: ACB, BID, CTG, CTR, DCM, DPR, DRC, FPT, GMD, HAH, HDB, HDG, HHV, HPG, HSG, MBB, MSB, MSN, NLG, PAN, PNJ, POW, PTB, STB, TCB, TCM, TPB, VCB, VNM, VPB.

Companies with negative earnings growth expectation include: BSR, DGC, GAS, KBC, KDH, NT2, OCB, PVD, PVT, STK, SZC, TRA, VGC, VIB, VTP.

SSI Research would like to send you 1Q2024 Earnings Preview for 46 companies under our coverage, of which 31 companies are expected to post positive YoY earnings growth in Q1 and 14 companies are likely to post negative earnings growth.

Companies with positive earnings growth expectation include: BID, CTG, CTR, DCM, DRC, FPT, GMD, HDB, HHV, HSG, HPG, MWG, NLG, OCB, PAN, PLX, PTB, PVD, PVT, QNS, SAB, STB, STK, SZC, TCB, TCM, TPB, TRA, VGC, VNM, VPB.

Companies with negative earnings growth expectation include: ACB, BMP, BSR, DGC, GAS, HAH, KBC, KDH, MBB, NT2, POW, VCB, VIB, VTP.

SSI Research would like to send you 4Q2023 Earnings Preview for 39 companies under our coverage, of which 23 companies are expected to post positive YoY earnings growth in Q4 and 16 companies are likely to post negative earnings growth.

Companies with positive earnings growth expectation include: ACB, BID, BMP, CTG, CTR, FPT, HDB, HPG, IDC, KBC, KDH, MBB, PTB, PVD, PVT, QNS, STB, SZC, TCB, VPB, VRE, VTP, VNM.

Companies with negative earnings growth expectation include: DCM, DGC, DPM, GAS, HAH, MSB, NLG, NT2, POW, PVS, SAB, STK, TPB, VCB, VGC, VIB.

SSI Research would like to send you 3Q2023 Earnings Preview for 33 companies under our coverage, of which 20 companies are expected to post positive YoY earnings growth in Q3 and 13 companies are likely to post negative earnings growth.

Companies with positive earnings growth expectation include: ACB, BMP, BSR, CTG, CTR, DBD, FPT, GMD, HDB, HPG, MBB, PLX, PVD, QNS, STB, TCB, VCB, VGC, VNM, VTP.

Companies with negative earnings growth expectation include: BID, DGC, DGW, DRC, HAH, MSB, NT2, POW, PVT, STK, TPB, VIB, VPB.

SSI Research would like to send you 2Q2023 Earnings Preview for 32 companies under our coverage, of which 16 companies are expected to post positive YoY earnings growth in Q2 and 16 companies are likely to post negative earnings growth.

Companies with positive earnings growth expectation include: BID, CTG, DBD, GMD, HDB, IMP, KBC, MBB, PVD, PVS, PVT, QNS, STB, VCB, VIB, VNM.

Companies with negative earnings growth expectation include: ACB, BSR, DCM, DPM, DGW, GAS, HAH, HPG, HSG, PTB, STK, TCB, TPB, VGC, VPB, VTP.

SSI Research would like to send you 4Q2022 Earnings Preview for 27 companies under our coverage, of which 14 companies are expected to post positive YoY earnings growth in Q4 and 13 companies are likely to post negative earnings growth. Companies with positive earnings growth expectation include: ACB, ACV, AST, BID, CTG, FPT, MSB, PVT, STB, TNH, TPB, VCB, VIB, VPB. Companies with negative earnings growth expectation include: BSR, DPM, DRC, GAS, HAH, HDB, HPG, MBB, MWG, OCB, PVD, QNS, VHC.

SSI Research would like to send you 3Q2022 Earnings Preview for 26 companies under our coverage, of which 24 companies are expected to post positive YoY earnings growth in Q3 and 2 companies are likely to post negative earnings growth. Companies with positive earnings growth expectation include: PNJ, STK, CTR, FPT, DGW, DGC, DPM, GAS, ACV, PVT, MSB, VIB, ANV, HAH, GMD, AST, ACB, BID, HDB, MBB, TPB, VCB, TCB, VPB. Companies with negative earnings growth expectation include: HPG, PVS.