We see upside potential for our 2026F reported NPAT-MI forecast (VND2.1tn, -36% YoY) and core NPAT-MI projection (VND2.1tn, +1% YoY) due to potentially stronger-than-expected revenue growth, pending a fuller review.
Q2 2026: Revenue was VND9.5tn (+46% YoY), core NPAT-MI was VND768bn (+51% YoY), and reported NPAT-MI was VND705bn (+34% YoY).
- Core NPAT-MI reached a new record high, driven by (1) record quarterly revenue (+46% YoY) on electrical equipment sales (+48% YoY), supported by a 40% YoY rise in copper prices and continued volume expansion, and (2) financial income nearly tripling to VND109bn on a larger deposit balance (interest income of VND88bn vs VND6bn) — which outweighed GPM contracting to 14.3% (-1.6-ppts YoY, flat QoQ, in line with our full-year projection of 14.3%).
- Reported NPAT-MI lagged core earnings due to a one-off other expense of VND73bn (vs VND2bn in Q2 2025).
H1 2026: Revenue was VND16.6tn (+41% YoY, 53% of our 2026F forecast), core NPAT-MI was VND1.3tn (+41% YoY, 64% of our 2026F forecast), and reported NPAT-MI was VND1.3tn (+31% YoY, 61% of our 2026F forecast).
- Revenue reached 53% of our full-year forecast, slightly ahead of expectations, with 41% YoY growth driven by (1) a 39% increase in copper ASP and (2) volume expansion.
- Reported NPAT-MI reached 61% of our full-year forecast, ahead of our expectations, supported by in-line blended GPM of 14.3%, stronger-than-expected revenue, and lower-than-expected SG&A expenses.
GEE’s Q2 & H1 2026 results
VND bn | Q2 | Q2 | YoY | H1 | H1 | YoY | % of |
Revenue | 6,510 | 9,524 | 46% | 11,791 | 16,621 | 41% | 53% |
Electrical equipment | 6,404 | 9,453 | 48% | 11,606 | 16,504 | 42% | 53% |
Power & others | 106 | 71 | -33% | 185 | 117 | -37% | N.M. |
Gross profit | 1,035 | 1,366 | 32% | 1,868 | 2,382 | 28% | 54% |
Electrical equipment | 997 | 1,351 | 35% | 1,799 | 2,363 | 31% | 53% |
Power & others | 38 | 15 | -59% | 69 | 19 | -72% | N.M. |
Selling exp | -132 | -174 | 32% | -224 | -283 | 26% | 46% |
G&A | -160 | -139 | -13% | -273 | -282 | 3% | 36% |
Operating profit | 743 | 1,053 | 42% | 1,370 | 1,817 | 33% | 60% |
Financial income | 38 | 109 | 188% | 70 | 184 | 163% | 77% |
Interest income | 6 | 88 | 1362% | 14 | 139 | 929% | 77% |
FX gain | 17 | 7 | -58% | 26 | 22 | -16% | N.M. |
Others | 15 | 14 | -8% | 30 | 23 | -24% | N.M. |
Financial expenses | -118 | -190 | 61% | -197 | -317 | 61% | 63% |
Interest expenses | -61 | -117 | 92% | -108 | -187 | 73% | 60% |
FX loss | -5 | -8 | 67% | -9 | -18 | 100% | N.M. |
Others | -53 | -65 | 24% | -80 | -112 | 41% | N.M. |
Income from JVs | 61 | 46 | -25% | 90 | 87 | -3% | 172% |
Other income | -2 | -73 | N.M. | -4 | -72 | N.M. | N.M. |
Profit before tax | 722 | 945 | 31% | 1,330 | 1,700 | 28% | 60% |
NPAT before MI | 566 | 740 | 31% | 1,053 | 1,346 | 28% | 59% |
Minorities interest | -38 | -35 | -7% | -73 | -62 | -16% | 36% |
NPAT-MI, reported | 528 | 705 | 34% | 980 | 1,284 | 31% | 61% |
NPAT-MI, core | 508 | 768 | 51% | 946 | 1,335 | 41% | 64% |
Source: GEE, Vietcap
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