We see limited changes to our 2026F core (VND1,668bn, +32% YoY) and reported NPAT-MI (VND1,487bn, +1% YoY) forecasts, as potential upside from GEE’s earnings, higher-than-expected Can Gio divestment gains, and JV income could offset higher-than-expected financial expenses, pending a fuller review. We currently have a BUY rating for GEX with a target price of VND40,500/share.
*Securities trading revenue stood at VND6.1tn at the end of Q2, -8% QoQ (including bonds and securities). Net debt/equity was broadly maintained at 86% (-3% QoQ).
H1 2026: Revenue was VND25.2tn (+40% YoY, ~50% of our 2026F forecast), core NPAT-MI was VND775bn core NPAT-MI (-6% YoY, ~46% of our 2026F forecast), and reported NPAT-MI was VND784bn (-13% YoY, ~53% of our 2026F forecast).
+ Revenue expanded across the electrical equipment, IP, and construction materials segments.
+ Blended GPM contracted to 19.7% (-2.1 ppts YoY), driven by (1) IP (46.5%, -14 ppts YoY due to no one-off cost reduction from capex finalization), and (2) electrical equipment (14.7%, -1.1 ppts YoY due to a surge in copper ASP amid GEE’s market share expansion). These factors outweighed (3) a recovery in construction materials (16.6%, +1.1 ppts YoY).
+ Core NPAT-MI (-6% YoY) diverged from gross profit (+26% YoY) mainly due to (1) YoY doubled financial expenses (funding for residential real estate expansion and Gia Binh International Airport), and (2) +55% YoY minorities interest (mainly from the IP segment).
Q2 2026: Revenue was VND14.5tn (+43% YoY), core NPAT-MI was VND393bn (-25% YoY), and reported NPAT-MI was VND539bn (-19% YoY).
+ Gross profit (GP) expanded due to (1) electrical equipment GP +38% YoY (sales expansion outweighed slight GPM contraction), (2) IP GP +18% YoY (handover surge outweighed margin normalization), and (3) construction materials GP +27% YoY (both revenue and margin expansion).
+ Core NPAT diverged from GP mainly due to (1) 2.3x YoY financial expenses and (2) +51% YoY minorities interest.
+ Reported NPAT-MI was slightly stronger than core due to a ~VND259bn gain from Can Gio residential project divestment (GEL owns 50% stake).
VGC: Q2 NPAT expands on 2x YoY IP handovers, on track construction materials recovery, in line with expectations
We see insignificant changes to our 2026F reported NPAT-MI projection (VND1.7tn, +20% YoY) as IP (both IP land handovers and margins) and construction materials recovery are in line with our forecast, pending a fuller review. We currently have a BUY rating for VGC with a target price of VND66,800/share.
Q2 2026: Revenue was VND4.5tn (+38% YoY) and NPAT-MI was VND563bn (+28% YoY).
Please see our detailed comments for VGC in our VGC Earnings Flash
GEE: Q2 core NPAT-MI surges 51% YoY on record revenue; upside potential to NPAT-MI forecast
*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).
Please see our detailed comments for GEE in our GEE Earnings Flash.
GEX’s Q2 & H1 2026 results
VND bn | Q2 | Q2 | YoY | H1 | H1 | YoY | % of Vietcap 2026F |
Revenue | 10,131 | 14,480 | 43% | 18,047 | 25,202 | 40% | 50% |
Electrical equipment | 6,518 | 9,463 | 45% | 11,627 | 16,523 | 42% | 53% |
Utilities (power & water) | 343 | 382 | 11% | 527 | 648 | 23% | 56% |
Construction materials | 2,149 | 2,325 | 8% | 3,574 | 4,428 | 24% | 42% |
IP leasing & services | 1,015 | 2,164 | 113% | 2,142 | 3,210 | 50% | 51% |
Real estate sales | 96 | 114 | 19% | 133 | 329 | 148% | 60% |
Others | 10 | 33 | 222% | 44 | 63 | 43% | N.M. |
Gross profit | 2,334 | 2,954 | 27% | 3,932 | 4,956 | 26% | 50% |
Electrical equipment | 1,015 | 1,397 | 38% | 1,832 | 2,423 | 32% | 54% |
Utilities (power & water) | 160 | 172 | 8% | 201 | 261 | 30% | 58% |
Construction materials | 312 | 398 | 27% | 553 | 734 | 33% | 38% |
IP leasing & services | 831 | 980 | 18% | 1,296 | 1,493 | 15% | 51% |
Real estate sales | 17 | 4 | -76% | 24 | 26 | 7% | 29% |
Others | -1 | 3 | N.M. | 26 | 18 | -30% | N.M. |
Selling exp | -374 | -391 | 4% | -639 | -705 | 10% | 40% |
G&A | -453 | -566 | 25% | -878 | -1,038 | 18% | 44% |
Operating profit | 1,506 | 1,997 | 33% | 2,414 | 3,213 | 33% | 55% |
Financial income | 347 | 554 | 60% | 436 | 685 | 57% | 95% |
Interest income | 64 | 175 | 172% | 111 | 294 | 165% | 44% |
FX gain | 33 | 11 | -67% | 60 | 33 | -45% | N.M. |
Gain from securities investment | 109 | 92 | -15% | 109 | 104 | -5% | N.M. |
Others | 141 | 276 | 96% | 157 | 255 | 62% | 512% |
Financial expenses | -332 | -760 | 129% | -668 | -1,336 | 100% | 58% |
Interest expenses | -272 | -571 | 110% | -517 | -975 | 89% | 48% |
FX loss | -11 | -24 | 113% | -18 | -104 | 493% | N.M. |
Loss from securities investment | -4 | 0 | -100% | -7 | -28 | 301% | N.M. |
Others | -45 | -165 | 269% | -127 | -229 | 81% | 84% |
Income from JVs | 4 | 65 | 1739% | -1 | 114 | N.M. | 211% |
Other income | 28 | -51 | N.M. | 16 | -64 | N.M. | N.M. |
Profit before tax | 1,553 | 1,805 | 16% | 2,198 | 2,611 | 19% | 60% |
NPAT before MI | 1,205 | 1,354 | 12% | 1,642 | 1,933 | 18% | 60% |
Minorities interest | -540 | -816 | 51% | -742 | -1,149 | 55% | 66% |
NPAT-MI, reported | 665 | 539 | -19% | 899 | 784 | -13% | 53% |
NPAT-MI, core (*) | 522 | 393 | -25% | 829 | 775 | -6% | 46% |
Source: GEX, Vietcap, (*) Adjusted for one-off items and goodwill amortization expenses.
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