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Equity research houses are taking a constructive stance on Masan Consumer (MCH), NT2 and PNJ, with recommendations centered on improving operating outlooks, valuation support and specific catalysts for each company.
VPBankS issued its first valuation report on Masan Consumer with a hold rating and a 12-month target price of VND 155,700 per share.
VPBankS also warned of risks including competition, weak consumer demand, raw material price fluctuations, and potential stock write-downs.
Mirae Asset (Vietnam) analyzed NT2 as a key player in Vietnam with total capacity of 750 MW, and sees a positive 2026 outlook with emphasis on the second half of the year.
According to the National Center for Hydrometeorology, El Niño is expected to form from late 2026 with a 70–80% probability, and intensity could be strong. This is expected to make late-year hydrological conditions less favorable, reducing pressure from cheap hydro and creating room for gas-fired plants such as NT2 to raise output.
Domestic results for January–February show electricity production of 574 million kWh, up 94%.
Mirae Asset noted that depreciation of machinery will reduce nearly VND 400 billion, helping offset the impact of corporate income tax returning to the standard 20% after the end of the tax holiday.
Mirae Asset also cited domestic gas supply constraints (GAS) of 0.6 bcm as a factor behind the profit outlook.
Based on the analysis, Mirae Asset recommends increasing NT2’s weight with a 12-month target price of VND 30,000 per share, about 17% above the price on 09/04.
MB Securities (MBS) recommended accumulating PNJ, setting a target price of VND 156,300 per share.
MBS said that tighter invoicing in 2025 makes it harder to secure good materials for producing gold products, tightening supply in the market. With world gold prices volatile due to geopolitical tensions, domestic gold prices have also fluctuated, and PNJ has not been immune—material constraints have impacted production in the bullion segment.
On the positive side, MBS noted that inspections have removed distortions in the gold market, laying groundwork for 2026. The firm expects PNJ to obtain positive solutions to material supply, enabling greater bullion supply and supporting both jewelry retail and bullion businesses.
MBS raised its target price by 56% versus the prior report, citing a shift in valuation to 2026 and a 48% higher 2026 EPS. The firm said PNJ trades on a 12-month forward P/E around 13x, below the 3-year average of 15x, with better mid- to long-term growth potential—making it a favorable period to accumulate.
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