- 2025-05-05T00:00:00
- Company Research
* Q1 2025 results:
- VTP released its Q1 2025 results with net revenue of VND5.0tn (USD197.7mn; +8% YoY) and NPAT-MI of VND69bn (USD2.7mn; +19% YoY). Revenue growth was driven by significant 25% YoY revenue growth of the services segment outweighing lower trading revenue YoY. The services segment’s GPM also expanded, contributing to earnings growth despite higher SG&A expenses and weaker net financial income.
- The results fulfilled 30% and 17% of our respective full-year forecasts. We see potential downside risks to our 2025F forecasts due to higher-than-expected SG&A expenses and lower-than-expected net financial income, pending a more comprehensive review.
* Segmental performance in Q1 2025:
- Services segment:
+ We attribute services revenue growth to strong growth in parcel volume. Gross merchandise value from the top five e-commerce marketplaces in Vietnam (i.e., Shopee, Lazada, Tiktok Shop, Tiki, and Sendo) increased by 42% YoY in Q1 2025 and the total number of sold products rose by 24% YoY, per Metric – a third-party market research firm.
+ The segment’s GPM improved 1.6 ppts YoY to 7.8% in Q1 2025, which we partly attribute to decreased gasoline prices, proxied by an 11% YoY decline in the average Vietnamese RON-95 gasoline retail price.
- Trading segment: Revenue declined 16% YoY due to VTP continuing to scale down its mobile phone card selling business.
VTP’s Q1 2025 results
VND bn | Q1 2024 | Q1 2025 | YoY | Q1 2025/ Vietcap’s 2025F |
Net revenue | 4,674 | 5,042 | 8% | 30% |
Services | 2,699 | 3,375 | 25% | 22% |
Trading | 1,975 | 1,667 | -16% | 106% |
Gross profit | 167 | 265 | 59% | 25% |
Services | 165 | 262 | 59% | 25% |
Trading | 2 | 3 | 70% | 98% |
SG&A expenses | -111 | -175 | 57% | 31% |
EBIT | 55 | 89 | 61% | 19% |
PBT | 74 | 89 | 21% | 17% |
NPAT-MI | 58 | 69 | 19% | 17% |
GPM | 3.6% | 5.2% | 1.7 ppts |
|
Services | 6.1% | 7.8% | 1.6 ppts |
|
Trading | 0.1% | 0.2% | 0.1 ppts |
|
OPM | 1.2% | 1.8% | 0.6 ppts |
|
NPM | 1.3% | 1.4% | 0.1 ppts |
|
Source: VTP, Vietcap
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