{"id":32558,"date":"2025-08-08T14:40:04","date_gmt":"2025-08-08T07:40:04","guid":{"rendered":"https:\/\/gtht.com.vn\/?post_type=research&#038;p=32558"},"modified":"2025-08-08T14:40:04","modified_gmt":"2025-08-08T07:40:04","slug":"en-gtjasvn_sip_updates-on-1h-2025-business-result_07-08-2025","status":"publish","type":"research","link":"https:\/\/gtht.com.vn\/en\/research\/en-gtjasvn_sip_updates-on-1h-2025-business-result_07-08-2025\/","title":{"rendered":"(EN) GTJASVN_SIP_Updates on 1H.2025 Business Result_07.08.2025"},"content":{"rendered":"<table>\n<tbody>\n<tr>\n<td>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>KEY HIGHLIGHTS\u00a0<\/strong><\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">Saigon VRG Investment Corporation (SIP) announced its Q2\/2025 business results, with revenue reaching nearly VND 2,130 billion (+10% YoY and +10% QoQ) and net profit after minority interest of VND 309 billion (+3% YoY but -12% QoQ). The profit growth mainly stemmed from improved gross margin and a sharp increase in net financial income (+31x YoY), although significantly higher financial expenses (+2.47x YoY) partially offset net profit.<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">Cumulatively for H1\/2025, SIP recorded net revenue of nearly VND 4,071 billion and net profit after tax of over VND 744 billion, up 8% and 26% YoY respectively. For 2025, the company targets consolidated revenue of VND 5,657 billion and net profit of nearly VND 833 billion, representing decreases of 33% and 35% compared to 2024. By mid-year, SIP had fulfilled approximately 72% of its revenue target and 89% of its profit goal, \u00a0respectively reaching 47% and 56% of GTJAS RS expectations.<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>RECOMMENDATION<\/strong><\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">We maintain our target price for SIP, adjusted for the new share count, at VND 68,800 per share (3.7% upside from the closing price of VND 66,400 on August 7, 2025).<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">However, we downgrade our rating from <strong>BUY<\/strong> to <strong>HOLD<\/strong> due to the stock\u2019s strong performance, up +10.82% since our BUY recommendation on June 26, 2025 .<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><a href=\"https:\/\/gtht.com.vn\/wp-content\/uploads\/2025\/08\/EN-GTJASVN_SIP_Updates-on-1H.2025-Business-Result_07.08.2025.pdf\">(EN) GTJASVN_SIP_Updates on 1H.2025 Business Result_07.08.2025<\/a><\/span><\/p>\n","protected":false},"author":32,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-32558","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>(EN) GTJASVN_SIP_Updates on 1H.2025 Business Result_07.08.2025 - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gtht.com.vn\/en\/research\/en-gtjasvn_sip_updates-on-1h-2025-business-result_07-08-2025\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"(EN) GTJASVN_SIP_Updates on 1H.2025 Business Result_07.08.2025 - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\" \/>\n<meta property=\"og:description\" content=\"KEY HIGHLIGHTS\u00a0 Saigon VRG Investment Corporation (SIP) announced its Q2\/2025 business results, with revenue reaching nearly VND 2,130 billion (+10% YoY and +10% QoQ) and net profit after minority interest of VND 309 billion (+3% YoY but -12% QoQ). 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