| Title | X-Stock | VRE 40,100 +43%: Q4/2025 Earnings Update |
|---|---|
| Report Type | Phân tích công ty |
| Source | BSC |
| Bussiness | VRE |
| Detail |
Date : 10/02/2026 Total pages : 0 Language : English File Type : .PDF FileSize : 291 Kb Download: 0 Download |
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| Short Content |
EARNINGS UPDATE 4Q2025 results: Net revenue reached VND 2,182bn (+7.6% YoY), while NPAT-MI surged to VND 2,659bn (+145% YoY). Profit growth was mainly driven by a VND 1,891bn gain from the divestment of Vincom Center Nguyen Chi Thanh and VND 755bn in financial income (+38% YoY). Meanwhile, performance across the core businesses was as follows:
FY2025: Despite net revenue growing only 6.6% YoY to VND 8,399bn, NPAT-MI increased 57.4% YoY to VND 6,446bn, supported by the VND 1,891bn divestment gain from Vincom Center Nguyen Chi Thanh and VND 2,860bn in income from deposits (+60% YoY). Excluding the divestment gain, VRE would have recorded VND 4,933bn in net profit, 11.8% above our forecast of VND 4,413bn, with the variance mainly attributable to higher-than-expected financial income. Overall, VRE's core business performance remained broadly in line with BSC's expectations. Investment and business cooperation deposits: As of end-4Q2025, total deposits for these purposes reached VND 24.9tn (+75.3% YoY), equivalent to approximately 40% of total assets. This included VND 6.2tn in deposits for shophouse investment cooperation at Vinhomes Green Paradise and VND 1.8tn in deposits related to VMM operations at Vinhomes Green Paradise. 2026 BUSINESS PLAN
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