KEY HIGHLIGHTS 

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.

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,  respectively reaching 47% and 56% of GTJAS RS expectations.

RECOMMENDATION

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).

However, we downgrade our rating from BUY to HOLD due to the stock’s strong performance, up +10.82% since our BUY recommendation on June 26, 2025 .