So far in Q1, 238 Vietnamese listed companies have reported their results. Their combined earnings growth is +43%. These companies represent only 17% of the total market, but we can already expect solid earnings growth from Vietnamese listed companies as a whole.
The five largest holdings in PYN Elite’s portfolio (combined weight 47%) posted average earnings growth of 54%. Strong results support local brokerage houses to upgrade their recommendations.
STB (15% of portfolio): The bank announced at its AGM that Q1 pre-tax earnings came in at approximately €130 million. Earnings did not grow from Q1 last year but were considerably better than in Q4 and also beat analyst expectations. The tone at the AGM was very upbeat, with the bank indicating that its restructuring process will be completed during 2026.
HPG (14%): The steel company was expected to deliver a good Q1, but Hoa Phat beat all expectations by a wide margin: earnings growth of +171% year-on-year. The figures did include a one-off item, but even without it, the result was fantastic. The company also guided for excellent earnings growth in 2026 and favourable business conditions for 2026–2030.
MWG (10%): Mobile World Group’s Q1 earnings dazzled, rising 81% from a year ago. Analysts moved swiftly to revise their 2026 earnings estimates and price targets upward.
FPT (8%): Vietnam’s leading IT company grew Q1 earnings by +14%. FPT indicated reasonably strong earnings growth for the full year 2026. Order books appear to be strengthening.
HVN (6%): Vietnam Airlines. Preliminary Q1 figures point to earnings growth of 10%, even against an already strong prior-year base. The company has benefited from passenger flows generated by the Middle East conflict and was able to raise ticket prices immediately when the war broke out. In Q2, sharply higher jet fuel costs will weigh heavily on earnings, but we expect the situation gradually normalise once peace is restored.
PYN Elite’s NAV is down a couple of percent since the start of the year, while Vietnam’s stock index has risen a few percent over the same period. We are still some way from the levels seen before the Iran war. Over the past couple of weeks, investors have not reacted to the strong earnings numbers at all — instead choosing to wait for the war to end while focusing to play with Vingroup tickers, which carry heavy index weights.