Our approach

We cover companies listed on the Ho Chi Minh City Stock Exchange (HOSE) and the Hanoi Stock Exchange (HNX).

• From 28 December 2026, all HNX-listed stocks transfer to HOSE, which becomes the single venue for listed shares. Our coverage follows the companies, wherever they trade.
• Each company starts with an Initiation of Coverage. Later reports are Updates, for example after annual results, and Sector Notes compare companies within an industry.

We work from audited financial statements prepared under Vietnamese Accounting Standards, company disclosures, and exchange price data. Every figure in a model traces back to a source document.

• Audited annual financial statements and reviewed semi-annual statements, including the notes.
• Quarterly financial statements, annual reports, and documents published for annual general meetings.
• Disclosures made through the exchanges, and daily price data from HOSE and HNX.
• Each input in the model carries a reference to the document and page it comes from.

Each model is built from the reported statements, with the income statement, balance sheet, and cash flow statement linked across historical and projected periods.

• Historical years are restated into one consistent format, so periods compare like for like.
• Revenue is forecast from its drivers, such as volumes, prices, and business segments, where the company discloses them.
• Supporting schedules cover working capital, capital expenditure and depreciation, and debt and interest.
• Built-in checks confirm that the balance sheet balances and that cash flows reconcile in every period.

We value companies using a discounted cash flow analysis and trading comparables, and present the result as a range rather than a single number.

• Discounted cash flow: unlevered free cash flow over an explicit forecast period, discounted at the weighted average cost of capital.
• Cost of equity from the capital asset pricing model, using the Vietnamese government bond yield as the risk-free rate, a market risk premium, and beta.
• Terminal value from a perpetuity growth rate, cross-checked against an exit multiple.
• Trading comparables: listed peers in Vietnam and the region, on multiples such as EV/EBITDA, P/E, and P/B, chosen to suit the sector.
• Sensitivity tables on the discount rate and terminal growth show how the value moves, and set the range we publish.

Every report and model is reviewed by the Lead Analyst before publication.

• Model integrity: formulas, links, and the balance and cash checks.
• Sources: a sample of inputs is traced back to the original documents.
• Consistency: every figure quoted in the report matches the model.

We do not issue ratings. We receive no compensation from the companies we cover. Authors disclose any holdings in the companies they write about.

• Every report states its sources, its price date, and the authors’ holdings.
• Reports and models are published in full and free to read.