Vietnam SSI Research projects profit surges for Hoaphat, Masan, FPT and flags PNJ diamond scandal

SSI Research released a mid‑2026 strategic outlook noting Vietnam’s economy accelerated, with first‑half GDP up 8.18%. The firm highlighted eight listed companies it expects to benefit from the recovery. Hoaphat (HPG) could see profit rise 67.7% thanks to the Dung Quất 2 project and supportive steel trade measures. Masan (MSN) may post an 81.5% profit jump as its WinMart network gains from a tax‑method change and higher vanadium prices. Banks MB (MBB) and HDBank (HDB) are projected to increase pre‑tax profit by about 20% and 36% respectively, driven by credit growth. FPT is expected to grow on expanding overseas contracts and AI Factory demand. DPR, Hai‑An and TNG also face double‑digit revenue and profit growth forecasts.

In a separate update, SSI Research lowered its 2026 profit forecast for jewelry group PNJ after a scandal at its testing subsidiary P‑Lab, where a former CEO is under investigation for alleged smuggling. About 28,000 diamonds involved were not entered into PNJ’s retail system. The analyst cut the expected after‑tax profit to VND 3,333 billion (down from VND 3,569 billion) and placed the stock’s recommendation under review, citing heightened consumer‑trust risk and uncertainties around internal controls.