Vietcap Securities (HOSE: VCI) | Q1 2025 Update, BUY – 3Y Upside +59.5%

Solid Performance in Q1 2025

VCI delivered solid results in Q1 2025, with performance on track to meet its FY2025 targets. Compared to our initial projections, VCI achieved 20.2% of the full-year revenue forecast and 24.5% of the profit before tax (PBT) forecast.

We maintain our financial forecast for VCI as its Q1 2025 results were rather in line with our projection. We keep our 12M Target Price for the stock at VND 39,100/share (+7.2% upside) and 3Y Target Price at VND 58,200/share (+59.5% upside).

In the near term, as the market is quite volatile, we believe that the VCI share price may fluctuate in a range between VND 32,000 (based on P/E valuation) and VND 42,000 (based on P/B valuation). A relevant trading strategy is recommended with buying at a lower range and reducing weight at a higher range.