QTP - Earnings review - [BUY] - 3Q26: Earnings recovered on a low base

In 3Q26, revenue reached VND2,815bn (+37% yoy), supported by an estimated 2% yoy increase in production amid stable electricity demand, alongside a 35% yoy increase in the average selling price. Gross profit reached VND93bn (+45% yoy), with the gross margin improving to 3.3% (+0.2%p yoy). NPAT reached VND76bn (+123% yoy), driven by (i) an improved gross margin and (ii) the completion of debt repayment.