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Long position on VN30F2206 should be held and stop the loss when there is the closing price below 1,270 pts level. (Hourly chart)

Based on a bullish market, traders may open small long positions on leading stocks. However, the downside risk is still intact in the long term, hence, they should avoid buying on margin.

Despite the strong contraction, the VNIndex maintains the bullish trend thanks to bullish signals of technical indicators. Therefore, traders may hold long positions.

In May 2022, total electricity production was 23.34bn kWh (+3.2% mom, -2.7% yoy). Hydropower output also surged 47.9% yoy, 44.7% mom to hit 8.31bn kWh in the context of rising gas and coal prices when coal and gas thermal power output plunged. Vinacomin and Dong Bac pledged to supply enough coal for remaining months when total coal volume supplied to power plants is expected to reach 43.99mn tonnes. The nuclear power plant and Block B - O Mon projects are considered to be resumed to meet surging power demand.

The management sets conservative guidance when it targets the output of 4.34bn kWh (+35% yoy), revenue of VND8,129bn (+32% yoy), and PAT of VND468bn (-12% yoy). NT2 is going to pay a 15% cash dividend at par for 2022F. In 1Q22, NT2 recorded a splendid result with a VND2,006bn (+22% yoy) and a VND159.6bn (+38.9% yoy), fulfilling 25%/34% annual guidance. 2Q22’s net profit is predicted to exceed 20% of quarterly plan. NT2 expects to enjoy better results in 2022F and a spectacular result since 2024F when its assets reach full depreciation.

The VNIndex confirms the bullish trend thanks to the breakout of the small rectangle, continuation pattern, with a target price of around 1,400 pts. Therefore, traders may open and hold long positions.

Long position on VN30F2206 should be held and stop the loss when there is the closing price below 1,270 pts level. (Hourly chart)

Based on the breakout, the VNIndex confirmed the small rectangle, continuation Pattern, with a target price of around 1,400 pts. Therefore, traders may open and hold long positions.

Long position on VN30F2206 should be held and stop the loss when there is the closing price below 1,270 pts level. (Hourly chart)

Based on our estimates, 1Q22 aggregated revenue of listed T&G and yarn companies perked up 32.6%/22.6% yoy while NPATMI soared 71.5%/ 22.3% yoy, respectively. Top companies include VGG (+550% yoy), HTG (+247.6% yoy), and VGT (+102% yoy). 2Q is a typical peak period when production begins for the next fall/winter season. Inventory assets swelled 24.5% yoy as of end-1Q22 in T&G companies, and this demonstrates healthy conditions among clients. Vietnam’s textile and garment export turnover in Apr 2022 sustains the revival growth of 28.4% yoy and 3.6% mom to USD3.1bn. Revenue recovery could ramp up in 2Q22F for T&G segments.