10
5月
Foreign supply outweighed but selling pressure is not strong. Buying activity focused on Real Estate, Materials, and Financials whilst large sell orders were placed on IT. With ETF flow, the flow of money is not significant, money inflow focused on VFMVN30 and VFMVN Diamond.
09
5月
The downtrend is active and the current rebound phase is not strong enough to fade the selling pressure above which means volatility level would increase in upcoming sessions. In this case, investors should decrease the current positions on leading stocks and wait for more accurate trading signal.
09
5月
The downside risk is still intact in the short term. Traders should wait for the next signals and stay on the sidelines.
09
5月
As the bullish pattern is faded and VN30F2205 is testing the demand zone (1,350 pts zone). Traders should stay on the sidelines and wait for the next accurate trading signal.
09
5月
On May 6, we tuned in to the AGM of BCG to be covered with their 2022F guidance related to real estate development and listed plans. In 2022F, BCG eyes a VND7.5tn revenue, 189.7% yoy and a VND1.3tn NPATMI, +116.7% yoy. Three business lines are going to be listed in 2022F-23F including BCG Land, BCG Industrials, BCG Energy. Despite those above tailwinds, we are skeptical of their escalating debt, potential dilution risk, and ample sensitivity to the hospitality property market where the majority of BCG’s projects are tourism/resorts.
06
5月
Long VN30F2205 after ATO session, take profit near 1,450 pts level and stop the loss when there is the closing price below 1,370 ptz level.
06
5月
Despite the recovery, the VNIndex continued to retest the 10-period moving average, implying the bullish market is not confirmed. Therefore, the downside risk is still intact in the short term. Traders should wait for the next signals and stay on the sidelines.
06
5月
VNM reported its revenue increased 5% yoy to VND13,878bn in 1Q22 contributed by domestic market revenue of 11,658 (+ 4.3% yoy) and overseas market revenue of VND2,220bn (+10.3% yoy). The 1Q22 NPAT-MI posted VND2,266bn, -12% yoy. The 1Q22 results fulfilled 21.2%/20.7% of our Revenue/NPAT-MI forecasts.
06
5月
VHC’s 1Q22 revenue surged 82.8% yoy to VND3,267.6bn and NP leaped 3.2x yoy to VND553.3bn. The high demand of most markets could strongly drive robust export volume and ASP in 2Q22. We reaffirm BUY with a TP of VND121,500
05
5月
The VNIndex fell when retesting the 10-period moving average, implying the bullish market is not confirmed. Therefore, the downside risk is still intact in the short term. Traders should wait for the next signals and stay on the sidelines.
24
8月
U.S July Retail sales and Vietnam T&G exports According to the latest data from the U.S. Census Bureau, retail sales in the U.S. increased by 0.7% MoM in July of 2023, marking a fourth consecutive rise, and beating market forecasts of a 0.4% increase. In more detail, US clothing store sales grew 1.34% YoY in July, slightly decelerated from 2.69% in June, but remain higher than the one-year slowest growth of 0.32% in April. The potential upturn in US clothing sales, given a relatively strong correlation with Vietnam T&G exports, subsequently benefiting this export sector in the latter half of 2023.
02
8月
July’s data revealed a substantial improvement in economic activities with a softer decline in export turnover, an improving industrial production, and a renewed acceleration in retail sales. On one hand, U.S. consumers tend to regain their confidence during the late phase of the global interest rate hike, fastening the resolution of the overstocking and consequently promoting Vietnam’s export activities. On the other hand, retail sales recorded a higher growth rate than in June coupled with moderate inflation after a series of easing fiscal policies, likely reflecting an expanding demand. We predict economic performance to improve further next month due to softening external headwinds and expanding domestic demand.
28
7月
Although the economic performance picked up in 2Q23 in the late stage of the global interest rate hike, we believe that the acceleration of economic activities will need more time to be material due to the insignificant improvement of external factors and the weakening recovery in domestic consumption. On the upside, public investment will continue to be a spotlight in 3Q23 thanks to the government's effort in realizing the significantly higher workload than last year. In addition, the well-controlled inflation and stable exchange rate provide more space for the monetary authority to follow the easing tendency in the next quarter.
13
7月
Although the economic performance picked up in 2Q23 in the late stage of the global interest rate hike, we believe that the acceleration of economic activities will need more time to be material due to the insignificant improvement of external factors and the weakening recovery in domestic consumption. On the upside, public investment will continue to be a spotlight in 3Q23 thanks to the government's effort in realizing the significantly higher workload than last year. Investment opportunities exist in Power and Agriculture, Seafood industries that backed by El-Nino and China consumption themes. Besides, crushed stone industry also offers a lucrative choice from 3Q23 for those investors seeking for rising public spending theme. We expect the target range for VNIndex in 2H23 to be 1,260-1,340 points.
30
6月
GSO’s June report shows a slight acceleration in economic performance for the second quarter of 2023. Although the economic growth surpassed the downgraded market assessment, it is far from the expected value in the eco-socio tasks. For the latest update in June, export activities deteriorated under the persistent slowdown in the consumption of Vietnam’s major trading partners, showing challenges for the economy to speed up. Regarding domestic factors, the recovery momentum in post-pandemic exhausted with retail sales much lower than the potential level. In the short term, we predict public investment will mainly support economic growth before material improvement in external factors occurs.
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