研究中心

Selling pressure is still strong near 1,400 pts zone and the instrument needs time to fade the current supply. Traders should continue to stay on the sidelines and wait for the accurate trading point.

Last week, trading activity dropped across the covered warrant market, down 20% WoW. Foreign trading activity remained at normal level and the market continued to end up to be net sold. Notably, covered warrants which have FPT as the underlying asset has attracted most of trading activity for 3 consecutive weeks.

We tuned in to VIC’s analyst meeting on Apr 29 which features the strategical visibility on Vinfast and sheds some light on its 1Q22 operational updates. Vingroup reported its brisk 1Q22 NPATMI growth of 17.2% yoy (VND2,453.8bn) despite a shrinking revenue growth of 21.7% yoy (VND18.2tn) and a 13%p yoy blended gross margin (GM) contraction (1.1%).

HPG’ revenue increased 41.3% yoy to VND44,058bn in 4Q22 driven mainly by steel segment while agriculture and real estate segment revenue dropped 28% and 61% yoy, respectively. The 1Q22 NPAT-MI posted VND8,217bn. +17.7% yoy. The 1Q22 results fulfil 24.5%/24.6% our Revenue/NPAT-MI forecasts.

Foreign demand kept outweighting. Buying activity focused on Consumer Staples, Financials, and Industrials whilst large sell orders were placed on Real Estate. With ETF flow, money inflow reamained at high level across Vietnam, driven by the solid demand on VFMVN30 and Fubon FTSE.

Vinhomes recorded its 1Q22 decelerating 31.3% yoy growth of topline (VND8.9tn). The bottom line dropped less by 15.9% yoy (VND4.5tn) thanks to a stronger growth of financial income (66% yoy, VND3.8tn) which offset the gross margin contraction (43.3%, -4.5%p). VHM’s share price retreated since the investors’ sentiments are vulnerable over some investigation on the market manipulation and corporate bond issuance. The valuation is light as the 12MF PE has slipped to 7.7x, a historical low level. Given the rosy presale growth momentum and cheaper valuation across the sector, VHM is worth accumulation.

Despite the recovery last week, the downside risk is still intact in the short term due to pessimistic sentiment. Therefore, traders should wait for the next signals and stay on the sidelines.

Selling pressure is still strong near 1,400 pts zone and the instrument needs time to fade the current supply. Traders should continue to stay on the sidelines and wait for the accurate trading point.

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.

In 2022F, the company sets the guidance of a VND6,428bn revenue (-17% yoy) and VND200bn PBT (-46% yoy), with the NPK consumed volume of 603,000 tonnes. A cash dividend of 20% at par is going to be paid in 2022F, equivalent to VND114bn. The company expects to pay 2022F dividend not less than 15% at par in 2023F. In 1Q22, BFC recorded spectacular growth with a VND2,594bn revenue (+47% yoy) and a VND107bn PBT (+26% yoy), fulfilling 40%/54% of annual guidance. The sales volume in 1Q22 is estimated at 164,000 tonnes.