26
4月
Foreign demand kept outweighting. Buying activity focused on Real Estate, Industrials, and Consumer Staples whilst large sell orders were placed on Consumer Discretionary. With ETF flow, money inflow surged across Vietnam, driven by the solid demand on VFMVN30 and Fubon FTSE.
25
4月
Despite the recovery, the downside risk is still intact in the short term. The rectangle pattern is confirmed with the pattern's target of a 1,330-pts zone. Therefore, traders should wait for the next signals and stay on the sidelines.
25
4月
Traders should be careful and wait for the next signal in this situation. Besides, they should reduce long positions and stay on the sidelines.
25
4月
On Apr 23rd, we joined in Nam Viet Corporation’s analyst meeting to update BOD view on 2022 business guidance. ANV announced its draft 2022 guidance with VND4,600bn revenue (+40% yoy) and VND720bn EBT (+377% yoy), which are mainly driven by (1)r amping up pangasius fillet export, as benefits from the high demand of industry, and (2) Collagen & Gelatin products will contribute to ANV revenue this year. In 1Q22, ANV revealed a solid prelim business result as VND230bn EBT (+3.2x).
25
4月
Traders should stay on the sidelines and wait for the new short positions which would come after the rebound phase or consolidation phase.
25
4月
On April 23, Mobile World held its Annual General Meeting which gave the audience a walkthrough of the 2022F business expansion plan. Key focus areas are Bach Hoa Xanh (BHX) and An Khang chains. - MWG sets optimistic 2022F guidance with net revenue of VND140tn (+14% yoy) and NPAT of VND6,350bn (+30% yoy). The higher profit growth rate implies that BHX will reduce its losses in 2022F. Based on management's guidance of 2022F profit, 12MF PE is 14.8x and 12MF PB is 3.7x, lower than the 2-year median PE of 15.6x and PB of 4.0x.
25
4月
The company targets a VND28,000bn revenue (-2.1%yoy) and a VND1,600bn NPAT (-28% yoy) amid input volatility and logistic cost concerns. In 1Q22, the company’s revenue was VND7,100bn (+46% yoy) and NPAT was VND507bn (+58.9% yoy), fulfilling 25.3%/31.6% of annual guidance, respectively. 2Q22 revenue is expected to be over VND8,000bn.
22
4月
Traders should stay on the sidelines and wait for the new short positions which would come after the rebound phase or consolidation phase.
22
4月
In the short term, the VNIndex closed below the 1,400-pts threshold, implying the downside risk. The rectangle pattern is confirmed with the pattern's target of a 1,340-pts zone. Therefore, traders should wait for the next signals and stay on the sidelines.
22
4月
PVD targets a VND4.7tn revenue (+17.5% yoy), and a VND0bn PBT (vs VND62bn in 2021) in 2022F. The earnings guidance is set blank as the company has yet reaped the fruitful results from the oil price hike. Per the company, although the drilling market has started to warm thanks to rising oil prices, however, some drilling contracts were already signed in 2021 with low Jack-up (JU) day rates. PVD expects the JU day rate will improve from 3Q22F thanks to new contracts.
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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