01
4月
In 1Q22, Vietnam seafood export surged 40% yoy to USD2,427.4mn, driving by +88% yoy of pangasius export value, +35% yoy of shrimp export value, and +55% yoy of tuna export value. Seafood export to main markets increased strongly in 1Q22 as +84% yoy in China market, +66% yoy in US market and +69% yoy in EU market.
01
4月
STK held an AGM session on March 31st to articulate the business plan, coming out with optimistic business guidance. The company targets a VND2,605.7bn revenue, +27.6% yoy and a VND300.2bn NPAT, +7.8% yoy in 2022F. A 15% cash dividend at par will be paid this year. Based on guidance of 2022F profit, 12MF PE is 14.87x and 12MF PB is 3.02x, higher than 2-year median of 11.33x and 1.99x, respectively.
01
4月
Despite the recovery, the downside risk is still intact because of the bearish market sentiment in the short term. Therefore, traders should still be careful and stay on the sidelines.
01
4月
On Mar 31, REE Corp (REE) held the Annual General Meeting. While revenue is expected to soar up to VND9,247bn (+59.2% yoy) in 2022F, NPATMI only edges up 11.1% yoy to VND2,061bn due to the high proportion of M&E in revenue (42.5%) when net margin of M&E is only 5-6%, per management. Based on guidance of 2022F profit, 12MF PE is 14.1x and 12MF PB is 1.6x, slightly higher than the 2-year median of 10x and 1.4x, respectively.
01
4月
VN30F2204 keeps respecting the range movement between 1,500 pts and 1,460 pts area. Traders should continue to stay on the sidelines and wait for accurate breakout/breakdown at the key level to avoid false trading signal.
31
3月
The downside risk is still intact as bearish market sentiment in the short term. Therefore, traders should still be careful and stay on the sidelines.
31
3月
VN30F2204 keeps respecting the range movement between 1,500 pts and 1,460 pts area. The upcoming market leg is clear if there is the breakout/breakdown at those area. Traders should continue to stay on the sidelines and wait for accurate breakout/breakdown and market noise will continue to increase in upcoming sessions.
31
3月
MCM sets conservative FY2022F guidance of VND3,122bn revenue, +6.7% yoy and VND343.5bn NPAT, +7.6% yoy. Per management, the dairy industry is being affected by an inflationary cost, in which, the prices of animal feed, especially concentrate increased by 40-50% yoy, it happened worldwide.
30
3月
The economic growth continued to strengthen at a broad base in 1Q22 thanks to strong performance in key export sectors and export-oriented manufacturing industries. Furthermore, the services sector also started picking up in the early full-reopening of services activities, while the FDI sector was significantly benefiting from the normalization. Another spotlight is that inflation remained well-controlled in 1Q22 even under surging global commodities prices. These developments build a strong foundation for a resilient recovery in 2022.
30
3月
VN30F2204 is following the range movement between 1,500 pts and 1,460 pts area. The upcoming market leg is clear if there is the breakout/breakdown at those area. Traders should continue to stay on the sidelines and wait for accurate breakout/breakdown and market noise will increase in upcoming sessions
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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