02
3月
In the short term, the VNIndex retests the 1,500-pts threshold with low liquidity. That means the downside risk is still intact. Therefore, traders should be careful and stay on the sidelines until the VNIndex closes above the 1,510-pts zone.
02
3月
Long position on VN30F2203 should be held and stop the loss when there is the closing price below 1,500 pts level (Hourly chart).
01
3月
Vietnam's economy continues to be on a growth track during the reopening progress with trade and manufacturing sectors remaining the main growth drivers. What worries us for now is the uneven economic recovery as domestic consumption is in weakness after months since the reopening, which is less than our expectation.
01
3月
In the short term, the market sentiment has become cautious as the VNIndex still closed below the 1,500-pts threshold. That means the downside risk. Therefore, traders should be careful and stay on the sidelines until the next bullish signals.
01
3月
Long position on VN30F2203 should be held and stop the loss when there is the closing price below 1,500 pts level (Hourly chart).
01
3月
Foreign selling overwhelmed. Selling activity focused on Financials and Materials. With ETF flow, Vietnam was divested last week, mainly driven by the outflow on VFMVN30 ETF.
01
3月
Based on our estimate, 4Q21 aggregated revenue of 22 listed pharmaceutical companies fell by 25.2% yoy, while 4Q21 aggregated NPATMI slightly inched up by 6.7% yoy. We believe there will be plenty of room for growth for the pharmaceutical sector in 1Q22F mainly due to (1) revenue through ETC increases when the filed hospitals take back their capacity; (2) demand is rising as people tend to store medicine in order to prevent Omicron variant and deal with “post” COVID diseases; (3) opportunity is coming from franchising the COVID-19 treatment drugs production progress.
01
3月
4Q21 business result of the company recorded the highest numbers in many aspects. Total revenue was VND2,423bn (+38.6% qoq) and PAT was VND 998bn (+46.2% qoq). In 2021, there were 3 consecutive quarters started from 2Q21 that the company broke its high record in terms of revenue and profit. Brokerage revenue was pegged high due to 1) superior liquidity in the last quarter of 2021 and 2) the company’s effort in grasping brokerage market share. The margin loan balance at the end-Dec 2021 of SSI was VND22.7tn (+25.6% qoq), a significant increase in percentage and absolute number. The margin ratio was up by 10% to 160%. Currently, SSI is trading at price VND46,000, PE 16.4x and PB 3.1x.
28
2月
Despite the recovery, the VNIndex still closed below the 1,500-pts threshold, implying the downside risk. Therefore, traders should be careful and stay on the sidelines until the next bullish signals.
28
2月
Long position on VN30F2203 should be held and stop the loss when there is the closing price below 1,500 pts level (Hourly chart).
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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