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In general, the inflow was still positive and remained stable. On the other side, there is still notable differentiation in capital allocation, only concentrated on a few ETFs. In this case, the demand for funds in Vietnam is still very optimistic and the expectation of positive inflows will be maintained in the context that the stock market is showing positive movements.

NPAT recorded a significant decline -81.1%yoy. The largest effect comes from the surge of interest expenses, which is VND206bn, +47.9%yoy right after Tan Thuan Phong 1 wind power plant started operating and stop capitalizing interest expenses. In addition to we forecast that interest expenses will remain high in 2H23. We still keep a BUY recommendation for GEG with target price 19,700 VND per share, upside 27.5% compared to market price on 30 July 2023.

The trading interest has started to spread to all cover warrants which have different underlying assets as well as trading activity also surged across groups. This is the sign for the active market.

A glimpse of relief is spreading on the air of the meeting given the U.S Securities and Exchange declared Vinfast’s F-4 in connection with the proposed business combination with Black Spade effective. Despite the GM loss of Vinfast segment (narrowed to 42.4% in 2Q23 vs -234.2% in 1Q23 and -225.3% in 2Q22, and the concern over the harsh competition from China and Tesla-brand EVs, the company insists on its capability to raise fund of USD300-400mn cash in the IPO and post listing out of USD2bn capex to build the Carolina factory.

The stock market increases strongly in the session with high liquidity, showing positive signals. However, the downside risk intact remains around the next important resistance level of 1,240-1,250 pts, which is the old peak zone in 2Q22. Therefore, investors should hold long positions and wait for the next signal.

The VNIndex sustains its medium- and short-term uptrend, bolstered by ample liquidity and a decisive breakout above the 1,200-pts level. This bodes well for investors' confidence and potential market gains. In this case, traders should hold long positions and focus on leading stocks.

On Jul 28, we tuned in to VRE’s 2Q23, and the presentation covered how the weather the storm of tightening retail consumption amid the inflation fear. VRE released the 2Q23 on Jul 28, featuring a VND2,172.8bn revenue (+17.5% yoy, +11.8% qoq) and a VND1,000.6bn NPAT (+29.4% yoy, -2.3% qoq). We selectively fancy VRE thanks to its earnings turnaround in 2023 which also is factored in the market expectation but we skeptically expect VRE could weather the storm. The decreasing demand for consumption is saw widely across the economic indicators.

HSG’ revenue decreased significantly 29.0% yoy to VND8,645bn in 3QFY23 driven mainly by the weak global and domestic demand. In which, the total export volume in 3QFY23 dropped to 183,665 tonnes, -20.2% yoy, but +43.9% qoq. The 3QFY23 NPAT posted VND14.2bn (-94.6% yoy).

HPG’ revenue decreased 21.2% yoy to VND29,496bn in 2Q23 while the NPAT posted VND1447.8bn (64%yoy). Thanks to the lower input costs, the gross margin improved from 6.3% in 1Q23 to 10.8% in 2Q23 amid lower ASP (construction steel ASP decreased by 4.5% compared to 1Q23).

Overbought condition is active across time frame. New positions should be placed if there is the minor correction or the short-term range bound. Thus, traders should stay on the sidelines in order to capture the best bid/offer (Hourly chart).