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MML reached the net revenue of VND1.7tn in 2Q23, which rose by 70% yoy, the 6M23 accumulated revenue was VND3.3tn, met 39% of 2023 guidance thanks to consolidated revenue of Masan Jinju since late 2022. MML made the loss of VND179bn after tax in 2Q23, less than the loss of VND211bn in 2Q22. In 2Q23, MML recorded the interest expenses of VND138bn, which increased 43% yoy and accounted to 71% of gross profit.

KSB’s revenue decreased to VND183.7bn (-35.4% yoy, 61.5% qoq) in 2Q23. The company NPAT posted VND46.5bn which only downed 18.7%yoy but surged 244%qoq. The unexpectedly high NPAT was because of an Other Profit of VND20bn.

NKG’ revenue decreased 23.6 % yoy to VND5,499.9bn in 2Q23 driven mainly by the weak global and domestic demand. In which, the total export volume in 2Q23 dropped to 155,858 tonnes, -10.0% yoy, +49.2% qoq. The 2Q23 NPAT posted at VND125.4bn (-37.8% yoy).

On Jul 28, we attended VHM’s 2Q23, and the presentation covered how the “King” surprised the market expectation. Despite the off-peak season, VHM still triggered the market surprise with its 1H23 revenue of VND62.1tn, and NPAT of VND21.6tn, completion of 62/72.1% of their full-year estimate. The company is vocal on its stance about the adjusting the full year guidance thanks to the accelerating handover .

In 2Q23, VGC reccored revenue of VND3.9tn (+42.7% qoq, -8.6% yoy) and a NPAT of VND625.6bn (+312.9% qoq, -10.4% yoy). Despite a revenue decrease, we saw blended gross margin expansion to 31% in 2Q23 (+5%p yoy) from 24% margin in 1Q23. In 6M23, the company recorded a VND6.7tn revenue (-17% yoy), and a VND1,024bn EBT (-41% yoy), completed 42.6%/84.7% company annual guidance.

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).

The stock market closes around the reference point thanks to demand at the low price zone in the afternoon. specifically, the liquidity records at a high level while the VNIndex only falls slightly, showing the profit-talking pressure is still present but weak. 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.

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.

DBC reached the net revenue of VND3.5tn in 2Q23, which rose by 17% yoy, the 6M23 accumulated revenue met 24% of 2023 guidance thanks to (1) increased pork sales and (2) recorded revenue of Park View residence project.

Vietnam Rubber Group released the 2Q23 on Jul 26, featuring a VND4,272.6bn revenue (-23.2 yoy, +3.3% qoq) and a VND717.3bn NPAT (-39.1% yoy, -5.1% qoq). The blended gross margin (GM) contracted by -3.7%p yoy, -1.6%p qoq to 22.7% owing to a 3.7%p yoy GM narrow of the rubber cultivation segment which was hit by the price drop of rubber and -16.5%p yoy GM contraction of wood processing. We stay skeptical about the company’s capacity to beat its PBT guidance given no signal of demand revival in the rubber cultivation segment.