17
5月
Slowing down the market and decreasing liquidity are not necessarily bad signals. Accordingly, more signals are still needed to confirm the market's trend. Therefore, investors should stand aside and observe the next movements of the market.
16
5月
Last week, trading volume increased, staying above 4-week average, recording at 50.3mn shares. By underlying asset, covered warrants which have HPG as the underlying asset continued to attract the most of trading interest from both domestic and foreign investors.
16
5月
Total Apr steel sales volume posted 129,992 tonnes, dropping by 25.8% yoy but increasing 21.5% mom. The FY7M23 (Oct 2023-Feb 2023) total sale decreased 38.0% yoy to 764,474 tonnes as steel pipes volume declined 24.5% yoy to 162,258 tonnes and steel coat fell 40.8% yoy to 602,216 tonnes.
16
5月
The liquidity increased and the VNIndex still closes above the threshold of 1,050, showing good signals. However, the downside risk is still there. Therefore, investors should be cautious and keep their stock positions at a safe level.
16
5月
Long VN30F2305 after ATO session and stop the loss when there is the closing price below 1,050 pts level (Hourly chart).
16
5月
This monthly report on Vietnam steel production is intended to track the developments in the steel market. During Apr 23, we observed a qoq improvement pause in total sales volume.
16
5月
Selling pressure has started to slow down but still faded the foreign demand, pushing the market to end up to be net sold. Net sell value was USD7mn. With ETF flow, outflow was active. Net outflow was USD11mn. There is still not a good sign for the stable inflow and outflow could be active in upcoming weeks.
16
5月
Total Apr steel sales volume posted 77,269 tonnes, decreasing 7.6% mom and 17.0% yoy. The 4M23 total sales volume came in at 271,967 tonnes, -22.4% yoy. In which, the steel coat volume declined 24.6% yoy to 221,091 tonnes and the steel pipes volume was down by 11.0% yoy to 50,870 tonnes.
16
5月
Total Apr steel sales volume posted 535,640 tonnes, decreasing by 14.7% yoy and 5.6% mom. The 4M23 total finished-product sale volume dropped significantly to 2,117,172 tonnes, -30.7% yoy. Of which, all products sale volume declined due to high base in 2022.
16
5月
In April, MWG recorded a 20% increase m/m in revenue to VND9,700bn of which TGDD/DMX revenue was up 30% m/m due to a strong increase in air conditions sales and BHX revenue increased 3% m/m, reaching VND1.35bn per store per month. Per management, MWG gains market shares in cellphone & electric appliance fields due to a price-competitive strategy and they continue to pursue this price-competitive strategy for a long period, it is not a campaign.
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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