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Short VN30F2305 after ATO session and stop the loss when there is the closing price above 1,050 pts level. (Hourly chart)

In 1Q23, Sao Ta Foods posted VND1,008bn revenue (-24% yoy), which was mainly dragged down by -28.4% yoy of shrimp export segment. Meanwhile, NPAT increased by 15.1% yoy due to low SG&A expenses. Despite the uncertainties of industry outlook, We believe that the export to Japan and EU market could be the spotlight to support FMC earnings in 2023. We maintain BUY recommendations for FMC shares with a target price of VND49,100.

Liquidity pressure in the money market cooled down this week when the short-term mismatch in the TGA auction was partly resolved. On the other hand, 10-year G-bond yield and average deposit rates from SOBs were mainly unchanged after reducing significantly a few weeks ago, implying that the impact of recent policy rate cuts was fading and market participants likely await more signals from Vietnam’s central bank. Besides, USDVND has rebounded slightly when hitting SBV’s buying level.

Based on the losing session, the VNIndex shows a bearish market due to closing below the 50-period moving average. That means the downside risk is still intact. Hence, traders should be careful and reduce long positions.

We tuned in to VIC’s analyst meeting on Apr 25 which featured the strategical visibility on Vinfast and shed some light on its 1Q23 operational updates. The heightened debt is raising concerns about its refinancing capacity amid the increasingly costlier borrowing rate (57.5% of total debt is a floating interest rate).VinFast is signaling an aggressive plan of investment outlay. However, the company has yet to announce the capex demand in 2023F.

We attended VRE’s AM session held on Apr 24th. The company articulates the business plan, coming out with optimistic guidance with (1) base case: VND10,350bn revenue (+40% yoy) and VND4,680bn (+68% yoy), and (2) optimistic case: VND11,500bn revenue (+57% yoy) and VND5,200 NPAT (+87% yoy).

Short VN30F2305 after ATO session and stop the loss when there is the closing price above 1,050 pts level. (Hourly chart)

Last week, trading volume remained near the previous week, recording at 49mn shares. However, trading value dropped, recording at VND37bn due to the decrease in price of underlying stocks. 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.

On April 24, Vicem Ha Tien Cement (HT1) held the Annual General Meeting. The company presented full-year 2022 results as well as the FY2023F business plan. The BOD expects that cement industry will be improved while demand is still sluggish in the first 6 months due to the negative impact of property and bond markets.

The company revealed that 1Q23 NPAT strongly slumped by 81.5% yoy and 78.8% qoq to about VND10bn due to the low consumption of luxury cars. 1Q23 earnings were contributed mainly by services segment