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On April 24, we attended VHM’s 1Q23, and the presentation covered how the “King” surprised the market expectation. VHM rocked the market with its 1Q23 record net profit up to VND11.9tn, +152.4% yoy buffered by the revenue growth of 228.3% yoy (VND29.3tn). - Despite the rumor that Capital Land is seeking for a USD1.5bn transaction deal with Vinhomes going viral since Jan, VHM is still keeping it a mistery and not ready to comment about of it. Retaining BUY rating and reviewing the earnings prospect.

Foreign trading activity slowed down but demand continued to be faded by supply, pushing the market to ended up to be net sold. Net sell value was USD13mn. With ETF flow, the flow of money was not significant across Vietnam when the total outflow on major ETFs was fully covered by the total inflow. There is still not a good sign for the stable inflow and outflow could be active in upcoming weeks.

On April 22, we attended HQC’s 2023 AGM, and the presentation covered how the conglomerate achieves its dream. Building the hope on the simulative packages from the banks, licensing agencies, the company aims a VND140bn net profit of controlling interest, +6.4x yoy driven by a VND1,700bn revenue, 5.2x yoy. Notably, HQC several times proposes the revenue of thousand billion and net profit of hundred billion but fails as well. For example, HQC only fulfilled 31/11% of their revenue/net profit guidance at VND333.2/18.8bn.

On April 22, we attended NLG’s 2023 AGM, and the presentation was largely centered on how the company launches their sales targets. Contrary to a VND13.8tn revenue of and a VND1.9tn NPATMI of 2023F proposed in 2022 AGM, the company aims a VND586bn net profit of controlling interest, +5.3% yoy driven by a VND4.8tn revenue, 11.5% yoy. The company also set to contribute 20,000 units of affordable housing segment out of total 1,000,000 units zoned in the government master plan in 2025-2030F

Nam Viet recorded VND1,155bn (-5.3% yoy and +1% qoq) and VND92bn (-55.5% yoy and -13% qoq) in 1Q23. Despite pangasius export in total declining due to the low demand in most market, ANV focus on exporting to Chinese market, increasing exported volume by 500% yoy and 60% qoq to this market. Compared company target, ANV fulfills 22.2%/21.6% of 2023 revenue and EBIT.

The company targets a VND20,000bn revenue and a VND400bn EBT. In 1Q23, NKG made a loss of around VND50bn while the revenue is around VND4,300-4,400bn, according to the BOD. The BOD expects 2Q23 will be the turnaround, bringing the 1H23 profit to be positive.

VN30F2305 is testing the 1,050 pts zone with no valid trading signal as well as selling pressure shows no sign of weakness. Thus, traders should stay on the sidelines and wait for the valid trading signal on VN30F2305 (Hourly chart)

The VNIndex still closes below the 50-period moving average, showing a short-term downtrend. That means the downside risk is still intact. Hence, traders should be careful and reduce long positions.

In 1Q23, Vinh Hoan posted VND2,222bn revenue (-32% yoy), which was mainly dragged down by 39.4% yoy of the pangasius export segment. Vinh Hoan’s 1Q23 NPAT posted VND225bn (-59.2% yoy), plunged by lower net margin -6.8% yoy. Overall, 1Q23 business result of Vinh Hoan was in-line with our estimates mentioned and fulfill 18.3%/9.2% of our 2023 revenue/NPAT estimates.

The VNIndex shows more bearish signals due to closing below the 1,050-pts threshold. In this case, the downside is still intact due to high selling pressure around 1,100-pts threshold. Therefore, traders should stay on the sidelines and wait for the next signals.