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In the short term, the downtrend is dominant as the VNIndex closes below the 100-period and 50-period moving averages. Therefore, traders should stay on the sidelines and wait for the next signals.

On Feb 10, 2023 Novaland held a meeting which gave the audience a walkthrough of the its restricting plan and cash flow. - The company did not hint a glimpse of relief about its due debt payment source but reassures us about its on progress restricting plan. To save money, NVL even procrastinates the interest subsidy program in those current projects and promises to pay back when signing the official contract.

SAB recorded a solid revenue of VND10.0tn revenue (+11.4% yoy, +16.1% yoy) due to high demand due to football events such as AFF, World Cup, and the early Lunar new year holiday, and NPAT-MI of VND1.0tn (-20.3% yoy, -22.3 qoq) owing to a sharp increase of selling expenses. For 2022, SAB revenue and NPAT-MI increased by 33% yoy and 42% yoy to VND35.2tn and VND5.2tn, respectively, fulfilling 101%/113% of guidance.

According to the General Department of Customs, Vietnam's textile and garment exports experienced a decrease in growth for the first time in 2022, with a -9.1% yoy decline, totaling USD8.5bn in 4Q22. The textile and garment industry is expected to face significant challenges in 1Q23F due to a decrease in demand for garments and high inventory levels at major foreign retailers such as Nike and Adidas.

VNM lost domestic market share in 2022 due to restructuring GM (General Trade vs 85% revenue) and MT (Modern Trade vs 15% revenue). Domestic sell-in dropped yoy owing to distribution channel duplication, while domestic sell-out has increased 3-5% yoy in 2022. Although management viewed a conservative outlook for consumer spending, they expect VNM to get positive sales growth in 2023F.

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.

Last week, trading volume remained solid across the covered warrant market with trading value recorded at VND52bn (-10% wow). By underlying asset, covered warrants which have HPG and STB as the underlying asset kept attracting the most of trading interest from both domestic and foreigner. Notably, foreign trading activity has reversed, ended up to be net sold with net selling value recorded at VND2.4bn.

Foreign demand has slowed down but the market kept ending up to be net bought. With ETF flow, inflow across Vietnam kept decreasing, recording at USD9mn, a 4-month low. Inflow across Vietnam has slowed down for 2 consecutive weeks as well as inflow has not spread to major ETFs which is the sign of weakness. Thus, there is the high probability for outflow to occur in upcoming weeks

Bearish momentum is strong and the instrument is testing 1,050 pts area. Traders should wait for the reaction of VN30F2302 near 1,050 pts zone to define the next market leg. (Hourly chart)

In 4Q22, Vinh Hoan posted VND2,484bn revenue (-7.8% yoy), which was mainly dragged down by -25.9% yoy and -61.1% yoy decrease of export revenue to US and China. Whilst, Vinh Hoan’s 4Q22 NPAT posted VND199.6bn (-56.7% yoy), plunged by lower gross margin due to the flattening at hefty raw material amid the strong tumble selling price.