09
11月
Last week, trading value slightly increased across the covered warrant market. Particularly, trading value was increased to VND46bn. Besides, trading volume continued to increase, recording at 221mn, up 15% WoW. By underlying asset, covered warrants which have FPT as the underlying asset attracted the most of trading interest, followed by HPG and VPB, mainly driving by CFPT2207 (-48.3%) and CHPG2215 (-21.2%).
08
11月
This quarterly earnings report on Vietnam steel production is intended to track the earning growth trend in the steel market. We continue to see the low demand in 4Q22F as bond and property industry issues and interest rate upward pressure for forex control purpose will hinder the consumption demand from end-use buyers.
08
11月
The short-term downtrend is dominant as the VNIndex retests last bottom. Therefore, traders should stay on the sideline and wait for the next signals.
08
11月
In this case, traders should stay on the sidelines and wait for more accurate signal. (Hourly chart)
08
11月
Foreign selling pressure cooled. Net sell value was USD22mn. Selling activity was mainly absorbed by Materials, Financials, and Real Estate, focusing on HPG, KBC, VIC, and HDB whilst demand concentrated the most on FUESSVFL and such sectors as Consumer Staples and Real Estate, mainly driven by large buy orders on VNM, DGC, VHM and KDH. With ETF flow, inflow surged at Vietnam. Net inflow was USD32mn. The positive flow of money was mainly driven by the strong demand on Finlead, Diamond and Fubon.
08
11月
PET’s 3Q22 revenue increased by 17% yoy to VND4.5tn mainly driven by merchandise distribution revenue growth of 22% yoy to VND4tn. In 9M22, PET’s revenue rose by 12% yoy to VND12.8tn (fulfilling 64% of full-year guidance), mainly driven by greater sales of smartphones that grew by 16.2% yoy to VND4.8tn. GM improved to 5.6%, +0.5%p yoy in 9M22 thanks to better price discount from suppliers. NPAT slightly rose by 2% yoy to VND177bn, fulfilling 53% of the full-year guidance. We attribute the slower NPAT growth to the allowance of VND166bn for security investment, equal to the temporary loss of 48% from security investment as of end-3Q22.
08
11月
This quarter’s top line recorded VND1,367bn (-22% qoq, -16% yoy) which was hit by decreases of all income sources from FVTPL gain, brokerage, IB and margin lending. The operating expenses stayed flat qoq but financial expenses ramped up by 38.4% qoq and 256% yoy. As a result, net profit was hit significantly, downed to VND42bn (-91% qoq, -93% yoy). As of Nov 7, VND is trading at market price of VND10,450, equal to 0.93x TTM PB. Current valuation is lower than 3-year average PB of 1.68x and median PB of 1.53x and approaching -1 SD milestone at around 0.86x.
07
11月
The short-term downtrend is dominant as the VNIndex closes below the 1,000-pts threshold. Therefore, traders should stay on the sideline and wait for the next signals.
07
11月
In this case, traders should stay on the sidelines and wait for more accurate signal. (Hourly chart)
07
11月
The bearish momentum has shown no sign of weakness. Besides, there is no signal for the increase of demand near 950-1,000 pts zone. Therefore, investors should stay on the sidelines and take action only when the solid bottom is formed.
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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