31
8月
Market ended up to be net sold. Supply mainly spread to Financials, Real Estate, and Materials whilst demand was mainly absorbed by Consumer Staples and Energy. With ETF flow, Vietnam was divested. However, the divestment was not significant and the outflow was mainly driven by the selling pressure on VFMVN Diamond and VFMVN30.
31
8月
In Aug, the total agriculture export value was USD1,610mn (-4% mom but +15% yoy). In detail, except for cashew/tea/cassava, main export products such as rice and rubber recorded a reduction in export value (-7% mom and -7% mom). The serious drought in China could lead to a food shortage in this country. Therefore, there has a chance for Vietnam to boost the rice export volume into this market. In 7M22, China accounted for about 13% total rice export volume of Vietnam (after the Philippines with 49%).
31
8月
The economic picture in August remained bright when the recovery in domestic consumption was still taking place. Besides, CPI remained stable amid a steady recovery of domestic consumption was a plus. On the downside, external factors raise concerns about the growth engine for the mid-term under the high global uncertainties. Although trade performance remained favorable due to persistently high new orders in the recent month, FDI registration has lowered significantly under the weakening purchasing power around the globe.
31
8月
In 7M22, PET revenue inched by 8% yoy to VND9.6tn (fulfilling 48% of full-year guidance) and GP rose by 32.2% yoy to VND598. GPM in 7M22 was 6.3%, vs 5.1% in 7M21. 7M22 stellar performance was mainly driven higher sales of laptops by 19% yoy to VND2.3tn and smartphones by 6% yoy to VND3.4bn. These two segments could surge in 2H22F thanks to the high demand of students for the new semester and the latest iPhone 14 model coming in September 2022.
31
8月
Last week, trading activity kept decreasing across the covered warrant market. With foreign trading activity, selling pressure overwhelmed market demand. By underlying asset, covered warrants which have STB as the underlying asset absorbed the highest trading value from both domestic and foreigners, driving by solid trading activity on CSTB2212 and CSTB2215.
31
8月
Although VN30F2209 has attracted buying activity near the demand zone, buy point is still not confirmed due to the existing range bound. In this case, traders should stay on the sidelines and wait for accurate trading point which would occur after the consolidation phase.
31
8月
The Covid-19 containment and back-to-school season bolstered TLG’s net revenue to VND2.2tn (35% yoy) in 7M22. Compared to the pre-pandemic operation in 1H19, 1H22 net revenue also upped by 22%. TLG targets the revenue of VND10tn in 2027F, by developing domestic market, growing export market, engaging in new business and focusing on more refreshed & creative products.
31
8月
Money has become more expensive this week as the central bank signals to the money market participants with stricter OMO transactions. Upward pressure on the USDVND remains high under the growing hawkish tendency, putting more pressure on SBV to keep the exchange rate stable. In our point of view, interest rates in the money market would remain high as the monetary authority seems to prioritize the goals of stabilizing the local currency value against the surging U.S. dollar.
30
8月
Although VN30F2209 has attracted buying activity near the demand zone, buy point is still not confirmed. In this case, traders should stay on the sidelines and wait for accurate trading point which would occur after the consolidation phase.
29
8月
Although VN30F2209 has attracted buying activity near the demand zone, buy point is still not confirmed. In this case, traders should stay on the sidelines and wait for accurate trading point which would occur after the consolidation phase.
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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