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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.

In 2Q22, the financials sector index dropped 24.6%, in which securities companies index was down 44.4% amid low trading conditions and VNINDEX’s fall. Sector revenue in 2Q22 stayed flat yoy with 15,878bn (-12.3% qoq, +0.1% yoy) while net profit was unpleasant by a decrease 57% in yoy and 63.4% qoq. There were 7 over 25 securities in our research recording accounting losses. To achieve moderate results in 2H22F, the ADTV should stay at VND25,000bn per day and margin balance should stay above VND90,000bn. Shortened settlement cycle, implementation of new KRX system and the movement of VNINDEX are supporting points for the remaining 2022.

In Jul, the total fertilizer export volume was 112,705 tonnes (-55% mom and +30% yoy), equivalent to nearly USD75mn (-53% mom and +121 yoy). Although the export volume shrunk in Jul, the export prices were still higher than the Jun level (USD665/tonne vs USD644/tonne). In 7M22, Vietnam exported more than 1.1mn tonnes (+42% yoy) of fertilizer with USD722mn (+174% yoy). In which, Cambodia was the largest export market with 298 thousand tonnes (-13% yoy) and more than USD160mn (+33% yoy).

Last week, trading activity slowed down across the covered warrant market but trading value ticked up. Particularly. trading value was recorded at VND105bn, up 25% WoW. With foreign trading activity, selling pressure has started to slow down and the market ended up to be net bought. Notably, trading interest from foreigners has shifted to CWs of Real Estate sector, mainly driven by CKDH2209 (-1.4%) and CPDR2204 (26.7%) whilst domestic trading activity kept focusing on CW which have HPG and STB as the underlying asset.

MWG’s net revenue and net profit of 1H22 were VND70.8tn and VND2.6tn, increased by +16% yoy and +1% yoy respectively. The slower growth of net profit was mainly driven by higher expenses for renovations of BHX stores. In July, MWG’s revenue was VND11tn (+16% yoy), in which: revenue of TGDD&DMX: VND8.4 tn (+63% yoy); BHX: VND2.35tn (-14% yoy). MWG is expected to meet the revenue target, however, it seems to be highly challenging to reach the net profit growth target of 34% as guided.

Although VN30F2209 is experiencing the bearish swing, the demand zone is approached. In this case, traders should stay on the sidelines and wait for accurate trading point.

Despite the third contraction, the bullish market is dominant in the short term as the VNIndex closes above the short-term moving average. Therefore, traders may hold long positions focusing on the leading sectors.

TCM posted impressive business results in July with revenue of USD17.1mn (+118% yoy) and NPAT of USD1.5mn (+224% yoy) thanks to a low base of the same period last year as the Southern region was in lockdown due to Covid tension. Overall, in 7M22, the company achieved USD108.3mn (+13% yoy) in revenue and USD6.7mn in NPAT (+17% yoy), fulfilling 61% and 62% of its 2022F guidance, respectively.

The July performance witnessed a slight increase in total sales volume thanks to the great performance of steel pipes and construction steel export. HPG is expected to continue seeing weak domestic market demand amid high inflation concerns and the rainy season.

We witnessed the slump in performance of FY10M2022 on year-on-year basis caused by weak sales volume in first 7 months of 2022, which showed a significant drop in demand from both domestic and export channels.