17
8月
In 2Q22, 24 listed seafood exporters recorded a VND18,728bn revenue (+33.3% yoy) and VND1,770bn NPAT (+138.3% yoy). 2Q22 GPM expanded to 19.6%, +6.8%p yoy and net margin widened to 9.5%, +4.2%p yoy, while SG&A/revenue ratio edged up 2.0%p yoy to 8.3%. Chiefly, large pangasius exporters reached new peaks or revenue and NPAT this quarter.
17
8月
In the short term, the uptrend is dominant thanks to Runaway Gap on the VNIndex. Therefore, traders may hold long positions focusing on the leading sectors.
17
8月
Last week, trading activity ticked up across the covered warrant market. With foreign trading activity, trading activity kept increasing in both supply and demand. However, selling pressure continued to overwhelm supply. Net sell value was VND2.4bn. Notably, trading interest from domestic and foreigners continued to be absorbed by cover warrants which have STB and HPG as the underlying asset, mainly driven by CHPG2215 (0%), CHPG2213 (6.2%), and CSTB2212 (-2.5%).
17
8月
Long position on VN30F2208 near 1,220-1,225 pts area should be held and close the positions when there is the closing price below 1,250 pts level. (Hourly chart)
16
8月
The VNIndex appears Runaway Gap, implying the bullish trend. Therefore, traders may hold long positions focusing on the leading sectors.
16
8月
Interbank rates retreat when SBV tends to anchor the floating discount rate around 4% and matured amount of T-bill was significant this week. Therefore, the buying in the G-bond secondary market has returned but investors seem to remain cautious. Although the U.S. dollar was facing downward pressure around the globe, USDVND could back to the uptrend in the coming weeks when the interest spread between the dong and the greenback has returned negative.
16
8月
Long position on VN30F2208 near 1,220-1,225 pts area should be held and close the positions when there is the closing price below 1,250 pts level. (Hourly chart)
15
8月
In general, food and beverage consumption recovered differently in 2Q22. The 2Q22 total revenue momentum growth of the 4 listed milk companies decelerated in 2Q22. On the other hand, the total revenue and earnings growth of 14 listed brewery companies continued to recover in 2Q22. We expect the F&B consumption will remain resilient in 3Q22F but it will face the challenge of inflation pressure. We expect gross margins of dairy and brewing listed companies will expand strongly in 3Q22F due to a full benefit from cooling raw material prices and higher selling prices.
15
8月
Under market condition without much excitement, the picture of a diminishing result of revenue and profit was expected. However, VNDirect pounded the table by a revenue staying flat at VND1,757bn (-0.8% qoq, +55.6% yoy), thanks to excellent performance from bond trading. In the aspect of profit, the company booked a net profit VND456bn (-40.1% qoq, +1.3% yoy) due to increased SG&A and financial expenses, as well as reduced effectiveness of professions.
15
8月
Market ended up to be net bought but demand has started to drop. Demand was mainly absorbed by Financials and Energy whilst supply mainly spread to Consumer Staples, Materials, and Industrials. With ETF flow, Vietnam experienced the outflow. Net outflow was USD2mn. However, the negative flow of money was only driven by the divestment on VFMVN Diamond. Demand has started to spread to other major ETFs which partially covered the strong outflow on VFMVN Diamond.
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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