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Occurrences of the stock market in 2Q22 were unexpectedly unforable for securities companies and SSI is no exception. Revenue was VND1,629bn (-18.9% qoq, -7.8% yoy) and net profit was VND421bn (-40.4% qoq, -28.7% yoy). All the professions of SSI had negative growths, except IB revenue with solid income. As of Aug 3rd, SSI is trading at price of VND23.550 dong, PE 7.75x which is below 2-year average of company at 16x and also below sector's avrage at 13.2x.

On 02 August, we joined Masan Group’s analyst meeting to update more details on 2Q22 business result. MSN posted VND17,834bn revenue (-16.0% yoy) and VND918bn NPAT-MI (+24.0% yoy) in 2Q22, EBITDA margin was improved by 3.1%p to 20.7%. Thus, MSN recorded VND36,023bn revenue (-12.6% yoy) and VND2,577bn NPAT-MI (+163.3% yoy) in 1H22, fulfilling of 38%/47% of 2022 guidance. Excluding the feed segment, the revenue of MSN would record an increase of 9.1% yoy and 6.3% yoy in 1H22 and 2Q22, respectively.

Although the absolute result of the pharmaceutical industry showed a positive signal about the recovery of the pharmaceutical industry, it was not very impressive as the revenue growth only inched 4.6% qoq in 2Q22 and the NPAT posted a fall of 4.7% qoq.

Long position on VN30F2208 near 1,220-1,225 pts area should be held and stop the loss when there is the closing price below 1,215 pts level. (Hourly chart)

In Jul 2022, Vietnam’s prelim seafood export recorded USD1,047mn, up 14% yoy but down 7% mom. Shrimp and pangasius export increased 3% yoy and 68% yoy in Jul. Yet, shrimp export fell 15% mom and pangasius export declined 10% mom since the demand import in the key market as US and China drop significantly.

Based on our estimate, 2Q22 aggregated revenue of 26 listed fertilizer producers rose 46.0% yoy (VND31.9tn), while aggregated NPAT climbed 211.0% yoy (VND5.5tn). However, compared to the first quarter, it could be said that the fertilizer sector had the lag business results with a 1.3%/20.4% qoq decrease in revenue and net profit.

The VNIndex confirms the uptrend thanks to breakout and high volume. Therefore, traders may open small long positions focusing on the leading sectors such as Banking.

Last week, trading activity increased slightly across the covered warrant market. With foreign trading activity, foreign selling pressure kept overwhelming supply. Net sell value was VND3.3bn. Notably, trading interest has shifted to Financials' cover warrants.

On Aug 1, Novaland released its 2Q22 business results, featuring mixed performance. Novaland recorded its 2Q22 flattish 4.5% yoy growth of topline (VND2,658.2bn) driven by a VND2.2bn handover value of low-rise houses in Aqua City, NovaWorld Ho Tram, NovaWorld Phan Thiet, NovaHill Mui Ne, Soho Residence and Victoria Village. However, NPATMI plunged sharply by 44% yoy to VND749bn, due to the absence of one-off other income of VND1,691.5bn recorded in 2Q21

Interest rates in the money market have surged amid the liquidity turmoil after SBV implemented multiple measures to reduce the interest rate spread between USD and VNVD loans. The overnight interbank rate has exceeded the discount rate of 2.50%, and SBV switched to a competitive auction method to quickly absorb the high demand for short-term liquidity. On the other side, USDVND has eased as the greenback globally weakened as other central banks, especially the ECB, were willing to catch up with the Fed in the interest rate race to tackle escalating inflation.