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CNG – Earnings Review – [HOLD] – 1H26 NPAT returned to positive growth

CNG – Earnings Review – [HOLD] – 1H26 NPAT returned to positive growth

2Q26 revenue reached VND1,836bn (+68% yoy, ~84% of KIS forecast). Total gas volume (CNG/LNG/LPG) reached 110mn Sm³ (+30% yoy, 93% of our forecast), NPAT increased 18% yoy to VND44bn (~126% KIS forecast). For 1H26, CNG reported revenue of VND3,027bn (+56% yoy, ~57% of its 2026 target) and NPAT of VND48bn (+25% yoy, 67% of its 2026 target).

2026年7月30日

Derivatives 2026/07/29: Capital flows return

Derivatives 2026/07/29: Capital flows return

Given the lack of consistency among signals despite yesterday's recovery, traders should monitor additional signals to confirm the next trend.

2026年7月29日

Market commentary 2026/07/29: Market recovery

Market commentary 2026/07/29: Market recovery

The market staged a recovery as buying interest at lower price levels helped the index regain upward momentum. However, liquidity improved only modestly, indicating that capital inflows have yet to return convincingly. Given the market's recent sharp correction, the current rebound is likely to remain a technical recovery, requiring further confirmation in the coming sessions.

2026年7月29日

QTP – earnings review – [BUY] – 2Q26: Earnings remain stable

QTP – earnings review – [BUY] – 2Q26: Earnings remain stable

2Q26 revenue reached VND3,624bn (+27% yoy), driven by an estimated 5% yoy increase in production amid robust electricity demand (+13% yoy) and a 21% yoy increase in the average selling price. Gross profit rose to VND419bn (+57% yoy), with the gross margin improving to 11.6% (+2.3%p yoy), supported by lower depreciation expenses (-24% yoy) and an improvement in the heat rate. As a result, NPAT reached VND326bn (+70% yoy, ~108% of our forecast, figure 4), driven by (i) stronger gross margins and (ii) the completion of debt repayment.

2026年7月29日

ACB – Brief – [NONRATED] – 2Q26 Rising provisions and non-core slump

ACB – Brief – [NONRATED] – 2Q26 Rising provisions and non-core slump

2Q26 PBT fell -11.9% YoY to VND5,367bn, dragged down by underperforming investment & FX activities, sluggish bad-debt recovery, and rising provision expenses. This performance fell short of our expectation. 1H26 PBT reached VND 10,735bn (+0.4% YoY), fulfilling 48% of the full-year 2026 target.

2026年7月29日

Market commentary 2026/07/28: Persistent selling pressure

Market commentary 2026/07/28: Persistent selling pressure

The market extended its decline, indicating that buying demand remained insufficient to improve overall market performance. In addition, the short-term trend continued to point downward, suggesting that the market is likely to remain under correction pressure in the coming sessions.

2026年7月28日

Derivatives 2026/07/28: Late-session pressure

Derivatives 2026/07/28: Late-session pressure

The downtrend has been confirmed in the short term. Traders may therefore reopen short positions in the next session.

2026年7月28日

Covered warrant 2026/07/28: Remain cautious

Covered warrant 2026/07/28: Remain cautious

During the week, the covered warrant market remained tilted toward the downside, with the number of declining covered warrants exceeding the number of gainers. Meanwhile, the underlying market also posted weak performance, with the benchmark index plunging nearly 5.7% alongside higher liquidity, indicating that selling pressure remained dominant.

2026年7月28日

Market Trader 2026/07/28: Foreign investors maintained strong net selling

Market Trader 2026/07/28: Foreign investors maintained strong net selling

By investor group, both domestic retail investors and domestic institutional investors recorded stronger trading activity, with trading value increasing 21.9% and 18.2% WoW, respectively.

2026年7月28日

DGC – Brief – [NONRATED] – 2Q26: Revenue and earnings in line with expectations

DGC – Brief – [NONRATED] – 2Q26: Revenue and earnings in line with expectations

2Q26 revenue declined to VND2,415bn (-17% yoy, +14% qoq, ~112% of KIS forecast). NPAT came in at VND441bn (-51% yoy, +2% qoq, ~109% of KIS forecast). In its recently released 2026 AGM materials, DGC targets 2026 revenue and NPAT to drop by 10% yoy and 50% yoy, respectively.

2026年7月28日

30W26: Short-term interbank rates extend drop

30W26: Short-term interbank rates extend drop

In 30W26, the SBV persisted with its net liquidity extraction via open market operations as banking system liquidity continued to improve. Short-term interbank rates maintained their downward trajectory, signaling easing short-term funding pressures following the implementation of new liquidity ratio regulations, whereas longer maturities remained anchored at higher levels. On the FX front, the domestic USDVND exchange rate advanced for a second straight week, rising 0.13% WoW to 26,324 under the combined pressure of persistent foreign equity selling and a resilient global greenback fueled by Middle East geopolitical risks.

2026年7月27日

Chart of the day 2026/07/27: Downward momentum slows

Chart of the day 2026/07/27: Downward momentum slows

Further signals warrant observation to confirm the next trend, as several reversal signals have emerged. Until then, investors should maintain their equity exposure at a safe level.

2026年7月27日

Market commentary 2026/07/27: Downtrend?

Market commentary 2026/07/27: Downtrend?

Although the downward momentum has slowed somewhat, correction risk remains, as the market has repeatedly formed new lows in recent sessions. Investors should therefore stay cautious, maintain their equity exposure at a safe level, and await further reversal signals.

2026年7月27日

Derivatives 2026/07/27: Awaiting a reversal signal

Derivatives 2026/07/27: Awaiting a reversal signal

The signals lack consistency, even as a reversal signal has emerged. Investors should therefore remain cautious and wait for confirmation before opening new positions.

2026年7月27日

Market commentary 2026/07/24: A reversal signal?

Market commentary 2026/07/24: A reversal signal?

Despite the recovery and the elevated liquidity seen over the past two sessions, correction risk remains, as the market has repeatedly formed new lows in recent weeks. This suggests the downtrend may extend further and that yesterday's rebound could prove to be no more than a technical bounce. Investors should therefore remain cautious, keep equity exposure at a safe level, and await further confirmation of a reversal.

2026年7月24日

Derivatives 2026/07/24: Liquidity stays elevated

Derivatives 2026/07/24: Liquidity stays elevated

The signals lack consensus, even as a reversal signal has emerged. Traders should therefore stay cautious and wait for confirmation before reopening new positions.

2026年7月24日

PVB – Brief – [NON-RATED] – 2Q26: Growth driven by Block B – O Mon workload

PVB – Brief – [NON-RATED] – 2Q26: Growth driven by Block B – O Mon workload

In 1H26, PVB reported revenue of VND737bn (+216% yoy, ~66% of its full-year target) and NPAT of VND56.9bn (+227% yoy, ~89% of its full-year target).

2026年7月24日

Market commentary 2026/07/23: Negative sentiment

Market commentary 2026/07/23: Negative sentiment

Market sentiment remained negative as the index repeatedly formed new lows over the past three months. This suggests that the downtrend will likely continue in the period ahead, particularly given the rise in liquidity during this session. Investors should therefore exercise caution and keep their stock allocation at a safe level.

2026年7月23日

Derivatives 2026/07/23: Negative sentiment

Derivatives 2026/07/23: Negative sentiment

The contract confirmed a short-term downtrend. Accordingly, traders may reopen Short positions in the upcoming sessions.

2026年7月23日

NT2 – earnings review – [HOLD] – 2Q26: Earnings remained on an uptrend

NT2 – earnings review – [HOLD] – 2Q26: Earnings remained on an uptrend

In 2Q26, revenue reached VND2,825bn (+36% yoy), driven by (1) a 54% yoy increase in production, and (2) a 9% yoy increase in the average selling price. Gross profit reached VND477bn (+30% yoy). As a result, NPAT reached VND403bn (+24% yoy), mainly driven by (1) higher gross profit and (2) financial income rising to VND76bn (+100% yoy; up VND38bn yoy), supported by higher interest income from bank deposits.

2026年7月23日

精选优惠

CNG – Earnings Review – [HOLD] – 1H26 NPAT returned to positive growth

CNG – Earnings Review – [HOLD] – 1H26 NPAT returned to positive growth

2Q26 revenue reached VND1,836bn (+68% yoy, ~84% of KIS forecast). Total gas volume (CNG/LNG/LPG) reached 110mn Sm³ (+30% yoy, 93% of our forecast), NPAT increased 18% yoy to VND44bn (~126% KIS forecast). For 1H26, CNG reported revenue of VND3,027bn (+56% yoy, ~57% of its 2026 target) and NPAT of VND48bn (+25% yoy, 67% of its 2026 target).

2026年7月30日

Derivatives 2026/07/29: Capital flows return

Derivatives 2026/07/29: Capital flows return

Given the lack of consistency among signals despite yesterday's recovery, traders should monitor additional signals to confirm the next trend.

2026年7月29日

Market commentary 2026/07/29: Market recovery

Market commentary 2026/07/29: Market recovery

The market staged a recovery as buying interest at lower price levels helped the index regain upward momentum. However, liquidity improved only modestly, indicating that capital inflows have yet to return convincingly. Given the market's recent sharp correction, the current rebound is likely to remain a technical recovery, requiring further confirmation in the coming sessions.

2026年7月29日

QTP – earnings review – [BUY] – 2Q26: Earnings remain stable

QTP – earnings review – [BUY] – 2Q26: Earnings remain stable

2Q26 revenue reached VND3,624bn (+27% yoy), driven by an estimated 5% yoy increase in production amid robust electricity demand (+13% yoy) and a 21% yoy increase in the average selling price. Gross profit rose to VND419bn (+57% yoy), with the gross margin improving to 11.6% (+2.3%p yoy), supported by lower depreciation expenses (-24% yoy) and an improvement in the heat rate. As a result, NPAT reached VND326bn (+70% yoy, ~108% of our forecast, figure 4), driven by (i) stronger gross margins and (ii) the completion of debt repayment.

2026年7月29日

ACB – Brief – [NONRATED] – 2Q26 Rising provisions and non-core slump

ACB – Brief – [NONRATED] – 2Q26 Rising provisions and non-core slump

2Q26 PBT fell -11.9% YoY to VND5,367bn, dragged down by underperforming investment & FX activities, sluggish bad-debt recovery, and rising provision expenses. This performance fell short of our expectation. 1H26 PBT reached VND 10,735bn (+0.4% YoY), fulfilling 48% of the full-year 2026 target.

2026年7月29日

Market commentary 2026/07/28: Persistent selling pressure

Market commentary 2026/07/28: Persistent selling pressure

The market extended its decline, indicating that buying demand remained insufficient to improve overall market performance. In addition, the short-term trend continued to point downward, suggesting that the market is likely to remain under correction pressure in the coming sessions.

2026年7月28日

Derivatives 2026/07/28: Late-session pressure

Derivatives 2026/07/28: Late-session pressure

The downtrend has been confirmed in the short term. Traders may therefore reopen short positions in the next session.

2026年7月28日

Covered warrant 2026/07/28: Remain cautious

Covered warrant 2026/07/28: Remain cautious

During the week, the covered warrant market remained tilted toward the downside, with the number of declining covered warrants exceeding the number of gainers. Meanwhile, the underlying market also posted weak performance, with the benchmark index plunging nearly 5.7% alongside higher liquidity, indicating that selling pressure remained dominant.

2026年7月28日

Market Trader 2026/07/28: Foreign investors maintained strong net selling

Market Trader 2026/07/28: Foreign investors maintained strong net selling

By investor group, both domestic retail investors and domestic institutional investors recorded stronger trading activity, with trading value increasing 21.9% and 18.2% WoW, respectively.

2026年7月28日

DGC – Brief – [NONRATED] – 2Q26: Revenue and earnings in line with expectations

DGC – Brief – [NONRATED] – 2Q26: Revenue and earnings in line with expectations

2Q26 revenue declined to VND2,415bn (-17% yoy, +14% qoq, ~112% of KIS forecast). NPAT came in at VND441bn (-51% yoy, +2% qoq, ~109% of KIS forecast). In its recently released 2026 AGM materials, DGC targets 2026 revenue and NPAT to drop by 10% yoy and 50% yoy, respectively.

2026年7月28日

30W26: Short-term interbank rates extend drop

30W26: Short-term interbank rates extend drop

In 30W26, the SBV persisted with its net liquidity extraction via open market operations as banking system liquidity continued to improve. Short-term interbank rates maintained their downward trajectory, signaling easing short-term funding pressures following the implementation of new liquidity ratio regulations, whereas longer maturities remained anchored at higher levels. On the FX front, the domestic USDVND exchange rate advanced for a second straight week, rising 0.13% WoW to 26,324 under the combined pressure of persistent foreign equity selling and a resilient global greenback fueled by Middle East geopolitical risks.

2026年7月27日

Chart of the day 2026/07/27: Downward momentum slows

Chart of the day 2026/07/27: Downward momentum slows

Further signals warrant observation to confirm the next trend, as several reversal signals have emerged. Until then, investors should maintain their equity exposure at a safe level.

2026年7月27日

Market commentary 2026/07/27: Downtrend?

Market commentary 2026/07/27: Downtrend?

Although the downward momentum has slowed somewhat, correction risk remains, as the market has repeatedly formed new lows in recent sessions. Investors should therefore stay cautious, maintain their equity exposure at a safe level, and await further reversal signals.

2026年7月27日

Derivatives 2026/07/27: Awaiting a reversal signal

Derivatives 2026/07/27: Awaiting a reversal signal

The signals lack consistency, even as a reversal signal has emerged. Investors should therefore remain cautious and wait for confirmation before opening new positions.

2026年7月27日

Market commentary 2026/07/24: A reversal signal?

Market commentary 2026/07/24: A reversal signal?

Despite the recovery and the elevated liquidity seen over the past two sessions, correction risk remains, as the market has repeatedly formed new lows in recent weeks. This suggests the downtrend may extend further and that yesterday's rebound could prove to be no more than a technical bounce. Investors should therefore remain cautious, keep equity exposure at a safe level, and await further confirmation of a reversal.

2026年7月24日

Derivatives 2026/07/24: Liquidity stays elevated

Derivatives 2026/07/24: Liquidity stays elevated

The signals lack consensus, even as a reversal signal has emerged. Traders should therefore stay cautious and wait for confirmation before reopening new positions.

2026年7月24日

PVB – Brief – [NON-RATED] – 2Q26: Growth driven by Block B – O Mon workload

PVB – Brief – [NON-RATED] – 2Q26: Growth driven by Block B – O Mon workload

In 1H26, PVB reported revenue of VND737bn (+216% yoy, ~66% of its full-year target) and NPAT of VND56.9bn (+227% yoy, ~89% of its full-year target).

2026年7月24日

Market commentary 2026/07/23: Negative sentiment

Market commentary 2026/07/23: Negative sentiment

Market sentiment remained negative as the index repeatedly formed new lows over the past three months. This suggests that the downtrend will likely continue in the period ahead, particularly given the rise in liquidity during this session. Investors should therefore exercise caution and keep their stock allocation at a safe level.

2026年7月23日

Derivatives 2026/07/23: Negative sentiment

Derivatives 2026/07/23: Negative sentiment

The contract confirmed a short-term downtrend. Accordingly, traders may reopen Short positions in the upcoming sessions.

2026年7月23日

NT2 – earnings review – [HOLD] – 2Q26: Earnings remained on an uptrend

NT2 – earnings review – [HOLD] – 2Q26: Earnings remained on an uptrend

In 2Q26, revenue reached VND2,825bn (+36% yoy), driven by (1) a 54% yoy increase in production, and (2) a 9% yoy increase in the average selling price. Gross profit reached VND477bn (+30% yoy). As a result, NPAT reached VND403bn (+24% yoy), mainly driven by (1) higher gross profit and (2) financial income rising to VND76bn (+100% yoy; up VND38bn yoy), supported by higher interest income from bank deposits.

2026年7月23日

精选新闻

CNG – Earnings Review – [HOLD] – 1H26 NPAT returned to positive growth

CNG – Earnings Review – [HOLD] – 1H26 NPAT returned to positive growth

2Q26 revenue reached VND1,836bn (+68% yoy, ~84% of KIS forecast). Total gas volume (CNG/LNG/LPG) reached 110mn Sm³ (+30% yoy, 93% of our forecast), NPAT increased 18% yoy to VND44bn (~126% KIS forecast). For 1H26, CNG reported revenue of VND3,027bn (+56% yoy, ~57% of its 2026 target) and NPAT of VND48bn (+25% yoy, 67% of its 2026 target).

2026年7月30日

Derivatives 2026/07/29: Capital flows return

Derivatives 2026/07/29: Capital flows return

Given the lack of consistency among signals despite yesterday's recovery, traders should monitor additional signals to confirm the next trend.

2026年7月29日

Market commentary 2026/07/29: Market recovery

Market commentary 2026/07/29: Market recovery

The market staged a recovery as buying interest at lower price levels helped the index regain upward momentum. However, liquidity improved only modestly, indicating that capital inflows have yet to return convincingly. Given the market's recent sharp correction, the current rebound is likely to remain a technical recovery, requiring further confirmation in the coming sessions.

2026年7月29日

QTP – earnings review – [BUY] – 2Q26: Earnings remain stable

QTP – earnings review – [BUY] – 2Q26: Earnings remain stable

2Q26 revenue reached VND3,624bn (+27% yoy), driven by an estimated 5% yoy increase in production amid robust electricity demand (+13% yoy) and a 21% yoy increase in the average selling price. Gross profit rose to VND419bn (+57% yoy), with the gross margin improving to 11.6% (+2.3%p yoy), supported by lower depreciation expenses (-24% yoy) and an improvement in the heat rate. As a result, NPAT reached VND326bn (+70% yoy, ~108% of our forecast, figure 4), driven by (i) stronger gross margins and (ii) the completion of debt repayment.

2026年7月29日

ACB – Brief – [NONRATED] – 2Q26 Rising provisions and non-core slump

ACB – Brief – [NONRATED] – 2Q26 Rising provisions and non-core slump

2Q26 PBT fell -11.9% YoY to VND5,367bn, dragged down by underperforming investment & FX activities, sluggish bad-debt recovery, and rising provision expenses. This performance fell short of our expectation. 1H26 PBT reached VND 10,735bn (+0.4% YoY), fulfilling 48% of the full-year 2026 target.

2026年7月29日

Market commentary 2026/07/28: Persistent selling pressure

Market commentary 2026/07/28: Persistent selling pressure

The market extended its decline, indicating that buying demand remained insufficient to improve overall market performance. In addition, the short-term trend continued to point downward, suggesting that the market is likely to remain under correction pressure in the coming sessions.

2026年7月28日

Derivatives 2026/07/28: Late-session pressure

Derivatives 2026/07/28: Late-session pressure

The downtrend has been confirmed in the short term. Traders may therefore reopen short positions in the next session.

2026年7月28日

Covered warrant 2026/07/28: Remain cautious

Covered warrant 2026/07/28: Remain cautious

During the week, the covered warrant market remained tilted toward the downside, with the number of declining covered warrants exceeding the number of gainers. Meanwhile, the underlying market also posted weak performance, with the benchmark index plunging nearly 5.7% alongside higher liquidity, indicating that selling pressure remained dominant.

2026年7月28日

Market Trader 2026/07/28: Foreign investors maintained strong net selling

Market Trader 2026/07/28: Foreign investors maintained strong net selling

By investor group, both domestic retail investors and domestic institutional investors recorded stronger trading activity, with trading value increasing 21.9% and 18.2% WoW, respectively.

2026年7月28日

DGC – Brief – [NONRATED] – 2Q26: Revenue and earnings in line with expectations

DGC – Brief – [NONRATED] – 2Q26: Revenue and earnings in line with expectations

2Q26 revenue declined to VND2,415bn (-17% yoy, +14% qoq, ~112% of KIS forecast). NPAT came in at VND441bn (-51% yoy, +2% qoq, ~109% of KIS forecast). In its recently released 2026 AGM materials, DGC targets 2026 revenue and NPAT to drop by 10% yoy and 50% yoy, respectively.

2026年7月28日

30W26: Short-term interbank rates extend drop

30W26: Short-term interbank rates extend drop

In 30W26, the SBV persisted with its net liquidity extraction via open market operations as banking system liquidity continued to improve. Short-term interbank rates maintained their downward trajectory, signaling easing short-term funding pressures following the implementation of new liquidity ratio regulations, whereas longer maturities remained anchored at higher levels. On the FX front, the domestic USDVND exchange rate advanced for a second straight week, rising 0.13% WoW to 26,324 under the combined pressure of persistent foreign equity selling and a resilient global greenback fueled by Middle East geopolitical risks.

2026年7月27日

Chart of the day 2026/07/27: Downward momentum slows

Chart of the day 2026/07/27: Downward momentum slows

Further signals warrant observation to confirm the next trend, as several reversal signals have emerged. Until then, investors should maintain their equity exposure at a safe level.

2026年7月27日

Market commentary 2026/07/27: Downtrend?

Market commentary 2026/07/27: Downtrend?

Although the downward momentum has slowed somewhat, correction risk remains, as the market has repeatedly formed new lows in recent sessions. Investors should therefore stay cautious, maintain their equity exposure at a safe level, and await further reversal signals.

2026年7月27日

Derivatives 2026/07/27: Awaiting a reversal signal

Derivatives 2026/07/27: Awaiting a reversal signal

The signals lack consistency, even as a reversal signal has emerged. Investors should therefore remain cautious and wait for confirmation before opening new positions.

2026年7月27日

Market commentary 2026/07/24: A reversal signal?

Market commentary 2026/07/24: A reversal signal?

Despite the recovery and the elevated liquidity seen over the past two sessions, correction risk remains, as the market has repeatedly formed new lows in recent weeks. This suggests the downtrend may extend further and that yesterday's rebound could prove to be no more than a technical bounce. Investors should therefore remain cautious, keep equity exposure at a safe level, and await further confirmation of a reversal.

2026年7月24日

Derivatives 2026/07/24: Liquidity stays elevated

Derivatives 2026/07/24: Liquidity stays elevated

The signals lack consensus, even as a reversal signal has emerged. Traders should therefore stay cautious and wait for confirmation before reopening new positions.

2026年7月24日

PVB – Brief – [NON-RATED] – 2Q26: Growth driven by Block B – O Mon workload

PVB – Brief – [NON-RATED] – 2Q26: Growth driven by Block B – O Mon workload

In 1H26, PVB reported revenue of VND737bn (+216% yoy, ~66% of its full-year target) and NPAT of VND56.9bn (+227% yoy, ~89% of its full-year target).

2026年7月24日

Market commentary 2026/07/23: Negative sentiment

Market commentary 2026/07/23: Negative sentiment

Market sentiment remained negative as the index repeatedly formed new lows over the past three months. This suggests that the downtrend will likely continue in the period ahead, particularly given the rise in liquidity during this session. Investors should therefore exercise caution and keep their stock allocation at a safe level.

2026年7月23日

Derivatives 2026/07/23: Negative sentiment

Derivatives 2026/07/23: Negative sentiment

The contract confirmed a short-term downtrend. Accordingly, traders may reopen Short positions in the upcoming sessions.

2026年7月23日

NT2 – earnings review – [HOLD] – 2Q26: Earnings remained on an uptrend

NT2 – earnings review – [HOLD] – 2Q26: Earnings remained on an uptrend

In 2Q26, revenue reached VND2,825bn (+36% yoy), driven by (1) a 54% yoy increase in production, and (2) a 9% yoy increase in the average selling price. Gross profit reached VND477bn (+30% yoy). As a result, NPAT reached VND403bn (+24% yoy), mainly driven by (1) higher gross profit and (2) financial income rising to VND76bn (+100% yoy; up VND38bn yoy), supported by higher interest income from bank deposits.

2026年7月23日

精选优惠

CNG – Earnings Review – [HOLD] – 1H26 NPAT returned to positive growth

CNG – Earnings Review – [HOLD] – 1H26 NPAT returned to positive growth

2Q26 revenue reached VND1,836bn (+68% yoy, ~84% of KIS forecast). Total gas volume (CNG/LNG/LPG) reached 110mn Sm³ (+30% yoy, 93% of our forecast), NPAT increased 18% yoy to VND44bn (~126% KIS forecast). For 1H26, CNG reported revenue of VND3,027bn (+56% yoy, ~57% of its 2026 target) and NPAT of VND48bn (+25% yoy, 67% of its 2026 target).

2026年7月30日

Derivatives 2026/07/29: Capital flows return

Derivatives 2026/07/29: Capital flows return

Given the lack of consistency among signals despite yesterday's recovery, traders should monitor additional signals to confirm the next trend.

2026年7月29日

Market commentary 2026/07/29: Market recovery

Market commentary 2026/07/29: Market recovery

The market staged a recovery as buying interest at lower price levels helped the index regain upward momentum. However, liquidity improved only modestly, indicating that capital inflows have yet to return convincingly. Given the market's recent sharp correction, the current rebound is likely to remain a technical recovery, requiring further confirmation in the coming sessions.

2026年7月29日

QTP – earnings review – [BUY] – 2Q26: Earnings remain stable

QTP – earnings review – [BUY] – 2Q26: Earnings remain stable

2Q26 revenue reached VND3,624bn (+27% yoy), driven by an estimated 5% yoy increase in production amid robust electricity demand (+13% yoy) and a 21% yoy increase in the average selling price. Gross profit rose to VND419bn (+57% yoy), with the gross margin improving to 11.6% (+2.3%p yoy), supported by lower depreciation expenses (-24% yoy) and an improvement in the heat rate. As a result, NPAT reached VND326bn (+70% yoy, ~108% of our forecast, figure 4), driven by (i) stronger gross margins and (ii) the completion of debt repayment.

2026年7月29日

ACB – Brief – [NONRATED] – 2Q26 Rising provisions and non-core slump

ACB – Brief – [NONRATED] – 2Q26 Rising provisions and non-core slump

2Q26 PBT fell -11.9% YoY to VND5,367bn, dragged down by underperforming investment & FX activities, sluggish bad-debt recovery, and rising provision expenses. This performance fell short of our expectation. 1H26 PBT reached VND 10,735bn (+0.4% YoY), fulfilling 48% of the full-year 2026 target.

2026年7月29日

Market commentary 2026/07/28: Persistent selling pressure

Market commentary 2026/07/28: Persistent selling pressure

The market extended its decline, indicating that buying demand remained insufficient to improve overall market performance. In addition, the short-term trend continued to point downward, suggesting that the market is likely to remain under correction pressure in the coming sessions.

2026年7月28日

Derivatives 2026/07/28: Late-session pressure

Derivatives 2026/07/28: Late-session pressure

The downtrend has been confirmed in the short term. Traders may therefore reopen short positions in the next session.

2026年7月28日

Covered warrant 2026/07/28: Remain cautious

Covered warrant 2026/07/28: Remain cautious

During the week, the covered warrant market remained tilted toward the downside, with the number of declining covered warrants exceeding the number of gainers. Meanwhile, the underlying market also posted weak performance, with the benchmark index plunging nearly 5.7% alongside higher liquidity, indicating that selling pressure remained dominant.

2026年7月28日

Market Trader 2026/07/28: Foreign investors maintained strong net selling

Market Trader 2026/07/28: Foreign investors maintained strong net selling

By investor group, both domestic retail investors and domestic institutional investors recorded stronger trading activity, with trading value increasing 21.9% and 18.2% WoW, respectively.

2026年7月28日

DGC – Brief – [NONRATED] – 2Q26: Revenue and earnings in line with expectations

DGC – Brief – [NONRATED] – 2Q26: Revenue and earnings in line with expectations

2Q26 revenue declined to VND2,415bn (-17% yoy, +14% qoq, ~112% of KIS forecast). NPAT came in at VND441bn (-51% yoy, +2% qoq, ~109% of KIS forecast). In its recently released 2026 AGM materials, DGC targets 2026 revenue and NPAT to drop by 10% yoy and 50% yoy, respectively.

2026年7月28日

30W26: Short-term interbank rates extend drop

30W26: Short-term interbank rates extend drop

In 30W26, the SBV persisted with its net liquidity extraction via open market operations as banking system liquidity continued to improve. Short-term interbank rates maintained their downward trajectory, signaling easing short-term funding pressures following the implementation of new liquidity ratio regulations, whereas longer maturities remained anchored at higher levels. On the FX front, the domestic USDVND exchange rate advanced for a second straight week, rising 0.13% WoW to 26,324 under the combined pressure of persistent foreign equity selling and a resilient global greenback fueled by Middle East geopolitical risks.

2026年7月27日

Chart of the day 2026/07/27: Downward momentum slows

Chart of the day 2026/07/27: Downward momentum slows

Further signals warrant observation to confirm the next trend, as several reversal signals have emerged. Until then, investors should maintain their equity exposure at a safe level.

2026年7月27日

Market commentary 2026/07/27: Downtrend?

Market commentary 2026/07/27: Downtrend?

Although the downward momentum has slowed somewhat, correction risk remains, as the market has repeatedly formed new lows in recent sessions. Investors should therefore stay cautious, maintain their equity exposure at a safe level, and await further reversal signals.

2026年7月27日

Derivatives 2026/07/27: Awaiting a reversal signal

Derivatives 2026/07/27: Awaiting a reversal signal

The signals lack consistency, even as a reversal signal has emerged. Investors should therefore remain cautious and wait for confirmation before opening new positions.

2026年7月27日

Market commentary 2026/07/24: A reversal signal?

Market commentary 2026/07/24: A reversal signal?

Despite the recovery and the elevated liquidity seen over the past two sessions, correction risk remains, as the market has repeatedly formed new lows in recent weeks. This suggests the downtrend may extend further and that yesterday's rebound could prove to be no more than a technical bounce. Investors should therefore remain cautious, keep equity exposure at a safe level, and await further confirmation of a reversal.

2026年7月24日

Derivatives 2026/07/24: Liquidity stays elevated

Derivatives 2026/07/24: Liquidity stays elevated

The signals lack consensus, even as a reversal signal has emerged. Traders should therefore stay cautious and wait for confirmation before reopening new positions.

2026年7月24日

PVB – Brief – [NON-RATED] – 2Q26: Growth driven by Block B – O Mon workload

PVB – Brief – [NON-RATED] – 2Q26: Growth driven by Block B – O Mon workload

In 1H26, PVB reported revenue of VND737bn (+216% yoy, ~66% of its full-year target) and NPAT of VND56.9bn (+227% yoy, ~89% of its full-year target).

2026年7月24日

Market commentary 2026/07/23: Negative sentiment

Market commentary 2026/07/23: Negative sentiment

Market sentiment remained negative as the index repeatedly formed new lows over the past three months. This suggests that the downtrend will likely continue in the period ahead, particularly given the rise in liquidity during this session. Investors should therefore exercise caution and keep their stock allocation at a safe level.

2026年7月23日

Derivatives 2026/07/23: Negative sentiment

Derivatives 2026/07/23: Negative sentiment

The contract confirmed a short-term downtrend. Accordingly, traders may reopen Short positions in the upcoming sessions.

2026年7月23日

NT2 – earnings review – [HOLD] – 2Q26: Earnings remained on an uptrend

NT2 – earnings review – [HOLD] – 2Q26: Earnings remained on an uptrend

In 2Q26, revenue reached VND2,825bn (+36% yoy), driven by (1) a 54% yoy increase in production, and (2) a 9% yoy increase in the average selling price. Gross profit reached VND477bn (+30% yoy). As a result, NPAT reached VND403bn (+24% yoy), mainly driven by (1) higher gross profit and (2) financial income rising to VND76bn (+100% yoy; up VND38bn yoy), supported by higher interest income from bank deposits.

2026年7月23日

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