Tiếng Việt
普通话
04
August
Daily derivatives: Stable bullish momentum
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)
Research Center
04
August
Market commentary: Retest 1,250-pts threshold
The VNIndex may contract the next session when appropriate to the 1,250-pts threshold. However, the VNIndex confirms the uptrend thanks to breakout and high volume. Therefore, traders may hold long positions focusing on the leading sectors.
03
August
Pharmaceutical – Note – [Non-rated] – 2Q22 Earning
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.
03
August
MSN-Brief-HOLD-Maintaining strong expansion in 2H22
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.
03
August
Fertilizer – 2Q22 Earning Note
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.
03
August
Daily derivatives: Heading to 1,260 pts area
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)
03
August
Market commentary: High liquidity
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.
03
August
Seafood – Sector Brief – July seafood export updates
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.
02
August
Covered warrant 25-29 Jul: Financials’ CWs keep absorbing trading interest
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.
02
August
Higher interest rates under the liquidity turmoil
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.
Featured Articles
15
March
Point Break
Regarding the impact of the global commodity price surge on Vietnam CPI, we estimate that the current value of Brent price could push 2022 inflation to exceed the government target of 4%, mainly through the consumption channel. However, implementing well-established tools allows the Vietnam government to mitigate external shocks proactively. To sum up, we forecast that the global commodity surge would create temporary pressure on Vietnam inflation.
27
December
Outlook 2022 – The Big Uptrend
Key factors that drive the stock market to rise in 2022 include: (1) the Vietnam economy recovering and strong growth in 2022 and (2) new money will continue to flow into the stock market as new cash flows into stock markets and new money comes from capital flows of securities companies to margin.
09
November
Time to bet on economic recovery?
A record plunge in Vietnam’s economy in 3Q21 has threatened economic prospects in the medium and long term growth. The government is standing in a right place to mitigate the lingering impact of the current outbreak and the next ones if they take appropriate actions in an appropriate timing and appropriate way. Recent macro and policy developments are signaling that the ongoing economic recovery would be smooth and sound, but it needs a booster shot, a sufficiently large fiscal relief package, to accelerate recovery momentum and help economic growth back on track. From our view, the “Economic Recovery and Development” fiscal support package, if successfully passed, would be a key to unlocking the full potential of the economic recovery.
26
July
Fragile hope of recovery path under the worst outbreak
Amid a widespread COVID-19 delta attack in the Southeast Asia region, Vietnam is stepping into the worst outbreak in both its health and economic impacts. Although the government actively deployed various solutions to follow the twin target that effectively controls the pandemic and promotes socio-economic development, the negative impact of economic recovery is inevitable. We predict that the COVID-19 economic impacts on domestic consumption and production levels would be partly reflected in oncoming macroeconomic updates under strict lockdowns nationwide.
18
June
INFLATION: A transient or long-lasting shock?
Surging commodity prices and increasing inflation recently pose a considerable risk to global economic stability. However, the majority of global economists and monetary policymakers just saw this phenomenon as a transitory factor, and this trend would eventually reverse to a normal track in the medium- and long- term. Regarding Vietnam's situation, we saw a stable demand-supply balance in major commodities and well-controlled price conditions. The inflation shock in the near term, if it happens, would be expected to be transient and bear a little risk to the economic stability.