Research Center

Based on the crash, the downside risk increased. Therefore, traders should wait for the next signals and stay on the sidelines.

Based on management's guidance of 2022F profit, 12MF PE is 25.1 times and 12MF PB is 1.2x times, slightly higher than the 1-year median of 24.1x and 1.1, respectively. Even though the share price has been pulled back steeply recently, we do not think the stock is worth accumulation. We view that SCR’s strong rally has been over manifested since the market sentiment of individual investors is betting on the positive changes in the licensing landscape in which SCR’s key land bank, idle for years will reap the rewards. Given the lengthy projects, abundant exposure to hospitality projects, and concerning corporate governance, SCR is not lucrative to put on the watchlist.

Foreign demand kept outweighting. Buying activity focused on Real Estate, Industrials, and Consumer Staples whilst large sell orders were placed on Consumer Discretionary. With ETF flow, money inflow surged across Vietnam, driven by the solid demand on VFMVN30 and Fubon FTSE.

Traders should stay on the sidelines and wait for the new short positions which would come after the rebound phase or consolidation phase.

Despite the recovery, the downside risk is still intact in the short term. The rectangle pattern is confirmed with the pattern's target of a 1,330-pts zone. Therefore, traders should wait for the next signals and stay on the sidelines.

Traders should be careful and wait for the next signal in this situation. Besides, they should reduce long positions and stay on the sidelines.

On Apr 23rd, we joined in Nam Viet Corporation’s analyst meeting to update BOD view on 2022 business guidance. ANV announced its draft 2022 guidance with VND4,600bn revenue (+40% yoy) and VND720bn EBT (+377% yoy), which are mainly driven by (1)r amping up pangasius fillet export, as benefits from the high demand of industry, and (2) Collagen & Gelatin products will contribute to ANV revenue this year. In 1Q22, ANV revealed a solid prelim business result as VND230bn EBT (+3.2x).

On April 23, Mobile World held its Annual General Meeting which gave the audience a walkthrough of the 2022F business expansion plan. Key focus areas are Bach Hoa Xanh (BHX) and An Khang chains. - MWG sets optimistic 2022F guidance with net revenue of VND140tn (+14% yoy) and NPAT of VND6,350bn (+30% yoy). The higher profit growth rate implies that BHX will reduce its losses in 2022F. Based on management's guidance of 2022F profit, 12MF PE is 14.8x and 12MF PB is 3.7x, lower than the 2-year median PE of 15.6x and PB of 4.0x.

Even though the share price has been pulled back steeply recently, we do not think the stock is worth of accumulation. We view that DIG’s strong rally has been over manifested since the market sentiment of individual investors is betting on the prosperous outlook backed by rising infrastructure spending in Vung Tau- Dong Nai provinces where DIG’s key land bank is located. Given the lengthy project development is still in pipeline, high leverage is escalating, concerning corporate governance is controlling the market price, DIG is not lucrative

On April 23, we attended NLG’s 2021 AGM, and the presentation was largely centered on the FY21F guidance, and contract sale target. 5-month lockdown regulation not only attached the sales launches in 2021 but also drags the earnings guidance in 2022F. The company sets a target to post a VND1,206bn net profit, 13% yoy driven by a VND7.1tn revenue, 37% yoy. NLG aims at VND23.3tn contract sales in 2022F, 3.4 times higher yoy growth in 2021 and VND68.7tn accumulated booking sales in 2022F-24F thanks to the sale launches of six projects in the Long An, Dong Nai, Can Tho, Hai Phong, and HCMC.