Research Center

The VNIndex closed below the 1,500-pts threshold, implying the downside risk. Therefore, traders should be careful and stay on the sidelines until the next bullish signals.

Based on our estimate, 4Q21 aggregated revenue of 23 listed hydropower companies jumped 22.5% yoy, while 4Q21 aggregated NPATMI increased by 32.9% yoy. Due to the waning effect of La Nina in the north, EVN will shift its focus to coal thermal plants to ensure power supply. The HFO Singapore, a reference for gas price supplied to domestic gas-fired power plants could spike in 1Q22F due to supply shortage and Russia – Ukraine tension. We think EVN will prioritize the cheaper coal-fired power plants driven by their lower than gas supply price. Thus, we expect the revenue of coal-fired plants stays solid than gas-fired firms in 1Q22F.

Long position on VN30F2203 should be held and stop the loss when there is the closing price below 1,500 pts level.

Despite closing above the 1,510-pts threshold, the market sentiment has become cautious due to low liquidity. That means the downside risk. Therefore, traders should be careful and stay on the sidelines until the next bullish signals.

Based on our estimate, 4Q21 aggregated revenue of listed milk companies, brew and sugar grew by 9.8%, 7.7%, and 26.4% yoy, respectively. The 4Q21 aggregated NPATMI of dairy and sugar producers increased by 4.2% and 15% yoy, respectively. Meanwhile, the NPATMI growth of listed beer companies was softer at -19.7% yoy after bottoming at -66% in 3Q21 due to tepid domestic demand in the lockdown period. Most producers have plans to increase selling prices in 1Q22F to make up for the higher input costs. Big players such as VNM, SAB have just increased prices by about 3-5% in late Dec 2021 and that will support GMs in 1Q22F.

Long position on VN30F2203 should be held and stop the loss when there is the closing price below 1,500 pts level.

In the short term, the market sentiment has become cautious as the VNIndex retests the 1,510-pts threshold. Besides the liquidity is at a low level, implying the downside risk. Therefore, traders should be careful and stay on the sidelines until the next bullish signals.

Covered Warrant market experienced the drop in trading value and trading volume last week. Besides, market is still net sold by foreigners for three consecutive weeks.

4Q21 aggregated revenue of 17 listed fertilizer producers jumped 86.9% yoy, while 4Q21 aggregated NPATMI soared 1,410.8% yoy. The NPATMI grew sharply and reached an all-time high in 4Q21. The stronger net profit growth was attributed to gross profit margin expansion. Demand for agricultural products remains abundant in 2022F backed by urges to ensure food security after COVID-19 pandemic and to compensate for the crop reduction due to climate changes.

Long position on VN30F2203 should be held and stop the loss when there is the closing price below 1,500 pts level. For new long positions, long VN30F2203 after ATO session and stop the loss when there is the closing price below 1,500 pts level.