Research Center

Sugar sector got a spotlight, the aggregated sugar revenue growth rate in 2Q23 was 29.1% yoy in 2Q23 compared to 41.2% yoy in 1Q23. Meanwhile, net profit growth rate accelerated to 64.0% yoy in 2Q23 from the growth rate of 31.1% yoy seen in 1Q23. For 3Q23F, we expect the consumption of F&B product could improve slightly in 3Q23. Besides, we expect the gross margins of listed dairy companies to improve continuously qoq in 3Q23F due to enjoying cooling raw material prices.

This quarterly earnings report is a wrapped-up note of listed Vietnamese residential developers based on their financial statements. 1Q23 was awesome but 2Q23 was much more stunning when aggregated revenue/ NPAT of 27 listed housing developers grew splendidly with 104% yoy/18.1% qoq revenue and 163% yoy/ -11.2% qoq net profit . In contrast to tepid 2Q23 when the seasonal marketing campaigns or sales events commenced, we believe the market could welcome numerous activities including the soft launch of NLG, KDH, and PDR.

Minor correction has begun. New positions should be placed if there is the minor correction or the short-term range bound. Thus, traders should stay on the sidelines in order to capture the best bid/offer (Hourly chart).

The stock market shows optimistic sentiment thanks to the high demand on large stocks. Therefore, investors should hold long positions and wait for the next signal.

The active long-term bullish move is confirmed. Thus, traders could hold the long positions on leading stocks. For new positions, minor correction or short-term range bound should be used to capture the good entry on leading stocks.

The aggregated PBT (27 banks) stayed flat at -2.6%yoy in 1Q23 and -5.7%QoQ, filling about 47% PBT guidance. Results were divergent with 11/27 outperformers. 1H23 credit growth rose 4.73%YTD, far behind 1st credit quota of 11% and the same period in previous years. 2Q23 NIM of most banks plunged yoy and qoq. Increasing 2Q23 bad debt wearied down the provision buffer. Expected 3Q23 credit growth could rise faster than 1H23. NIM could not be down furthermore amid the deposit rate decline and CASA improvement.

Minor correction has begun. New positions should be placed if there is the minor correction or the short-term range bound. Thus, traders should stay on the sidelines in order to capture the best bid/offer (Hourly chart).

The stock market reverses to go down with improved liquidity, due to profit-taking pressure is intensified in the afternoon. However, the uptrend is still intact as the VNIndex maintains close above the 50-period moving average. Therefore, investors should hold long positions and wait for the next signal.

This quarterly earnings report on the Vietnam cement industry is intended to track the earning growth trend in the cement market. We witnessed earnings were back to positive in 2Q23 . The lower cost of input material was the main driver for the NPAT improvement in 2Q23. Earnings results varied among companies depending on their main markets, its input prices whilst companies have been under the impact of intense competition and weak market demand. Companies completed annual guidance at low level, especially profit’s one, despite that companies already set the cautious profit guidance for 2023F.

Minor correction has high probability to occur. New positions should be placed if there is the minor correction or the short-term range bound. Thus, traders should stay on the sidelines in order to capture the best bid/offer (Hourly chart).