Research Center

Long VN30F2011 after the ATO session, take a profit at 950 pts and stop a loss at 895 pts.

The downside risk is still intact in the short term because the US presidential election results are not clear. Therefore, investors should stay on the sidelines and wait for the next signal.

TPB is pursuing a robust growth in order to upgrade its position in the industry. It’s 9M20 credit growth topped at 22.5% vs. 6.09% of the industry average thanks to corporate bond investment. However, huge restructured loans (~7.3% of loan book) may threat the bank’s assets quality in coming quarters

High margin debt and the selling pressure of foreign investors cause the stock market to form a short-term peak. However, Vietnam economy recovers, along with the capital flow of ETFs that will support the stock market and continue its uptrend in the long term.

In 4Q20, we expect that Vinh Hoan will achieve better business results than our previous estimates, premised by (1) yoy growth of export price to the U.S. in 4Q20, (2) Collagen & Gelatin revenue to see qoq recovery in 4Q20 and (3) Vinh Hoan’s yoy gross margin improvement in 4Q20

Long VN30F2011 at 895-900 pts zone, take a profit at 950 pts and stop a loss at 870 pts.

We reaffirm BUY at lift TP by 13% to VND29,100 with major change in assumptions related to credit growth and credit cost in 2020-2021. As the pandemic worry has returned upon 2020-21 winter and EU recent lockdown, we incline to resilient banks like ACB.

Despite the third gaining session, the short-term uptrend does not confirm in the short term as the VNIndex closes below the significant moving average. Therefore, investors should stay on the sidelines and wait for the next signal.

Despite the second gaining session, the uptrend does not confirm in the short term as the VNIndex closes below the significant moving average. Therefore, investors should stay on the sidelines and wait for the next signal.

Long VN30F2011 at 895 pts zone, take a profit at 950 pts and stop a loss at 870 pts.