22
October
NLG’s revenue rose by 64.3% yoy to VND640.1bn in 3Q20 thanks to an impressive all-round growth, including: 1) the 49% yoy surge in property handover to VND290bn; and 2) a project management revenue of VND92bn vs a loss of VND131bn in 3Q19. Despite the stellar 3Q20 revenue growth, net profit plunged by 80% yoy to VND29bn in 3Q20 below our expectation of VND67bn in our preview report, due to a small 20% gross margin in 3Q20
21
October
Although corrections can form in a few sessions, the short-term uptrend is still intact as the VNIndex closes above the 900-pts threshold. Therefore, investors may hold their long position and focus on leading tickers.
21
October
Buy VN30F2011 at 895-900 pts area, take a profit at 950 pts and stop a loss at 885 pts.
21
October
Nam Viet announced official 3Q20 business results in Oct 20, which delivered NPAT plunge as those of previous quarter, with VND40bn NPAT (-74% yoy) in 3Q20.
21
October
Vinh Hoan announced official 3Q20 business results in Oct 21, which delivered worse NPAT results than our expectation. Particularly, Vinh Hoan posted nearly VND1,800bn revenue (-4.4% yoy) and NPAT posted VND175.4bn (-30.8% yoy) in 3Q20
20
October
Despite the third divergent session, the short-term uptrend is still intact as the VNIndex closes above the significant moving averages. Therefore, investors may hold their long position and focus on leading tickers.
20
October
Credit growth was stronger than our expectation with a growth of 3.9% qoq in 3Q20 and 11.7% ytd in 9M20. Since MBB’s credit has skewed toward corporate bond and retail market amid downward slope of interest rate, 3Q20 NIM was up 44bps qoq to 5.25%.We believe that these brisk figures should be a result of the bank’s proper approaches in the COVID-19 infected economy and reaffirm BUY at TP VND24,200.
20
October
From 3Q20 investor meeting on 20 Oct 2020, ACB revealed to gain a PBT of VND6.4tn in 9M20, up 15% yoy, fulfilling 84% of the target. NII reached VND10tn, up 14% yoy and non-interest income was VND2.7tn, up 7% yoy.
20
October
The short-term bullish leg is reaching its short-term objective and there is no entry point with good risk-reward ratio. Thus, traders should stay on the sidelines and wait for the reaction of VN30F2010 at 910 pts zone and only buy when price collapses.
20
October
SCS reported its 3Q20 results. Following, revenue reached VND167bn and PBT reached VND124bn, declining 10% YoY and 9.3% YoY, respectively. International cargo will be supported by trade activities when EVFTA has been approved and entered into force on Aug 1, 2020. Currently, travel restriction has been lifted but passenger travel is still neutral when quarantine regulations aren’t completed, airlines could continue to ramp up cargo transportation to offset passenger volume.
15
March
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
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
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
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
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.
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