Research Center

Although the economic performance picked up in 2Q23 in the late stage of the global interest rate hike, we believe that the acceleration of economic activities will need more time to be material due to the insignificant improvement of external factors and the weakening recovery in domestic consumption. On the upside, public investment will continue to be a spotlight in 3Q23 thanks to the government's effort in realizing the significantly higher workload than last year. In addition, the well-controlled inflation and stable exchange rate provide more space for the monetary authority to follow the easing tendency in the next quarter.

Overbought condition is active across time frame. 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 market increases slightly and the VNIndex surpasses the important resistance level of 1,200 pts, showing a bullish signal. However, the downside risk may present the next time, around the next critical resistance level of 1,240-1,250 pts zone. Therefore, investors should open long positions and focus on the leading stocks.

VIB released its results with 2Q23 PBT up 7%yoy (to VND2,948bn) ) thanks to (1) an increase in net interest income (2) manageable OPEX. 2Q23 total credit growth stayed flat at 0.8% YTD (vs 1Q23: -1.3%YTD) mainly due to a decrease in retail segment. 2Q23 Net interest margin (NIM LTM) inched up to 4.7% (vs 4.4% in 2Q22 and 4.7% in 1Q23). 2Q23 NFI and 1H23 went down 13%yoy (to VND786bn) and -10%yoy (to VND1,404bn) respectively due to the Banca fee decline. CIR ratio fell from 34% in 1H22 to 30% in 1H23. 2Q23 NPL inched down 2.45%, compared to 1Q23 of 3.62% and end-22 of 2.3%

BCC’s revenue decreased 21.3% yoy to VND892.5bn in 2Q23 while the NPAT was loss of VND6.7bn. The gross margin was improved from 4.2% in 1Q23 to 7.7% in 2Q23. According to the company, the coal price has decreased by 5% compared to 1Q23.

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).

On Jul 25, we attended SIP’s 2023 Investor Day, and the presentation the company’s 2Q23 results and its strategy plan. Per management, 2Q23 prelim results came in at VND1,660.7bn revenue (, 3.1% yoy 19.1% qoq) and VND276bn net profit (7.8% yoy ,111% qoq). SIP is among our fancy industrial park players in the South thanks to its unrivalled competitive advantages. - However, the free floating (major shareholders occupy 47.91%) raises the concern over liquidity.

The stock market maintains an upward trend and the liquidity is still at a high level, showing a bullish signal. Furthermore, the VNIndex approaches the important resistance level of the 1,200 pts threshold. If successfully surpasses this threshold, the uptrend will be confirmed. Therefore, investors should hold long positions and wait for the breakout signal.

TCB released its results with 2Q23 PBT down 22.8%yoy and up +0.5%qoq due to (1) NIM LTM decline and (2) high provision expense growth. 2Q23 Net interest margin (NIM LTM) inched down to 4.3% (vs 5.6% in 2Q22 and 4.6% in 1Q23). Although 2Q23 CASA ratio was 35%, lower than 2Q22 (47%) but a significant improvement compared to 1Q23 (32%). 2Q23 NFI and 1H23 went down 3%yoy (to VND2,259bn) and up 5%yoy (to VND4,430bn) thanks to cards, trade, and FX services. 2Q23 NPL ascended to 1.07%, compared to 1Q23 of 0.85% and end-22 of 0.72%. 2Q23 LLR was sufficient at 116%.

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).