Research Center

Buy VN30F2010 at 868 pts zone, take a profit at 900 pts and stop a loss at 860 pts.

In the short term, the VNIndex forms the rectangle pattern as the index closes above the 920-pts threshold. The target price of this pattern is 940-950 pts. Therefore, investors may hold their long position and focus on leading tickers

The upward resumption phase is confirmed as well as 940 pts area is the next target. Therefore, investors should continue to hold the current positions and buy more in correction phase.

We reiterate BUY rating as sales of GSW and St Moritz condo projects could be on track in FY20F-21F. Our RNAV-based target price remains at VND12,800. Our mid-to-long-term investment thesis depends on whether DXG can successfully unlock its mega-sized Gem Riverside project in Dist 2 in FY20-21F. Key downside risks to our call is deteriorated economy growth that could dampen our presale outlook.

Buy VN30F2010 at 867 pts, take a profit at 900 pts and stop a loss at 850 pts.

Despite the contraction, the short-term uptrend of the VNIndex is still intact as the VNIndex closes above significant moving averages. Therefore, investors may hold their long position and focus on leading tickers.

Recent monetary easing decision from SBV is expected to maintain the interbank rates at a low base in 4Q20. In the context of cheap liquidity flooding to banks and lending activity remaining sluggish, demand for Vietnam G-bonds was rocketing to an all-time high in the primary G-bond market. Looking forward to October, we expect the interest bank rates to remain stable at low levels, while abundant liquidity will put further downward pressure on G-bonds from 5-year to 15-year tenors.

Sell VN30F2010 at 863 pts when 864 pts level is broken, take a profit at 855 pts and stop a loss at 868 pts.

Nam A Bank was established in HCM in 1992. Its total assets reached VND95tn (+26% yoy) in 2019, ranking 23/31 domestic commercial banks in Vietnam, and held 0.9% lending market share. It increased presence significantly since 2018 and achieved 105 branches and transaction offices as of June 2020. NAB retail clients account for 84% of the bank total deposits but just 30% of loans.

The short-term uptrend of the VNIndex is still intact thanks to the high demand on large-cap stocks. Therefore, investors may be held their long position and focus on leading tickers.