Tiếng Việt
普通话
29
April
Market commentary: The effect of ETFs
The market has moved in the tight range before the long holiday. Therefore, traders should stay on the sidelines and wait for confirmation signals of a trend.
Research Center
29
April
Chart of the day: The tightening phase
In the short term, the uptrend is dormant and temporarily replaced by the consolidation period. Therefore, traders can hold their long positions and focus on leading stocks.
29
April
Daily derivatives: The line in the sand
Long VN30F2005 at 725 pts zone when this level is broken, take profit at 780 pts zone and stoploss at 715 pts.
29
April
ANV – 1Q20 Earnings Review [HOLD] 2020 NPAT to fall to the 3-year low
We have estimate review on Nam Viet’s 1-year business, highlighting by 2020 NPAT decrease of 34% yoy, mainly driven by lower ASP and low volume contribution from Binh Phu farming. Therefore, we downgrade our rating for Nam Viet’s share to Hold in 2020.
29
April
May strategy: DO NOT sell in May and go away
As the pandemic has made significant behavioral changes in production, consumption as well as investment, seasonal effects will be likely ineffective this year. We recommend investors to “DO NOT sell in May and go away” because of potential new local money.
28
April
Daily derivatives: Wait for the breakout
Long VN30F2005 at 725 pts zone when this level is broken, take profit at 780 pts zone and stoploss at 715 pts.
28
April
ACB – 1Q20 earnings review [BUY +46%] Confirm the bank’s strength
ACB 1Q20 results confirms the bank’s strength in retail banking market. NP came at VND1,537bn, up 13% yoy. Loans grew 2.3% ytd with low NPL ratio of 0.65%. Deposit was in the spotlight, up 2.0% ytd as of March 2020 vs. 0.51% of the whole industry (as of 20 Mar 2020). We maintain BUY with a TP of VND28,900. ACB is our sector top pick thanks to its healthy balance sheet and prudent credit policy which allow it go through pandemic circumstance with credit cost of below 1% in 2020.
28
April
Market commentary: Influence by the oil prices
The VN-Index has formed the consolidation in the short term. Hence, the market can move in the tight range in the next session before the long holiday. Therefore, traders should stay on the sidelines and wait for confirmation signals of a trend.
28
April
NLG – Earnings Review 1Q20 [BUY+39.8%] Robust outlook despite lukewarm 2020F
We retain our Add rating with a TP of VND29,200 based on 30-50% discount to mega project’s RNAV. Presales at Waterpoint is now critical for the share price performance because of their significant RNAV contributions to our valuation. Risks to our call: 1) a prolonged COVID-19 that curbing buyer purchasing power for its mid-range condos 2) regulatory changes causing more project delays.
28
April
HT1 – Earnings Review 1Q20 [BUY+22.1%] Upbeat 1Q20 OP despite output slowdown
We expect Ha Tien 1’s performance will strongly rebound in 2021. Together with the ability to improve ASP amid weak domestic market, strong cash flow due to low CAPEX and interest expenses are 2 big plus. Using the PE of 9.0, we evaluate the HT1 share at VND16,400 by the end of 2021. Including the VND1,200 cash dividend per share, total expected annualized return for 2 year holding period is 22.1% at the current market price of VND12,900. Recommend BUY
Featured Articles
15
March
Point Break
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
Outlook 2022 – The Big Uptrend
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
Time to bet on economic recovery?
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
Fragile hope of recovery path under the worst outbreak
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
INFLATION: A transient or long-lasting shock?
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.