18
April
Last week, trading volume remained near the previous week, recording at 50mn shares. However, trading value remained at high level, recording at VND50bn due to the active rebound phase across the major market. By underlying asset, covered warrants which have HPG as the underlying asset continued to attract the most of trading interest from both domestic and foreign investors.
17
April
Foreign demand slowed down whilst selling pressure stayed at high level, pushing the market to ended up to be net sold. Net sell value was USD15mn. With ETF flow, outflow was active across Vietnam, ending the 4 consecutive weeks of inflow. Outflow was USD5mn. Notably, outflow has spread among major ETFs and demand on Fubon ETF was paused. There is still not a good sign for the stable inflow and outflow could be active in upcoming weeks.
17
April
1Q23 preliminary revenue posted VND2,247bn (-30.3% yoy and -12.5% qoq), backed by the tumble revenue of most products yoy and qoq, especially pangasius. 1Q23 revenue fulfill 18.5% our estimates. We maintain a HOLD rating.
17
April
Sao Ta Foods secured in the Top 3 Vietnamese shrimp exporters with USD217.7mn export value (in 2022). Although our outlook on the shrimp industry in 2023 would slow down, we believe Sao Ta Food could increase 5.8% yoy revenue and +16.4% yoy NPAT in 2023. In the other hand, the capacity increase and farming system expansion would be the long-term drivers. As such, we initiate FMC with a BUY rating on stable growth, sustainable strategy in long-term prospect .
17
April
Vietnam is one of the top 3 largest shrimp exporting countries in the world, making up about 10.1% market share of the global shrimp exporting industry value. In 2023, shrimp market was projected to slow down. Yet, we believe that the Vietnamese shrimp industry's growth rate will increase till 2030.
17
April
Long positions on VN30F2304 should be closed and new trading positions should be stalked on upcoming contract (VN30F2305). (Hourly chart)
17
April
The downside risk is still intact because of the sharp losing session. Hence, traders should be careful if the market still shows negative signals.
17
April
Selling pressure near 1,080 pts zone is active. The rebound phase could be faded. Therefore, investors should stay on the sidelines and wait for the reaction of the Index near 1,050 pts zone.
14
April
We initiate our coverage on PV GAS (GAS VN) with a BUY rating and target price of VND117,700 implying a 18.8% upside by using a DCF (70%) and PE (30%) methodology. In DCF method, we calculate the fair value of VND122,500/share with implied long-term growth of 4.0%, and WACC of 11.5%. With PE method, our target price is based on an average 2023-25F P/E of 18x. GAS is our top pick in oil & gas sector thanks to strong growth potential based on the high demand for natural gas and LNG in Vietnam. The risks of GAS comprise a drop of oil prices and delaying projects.
14
April
We initiate our coverage on PVD with a BUY rating and target price of VND28,850 implying a 37.8% upside by using a DCF (70%) and PB (30%) methodology. In DCF method, we calculate the fair value of VND29,400/share with implied long-term growth of 3.0%, and WACC of 12.3%. Our target price is based on an average 2023-25F PB of 1.0x arose from PVD’s firm position to benefit from rising demand for drilling in Southeast markets. The most significant risk of PVD is a drop of oil prices weighting on day rates and outlook.
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.
Tiếng Việt
普通话
