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Market commentary: Green momentum sustained

The market continued to maintain a positive tone as the index extended its gains. However, capital flows remained uneven across sectors. Real estate stocks were the primary driver of the market's advance, largely supported by the strong performance of Vingroup-related stocks. In contrast, selling pressure persisted in the Banking and Securities sectors, limiting the overall upside of the index. This suggests that capital flows are becoming increasingly concentrated in a select group of stocks rather than broadly distributed across the market.

June 8, 2026

POW – Earnings Review – [HOLD] – 1Q26 - Earnings surged on margin expansion

In 1Q26, revenue reached VND12,327bn (+50% yoy), supported by a 33% yoy increase in total power production. Growth was mainly driven by gas-fired power

June 8, 2026

Derivatives: Await confirmation signals

The upcoming trend still requires additional signals for confirmation. Therefore, traders should observe the market cautiously and only reopen positions when these signals appear.

June 5, 2026

Market commentary: Demand returns

The market rebounded after a series of declining sessions, suggesting that buying demand has shown signs of improvement. However, lower trading liquidity indicates that capital flows remain relatively cautious. This suggests that the current advance may be a technical rebound, although it could also represent an early signal of a trend reversal. Therefore, additional trading sessions will be needed to confirm the market's direction more clearly.

June 5, 2026

BWE – Brief – [NONRATED] – 1Q26: Earnings continued to grow steadily

In 1Q26, revenue reached VND1,034bn in 1Q26 (+12% yoy, -25% qoq), mainly supported by the waste treatment segment. Besides, gross profit (GP) increased by 12% yoy to VND483bn, with gross margin remaining flat yoy at 46.7%. As a result, NPAT rose strongly by 30% yoy to VND212bn.

June 5, 2026

VCB – Earnings review – [BUY] – Preserve growth momentum

1Q26 PBT climbed +8.7% YoY to VND 11,803bn, driven by robust growth in credit activities (+29% YoY) and service income (+17.1% YoY). This 1Q26 PBT accounts for 25.5% of the full-year 2026 guidance

June 5, 2026

Market commentary: Absorbing selling pressure

The market remained under pressure, recording its seventh consecutive losing session. This suggests that the short-term corrective trend is still intact, as buying demand has yet to become strong enough to trigger a clear reversal. In addition, the index is gradually approaching its 50-day and 100-day moving averages, indicating that these key support levels may soon be tested in the coming sessions.

June 4, 2026

Derivatives: A reversal signal?

Additional clear signals are still needed to confirm the direction of the next trend. Traders are therefore advised to exercise caution and only re-enter positions once those signals materialize.

June 4, 2026

GAS – Earnings Review – [HOLD] – 1Q26 earnings in line with forecast

1Q26 revenue reached VND38tn (+48% yoy, -13% qoq, ~115% of KIS forecast), driven by strong LNG volume growth. We believe GAS is accelerating international LNG trading, alongside increased imports into Thi Vai terminal to partially replace LPG trading, which has been disrupted by the Gulf conflict. 1Q26 NPAT reached VND2.99tn (+8% yoy, +116% qoq, ~101% of KIS forecast).

June 4, 2026

5M26: Economic landscape turns gloomier as inflation accelerates

Vietnam’s economy continued to expand in May, but the underlying picture became increasingly challenging as the Middle East conflict remained unresolved. Inflation accelerated further, with elevated energy prices gradually spilling over into a broader range of goods and services, pushing up costs across the economy. Trade activity also came under pressure, as rising freight, insurance, and energy import costs contributed to a widening trade deficit. While retail sales continued to grow, part of the increase likely reflected higher prices rather than a meaningful improvement in consumer purchasing power. The main bright spot remained FDI, with both registered and disbursed capital posting strong growth. Overall, the economy is showing clearer signs of strain from persistent geopolitical tensions, and if the Middle East crisis drags on, these pressures could intensify and pose a more meaningful challenge to Vietnam’s growth outlook in the second half of the year.

June 3, 2026

Market commentary: Continued volatility

The market recorded its sixth consecutive losing session, indicating that correction pressure continues to dominate short-term trading activity. Moreover, this prolonged decline reflects persistent investor caution and suggests that the short-term trend remains tilted to the downside.

June 3, 2026

Derivatives: Continued decline

More signals remain necessary to confirm the future trend. Therefore, traders should observe cautiously and only reopen positions when a clear signal appears.

June 3, 2026

KBC – Brief – [NONRATED] – Slow IP Land Handovers in 1Q26

In 1Q26, KBC reported VND1,336bn revenue (-57% yoy, -19% qoq) with a GP landing at VND649bn (-46% yoy, +8% qoq). Net profit came in at VND234bn (-72% yoy, -64% qoq)

June 3, 2026

Market commentary: Liquidity declines

The market remained under correction pressure after establishing a short-term peak. Moreover, the index has gradually fallen below key moving averages, indicating that upward momentum is weakening and suggesting that the market may enter a period of short-term volatility and consolidation to absorb profit-taking pressure.

June 2, 2026

Derivatives: Awaiting further signals

The short-term downtrend received further confirmation following the end-of-week corrective session. Traders may therefore consider re-entering short positions in the next session. However, close attention should be paid to any reversal signals, given that liquidity remains at low levels.

June 2, 2026

ETF Review: Foreign ETFs keep constituent stocks unchanged

The STOXX Vietnam Total Market Liquid Index makes no changes to its constituent stocks in this review; it only updates the stock weights. The new weights will become public on June 5, 2026. We forecast that the MarketVector Vietnam Local Index will not change its constituent stocks in this review. DGC still meets the stock selection criteria of the index, so it remains in the portfolio.

June 2, 2026

Covered warrant: Cautious sentiment

In 22W26, market liquidity recorded its second consecutive weekly decline. Specifically, the trading volume and value of the CWs market recorded 278.2 million CWs/VND257.4bn, down 11.0%/ 36.5%, respectively, WoW.

June 2, 2026

Market Trader: Declining capital flows

By investor group, trading activity from both domestic retail investors and domestic institutional investors decreased in tandem, falling 19.6% and 27.7%, respectively, from the previous week.

June 2, 2026

IDC – Brief – [NONRATED] – 1Q26: Slower IP Handovers Weigh on Core Earnings

In 1Q26, IDC reported VND2,165bn revenue (-6% qoq, +12% yoy, Figure 1) with a GP landing at VND389bn (-45% qoq, -29% yoy, Figure 2). The contraction in high-margin segments (IP) led to a blended GPM compression of 26.2% (-6.6%p qoq, -4.6%p yoy; Figure 3).

June 2, 2026

DGC – Brief – [NONRATED] – 1Q26: Legal violations weigh on earnings

1Q26 revenue declined to VND2,125bn (-24% yoy, -22% qoq, ~77% of KIS forecast). NPAT came in at VND430bn (-49% yoy, -35% qoq, ~91% of KIS forecast). Per our estimation, Phosphorus-equivalent output may have dropped by 20–40% yoy, mainly due to reduced production amid management disruptions and the suspension of DGC’s mining sites for investigation purposes.

June 2, 2026

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Market commentary: Green momentum sustained

June 8, 2026

POW – Earnings Review – [HOLD] – 1Q26 - Earnings surged on margin expansion

In 1Q26, revenue reached VND12,327bn (+50% yoy), supported by a 33% yoy increase in total power production. Growth was mainly driven by gas-fired power

June 8, 2026