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주요 뉴스
Derivatives 2026/09/07: Awaiting the next signal
The signals remain inconsistent due to the impact of the extended holiday. Traders should therefore monitor the market cautiously and wait for further technical signals before opening new positions.2026년 9월 7일
Market commentary 2026/09/07: Demand returns
The market posted solid gains as buying demand spread broadly, particularly among large-cap stocks, providing key support for the index’s advance. This development indicates that trading sentiment remains positive and the short-term uptrend remains intact.2026년 9월 7일
35W26: SBV ramps up net injection ahead of the holiday
During 35W26, interbank rates spiked across maturities amid higher trading turnover, reflecting heightened cash demand ahead of the extended holiday. In response, the SBV significantly stepped up its net liquidity injection through OMOs to ease funding pressures across the banking system. On the FX front, USDVND continued to decline despite a stronger US dollar, which was supported by hawkish Fed remarks and escalating geopolitical tensions. The VND’s relative strength was partly supported by foreign investors turning net buyers in the equity market.2026년 9월 4일
![PLX – Earnings Review – [HOLD] – 2Q26: Earnings came in stronger than expected](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Fu1bp02to%2Fplx-20.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
PLX – Earnings Review – [HOLD] – 2Q26: Earnings came in stronger than expected
2Q26 revenue reached VND136tn (+78% yoy, +38% qoq, ~120% of KIS forecast). Operating profit and NPAT reached VND3.26tn (+135% yoy) and VND3.05tn (+114% yoy), respectively, mainly driven by the positive impact of provision reversals.2026년 9월 4일
8M26: Steady expansion amid external headwinds
Vietnam’s economy maintained firm momentum in August. On the positive front, industrial production expanded vigorously, while retail sales accelerated on surging hospitality demand ahead of the National Day festivities. In terms of improvements, the trade deficit narrowed sharply toward near-balance as import pressures eased, and additional FDI capital rebounded to cushion an overall slowdown in inflows. Conversely, headwinds resurfaced as consumer inflation jumped following higher fuel prices, accompanied by softer export orders amid lingering geopolitical tensions.2026년 9월 4일
Covered warrant 2026/09/04: Liquidity increased
During the past week, liquidity in the covered warrant market improved. However, declining warrants continued to outnumber gainers, indicating that price performance remained relatively weak. In contrast, the underlying market maintained strong upward momentum, gaining 3.6% for the week, suggesting that the performance of the two markets has yet to show clear alignment.2026년 9월 4일
Market Traders 2026/09/04: Foreign investors reversed to net buying
By investor group, trading activity among both domestic retail and institutional investors increased, rising 24.5% and 25.2%, respectively, compared with the previous week.2026년 9월 4일
Derivatives 2026/09/04: Caution after the holiday
The impact of the long holiday has caused the uptrend to stall. Traders should therefore monitor the market cautiously and wait for further technical signals before they open new positions.2026년 9월 4일
Market commentary 2026/09/04: Absorbing selling pressure
The market closed lower, mainly due to selling pressure on large-cap stocks, which weighed on the overall index. However, the index remained above its key moving averages, suggesting that the short-term uptrend has not been broken and remains intact.2026년 9월 4일
![KBC – Brief – [NONRATED] – Sluggish IP Segment Drag 2Q26 Earnings](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Ftbcm5lxq%2Fkbc.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
KBC – Brief – [NONRATED] – Sluggish IP Segment Drag 2Q26 Earnings
In 2Q26, KBC reported net revenue of VND589bn (+2% yoy, -56% qoq) with GP landing at VND200bn (-66% yoy, -69% qoq). IP revenue plunged to VND96bn (-87% qoq, 80% yoy). Interest expenses jumped 193% yoy to VND289bn, while corporate income tax expenses surged sharply as interest expenses exceeding 30% of EBITDA were non-tax-deductible under Decree 132/2020. NPAT plunged 91% yoy (-85% qoq) to VND34bn.2026년 9월 3일
![HDG – Brief – [NONRATED] – 2Q26: Earnings improved on a low base](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Fhkmm1hvy%2Fhdg.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
HDG – Brief – [NONRATED] – 2Q26: Earnings improved on a low base
In 2Q26, revenue reached VND486bn (-17% yoy). The result was mainly supported by the service and property leasing segment. Gross profit reached VND280bn (+10% yoy), with the gross margin improving to 57.6% (+14.1%p yoy). As a result, NPAT reached VND103bn (+206% yoy), exceeding KIS's forecast by VND45bn, mainly driven by (i) the factors discussed above; (ii) the improvement in gross margin.2026년 9월 3일
![BAF – Brief – [NONRATED] – 2Q26: Operating Pressures Persist](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Fvgofzwl3%2Fbaf.png%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
BAF – Brief – [NONRATED] – 2Q26: Operating Pressures Persist
In 2Q26, BAF recorded revenue of VND2,137bn, up 54.0% YoY and 21.3% QoQ. This growth was driven by: BAF's average selling price during the period was VND69,500/kg of live hogs, -11% YoY or -1% QoQ; Volume reached nearly 293,000 heads in 2Q26, up almost 72% YoY.2026년 9월 3일
![HDB – Brief – [NONRATED] – 2Q26: Lower Provision Expenses Drive Earnings](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Ff4qd3syn%2Fhdb.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
HDB – Brief – [NONRATED] – 2Q26: Lower Provision Expenses Drive Earnings
2Q26 PAT surged +58% YoY to VND5,798bn, driven by reduced risk provision expenses (-38%yoy) and a moderate growth of operating incomes (+9.4%yoy). 1H26 PBT and PAT rose +31% YoY to VND 13,202bn and +33% YoY to VND 10,700bn, respectively, completing 44% of the full-year 2026 target.2026년 9월 3일
Derivatives 2026/09/03: Liquidity declines
The uptrend is confirmed in the short term, but the extended holiday may give rise to unusual market movements. Investors should therefore monitor the market carefully and reopen positions after the holiday.2026년 9월 3일
Market commentary 2026/09/03: Upward momentum pauses
After five consecutive gaining sessions, selling pressure returned as investors became somewhat cautious ahead of the extended holiday. Nevertheless, strong buying demand in the afternoon absorbed the selling pressure, helping the index recover and close in positive territory. This suggests that upward momentum remains intact, allowing the short-term uptrend to remain in place.2026년 9월 3일
Chart of the day 2026/09/03: Uptrend confirmed
The uptrend may slow this week under the influence of the holiday, but the primary upward trend remains unchanged. Investors may therefore wait for positive signals to emerge before opening additional positions.2026년 9월 3일
Market commentary 2026/08/28: Maintaining upward momentum
The market recorded its fifth consecutive gaining session, indicating that the upward momentum remains intact. In addition, the index's ability to stay above its key moving averages suggests that the short-term uptrend remains well supported. Therefore, investors may consider initiating positions in their portfolios.2026년 8월 28일
Derivatives 2026/08/28: Uptrend maintained
The trend has been confirmed in the short term, but the extended holiday may give rise to unusual market movements. Investors should therefore monitor the market cautiously and reopen positions after the holiday.2026년 8월 28일
ETF review: Selling pressure on VIC
We forecast that the ETFs - namely the VanEck Vietnam ETF, the Xtrackers Vietnam Swap UCITS ETF and the Fubon FTSE Vietnam ETF - may sell VCK and VIC heavily, with volumes of 15.4 million shares and 9.9 million shares respectively. On the buy side, HPG, SSB and TPB may see the largest inflows, with volumes of 27.2 million, 12.5 million and 10.9 million shares respectively.2026년 8월 27일
Market commentary 2026/08/27: Breaking above the 1,800-point threshold
The market extended its winning streak to a fourth consecutive session and successfully broke above the 1,800-point threshold. This development suggests that the short-term uptrend has resumed, opening the possibility for the index to move toward higher levels in the coming sessions.2026년 8월 27일
주요 프로모션
Derivatives 2026/09/07: Awaiting the next signal
The signals remain inconsistent due to the impact of the extended holiday. Traders should therefore monitor the market cautiously and wait for further technical signals before opening new positions.2026년 9월 7일
Market commentary 2026/09/07: Demand returns
The market posted solid gains as buying demand spread broadly, particularly among large-cap stocks, providing key support for the index’s advance. This development indicates that trading sentiment remains positive and the short-term uptrend remains intact.2026년 9월 7일
35W26: SBV ramps up net injection ahead of the holiday
During 35W26, interbank rates spiked across maturities amid higher trading turnover, reflecting heightened cash demand ahead of the extended holiday. In response, the SBV significantly stepped up its net liquidity injection through OMOs to ease funding pressures across the banking system. On the FX front, USDVND continued to decline despite a stronger US dollar, which was supported by hawkish Fed remarks and escalating geopolitical tensions. The VND’s relative strength was partly supported by foreign investors turning net buyers in the equity market.2026년 9월 4일
PLX – Earnings Review – [HOLD] – 2Q26: Earnings came in stronger than expected
2Q26 revenue reached VND136tn (+78% yoy, +38% qoq, ~120% of KIS forecast). Operating profit and NPAT reached VND3.26tn (+135% yoy) and VND3.05tn (+114% yoy), respectively, mainly driven by the positive impact of provision reversals.2026년 9월 4일
8M26: Steady expansion amid external headwinds
Vietnam’s economy maintained firm momentum in August. On the positive front, industrial production expanded vigorously, while retail sales accelerated on surging hospitality demand ahead of the National Day festivities. In terms of improvements, the trade deficit narrowed sharply toward near-balance as import pressures eased, and additional FDI capital rebounded to cushion an overall slowdown in inflows. Conversely, headwinds resurfaced as consumer inflation jumped following higher fuel prices, accompanied by softer export orders amid lingering geopolitical tensions.2026년 9월 4일
Covered warrant 2026/09/04: Liquidity increased
During the past week, liquidity in the covered warrant market improved. However, declining warrants continued to outnumber gainers, indicating that price performance remained relatively weak. In contrast, the underlying market maintained strong upward momentum, gaining 3.6% for the week, suggesting that the performance of the two markets has yet to show clear alignment.2026년 9월 4일
Market Traders 2026/09/04: Foreign investors reversed to net buying
By investor group, trading activity among both domestic retail and institutional investors increased, rising 24.5% and 25.2%, respectively, compared with the previous week.2026년 9월 4일
Derivatives 2026/09/04: Caution after the holiday
The impact of the long holiday has caused the uptrend to stall. Traders should therefore monitor the market cautiously and wait for further technical signals before they open new positions.2026년 9월 4일
Market commentary 2026/09/04: Absorbing selling pressure
The market closed lower, mainly due to selling pressure on large-cap stocks, which weighed on the overall index. However, the index remained above its key moving averages, suggesting that the short-term uptrend has not been broken and remains intact.2026년 9월 4일
KBC – Brief – [NONRATED] – Sluggish IP Segment Drag 2Q26 Earnings
In 2Q26, KBC reported net revenue of VND589bn (+2% yoy, -56% qoq) with GP landing at VND200bn (-66% yoy, -69% qoq). IP revenue plunged to VND96bn (-87% qoq, 80% yoy). Interest expenses jumped 193% yoy to VND289bn, while corporate income tax expenses surged sharply as interest expenses exceeding 30% of EBITDA were non-tax-deductible under Decree 132/2020. NPAT plunged 91% yoy (-85% qoq) to VND34bn.2026년 9월 3일
HDG – Brief – [NONRATED] – 2Q26: Earnings improved on a low base
In 2Q26, revenue reached VND486bn (-17% yoy). The result was mainly supported by the service and property leasing segment. Gross profit reached VND280bn (+10% yoy), with the gross margin improving to 57.6% (+14.1%p yoy). As a result, NPAT reached VND103bn (+206% yoy), exceeding KIS's forecast by VND45bn, mainly driven by (i) the factors discussed above; (ii) the improvement in gross margin.2026년 9월 3일
BAF – Brief – [NONRATED] – 2Q26: Operating Pressures Persist
In 2Q26, BAF recorded revenue of VND2,137bn, up 54.0% YoY and 21.3% QoQ. This growth was driven by: BAF's average selling price during the period was VND69,500/kg of live hogs, -11% YoY or -1% QoQ; Volume reached nearly 293,000 heads in 2Q26, up almost 72% YoY.2026년 9월 3일
HDB – Brief – [NONRATED] – 2Q26: Lower Provision Expenses Drive Earnings
2Q26 PAT surged +58% YoY to VND5,798bn, driven by reduced risk provision expenses (-38%yoy) and a moderate growth of operating incomes (+9.4%yoy). 1H26 PBT and PAT rose +31% YoY to VND 13,202bn and +33% YoY to VND 10,700bn, respectively, completing 44% of the full-year 2026 target.2026년 9월 3일
Derivatives 2026/09/03: Liquidity declines
The uptrend is confirmed in the short term, but the extended holiday may give rise to unusual market movements. Investors should therefore monitor the market carefully and reopen positions after the holiday.2026년 9월 3일
Market commentary 2026/09/03: Upward momentum pauses
After five consecutive gaining sessions, selling pressure returned as investors became somewhat cautious ahead of the extended holiday. Nevertheless, strong buying demand in the afternoon absorbed the selling pressure, helping the index recover and close in positive territory. This suggests that upward momentum remains intact, allowing the short-term uptrend to remain in place.2026년 9월 3일
Chart of the day 2026/09/03: Uptrend confirmed
The uptrend may slow this week under the influence of the holiday, but the primary upward trend remains unchanged. Investors may therefore wait for positive signals to emerge before opening additional positions.2026년 9월 3일
Market commentary 2026/08/28: Maintaining upward momentum
The market recorded its fifth consecutive gaining session, indicating that the upward momentum remains intact. In addition, the index's ability to stay above its key moving averages suggests that the short-term uptrend remains well supported. Therefore, investors may consider initiating positions in their portfolios.2026년 8월 28일
Derivatives 2026/08/28: Uptrend maintained
The trend has been confirmed in the short term, but the extended holiday may give rise to unusual market movements. Investors should therefore monitor the market cautiously and reopen positions after the holiday.2026년 8월 28일
ETF review: Selling pressure on VIC
We forecast that the ETFs - namely the VanEck Vietnam ETF, the Xtrackers Vietnam Swap UCITS ETF and the Fubon FTSE Vietnam ETF - may sell VCK and VIC heavily, with volumes of 15.4 million shares and 9.9 million shares respectively. On the buy side, HPG, SSB and TPB may see the largest inflows, with volumes of 27.2 million, 12.5 million and 10.9 million shares respectively.2026년 8월 27일
Market commentary 2026/08/27: Breaking above the 1,800-point threshold
The market extended its winning streak to a fourth consecutive session and successfully broke above the 1,800-point threshold. This development suggests that the short-term uptrend has resumed, opening the possibility for the index to move toward higher levels in the coming sessions.2026년 8월 27일