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주요 뉴스
Market Trader 2026/08/05: Foreign selling pressure eased
By investor group, both domestic retail investors and domestic institutional investors declined, falling 14.6% and 14.3% WoW, respectively.2026년 8월 5일
![HPG – Brief – [NONRATED] – Continued Growth Momentum](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Fpz2fqll5%2Fhpg.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
HPG – Brief – [NONRATED] – Continued Growth Momentum
Hoa Phat's consolidated FS for 2Q26 recorded revenue and gross profit reaching VND55.2tn (+54% yoy) and VND10.48tn (+59% yoy), respectively. NPAT reached VND6,424bn, up +50.6% yoy.2026년 8월 5일
7M26: Solid growth momentum amid external headwinds
The second half of 2026 began on a positive note despite persistent external uncertainties, as Vietnam’s economic activity maintained solid momentum. Growth was supported by steady retail sales during the peak summer tourism season, accelerating industrial production, and further moderation in CPI inflation driven by sharp drops in domestic fuel prices. On the trade front, the trade deficit widened as import growth outpaced exports. Looking ahead, near-term exports face potential risks from US Section 301 tariff adjustments, while import cost pressures will depend on Middle East geopolitical dynamics. Regarding foreign direct investment, newly registered capital served as the main highlight, expanding to roughly four times the level recorded in the same period last year, which bodes well for sustained disbursement and industrial expansion in the future.2026년 8월 4일
Market commentary 2026/08/04: Positive sentiment returns
With the strong gains recorded last week and early this week, the short-term recovery trend appears to have been confirmed. The index moved above the 10- and 20-period moving averages, which supports this view. However, further confirmation signals remain necessary, as low liquidity indicates that risks persist. Investors should therefore wait and deploy capital only once these confirmation signals appear.2026년 8월 4일
Derivatives 2026/08/04: Low liquidity
Positive signals remain intact, but liquidity has not increased to confirm this trend. Therefore, traders should wait for confirmation signals before opening new positions.2026년 8월 4일
![VCB – Earnings review – [BUY] – Recovery momentum](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Fstudq2db%2Fvcb.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
VCB – Earnings review – [BUY] – Recovery momentum
2Q26 PBT and PAT surged +57.9% YoY and +64.7% YoY to VND17,420bn and VND14,551bn, respectively, driven by robust top-line operating income and a provision reversal. This outperformance exceeded expectations, reaching 127% of KIS’s estimate. 1H26 PBT and PAT reached VND 29,222bn (+33% YoY) and VND24,013bn (+37% YoY), fulfilling 63% of the full-year 2026 guidance.2026년 8월 4일
![GAS – Earnings Review – [HOLD] – 2Q26 earnings exceeded expectation](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Fehgdpf1q%2Fgas.png%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
GAS – Earnings Review – [HOLD] – 2Q26 earnings exceeded expectation
2Q26 revenue reached VND43.0tn (+44% yoy, +14% qoq, ~100% of KIS forecast), driven by (1) sharply higher LNG, LPG and domestic natural gas selling prices amid the Gulf conflict, and (2) GAS recognizing gas sales revenue from the PM3 system following its transfer from PVN. Core NPAT came in at VND5.5tn (+74% yoy, +84% qoq, ~120% of KIS forecast).2026년 8월 4일
![PHR – Brief – [NONRATED] – Land compensation boosted 2Q26](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2F1bkmpumq%2Fphr.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
PHR – Brief – [NONRATED] – Land compensation boosted 2Q26
In 2Q26, PHR reported VND406bn net revenue (-13% QoQ, +11% YoY), gross profit increased to VND140bn (+20% QoQ, +41% YoY). EBT surged 276% YoY to VND453bn as PHR recognized VND266bn in other income, driven primarily by land compensation of (1) VND35.9bn from THACO IP and (2) VND228.4bn from VSIP III2026년 8월 4일
Market commentary 2026/08/03: Market reversal
The market reversed lower following three consecutive strong recovery sessions, while liquidity declined. This suggests that profit-taking pressure has emerged, although selling pressure remained relatively moderate as capital inflows did not increase. Therefore, the current correction may be viewed as a short-term consolidation, and the market will require more time to assess the sustainability of the recovery trend.2026년 8월 3일
Derivatives 2026/08/03: Accumulation phase?
The market shows signs of short-term accumulation, with a corrective session accompanied by declining volume. Accordingly, traders should wait for confirmation signals before opening new positions.2026년 8월 3일
Chart of the day 2026/08/03: A reversal signal?
In this situation, investors may maintain their current equity allocation and wait for additional signals to confirm the next trend before opening further positions.2026년 8월 3일
![HAH – Brief – [NONRATED] – Rate Hikes Lift 2Q26](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Fultaupx0%2Fhah.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
HAH – Brief – [NONRATED] – Rate Hikes Lift 2Q26
In 2Q26, HAH reported VND1,534bn revenue (+21% QoQ, +20% YoY). In particular: shipping revenue reached VND1,502bn (+18% QoQ, +8% YoY), port revenue flattened at VND156bn1 (+1% QoQ, -2% YoY). NPAT-MI came in at VND372bn (+24% QoQ, +3% YoY).2026년 8월 3일
Derivatives 2026/07/31: Bullish sentiment
A short-term pullback may occur given the relatively large gains of recent sessions. Traders should therefore wait for a consolidation phase before opening new positions.2026년 7월 31일
Market commentary 2026/07/31: Extending the uptrend
The market recorded a strong gain alongside increased liquidity, indicating improving buying demand and broad-based capital inflows supporting the index’s upward momentum. In addition, the index’s move back above the 10-period moving average (MA10) is a positive signal, suggesting that the short-term trend is showing signs of improvement.2026년 7월 31일
Covered warrant 2026/07/31: Slight decline in liquidity
During the week, approximately 27 new covered warrants were issued. However, liquidity declined somewhat, while the number of covered warrants that fell in price continued to outnumber those that gained, indicating that trading sentiment in the covered warrant market remained relatively cautious. Meanwhile, the underlying market recorded positive performance, with the index gaining 2.95% during the week.2026년 7월 31일
Derivatives 2026/07/30: Buy signal
Since the signals remain inconsistent despite the recovery in yesterday's session, traders should await additional signals to confirm the next trend.2026년 7월 30일
Market commentary 2026/07/30: Sustained demand
The market is showing signs of recovery following a sharp decline, as improving demand at lower price levels has helped the index maintain its positive momentum. However, liquidity declined during the session, indicating that capital inflows have yet to show broad-based participation and that investor sentiment remains cautious. Therefore, the current recovery still requires further confirmation before the potential formation of a sustainable reversal trend can be assessed.2026년 7월 30일
![CNG – Earnings Review – [HOLD] – 1H26 NPAT returned to positive growth](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Fun3prrle%2Fcng.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
CNG – Earnings Review – [HOLD] – 1H26 NPAT returned to positive growth
2Q26 revenue reached VND1,836bn (+68% yoy, ~84% of KIS forecast). Total gas volume (CNG/LNG/LPG) reached 110mn Sm³ (+30% yoy, 93% of our forecast), NPAT increased 18% yoy to VND44bn (~126% KIS forecast). For 1H26, CNG reported revenue of VND3,027bn (+56% yoy, ~57% of its 2026 target) and NPAT of VND48bn (+25% yoy, 67% of its 2026 target).2026년 7월 30일
Derivatives 2026/07/29: Capital flows return
Given the lack of consistency among signals despite yesterday's recovery, traders should monitor additional signals to confirm the next trend.2026년 7월 29일
Market commentary 2026/07/29: Market recovery
The market staged a recovery as buying interest at lower price levels helped the index regain upward momentum. However, liquidity improved only modestly, indicating that capital inflows have yet to return convincingly. Given the market's recent sharp correction, the current rebound is likely to remain a technical recovery, requiring further confirmation in the coming sessions.2026년 7월 29일
주요 프로모션
Market Trader 2026/08/05: Foreign selling pressure eased
By investor group, both domestic retail investors and domestic institutional investors declined, falling 14.6% and 14.3% WoW, respectively.2026년 8월 5일
HPG – Brief – [NONRATED] – Continued Growth Momentum
Hoa Phat's consolidated FS for 2Q26 recorded revenue and gross profit reaching VND55.2tn (+54% yoy) and VND10.48tn (+59% yoy), respectively. NPAT reached VND6,424bn, up +50.6% yoy.2026년 8월 5일
7M26: Solid growth momentum amid external headwinds
The second half of 2026 began on a positive note despite persistent external uncertainties, as Vietnam’s economic activity maintained solid momentum. Growth was supported by steady retail sales during the peak summer tourism season, accelerating industrial production, and further moderation in CPI inflation driven by sharp drops in domestic fuel prices. On the trade front, the trade deficit widened as import growth outpaced exports. Looking ahead, near-term exports face potential risks from US Section 301 tariff adjustments, while import cost pressures will depend on Middle East geopolitical dynamics. Regarding foreign direct investment, newly registered capital served as the main highlight, expanding to roughly four times the level recorded in the same period last year, which bodes well for sustained disbursement and industrial expansion in the future.2026년 8월 4일
Market commentary 2026/08/04: Positive sentiment returns
With the strong gains recorded last week and early this week, the short-term recovery trend appears to have been confirmed. The index moved above the 10- and 20-period moving averages, which supports this view. However, further confirmation signals remain necessary, as low liquidity indicates that risks persist. Investors should therefore wait and deploy capital only once these confirmation signals appear.2026년 8월 4일
Derivatives 2026/08/04: Low liquidity
Positive signals remain intact, but liquidity has not increased to confirm this trend. Therefore, traders should wait for confirmation signals before opening new positions.2026년 8월 4일
VCB – Earnings review – [BUY] – Recovery momentum
2Q26 PBT and PAT surged +57.9% YoY and +64.7% YoY to VND17,420bn and VND14,551bn, respectively, driven by robust top-line operating income and a provision reversal. This outperformance exceeded expectations, reaching 127% of KIS’s estimate. 1H26 PBT and PAT reached VND 29,222bn (+33% YoY) and VND24,013bn (+37% YoY), fulfilling 63% of the full-year 2026 guidance.2026년 8월 4일
GAS – Earnings Review – [HOLD] – 2Q26 earnings exceeded expectation
2Q26 revenue reached VND43.0tn (+44% yoy, +14% qoq, ~100% of KIS forecast), driven by (1) sharply higher LNG, LPG and domestic natural gas selling prices amid the Gulf conflict, and (2) GAS recognizing gas sales revenue from the PM3 system following its transfer from PVN. Core NPAT came in at VND5.5tn (+74% yoy, +84% qoq, ~120% of KIS forecast).2026년 8월 4일
PHR – Brief – [NONRATED] – Land compensation boosted 2Q26
In 2Q26, PHR reported VND406bn net revenue (-13% QoQ, +11% YoY), gross profit increased to VND140bn (+20% QoQ, +41% YoY). EBT surged 276% YoY to VND453bn as PHR recognized VND266bn in other income, driven primarily by land compensation of (1) VND35.9bn from THACO IP and (2) VND228.4bn from VSIP III2026년 8월 4일
Market commentary 2026/08/03: Market reversal
The market reversed lower following three consecutive strong recovery sessions, while liquidity declined. This suggests that profit-taking pressure has emerged, although selling pressure remained relatively moderate as capital inflows did not increase. Therefore, the current correction may be viewed as a short-term consolidation, and the market will require more time to assess the sustainability of the recovery trend.2026년 8월 3일
Derivatives 2026/08/03: Accumulation phase?
The market shows signs of short-term accumulation, with a corrective session accompanied by declining volume. Accordingly, traders should wait for confirmation signals before opening new positions.2026년 8월 3일
Chart of the day 2026/08/03: A reversal signal?
In this situation, investors may maintain their current equity allocation and wait for additional signals to confirm the next trend before opening further positions.2026년 8월 3일
HAH – Brief – [NONRATED] – Rate Hikes Lift 2Q26
In 2Q26, HAH reported VND1,534bn revenue (+21% QoQ, +20% YoY). In particular: shipping revenue reached VND1,502bn (+18% QoQ, +8% YoY), port revenue flattened at VND156bn1 (+1% QoQ, -2% YoY). NPAT-MI came in at VND372bn (+24% QoQ, +3% YoY).2026년 8월 3일
Derivatives 2026/07/31: Bullish sentiment
A short-term pullback may occur given the relatively large gains of recent sessions. Traders should therefore wait for a consolidation phase before opening new positions.2026년 7월 31일
Market commentary 2026/07/31: Extending the uptrend
The market recorded a strong gain alongside increased liquidity, indicating improving buying demand and broad-based capital inflows supporting the index’s upward momentum. In addition, the index’s move back above the 10-period moving average (MA10) is a positive signal, suggesting that the short-term trend is showing signs of improvement.2026년 7월 31일
Covered warrant 2026/07/31: Slight decline in liquidity
During the week, approximately 27 new covered warrants were issued. However, liquidity declined somewhat, while the number of covered warrants that fell in price continued to outnumber those that gained, indicating that trading sentiment in the covered warrant market remained relatively cautious. Meanwhile, the underlying market recorded positive performance, with the index gaining 2.95% during the week.2026년 7월 31일
Derivatives 2026/07/30: Buy signal
Since the signals remain inconsistent despite the recovery in yesterday's session, traders should await additional signals to confirm the next trend.2026년 7월 30일
Market commentary 2026/07/30: Sustained demand
The market is showing signs of recovery following a sharp decline, as improving demand at lower price levels has helped the index maintain its positive momentum. However, liquidity declined during the session, indicating that capital inflows have yet to show broad-based participation and that investor sentiment remains cautious. Therefore, the current recovery still requires further confirmation before the potential formation of a sustainable reversal trend can be assessed.2026년 7월 30일
CNG – Earnings Review – [HOLD] – 1H26 NPAT returned to positive growth
2Q26 revenue reached VND1,836bn (+68% yoy, ~84% of KIS forecast). Total gas volume (CNG/LNG/LPG) reached 110mn Sm³ (+30% yoy, 93% of our forecast), NPAT increased 18% yoy to VND44bn (~126% KIS forecast). For 1H26, CNG reported revenue of VND3,027bn (+56% yoy, ~57% of its 2026 target) and NPAT of VND48bn (+25% yoy, 67% of its 2026 target).2026년 7월 30일
Derivatives 2026/07/29: Capital flows return
Given the lack of consistency among signals despite yesterday's recovery, traders should monitor additional signals to confirm the next trend.2026년 7월 29일
Market commentary 2026/07/29: Market recovery
The market staged a recovery as buying interest at lower price levels helped the index regain upward momentum. However, liquidity improved only modestly, indicating that capital inflows have yet to return convincingly. Given the market's recent sharp correction, the current rebound is likely to remain a technical recovery, requiring further confirmation in the coming sessions.2026년 7월 29일
주요 뉴스
Market Trader 2026/08/05: Foreign selling pressure eased
By investor group, both domestic retail investors and domestic institutional investors declined, falling 14.6% and 14.3% WoW, respectively.2026년 8월 5일
HPG – Brief – [NONRATED] – Continued Growth Momentum
Hoa Phat's consolidated FS for 2Q26 recorded revenue and gross profit reaching VND55.2tn (+54% yoy) and VND10.48tn (+59% yoy), respectively. NPAT reached VND6,424bn, up +50.6% yoy.2026년 8월 5일
7M26: Solid growth momentum amid external headwinds
The second half of 2026 began on a positive note despite persistent external uncertainties, as Vietnam’s economic activity maintained solid momentum. Growth was supported by steady retail sales during the peak summer tourism season, accelerating industrial production, and further moderation in CPI inflation driven by sharp drops in domestic fuel prices. On the trade front, the trade deficit widened as import growth outpaced exports. Looking ahead, near-term exports face potential risks from US Section 301 tariff adjustments, while import cost pressures will depend on Middle East geopolitical dynamics. Regarding foreign direct investment, newly registered capital served as the main highlight, expanding to roughly four times the level recorded in the same period last year, which bodes well for sustained disbursement and industrial expansion in the future.2026년 8월 4일
Market commentary 2026/08/04: Positive sentiment returns
With the strong gains recorded last week and early this week, the short-term recovery trend appears to have been confirmed. The index moved above the 10- and 20-period moving averages, which supports this view. However, further confirmation signals remain necessary, as low liquidity indicates that risks persist. Investors should therefore wait and deploy capital only once these confirmation signals appear.2026년 8월 4일
Derivatives 2026/08/04: Low liquidity
Positive signals remain intact, but liquidity has not increased to confirm this trend. Therefore, traders should wait for confirmation signals before opening new positions.2026년 8월 4일
VCB – Earnings review – [BUY] – Recovery momentum
2Q26 PBT and PAT surged +57.9% YoY and +64.7% YoY to VND17,420bn and VND14,551bn, respectively, driven by robust top-line operating income and a provision reversal. This outperformance exceeded expectations, reaching 127% of KIS’s estimate. 1H26 PBT and PAT reached VND 29,222bn (+33% YoY) and VND24,013bn (+37% YoY), fulfilling 63% of the full-year 2026 guidance.2026년 8월 4일
GAS – Earnings Review – [HOLD] – 2Q26 earnings exceeded expectation
2Q26 revenue reached VND43.0tn (+44% yoy, +14% qoq, ~100% of KIS forecast), driven by (1) sharply higher LNG, LPG and domestic natural gas selling prices amid the Gulf conflict, and (2) GAS recognizing gas sales revenue from the PM3 system following its transfer from PVN. Core NPAT came in at VND5.5tn (+74% yoy, +84% qoq, ~120% of KIS forecast).2026년 8월 4일
PHR – Brief – [NONRATED] – Land compensation boosted 2Q26
In 2Q26, PHR reported VND406bn net revenue (-13% QoQ, +11% YoY), gross profit increased to VND140bn (+20% QoQ, +41% YoY). EBT surged 276% YoY to VND453bn as PHR recognized VND266bn in other income, driven primarily by land compensation of (1) VND35.9bn from THACO IP and (2) VND228.4bn from VSIP III2026년 8월 4일
Market commentary 2026/08/03: Market reversal
The market reversed lower following three consecutive strong recovery sessions, while liquidity declined. This suggests that profit-taking pressure has emerged, although selling pressure remained relatively moderate as capital inflows did not increase. Therefore, the current correction may be viewed as a short-term consolidation, and the market will require more time to assess the sustainability of the recovery trend.2026년 8월 3일
Derivatives 2026/08/03: Accumulation phase?
The market shows signs of short-term accumulation, with a corrective session accompanied by declining volume. Accordingly, traders should wait for confirmation signals before opening new positions.2026년 8월 3일
Chart of the day 2026/08/03: A reversal signal?
In this situation, investors may maintain their current equity allocation and wait for additional signals to confirm the next trend before opening further positions.2026년 8월 3일
HAH – Brief – [NONRATED] – Rate Hikes Lift 2Q26
In 2Q26, HAH reported VND1,534bn revenue (+21% QoQ, +20% YoY). In particular: shipping revenue reached VND1,502bn (+18% QoQ, +8% YoY), port revenue flattened at VND156bn1 (+1% QoQ, -2% YoY). NPAT-MI came in at VND372bn (+24% QoQ, +3% YoY).2026년 8월 3일
Derivatives 2026/07/31: Bullish sentiment
A short-term pullback may occur given the relatively large gains of recent sessions. Traders should therefore wait for a consolidation phase before opening new positions.2026년 7월 31일
Market commentary 2026/07/31: Extending the uptrend
The market recorded a strong gain alongside increased liquidity, indicating improving buying demand and broad-based capital inflows supporting the index’s upward momentum. In addition, the index’s move back above the 10-period moving average (MA10) is a positive signal, suggesting that the short-term trend is showing signs of improvement.2026년 7월 31일
Covered warrant 2026/07/31: Slight decline in liquidity
During the week, approximately 27 new covered warrants were issued. However, liquidity declined somewhat, while the number of covered warrants that fell in price continued to outnumber those that gained, indicating that trading sentiment in the covered warrant market remained relatively cautious. Meanwhile, the underlying market recorded positive performance, with the index gaining 2.95% during the week.2026년 7월 31일
Derivatives 2026/07/30: Buy signal
Since the signals remain inconsistent despite the recovery in yesterday's session, traders should await additional signals to confirm the next trend.2026년 7월 30일
Market commentary 2026/07/30: Sustained demand
The market is showing signs of recovery following a sharp decline, as improving demand at lower price levels has helped the index maintain its positive momentum. However, liquidity declined during the session, indicating that capital inflows have yet to show broad-based participation and that investor sentiment remains cautious. Therefore, the current recovery still requires further confirmation before the potential formation of a sustainable reversal trend can be assessed.2026년 7월 30일
CNG – Earnings Review – [HOLD] – 1H26 NPAT returned to positive growth
2Q26 revenue reached VND1,836bn (+68% yoy, ~84% of KIS forecast). Total gas volume (CNG/LNG/LPG) reached 110mn Sm³ (+30% yoy, 93% of our forecast), NPAT increased 18% yoy to VND44bn (~126% KIS forecast). For 1H26, CNG reported revenue of VND3,027bn (+56% yoy, ~57% of its 2026 target) and NPAT of VND48bn (+25% yoy, 67% of its 2026 target).2026년 7월 30일
Derivatives 2026/07/29: Capital flows return
Given the lack of consistency among signals despite yesterday's recovery, traders should monitor additional signals to confirm the next trend.2026년 7월 29일
Market commentary 2026/07/29: Market recovery
The market staged a recovery as buying interest at lower price levels helped the index regain upward momentum. However, liquidity improved only modestly, indicating that capital inflows have yet to return convincingly. Given the market's recent sharp correction, the current rebound is likely to remain a technical recovery, requiring further confirmation in the coming sessions.2026년 7월 29일
주요 프로모션
Market Trader 2026/08/05: Foreign selling pressure eased
By investor group, both domestic retail investors and domestic institutional investors declined, falling 14.6% and 14.3% WoW, respectively.2026년 8월 5일
HPG – Brief – [NONRATED] – Continued Growth Momentum
Hoa Phat's consolidated FS for 2Q26 recorded revenue and gross profit reaching VND55.2tn (+54% yoy) and VND10.48tn (+59% yoy), respectively. NPAT reached VND6,424bn, up +50.6% yoy.2026년 8월 5일
7M26: Solid growth momentum amid external headwinds
The second half of 2026 began on a positive note despite persistent external uncertainties, as Vietnam’s economic activity maintained solid momentum. Growth was supported by steady retail sales during the peak summer tourism season, accelerating industrial production, and further moderation in CPI inflation driven by sharp drops in domestic fuel prices. On the trade front, the trade deficit widened as import growth outpaced exports. Looking ahead, near-term exports face potential risks from US Section 301 tariff adjustments, while import cost pressures will depend on Middle East geopolitical dynamics. Regarding foreign direct investment, newly registered capital served as the main highlight, expanding to roughly four times the level recorded in the same period last year, which bodes well for sustained disbursement and industrial expansion in the future.2026년 8월 4일
Market commentary 2026/08/04: Positive sentiment returns
With the strong gains recorded last week and early this week, the short-term recovery trend appears to have been confirmed. The index moved above the 10- and 20-period moving averages, which supports this view. However, further confirmation signals remain necessary, as low liquidity indicates that risks persist. Investors should therefore wait and deploy capital only once these confirmation signals appear.2026년 8월 4일
Derivatives 2026/08/04: Low liquidity
Positive signals remain intact, but liquidity has not increased to confirm this trend. Therefore, traders should wait for confirmation signals before opening new positions.2026년 8월 4일
VCB – Earnings review – [BUY] – Recovery momentum
2Q26 PBT and PAT surged +57.9% YoY and +64.7% YoY to VND17,420bn and VND14,551bn, respectively, driven by robust top-line operating income and a provision reversal. This outperformance exceeded expectations, reaching 127% of KIS’s estimate. 1H26 PBT and PAT reached VND 29,222bn (+33% YoY) and VND24,013bn (+37% YoY), fulfilling 63% of the full-year 2026 guidance.2026년 8월 4일
GAS – Earnings Review – [HOLD] – 2Q26 earnings exceeded expectation
2Q26 revenue reached VND43.0tn (+44% yoy, +14% qoq, ~100% of KIS forecast), driven by (1) sharply higher LNG, LPG and domestic natural gas selling prices amid the Gulf conflict, and (2) GAS recognizing gas sales revenue from the PM3 system following its transfer from PVN. Core NPAT came in at VND5.5tn (+74% yoy, +84% qoq, ~120% of KIS forecast).2026년 8월 4일
PHR – Brief – [NONRATED] – Land compensation boosted 2Q26
In 2Q26, PHR reported VND406bn net revenue (-13% QoQ, +11% YoY), gross profit increased to VND140bn (+20% QoQ, +41% YoY). EBT surged 276% YoY to VND453bn as PHR recognized VND266bn in other income, driven primarily by land compensation of (1) VND35.9bn from THACO IP and (2) VND228.4bn from VSIP III2026년 8월 4일
Market commentary 2026/08/03: Market reversal
The market reversed lower following three consecutive strong recovery sessions, while liquidity declined. This suggests that profit-taking pressure has emerged, although selling pressure remained relatively moderate as capital inflows did not increase. Therefore, the current correction may be viewed as a short-term consolidation, and the market will require more time to assess the sustainability of the recovery trend.2026년 8월 3일
Derivatives 2026/08/03: Accumulation phase?
The market shows signs of short-term accumulation, with a corrective session accompanied by declining volume. Accordingly, traders should wait for confirmation signals before opening new positions.2026년 8월 3일
Chart of the day 2026/08/03: A reversal signal?
In this situation, investors may maintain their current equity allocation and wait for additional signals to confirm the next trend before opening further positions.2026년 8월 3일
HAH – Brief – [NONRATED] – Rate Hikes Lift 2Q26
In 2Q26, HAH reported VND1,534bn revenue (+21% QoQ, +20% YoY). In particular: shipping revenue reached VND1,502bn (+18% QoQ, +8% YoY), port revenue flattened at VND156bn1 (+1% QoQ, -2% YoY). NPAT-MI came in at VND372bn (+24% QoQ, +3% YoY).2026년 8월 3일
Derivatives 2026/07/31: Bullish sentiment
A short-term pullback may occur given the relatively large gains of recent sessions. Traders should therefore wait for a consolidation phase before opening new positions.2026년 7월 31일
Market commentary 2026/07/31: Extending the uptrend
The market recorded a strong gain alongside increased liquidity, indicating improving buying demand and broad-based capital inflows supporting the index’s upward momentum. In addition, the index’s move back above the 10-period moving average (MA10) is a positive signal, suggesting that the short-term trend is showing signs of improvement.2026년 7월 31일
Covered warrant 2026/07/31: Slight decline in liquidity
During the week, approximately 27 new covered warrants were issued. However, liquidity declined somewhat, while the number of covered warrants that fell in price continued to outnumber those that gained, indicating that trading sentiment in the covered warrant market remained relatively cautious. Meanwhile, the underlying market recorded positive performance, with the index gaining 2.95% during the week.2026년 7월 31일
Derivatives 2026/07/30: Buy signal
Since the signals remain inconsistent despite the recovery in yesterday's session, traders should await additional signals to confirm the next trend.2026년 7월 30일
Market commentary 2026/07/30: Sustained demand
The market is showing signs of recovery following a sharp decline, as improving demand at lower price levels has helped the index maintain its positive momentum. However, liquidity declined during the session, indicating that capital inflows have yet to show broad-based participation and that investor sentiment remains cautious. Therefore, the current recovery still requires further confirmation before the potential formation of a sustainable reversal trend can be assessed.2026년 7월 30일
CNG – Earnings Review – [HOLD] – 1H26 NPAT returned to positive growth
2Q26 revenue reached VND1,836bn (+68% yoy, ~84% of KIS forecast). Total gas volume (CNG/LNG/LPG) reached 110mn Sm³ (+30% yoy, 93% of our forecast), NPAT increased 18% yoy to VND44bn (~126% KIS forecast). For 1H26, CNG reported revenue of VND3,027bn (+56% yoy, ~57% of its 2026 target) and NPAT of VND48bn (+25% yoy, 67% of its 2026 target).2026년 7월 30일
Derivatives 2026/07/29: Capital flows return
Given the lack of consistency among signals despite yesterday's recovery, traders should monitor additional signals to confirm the next trend.2026년 7월 29일
Market commentary 2026/07/29: Market recovery
The market staged a recovery as buying interest at lower price levels helped the index regain upward momentum. However, liquidity improved only modestly, indicating that capital inflows have yet to return convincingly. Given the market's recent sharp correction, the current rebound is likely to remain a technical recovery, requiring further confirmation in the coming sessions.2026년 7월 29일