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![QTP – earnings review – [BUY] – 2Q26: Earnings remain stable](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2F5jypzehd%2Fqtp.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
QTP – earnings review – [BUY] – 2Q26: Earnings remain stable
2Q26 revenue reached VND3,624bn (+27% yoy), driven by an estimated 5% yoy increase in production amid robust electricity demand (+13% yoy) and a 21% yoy increase in the average selling price. Gross profit rose to VND419bn (+57% yoy), with the gross margin improving to 11.6% (+2.3%p yoy), supported by lower depreciation expenses (-24% yoy) and an improvement in the heat rate. As a result, NPAT reached VND326bn (+70% yoy, ~108% of our forecast, figure 4), driven by (i) stronger gross margins and (ii) the completion of debt repayment.29 tháng 7, 2026
![ACB – Brief – [NONRATED] – 2Q26 Rising provisions and non-core slump](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Fm05ec3qy%2Facb.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
ACB – Brief – [NONRATED] – 2Q26 Rising provisions and non-core slump
2Q26 PBT fell -11.9% YoY to VND5,367bn, dragged down by underperforming investment & FX activities, sluggish bad-debt recovery, and rising provision expenses. This performance fell short of our expectation. 1H26 PBT reached VND 10,735bn (+0.4% YoY), fulfilling 48% of the full-year 2026 target.29 tháng 7, 2026
Market commentary 2026/07/28: Persistent selling pressure
The market extended its decline, indicating that buying demand remained insufficient to improve overall market performance. In addition, the short-term trend continued to point downward, suggesting that the market is likely to remain under correction pressure in the coming sessions.28 tháng 7, 2026
Derivatives 2026/07/28: Late-session pressure
The downtrend has been confirmed in the short term. Traders may therefore reopen short positions in the next session.28 tháng 7, 2026
Covered warrant 2026/07/28: Remain cautious
During the week, the covered warrant market remained tilted toward the downside, with the number of declining covered warrants exceeding the number of gainers. Meanwhile, the underlying market also posted weak performance, with the benchmark index plunging nearly 5.7% alongside higher liquidity, indicating that selling pressure remained dominant.28 tháng 7, 2026
Market Trader 2026/07/28: Foreign investors maintained strong net selling
By investor group, both domestic retail investors and domestic institutional investors recorded stronger trading activity, with trading value increasing 21.9% and 18.2% WoW, respectively.28 tháng 7, 2026
![DGC – Brief – [NONRATED] – 2Q26: Revenue and earnings in line with expectations](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Fqbzhcuvq%2Fdgc-1-1.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
DGC – Brief – [NONRATED] – 2Q26: Revenue and earnings in line with expectations
2Q26 revenue declined to VND2,415bn (-17% yoy, +14% qoq, ~112% of KIS forecast). NPAT came in at VND441bn (-51% yoy, +2% qoq, ~109% of KIS forecast). In its recently released 2026 AGM materials, DGC targets 2026 revenue and NPAT to drop by 10% yoy and 50% yoy, respectively.28 tháng 7, 2026
30W26: Short-term interbank rates extend drop
In 30W26, the SBV persisted with its net liquidity extraction via open market operations as banking system liquidity continued to improve. Short-term interbank rates maintained their downward trajectory, signaling easing short-term funding pressures following the implementation of new liquidity ratio regulations, whereas longer maturities remained anchored at higher levels. On the FX front, the domestic USDVND exchange rate advanced for a second straight week, rising 0.13% WoW to 26,324 under the combined pressure of persistent foreign equity selling and a resilient global greenback fueled by Middle East geopolitical risks.27 tháng 7, 2026
Chart of the day 2026/07/27: Downward momentum slows
Further signals warrant observation to confirm the next trend, as several reversal signals have emerged. Until then, investors should maintain their equity exposure at a safe level.27 tháng 7, 2026
Market commentary 2026/07/27: Downtrend?
Although the downward momentum has slowed somewhat, correction risk remains, as the market has repeatedly formed new lows in recent sessions. Investors should therefore stay cautious, maintain their equity exposure at a safe level, and await further reversal signals.27 tháng 7, 2026
Derivatives 2026/07/27: Awaiting a reversal signal
The signals lack consistency, even as a reversal signal has emerged. Investors should therefore remain cautious and wait for confirmation before opening new positions.27 tháng 7, 2026
Market commentary 2026/07/24: A reversal signal?
Despite the recovery and the elevated liquidity seen over the past two sessions, correction risk remains, as the market has repeatedly formed new lows in recent weeks. This suggests the downtrend may extend further and that yesterday's rebound could prove to be no more than a technical bounce. Investors should therefore remain cautious, keep equity exposure at a safe level, and await further confirmation of a reversal.24 tháng 7, 2026
Derivatives 2026/07/24: Liquidity stays elevated
The signals lack consensus, even as a reversal signal has emerged. Traders should therefore stay cautious and wait for confirmation before reopening new positions.24 tháng 7, 2026
![PVB – Brief – [NON-RATED] – 2Q26: Growth driven by Block B – O Mon workload](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Fk4fh2gzo%2Fpvb.png%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
PVB – Brief – [NON-RATED] – 2Q26: Growth driven by Block B – O Mon workload
In 1H26, PVB reported revenue of VND737bn (+216% yoy, ~66% of its full-year target) and NPAT of VND56.9bn (+227% yoy, ~89% of its full-year target).24 tháng 7, 2026
Market commentary 2026/07/23: Negative sentiment
Market sentiment remained negative as the index repeatedly formed new lows over the past three months. This suggests that the downtrend will likely continue in the period ahead, particularly given the rise in liquidity during this session. Investors should therefore exercise caution and keep their stock allocation at a safe level.23 tháng 7, 2026
Derivatives 2026/07/23: Negative sentiment
The contract confirmed a short-term downtrend. Accordingly, traders may reopen Short positions in the upcoming sessions.23 tháng 7, 2026
![NT2 – earnings review – [HOLD] – 2Q26: Earnings remained on an uptrend](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Fodxm2a2y%2Fnt2.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
NT2 – earnings review – [HOLD] – 2Q26: Earnings remained on an uptrend
In 2Q26, revenue reached VND2,825bn (+36% yoy), driven by (1) a 54% yoy increase in production, and (2) a 9% yoy increase in the average selling price. Gross profit reached VND477bn (+30% yoy). As a result, NPAT reached VND403bn (+24% yoy), mainly driven by (1) higher gross profit and (2) financial income rising to VND76bn (+100% yoy; up VND38bn yoy), supported by higher interest income from bank deposits.23 tháng 7, 2026
Market commentary 2026/07/22: Selling pressure persists
The market recorded its third consecutive losing session, indicating that buying demand remains insufficient to improve overall market performance. In addition, the short-term trend remains negative, suggesting that the market may continue to experience volatility in the coming sessions.22 tháng 7, 2026
Derivatives 2026/07/22: Selling pressure at high price levels
The contract confirmed a short-term downward trend. Therefore, traders may reopen Short positions in the coming sessions.22 tháng 7, 2026
ETF review: Local ETFs buy GMD and MCH the most
HoSE announced the new constituents of the VN30 Index and VNFIN LEAD Index in 3Q26. Accordingly, the VN30 Index will remove PLX and TPB and add MCH and TCX. Additionally, the VNFIN LEAD will include VCK and TCX and remove LPB. In this quarterly review, the VNDiamond Index rebalances its weights according to the new free-float rate, shares outstanding, and price. The new weights will be effective on 3 Aug 2026. Based on data as of 20 Jul 2026, we expect local ETFs to buy GMD, MCH, and HDB the most, with volumes of 3.5 million shares, 2.5 million shares, and 2.2 million shares, respectively. On the sell side, TPB, TCB, and PNJ are expected to be heavily sold, with 7.5 million shares, 6.1 million shares, and 6.1 million shares, respectively.22 tháng 7, 2026
Ưu đãi nổi bật
QTP – earnings review – [BUY] – 2Q26: Earnings remain stable
2Q26 revenue reached VND3,624bn (+27% yoy), driven by an estimated 5% yoy increase in production amid robust electricity demand (+13% yoy) and a 21% yoy increase in the average selling price. Gross profit rose to VND419bn (+57% yoy), with the gross margin improving to 11.6% (+2.3%p yoy), supported by lower depreciation expenses (-24% yoy) and an improvement in the heat rate. As a result, NPAT reached VND326bn (+70% yoy, ~108% of our forecast, figure 4), driven by (i) stronger gross margins and (ii) the completion of debt repayment.29 tháng 7, 2026
ACB – Brief – [NONRATED] – 2Q26 Rising provisions and non-core slump
2Q26 PBT fell -11.9% YoY to VND5,367bn, dragged down by underperforming investment & FX activities, sluggish bad-debt recovery, and rising provision expenses. This performance fell short of our expectation. 1H26 PBT reached VND 10,735bn (+0.4% YoY), fulfilling 48% of the full-year 2026 target.29 tháng 7, 2026
Market commentary 2026/07/28: Persistent selling pressure
The market extended its decline, indicating that buying demand remained insufficient to improve overall market performance. In addition, the short-term trend continued to point downward, suggesting that the market is likely to remain under correction pressure in the coming sessions.28 tháng 7, 2026
Derivatives 2026/07/28: Late-session pressure
The downtrend has been confirmed in the short term. Traders may therefore reopen short positions in the next session.28 tháng 7, 2026
Covered warrant 2026/07/28: Remain cautious
During the week, the covered warrant market remained tilted toward the downside, with the number of declining covered warrants exceeding the number of gainers. Meanwhile, the underlying market also posted weak performance, with the benchmark index plunging nearly 5.7% alongside higher liquidity, indicating that selling pressure remained dominant.28 tháng 7, 2026
Market Trader 2026/07/28: Foreign investors maintained strong net selling
By investor group, both domestic retail investors and domestic institutional investors recorded stronger trading activity, with trading value increasing 21.9% and 18.2% WoW, respectively.28 tháng 7, 2026
DGC – Brief – [NONRATED] – 2Q26: Revenue and earnings in line with expectations
2Q26 revenue declined to VND2,415bn (-17% yoy, +14% qoq, ~112% of KIS forecast). NPAT came in at VND441bn (-51% yoy, +2% qoq, ~109% of KIS forecast). In its recently released 2026 AGM materials, DGC targets 2026 revenue and NPAT to drop by 10% yoy and 50% yoy, respectively.28 tháng 7, 2026
30W26: Short-term interbank rates extend drop
In 30W26, the SBV persisted with its net liquidity extraction via open market operations as banking system liquidity continued to improve. Short-term interbank rates maintained their downward trajectory, signaling easing short-term funding pressures following the implementation of new liquidity ratio regulations, whereas longer maturities remained anchored at higher levels. On the FX front, the domestic USDVND exchange rate advanced for a second straight week, rising 0.13% WoW to 26,324 under the combined pressure of persistent foreign equity selling and a resilient global greenback fueled by Middle East geopolitical risks.27 tháng 7, 2026
Chart of the day 2026/07/27: Downward momentum slows
Further signals warrant observation to confirm the next trend, as several reversal signals have emerged. Until then, investors should maintain their equity exposure at a safe level.27 tháng 7, 2026
Market commentary 2026/07/27: Downtrend?
Although the downward momentum has slowed somewhat, correction risk remains, as the market has repeatedly formed new lows in recent sessions. Investors should therefore stay cautious, maintain their equity exposure at a safe level, and await further reversal signals.27 tháng 7, 2026
Derivatives 2026/07/27: Awaiting a reversal signal
The signals lack consistency, even as a reversal signal has emerged. Investors should therefore remain cautious and wait for confirmation before opening new positions.27 tháng 7, 2026
Market commentary 2026/07/24: A reversal signal?
Despite the recovery and the elevated liquidity seen over the past two sessions, correction risk remains, as the market has repeatedly formed new lows in recent weeks. This suggests the downtrend may extend further and that yesterday's rebound could prove to be no more than a technical bounce. Investors should therefore remain cautious, keep equity exposure at a safe level, and await further confirmation of a reversal.24 tháng 7, 2026
Derivatives 2026/07/24: Liquidity stays elevated
The signals lack consensus, even as a reversal signal has emerged. Traders should therefore stay cautious and wait for confirmation before reopening new positions.24 tháng 7, 2026
PVB – Brief – [NON-RATED] – 2Q26: Growth driven by Block B – O Mon workload
In 1H26, PVB reported revenue of VND737bn (+216% yoy, ~66% of its full-year target) and NPAT of VND56.9bn (+227% yoy, ~89% of its full-year target).24 tháng 7, 2026
Market commentary 2026/07/23: Negative sentiment
Market sentiment remained negative as the index repeatedly formed new lows over the past three months. This suggests that the downtrend will likely continue in the period ahead, particularly given the rise in liquidity during this session. Investors should therefore exercise caution and keep their stock allocation at a safe level.23 tháng 7, 2026
Derivatives 2026/07/23: Negative sentiment
The contract confirmed a short-term downtrend. Accordingly, traders may reopen Short positions in the upcoming sessions.23 tháng 7, 2026
NT2 – earnings review – [HOLD] – 2Q26: Earnings remained on an uptrend
In 2Q26, revenue reached VND2,825bn (+36% yoy), driven by (1) a 54% yoy increase in production, and (2) a 9% yoy increase in the average selling price. Gross profit reached VND477bn (+30% yoy). As a result, NPAT reached VND403bn (+24% yoy), mainly driven by (1) higher gross profit and (2) financial income rising to VND76bn (+100% yoy; up VND38bn yoy), supported by higher interest income from bank deposits.23 tháng 7, 2026
Market commentary 2026/07/22: Selling pressure persists
The market recorded its third consecutive losing session, indicating that buying demand remains insufficient to improve overall market performance. In addition, the short-term trend remains negative, suggesting that the market may continue to experience volatility in the coming sessions.22 tháng 7, 2026
Derivatives 2026/07/22: Selling pressure at high price levels
The contract confirmed a short-term downward trend. Therefore, traders may reopen Short positions in the coming sessions.22 tháng 7, 2026
ETF review: Local ETFs buy GMD and MCH the most
HoSE announced the new constituents of the VN30 Index and VNFIN LEAD Index in 3Q26. Accordingly, the VN30 Index will remove PLX and TPB and add MCH and TCX. Additionally, the VNFIN LEAD will include VCK and TCX and remove LPB. In this quarterly review, the VNDiamond Index rebalances its weights according to the new free-float rate, shares outstanding, and price. The new weights will be effective on 3 Aug 2026. Based on data as of 20 Jul 2026, we expect local ETFs to buy GMD, MCH, and HDB the most, with volumes of 3.5 million shares, 2.5 million shares, and 2.2 million shares, respectively. On the sell side, TPB, TCB, and PNJ are expected to be heavily sold, with 7.5 million shares, 6.1 million shares, and 6.1 million shares, respectively.22 tháng 7, 2026
Tin tức nổi bật
QTP – earnings review – [BUY] – 2Q26: Earnings remain stable
2Q26 revenue reached VND3,624bn (+27% yoy), driven by an estimated 5% yoy increase in production amid robust electricity demand (+13% yoy) and a 21% yoy increase in the average selling price. Gross profit rose to VND419bn (+57% yoy), with the gross margin improving to 11.6% (+2.3%p yoy), supported by lower depreciation expenses (-24% yoy) and an improvement in the heat rate. As a result, NPAT reached VND326bn (+70% yoy, ~108% of our forecast, figure 4), driven by (i) stronger gross margins and (ii) the completion of debt repayment.29 tháng 7, 2026
ACB – Brief – [NONRATED] – 2Q26 Rising provisions and non-core slump
2Q26 PBT fell -11.9% YoY to VND5,367bn, dragged down by underperforming investment & FX activities, sluggish bad-debt recovery, and rising provision expenses. This performance fell short of our expectation. 1H26 PBT reached VND 10,735bn (+0.4% YoY), fulfilling 48% of the full-year 2026 target.29 tháng 7, 2026
Market commentary 2026/07/28: Persistent selling pressure
The market extended its decline, indicating that buying demand remained insufficient to improve overall market performance. In addition, the short-term trend continued to point downward, suggesting that the market is likely to remain under correction pressure in the coming sessions.28 tháng 7, 2026
Derivatives 2026/07/28: Late-session pressure
The downtrend has been confirmed in the short term. Traders may therefore reopen short positions in the next session.28 tháng 7, 2026
Covered warrant 2026/07/28: Remain cautious
During the week, the covered warrant market remained tilted toward the downside, with the number of declining covered warrants exceeding the number of gainers. Meanwhile, the underlying market also posted weak performance, with the benchmark index plunging nearly 5.7% alongside higher liquidity, indicating that selling pressure remained dominant.28 tháng 7, 2026
Market Trader 2026/07/28: Foreign investors maintained strong net selling
By investor group, both domestic retail investors and domestic institutional investors recorded stronger trading activity, with trading value increasing 21.9% and 18.2% WoW, respectively.28 tháng 7, 2026
DGC – Brief – [NONRATED] – 2Q26: Revenue and earnings in line with expectations
2Q26 revenue declined to VND2,415bn (-17% yoy, +14% qoq, ~112% of KIS forecast). NPAT came in at VND441bn (-51% yoy, +2% qoq, ~109% of KIS forecast). In its recently released 2026 AGM materials, DGC targets 2026 revenue and NPAT to drop by 10% yoy and 50% yoy, respectively.28 tháng 7, 2026
30W26: Short-term interbank rates extend drop
In 30W26, the SBV persisted with its net liquidity extraction via open market operations as banking system liquidity continued to improve. Short-term interbank rates maintained their downward trajectory, signaling easing short-term funding pressures following the implementation of new liquidity ratio regulations, whereas longer maturities remained anchored at higher levels. On the FX front, the domestic USDVND exchange rate advanced for a second straight week, rising 0.13% WoW to 26,324 under the combined pressure of persistent foreign equity selling and a resilient global greenback fueled by Middle East geopolitical risks.27 tháng 7, 2026
Chart of the day 2026/07/27: Downward momentum slows
Further signals warrant observation to confirm the next trend, as several reversal signals have emerged. Until then, investors should maintain their equity exposure at a safe level.27 tháng 7, 2026
Market commentary 2026/07/27: Downtrend?
Although the downward momentum has slowed somewhat, correction risk remains, as the market has repeatedly formed new lows in recent sessions. Investors should therefore stay cautious, maintain their equity exposure at a safe level, and await further reversal signals.27 tháng 7, 2026
Derivatives 2026/07/27: Awaiting a reversal signal
The signals lack consistency, even as a reversal signal has emerged. Investors should therefore remain cautious and wait for confirmation before opening new positions.27 tháng 7, 2026
Market commentary 2026/07/24: A reversal signal?
Despite the recovery and the elevated liquidity seen over the past two sessions, correction risk remains, as the market has repeatedly formed new lows in recent weeks. This suggests the downtrend may extend further and that yesterday's rebound could prove to be no more than a technical bounce. Investors should therefore remain cautious, keep equity exposure at a safe level, and await further confirmation of a reversal.24 tháng 7, 2026
Derivatives 2026/07/24: Liquidity stays elevated
The signals lack consensus, even as a reversal signal has emerged. Traders should therefore stay cautious and wait for confirmation before reopening new positions.24 tháng 7, 2026
PVB – Brief – [NON-RATED] – 2Q26: Growth driven by Block B – O Mon workload
In 1H26, PVB reported revenue of VND737bn (+216% yoy, ~66% of its full-year target) and NPAT of VND56.9bn (+227% yoy, ~89% of its full-year target).24 tháng 7, 2026
Market commentary 2026/07/23: Negative sentiment
Market sentiment remained negative as the index repeatedly formed new lows over the past three months. This suggests that the downtrend will likely continue in the period ahead, particularly given the rise in liquidity during this session. Investors should therefore exercise caution and keep their stock allocation at a safe level.23 tháng 7, 2026
Derivatives 2026/07/23: Negative sentiment
The contract confirmed a short-term downtrend. Accordingly, traders may reopen Short positions in the upcoming sessions.23 tháng 7, 2026
NT2 – earnings review – [HOLD] – 2Q26: Earnings remained on an uptrend
In 2Q26, revenue reached VND2,825bn (+36% yoy), driven by (1) a 54% yoy increase in production, and (2) a 9% yoy increase in the average selling price. Gross profit reached VND477bn (+30% yoy). As a result, NPAT reached VND403bn (+24% yoy), mainly driven by (1) higher gross profit and (2) financial income rising to VND76bn (+100% yoy; up VND38bn yoy), supported by higher interest income from bank deposits.23 tháng 7, 2026
Market commentary 2026/07/22: Selling pressure persists
The market recorded its third consecutive losing session, indicating that buying demand remains insufficient to improve overall market performance. In addition, the short-term trend remains negative, suggesting that the market may continue to experience volatility in the coming sessions.22 tháng 7, 2026
Derivatives 2026/07/22: Selling pressure at high price levels
The contract confirmed a short-term downward trend. Therefore, traders may reopen Short positions in the coming sessions.22 tháng 7, 2026
ETF review: Local ETFs buy GMD and MCH the most
HoSE announced the new constituents of the VN30 Index and VNFIN LEAD Index in 3Q26. Accordingly, the VN30 Index will remove PLX and TPB and add MCH and TCX. Additionally, the VNFIN LEAD will include VCK and TCX and remove LPB. In this quarterly review, the VNDiamond Index rebalances its weights according to the new free-float rate, shares outstanding, and price. The new weights will be effective on 3 Aug 2026. Based on data as of 20 Jul 2026, we expect local ETFs to buy GMD, MCH, and HDB the most, with volumes of 3.5 million shares, 2.5 million shares, and 2.2 million shares, respectively. On the sell side, TPB, TCB, and PNJ are expected to be heavily sold, with 7.5 million shares, 6.1 million shares, and 6.1 million shares, respectively.22 tháng 7, 2026
Ưu đãi nổi bật
QTP – earnings review – [BUY] – 2Q26: Earnings remain stable
2Q26 revenue reached VND3,624bn (+27% yoy), driven by an estimated 5% yoy increase in production amid robust electricity demand (+13% yoy) and a 21% yoy increase in the average selling price. Gross profit rose to VND419bn (+57% yoy), with the gross margin improving to 11.6% (+2.3%p yoy), supported by lower depreciation expenses (-24% yoy) and an improvement in the heat rate. As a result, NPAT reached VND326bn (+70% yoy, ~108% of our forecast, figure 4), driven by (i) stronger gross margins and (ii) the completion of debt repayment.29 tháng 7, 2026
ACB – Brief – [NONRATED] – 2Q26 Rising provisions and non-core slump
2Q26 PBT fell -11.9% YoY to VND5,367bn, dragged down by underperforming investment & FX activities, sluggish bad-debt recovery, and rising provision expenses. This performance fell short of our expectation. 1H26 PBT reached VND 10,735bn (+0.4% YoY), fulfilling 48% of the full-year 2026 target.29 tháng 7, 2026
Market commentary 2026/07/28: Persistent selling pressure
The market extended its decline, indicating that buying demand remained insufficient to improve overall market performance. In addition, the short-term trend continued to point downward, suggesting that the market is likely to remain under correction pressure in the coming sessions.28 tháng 7, 2026
Derivatives 2026/07/28: Late-session pressure
The downtrend has been confirmed in the short term. Traders may therefore reopen short positions in the next session.28 tháng 7, 2026
Covered warrant 2026/07/28: Remain cautious
During the week, the covered warrant market remained tilted toward the downside, with the number of declining covered warrants exceeding the number of gainers. Meanwhile, the underlying market also posted weak performance, with the benchmark index plunging nearly 5.7% alongside higher liquidity, indicating that selling pressure remained dominant.28 tháng 7, 2026
Market Trader 2026/07/28: Foreign investors maintained strong net selling
By investor group, both domestic retail investors and domestic institutional investors recorded stronger trading activity, with trading value increasing 21.9% and 18.2% WoW, respectively.28 tháng 7, 2026
DGC – Brief – [NONRATED] – 2Q26: Revenue and earnings in line with expectations
2Q26 revenue declined to VND2,415bn (-17% yoy, +14% qoq, ~112% of KIS forecast). NPAT came in at VND441bn (-51% yoy, +2% qoq, ~109% of KIS forecast). In its recently released 2026 AGM materials, DGC targets 2026 revenue and NPAT to drop by 10% yoy and 50% yoy, respectively.28 tháng 7, 2026
30W26: Short-term interbank rates extend drop
In 30W26, the SBV persisted with its net liquidity extraction via open market operations as banking system liquidity continued to improve. Short-term interbank rates maintained their downward trajectory, signaling easing short-term funding pressures following the implementation of new liquidity ratio regulations, whereas longer maturities remained anchored at higher levels. On the FX front, the domestic USDVND exchange rate advanced for a second straight week, rising 0.13% WoW to 26,324 under the combined pressure of persistent foreign equity selling and a resilient global greenback fueled by Middle East geopolitical risks.27 tháng 7, 2026
Chart of the day 2026/07/27: Downward momentum slows
Further signals warrant observation to confirm the next trend, as several reversal signals have emerged. Until then, investors should maintain their equity exposure at a safe level.27 tháng 7, 2026
Market commentary 2026/07/27: Downtrend?
Although the downward momentum has slowed somewhat, correction risk remains, as the market has repeatedly formed new lows in recent sessions. Investors should therefore stay cautious, maintain their equity exposure at a safe level, and await further reversal signals.27 tháng 7, 2026
Derivatives 2026/07/27: Awaiting a reversal signal
The signals lack consistency, even as a reversal signal has emerged. Investors should therefore remain cautious and wait for confirmation before opening new positions.27 tháng 7, 2026
Market commentary 2026/07/24: A reversal signal?
Despite the recovery and the elevated liquidity seen over the past two sessions, correction risk remains, as the market has repeatedly formed new lows in recent weeks. This suggests the downtrend may extend further and that yesterday's rebound could prove to be no more than a technical bounce. Investors should therefore remain cautious, keep equity exposure at a safe level, and await further confirmation of a reversal.24 tháng 7, 2026
Derivatives 2026/07/24: Liquidity stays elevated
The signals lack consensus, even as a reversal signal has emerged. Traders should therefore stay cautious and wait for confirmation before reopening new positions.24 tháng 7, 2026
PVB – Brief – [NON-RATED] – 2Q26: Growth driven by Block B – O Mon workload
In 1H26, PVB reported revenue of VND737bn (+216% yoy, ~66% of its full-year target) and NPAT of VND56.9bn (+227% yoy, ~89% of its full-year target).24 tháng 7, 2026
Market commentary 2026/07/23: Negative sentiment
Market sentiment remained negative as the index repeatedly formed new lows over the past three months. This suggests that the downtrend will likely continue in the period ahead, particularly given the rise in liquidity during this session. Investors should therefore exercise caution and keep their stock allocation at a safe level.23 tháng 7, 2026
Derivatives 2026/07/23: Negative sentiment
The contract confirmed a short-term downtrend. Accordingly, traders may reopen Short positions in the upcoming sessions.23 tháng 7, 2026
NT2 – earnings review – [HOLD] – 2Q26: Earnings remained on an uptrend
In 2Q26, revenue reached VND2,825bn (+36% yoy), driven by (1) a 54% yoy increase in production, and (2) a 9% yoy increase in the average selling price. Gross profit reached VND477bn (+30% yoy). As a result, NPAT reached VND403bn (+24% yoy), mainly driven by (1) higher gross profit and (2) financial income rising to VND76bn (+100% yoy; up VND38bn yoy), supported by higher interest income from bank deposits.23 tháng 7, 2026
Market commentary 2026/07/22: Selling pressure persists
The market recorded its third consecutive losing session, indicating that buying demand remains insufficient to improve overall market performance. In addition, the short-term trend remains negative, suggesting that the market may continue to experience volatility in the coming sessions.22 tháng 7, 2026
Derivatives 2026/07/22: Selling pressure at high price levels
The contract confirmed a short-term downward trend. Therefore, traders may reopen Short positions in the coming sessions.22 tháng 7, 2026
ETF review: Local ETFs buy GMD and MCH the most
HoSE announced the new constituents of the VN30 Index and VNFIN LEAD Index in 3Q26. Accordingly, the VN30 Index will remove PLX and TPB and add MCH and TCX. Additionally, the VNFIN LEAD will include VCK and TCX and remove LPB. In this quarterly review, the VNDiamond Index rebalances its weights according to the new free-float rate, shares outstanding, and price. The new weights will be effective on 3 Aug 2026. Based on data as of 20 Jul 2026, we expect local ETFs to buy GMD, MCH, and HDB the most, with volumes of 3.5 million shares, 2.5 million shares, and 2.2 million shares, respectively. On the sell side, TPB, TCB, and PNJ are expected to be heavily sold, with 7.5 million shares, 6.1 million shares, and 6.1 million shares, respectively.22 tháng 7, 2026