Research Center

On Jan 07, the MOIT issued the official price framework for transitional RE projects, the new prices are 21%-29% lower than the previous FIT. We see the new price framework somewhat dashed investors’ expectations with a low price. However, this…

Concerns over stagnant property market persisting in FY23F will lead banks to rebalance the risk dynamics between earnings growth and asset quality. We expect earnings growth of banks under our coverage to grow modestly 10-11% yoy in FY23-24F (+32% yoy…

Sea freight rates are entering a downward trend following the oversupply, bringing a gloomy outlook for shipping companies in FY23-24F. Mixed factors create a neutral outlook for global seaport industry but Vietnam’s picture may be brighter thanks to improved macroeconomics.…

We expect Brent oil price to stay on the high base, averaging around US$90/bbl in 2023F due to lingering Russia – Ukraine crisis. The companies possessing strong financial health, dominating in their business fields and being able to ride on…

Consumer spending is slowing down till 3Q23F amid sluggish export growth, rising interest rates and weak VND. Luxury goods might get lower risk from a demand downturn, in our view. Sector leading stocks are stock with good financial status and…

3Q22 average rental price increased by 10%-12% yoy, given high demand but limited supply. We see industrial property will slowdown following rising competition from Indonesia and delayed legal procedure which will shrink new supply. Our stock picks for long-term investment…

Overall export growth will decelerate amid weakening global demand. We see gross margin to shrink across the board in 2023F due to FX risks and lower average selling price to attract customers. Our stock pick is DGC. Weakening demand as…

3Q22 average rental price increased by 10%-12% yoy, given high demand but limited supply. We see industrial property will slowdown following rising competition from Indonesia and delayed legal procedure which will shrink new supply. Our stock picks for long-term investment…

Vietnam’s power sector is eagerly waiting for the official announcement of the PDP8 and renewable energy (RE) price mechanism to start a new development phase. Thermal power plants likely benefit from the downturn of hydropower into 2023-24F. RE power plants…

We believe public investment will back to centre stage in 2023F, partially offsetting the weakening residential property segment. Basic materials prices are on the mend which likely blow tailwind for a few industries among this sector. We like companies that…