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16/01

Year 2023

Power sector – The transitional framework requires optimal operational ability from renewable developers

Sector note 32

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…

04/01

Year 2023

Banking sector – “The glass is half full”

Sector note 65

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…

27/12

Year 2022

Port & shipping sector – Opportunities in turbulence times

Sector note 69

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.…

16/12

Year 2022

Oil & Gas sector – Undemanding valuation

Sector note 63

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…

15/12

Year 2022

Consumer – When the purse string tighten up

Sector note 78

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…

15/12

Year 2022

Industrial property sector: The tide subsides

Sector note 61

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…

14/12

Year 2022

Export industries: Downward trending

Sector note 83

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…

13/12

Year 2022

Industrial property sector: The tide subsides

Sector note 55

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…

08/12

Year 2022

Power sector – Gearing toward green

Sector note 78

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…

07/12

Year 2022

Construction & materials – Build resilience for the tough times

Sector note 73

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…
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