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13/05

Year 2022

Property Development & Investment – Increased headwinds weigh on outlook

Sector note 15

Sales activities might speed up while land bank acquisition activities will slow down, altogether to cool down the prices in the rest of 2022, in our view. We see increasing headwinds weighing on sector outlook, including: 1) rising interest rate…

21/03

Year 2022

Oil & gas – Time for more caution

Sector note 110

Crude oil prices have grown more unpredictable under the mixed impact of geopolitical crisis, global macro growth and supply chain vulnerabilities. We see increasing investment downside risks on O&G stocks following the oil price volatility and overpricing valuation. Time to…

24/02

Year 2022

Textile & Garment – Selectively picking up

Sector note 216

4Q21 aggregated earnings of listed T&G companies soared 53.0% yoy, bringing FY21 earning to grow 57.4% yoy. We expect Vietnam yarn producers are the biggest beneficiaries of US-China trade tension. Our top picks are STK and MSH. Earnings growth to…

09/02

Year 2022

Industrial property – Tailwind is still blowing

Sector note 364

2021 industrial property average rental price accelerated 6%-10% yoy in both Southern and Northern market, amid high demand but limited supply. We see twin tailwinds for industrial property in 2022F: resilient demand and abundant new supply. Our top picks for…

26/01

Year 2022

Property Development & Investment – Modest sales volume amid prices spike

Sector note 201

In 4Q21, HCMC experienced mild recovery in sales volume while Hanoi market is still lackluster. We expect a strong recovery in 2022F transaction volume driven by increases in new supply and solid housing demand with high take-up rates. Our top…

13/01

Year 2022

Oil & Gas – Which O&G stocks to ride on Block B – O Mon kick off?

Sector note 206

The Decree 114/2021/ND-CP related to the use of ODA released on Dec 2021, is expected to untangle the bottleneck of the Block B – O Mon chain. We expect Block B – O Mon project to start soon in 2H22F,…

30/12

Year 2021

Food & Beverage – Sweet after sour

Sector note 339

We expect F&B sector to rebound in 2022F thanks to customer behavior’s changing. Global food prices slightly decrease in 2022F, thus easing gross margin (GPM) pressure for food producers. Our top picks for the F&B sector are VNM, MCH, KDC,…

23/12

Year 2021

Retail sector – Gather steam in “new normal”

Sector note 412

After being hurt by social distancing in 3Q21, Vietnam retail sales of goods have recovered rapidly since Oct 21. We expect big retailers will ride on the recovery of domestic consumption and change in shopping behavior from offline to online.…

16/12

Year 2021

Oil & Gas – Rising tide lifts all boats – Sector note

Sector note 234

We expect average Brent oil price around US$75/bbl in 2022 as the supply could not rise fast enough to keep pace with the growing demand. Our top picks are GAS, PVD and PLX. We expect average Brent oil price to…

03/12

Year 2021

Banking – Rebalancing growth and asset quality – Sector note

Sector note 299

We believe banks would have to rebalance the risk dynamics between earnings growth and asset quality into FY22F However, banking is still the best proxy to Vietnam economic resurgence post pandemic and currently are traded at attractive valuation. Our stock…
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