Research Center

Most of the listed steel companies recorded better 1Q23 net profit compared to the previous two quarters. China HRC steel prices have subdued 9% from the peak in mid-Mar 2023 and are expected to continue falling in the coming months…

Aggregated PBT of 25 listed banks only increased 6% yoy in 1Q23 (1Q22 of +30% yoy). System credit grew 2.1% ytd at end-1Q23 – much lower than the same previous quarters of 5-6%. Banks’ asset quality deteriorated; system NPL ratio…

SBV has announced Circular 02-03/2023, which allow banks to maintain debt group/reschedule principal/interest payments and buy back corporate bond. Draft to adjust Circular 41/2016 will recalculate the risk factor of risk-weighted assets for each kind of property loans. TCB, VPB,…

Domestic swine price recovered 5.3% mom in Arp after decreasing 6th month in a row. We expect meat producers to record better results from FY23F regarding higher average swine price and lower input cost. Our stock pick is BAF while…

We see gas-fired and coal-fired power using domestic coal to enjoy higher output mobilization under the weakening of hydropower in 2023F. We see the new development phase for RE market is being formed, prioritizing DPPA mechanism, but progress is still…

As of 11 Apr 2023, 15 commercial banks (CBs) have revealed theirs FY23F business plan. In general, most banks set for a higher credit growth limit than the 1st quota assigned by the SBV. 10/15 banks aimed for a lower…

We see some positive factors for industrial property are fading due to arising challenges in 2023-24F. We still like BCM, PHR regarding their prospect of earnings growth and the reward from high cash dividend. IP market: Two major industrial hubs…

We expect agricultural products and whole milk powder price to cool down in 2023F. However, we still see some commodity prices keep stay in high level such as sugar and rice. Our stock pick is BAF while LTG and SBT will…

We expect that discretionary demand of Vietnam‘s export chemical markets such as the China and the U.S will soften further into 2023F. We expect the NP of basic chemicals companies to slow down due to weaker demand amid the global…

Wood & wooden products (W&WP) 2023 outlook remains weak following sluggish demand in both U.S and EU markets. We expect W&WP companies to recover in 2024 thanks to cooling down the U.S mortgage rate and improving home supply in the…