Research Center

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…

A meaningful decline of 40% qoq in 3Q22 presales volume saw in both HCMC and Hanoi on tighter funding regulations for residential property. We are not optimistic about the recovery of residential property in near-term as developer insolvency still pose…

Global grain and palm oil price cooling down in 2023F will have positive impact to meat and edible oil producers’ gross margin. Meanwhile, we expect sugar and rice producers will benefit from rising price of domestic sugar and export rice.…

Industry outlook will improve following the recovery rate of int’l inflows. It’s a good time to accumulate aviation stocks given attractive valuation and visible earnings growth profiles. Our top picks are ACV and AST for their best representatives of each…

Recent turbulence has weighed on banking liquidity. We see limited risk to liquidity regarding current benign macro environment and healthier banking system. We analyze the liquidity comparison of some listed commercial banks to identify the difference among banks’ ability to…

Russia – Ukraine crisis is reshaping the global energy trade, making the voyages longer and putting pressure on global tanker shipping market. We expect oil tanker freight rates to remain robust in near future due to upcoming embargo of the…

We expect that rice prices likely under upward pressure following supply compression and India new export policies. Vietnam is well-positioned to ride on the rice prices uptrend. LTG, PAN and TAR should be added into watchlist under this theme. Rice…