Research Center

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…

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…

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…

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,…

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,…

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.…

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…

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…

3Q21 aggregated revenue of listed T&G companies dwindled 4.6% yoy, while 3Q21 aggregated NP increased 1.8% yoy but plunged 43.8% qoq. We expect that the outlook of Vietnam T&G industry in 2022F follow by the recovery of the U.S. and…

We expect Vietnam aviation to strong recover from 2022F with government’s air traffic resumption plans and improving vaccination coverage. It’s a good time to start to accumulate aviation stocks giving seeable strong leap on 2022-23F earnings growths. Our top picks…