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Year 2021

Automobile Sector – Recovery to go into full gear – Sector note

Sector note 487

We believe that the pent-up demand and the preferential policy from the Government will support for passenger cars to bounce back since 4Q21-22. Our stock picks are HAX and VEA thanks to taking advantage of the reduction of 50% registration…


Year 2021

Property development & Investment – Poised for a strong recovery ahead – Sector note

Sector note 495

Lacklustre 3Q21 sales volume in both HCMC and Hanoi due to stringent social distancing measures. 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…


Year 2021

Power sector – Gear up energy sustainability – Sector note

Sector note 561

We believe Vietnam power stocks will be back to the center stage, following the country upcoming heavy investment in energy to fuel the economy expansion. We think power stocks that have large exposure to LNG-to-power and wind power will be…


Year 2021

OIL & GAS – What will happen if oil price break US$80/bbl or higher? – Update

Sector note 560

Brent oil price is likely to continue its bullish trend thanks to the sluggish supply in response to global demand recovery. Strong oil price would still be the leading driver for oil & gas share prices in coming times. 9M21…


Year 2021

Banking – Back into buy territory – Update

Sector note 523

2Q21 aggregate earnings of 17 listed banks rose 36.2% yoy on strong credit growth, NIM expansion and subdued CIR. We believe banking is best proxy to Vietnam economic resurgence post pandemic. Banks’ share prices have discounted 15% from peak, turning…


Year 2021

Textile & Garment – Challenges to blur the outlook – Update

Sector note 592

2Q21 aggregated net profit (NP) of listed T&G companies returned to pre-pandemic level, surging 141.7% yoy and 46% vs. 2Q19. We see challenges to blur the industry outlook, including manufacturing disruption and rising administration cost due to the current outbreak.…


Year 2021

Property Development & Investment – Good times are just around the corner

Sector note 417

In 2Q21, HCMC condo market showed recovery with new supply up 141% year-on-year (yoy), while Hanoi landed sales volume remained robust. We expect property market to recover strongly since 4Q21F with COVID-19 under control, more abundant housing supply and robust…


Year 2021

Property Sector note – Prices surge across the board

Sector note 572

In 1Q21, condo sales volume grew 169.7% yoy in Hanoi but declined 30.9% yoy in Ho Chi Minh City (HCMC). We see the rise in land prices of suburb in both HCMC and Hanoi regarding the infrastructure project development in…


Year 2021

Textile & Garment – After rain comes the sun – Update

Sector note 473

1Q21 aggregate net profit listed T&G companies soared 38.2% yoy thanks to their better product mix and overseas marketing cost-cutting. We expect a sharp increase in orders amid the strong demand recovery in clothing and footwear of the U.S. and…


Year 2021

Agribusiness: Potential impact of global food prices hike on Vietnam producers

Sector note 612

Global food prices rise for 10th month in a row. Rice exporters and sugar producers are likely key winners, in our view. Our stock picks under this theme are QNS, LTG, DPM, and DCM. Global food prices rise for 10th…