Research Center

Brent oil price increased 31.2% ytd to reach a level of ~$US68/bbl, mainly driven by supply-side catalysts. We raise our 2021F average oil price assumption by 13.2% to $US60/bbl due to the expectations in global economic recovery and positive supplyside…

The garment export value in FY20 plunged 10.25% yoy to US$35bn, recording the first annual negative growth in 10 years. We estimate textile and garment (T&G) export value to fully recover in 2022 and achieve a CAGR of 13.6% over…

In 4Q20, residential market saw a significant recovery in new supply and transaction volumes in both Ho Chi Minh City (HCMC) and Hanoi. We expect the residential market to recover in 2021F, given a broadbased recovery of the economy and…

Upgrade to Overweight from Neutral amid a broad-based recovery of the economy and loosening of regulatory bottlenecks in 2021. We expect a strong recovery in transaction volume on the back of recent increases in new supply and solid housing demand…

A change in VAT policy on fertilisers would give Vietnamese fertiliser producers the opportunity to cut costs and improve margins. The change in VAT policy, if expedited, could be approved as early as mid-Nov and trigger a sector re-rating. Maintain…

Vietnam banks’ credit/deposit grew 3.65%/5.15% in 1H20, a faster pace from the 1.31% /1.72% in 1Q20. We expect banks under our coverage to show aggregate earnings growth of 17% in 2021F, thanks to a spike in loan growth and NIM…

In 1H20, residential market saw a contraction in new supply and transaction volumes in both Ho Chi Minh City (HCMC) and Ha Noi. We expect eastern HCMC’s residential market to resume growth in 2H20-FY21F thanks to the establishment of Thu…

As at 15 Apr, the year-to-date Vietnam’s garment export value fell 6.0% yoy, while fibre and yarn export value slumped 6.6% yoy. T&A might be hit more severely in 2Q20F from demand side, in our view. Among T&A stocks, our…

We believe Vietnam‘s industrial properties (IPs) demand will surge post-pandemic, further driven by Covid-19 outbreak and the EVFTA. We see the rising of Ba Ria – Vung Tau, Bac Giang, Hai Duong as the new industrial hot spots. Among IP…

A drop in banks’ net profit growth is expected in FY20F as Covid-19 leads to low credit demand, NIM compression and a likely increase in bad debts. We expect banks under our coverage to show earnings recovery in FY21F in…