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30/06

Year 2023

Navigating Vietnam 2H23 – Enough sunlight, flowers will bloom

Strategy Note 225

We believe that the main growth driver for Vietnam’s economy in 2H23 will mainly come from the government’s economic support policies. Therefore, Vietnam’s key investment topics in the second half of 2023 will be closely related to an easing monetary…

07/06

Year 2023

Viet Nam money market chartbook – SBV cuts the policy rates for the 3rd time

Strategy Note 191

In May 25, the SBV decided to reduce some policy rates such as the refinancing rate (down 0.5% points), the ceiling deposit interest rate for 1-month to 6-month term (down by 0.5% points),.. The 12-month deposit interest rates of commercial…

02/06

Year 2023

Market Strategy June 2023 – Ready to take the opportunity

Strategy Note 191

VN-INDEX closed at 1,064.6pts (+1.5% mtd, +5.7% ytd) on May 25 2023. We believe the market’s rally was supported by: A series of supportive policies issued by the Government and the State Bank of Vietnam (SBV) recently have solved some…

11/05

Year 2023

1Q23 Earnings review – A weak start for 2023

Strategy Note 170

1Q23 market aggregate earnings slumped by 18.1% yoy, improved from that of -31.9% yoy growth in 4Q22. Among companies under our coverage that have reported 1Q23 results, we see more disappointments than positive surprises as 46% missed our estimates. 1Q23…

05/05

Year 2023

Market Strategy May 2023 – Look for growth engines

Strategy Note 186

VN-INDEX closed at 1,041.4pts (-2,2% mtd, +3,4% ytd) on April 24 2023. We believe that the decrease could come from the following reasons: (1) Investor sentiment was cautious due to 1Q23 disappointing earnings results, (2) Vietnam’s PMI fell to 47.7pts…

31/03

Year 2023

Market Strategy April 2023 – Stay defensive, stay selective

Strategy Note 178

VN-INDEX closed at 1,052.3 pts (+2.7% mtd, +4.5% ytd) in Mar-23. We believe that the increase could come from the following reasons: (1) FED has delivered a less hawkish message on monetary policy amid global banking turmoil, (2) SBV cut…

30/03

Year 2023

ETF Monitor – EIB likely to be excluded from VNDiamond

Strategy Note 169

We estimate EIB might be excluded in this Apr review since its foreign ownership ratio does not match with requirements. Based on our estimate, TCB, GMD and MBB might be among top buy, while ACB and PNJ are likely in…

15/03

Year 2023

Commentary about Resolution No.33 & Decision 313 & 314 – Supportive measures have come

Strategy Note 189

The Government released Resolution No.33 on 11 Mar 2023 to reduce liquidity shortages for the property sector in the near term. Following up, the SBV issued two Decisions No. 313 and 314 adjusting down key policy rates. We believe the…

08/03

Year 2023

ETF Monitor – Tailwinds from new foreign ETFs inflows

Strategy Note 148

Together with the capital raising of Fubon ETF and the change in Vietnam portion of V.N.M ETF, we expect foreign inflows of c.VND6,100bn in the next couple of weeks. Based on our estimate, HPG, VCB, VNM might be among top…

01/03

Year 2023

Market Strategy March 2023 – Stay defensive, stay selective

Strategy Note 189

VN-INDEX closed at 1,054.28 pts (-5.1% mtd, +4.7% ytd) in Feb-23. We believe that the correction of the market can come from the following reasons (1) Rising concerns about the extension of Fed rate hike following the US inflation was…