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Year 2021

3Q21 Earnings Season Tracking: More positive surprises at this point

Strategy Note 15

Dear investors, 3Q21 Earnings season has kicked off this week. In order to provide a sense of overall 3Q earnings picture, we start tracking the real-time result releases over three bourses HSX, HNX, and UPCOM. As at 21 Oct  2021, 162 listed companies,…


Year 2021

Market Strategy Oct 2021 – Capture the arising opportunities

Strategy Note 68

The VN-INDEX fluctuated in a narrow range within 1,316-1,366pts in Sep as market’s sentiment remained cautious after the warning of SSC about closely monitoring unusual transactions, along with fear of prolong 4th wave of COVID-19 infections Liquidity declined slightly in…


Year 2021

ETF Monitor – LPB might be excluded from VNDiamond

Strategy Note 107

New VNDiamond index basket will be announced on 18 Oct 2021, which will come into effect on 01 Nov 2021. According to our estimates, LPB will be excluded from VNDiamond following the new rule and MWG, FPT will be strongly…


Year 2021

Market Strategy Sep 2021 – Time to build the investment portfolio for 2022

Strategy Note 133

Market witnessed turbulence in Aug as VN-INDEX bounced back to 1370 level then corrected and closed the month at 1,328 (+1.4% mtd). Investor sentiment remains weak as longer and stricter nationwide lockdown protocols have been adopted. Liquidity rebound strongly in…


Year 2021

Market Strategy – 2Q21 Earnings review: Softer earnings growth

Strategy Note 117

As at 03 Aug 2021, 700 listed companies on three bourses, representing 85% of market capitalisation, have released 2Q21 results. 2Q21 market aggregate earnings surged 66% yoy, lower than that of 92% yoy in 1Q21. Positive earnings momentum to continue…


Year 2021

Market Strategy Aug 2021 – Will the market bottom out in Aug ?

Strategy Note 70

Market experienced a sharp correction of 13.7% from the peak in Jul following concerns over (1) the infection surge which could be considered as the worst outbreak so far and (2) longer-than-expected nationwide lockdown protocols will hurt the macro prospect…


Year 2021

2Q21 Earnings Season Tracking – Update

Strategy Note 80

Dear investors, Following the previous email of earnings season tracking,  we would like to update the real-time results picture over three bourses HSX, HNX and UPCOM. As at 30 Jul  2021, 610 listed companies, representing 34% of the total listed stocks…


Year 2021

2Q21 Earnings Season Tracking

Strategy Note 88

Dear investors, 2Q21 Earnings season has kicked off this week with broad-based growth momentum across all major sectors. In order to provide the sense of overall Q2 earnings picture, we start tracking the real-time result releases over three bourses HSX,…


Year 2021

ETF Monitor – How new rules will change the VN DIAMOND

Strategy Note 226

The Ho Chi Minh Stock Exchange (HOSE) has made revision on VN DIAMOND index criteria of listing period, market capitalization, liquidity and foreign ownership limit which will be effective since this Oct 2021. We estimate that CTD and TCM may…


Year 2021

Navigating Vietnam 2H21-2022: Time to double down on quality

Strategy Note 304

Rising vaccination rollout to provide a significant boost to the global economy in 2H21 as economic reopening gathers pace. Being the largely net exporting economy, Vietnam is well-placed to reap the benefits from global demand recovery. As 1H21 performance of…