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Year 2023

ETF Monitor – VN30, VNDiamond & VNFinlead review results

Strategy Note 40

On 16 Jan 2023, HOSE announced a new VN30 index basket, from which BCM will replace KDH on 6 Feb 2023. Based on the review results of VN30, VNDiamond and VNFinlead index, we estimate that MWG, GMD and OCB might…


Year 2023

Market Strategy January 2023 – To start with a clean slate

Strategy Note 79

VN-INDEX closed the year at 1,007.1 pts (-3.9% mtd, -32.8% ytd). We believe that the correction of the market can come from the following reasons: (1) investors took profits on the background that VN-Index had increased by nearly 20% from…


Year 2022

ETF Monitor – VNDiamond 3Q22 review: NLG likely to replace TCM

Strategy Note 37

HOSE will announce the result of VN30 index on 16 Jan 2023, which will be effective since 06 Feb 2023. Based on our estimate, BCM will likely be included, while KDH might be removed out of the VN30 index Vietnam…


Year 2022

Market strategy – Which sector will benefit from China’s reopening?

Strategy Note 63

China eased some of its Covid restrictions from the beginning of Dec-22 and we expect China to fully open in 2Q23F. Sectors that will benefit from Chinese economic opening include: Aviation, Fisheries, Cement, Rubber, Steel, Textile, Retail, and Rice production.…


Year 2022

Navigating Vietnam 2023 – Investing with responsibilities for sustainable growth

Strategy Note 346

Our key message this year is “investing with responsibilities to protect your wealth, your corporates and the sustainable growth of Vietnam equity market”. We believe a 14% earnings growth and a re-rating in equity regarding loosening financial conditions will carry…


Year 2022

3Q22 Earnings review – More disappointments than positive surprises

Strategy Note 104

3Q22 market aggregate earnings grew 17.4% yoy, higher than that of 11.3% yoy growth seen in 2Q22. Among companies under our coverage that have reported 9M22 results, we see more disappointments than positive surprises as 33% missed our estimates. 3Q22…


Year 2022

ETF Monitor – VNDiamond 3Q22 review: NLG likely to replace TCM

Strategy Note 119

VNDiamond ETF experienced large outflow of VND1,613bn in 3Q22 amid Vietnam market downturn. In the review which new basket will be disclosed on 17 Oct, we expect NLG will be added, while TCM might be excluded. Large outflow from VNDiamond…


Year 2022

Market Strategy October 2022 – Recalibrating investment strategies for higher interest rates

Strategy Note 159

Market saw no relief in September with rising interest rates and growing VND downward pressure. In 23 Sep, State bank of Vietnam has kicked off the policy rate hike by 100 basis points, marking the first increase since late-2011. Additionally,…


Year 2022

ETF Monitor – Time for foreign ETFs to review

Strategy Note 179

FTSE will announce their portfolio review for FTSE VN Index (FTSE VN ETF) and FTSE Vietnam 30 Index (Fubon ETF) on 02 Sep 2022. Market Vector also announce new portfolio for MVIS VN Index in 8 Sep 2022, which will…


Year 2022

Market Strategy September 2022 – Improving fundamentals

Strategy Note 167

Since the bottom in mid-July, VN-INDEX has extended its uptrend in August and closed at 1,282.6 points (+6.3 % mtd, -14.4% ytd). We believe VN-INDEX’s strong performance is driven by the following catalysts: (1) inflation tended to cool down in… Protection Status