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Year 2022

1Q22 Earnings review – A robust start for FY22F

Strategy Note 23

As at 10 May 2022, 1089 listed companies on three bourses, representing 94.3% of market capitalisation, have released 1Q22 results. 1Q22 market aggregate earnings grew robustly 33.2% yoy, faster than that of 14.4% yoy growth seen in 4Q21. Market earnings…


Year 2022

Market Strategy May 2022 – Is this time for bottom-fishing?

Strategy Note 80

Vietnam market experienced a sharp decline in Apr. After climbing to 1524.7 pts on 4 Apr, the VN-Index dramatically fell to 1,310.9pts, (-12.1% mtd, -12.5% ytd), the lowest since late-Aug 2021. Recent market sell-off could be attributed to (1) negative…


Year 2022

1Q22 Earnings Season Tracking – So far so good

Strategy Note 55

Dear investors, 1Q22 Earnings season has kicked off this week. In order to provide a sense of the overall 1Q22 earnings picture, we start tracking the real-time result releases over three bourses HSX, HNX, and UPCOM. As of 25 Apr…


Year 2022

Market Strategy April 2022 – April showers bring May flowers

Strategy Note 90

VN-INDEX witnessed a V-shaped pattern in Mar. The VN-INDEX dropped to the lowest level of 1,446.3 pts (-2.9% mtd) on Mar 14 due to concerned that Western sanctions imposed on Russia negatively affect the global economy. However, the VN-INDEX soon…


Year 2022

ETF Monitor – OCB likely to be added in VNDiamond next review

Strategy Note 81

According to our estimates, OCB will likely be added into VNDiamond index, while KDH, NLG and CTD might be excluded. We estimate DCVFM VNDiamond ETF will buy 9.6m shares of OCB while selling CTD, KDH and NLG with 4.1m, 5.7m…


Year 2022

Market strategy – Assessment the mixed impact of geopolitical tensions on economic sectors

Strategy Note 112

We weight the mixed impact of Russia sanctions and the commodities prices hike on Vietnam economic sectors. Sectors which likely benefit from commodities prices hike include oil & gas, steel export producers and fertilizer, in our view. On the other…


Year 2022

Market Strategy Mar 2022 – “In the Midst of Chaos, There Is Also Opportunity”

Strategy Note 90

The VN-INDEX dropped to the month-lowest level of 1,472.0 pts on Feb 14 responding to geopolitical tension in Ukraine. At as 28 Feb 2022, VN-INDEX closed at 1,490.pts, (+0.8% mtd). Liquidity weakened after Tet holiday with average trading volume of…


Year 2022

4Q21 Earnings review – Earnings growth to slowdown

Strategy Note 97

As at 09 Feb 2022, 764 listed companies on three bourses, representing 82.5% of market capitalisation, have released 4Q21 results. 4Q21 market aggregate earnings increased encouragingly 15.5% yoy, slower than that of 17.8% yoy growth seen in 3Q21. Earnings growth…


Year 2022

Market Strategy Jan 2022 – New year, new height

Strategy Note 152

Market sentiment had been negative in early of this month due to concern about new Omicron variant. The VN-INDEX dropped to the lowest level of 1,413.6pts (-4.4% mtd). However, VN-INDEX soon rebounded strongly thanks to (1) the possibility of the…


Year 2021

ETF Monitor – VN30 1H22 review: No changes are expected

Strategy Note 99

The VN30 Index will be reviewed on Jan 2022 and be effective since 07 Feb 2022. We expect no changes to this VN30 index 1H22 review, based on our estimate. VN30 index lost its steam in 2021 As at 24… Protection Status