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Year 2023

Market Strategy June 2023 – Ready to take the opportunity

Strategy Note 28

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…


Year 2023

1Q23 Earnings review – A weak start for 2023

Strategy Note 61

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…


Year 2023

Market Strategy May 2023 – Look for growth engines

Strategy Note 88

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…


Year 2023

Market Strategy April 2023 – Stay defensive, stay selective

Strategy Note 106

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…


Year 2023

ETF Monitor – EIB likely to be excluded from VNDiamond

Strategy Note 86

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…


Year 2023

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

Strategy Note 101

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…


Year 2023

ETF Monitor – Tailwinds from new foreign ETFs inflows

Strategy Note 79

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…


Year 2023

Market Strategy March 2023 – Stay defensive, stay selective

Strategy Note 99

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…


Year 2023

Vietnam money market chartbook – Interest rates tend to peak out in 1Q23

Strategy Note 104

Fed scaled back to a quarter-percentage-point rate increase in the last policy meeting (Feb 1, 2023) after a year of larger hikes. According to our estimates, the SBV bought about US$3.6bn in foreign exchange reserves since the beginning of 2023.…


Year 2023

4Q22 Earnings review – Not a strong finale

Strategy Note 189

4Q22 market aggregate earnings plummeted by 30.4% yoy, the biggest drop since the Covid-19. FY22 market earnings grew modestly 7.1% yoy, much lower than our forecast of 16.7% yoy for FY22. 4Q22 market earnings growth was surprisingly disappointed Based on… Protection Status