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Year 2022

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

Strategy Note 110

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 540

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 134

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 144

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 194

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 215

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 195

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…


Year 2022

2Q22 Earnings review – Earnings growth takes a breather

Strategy Note 185

As at 05 Aug 2022, 1,045 listed companies on three bourses, representing 93.7% of market capitalisation, have released 2Q22 results. 2Q22 market aggregate earnings grew modestly 13.5% yoy, slower than that of 36.7% yoy growth seen in 1Q22. Market earnings…


Year 2022

Market Strategy August 2022 – A soft recovery is underway

Strategy Note 281

VN-INDEX successfully broke the milestone 1,200 level. VN-INDEX started to bottom out from the lowest level 1,149.6 since July 6 and then closed the month at 1,206.3pts (+0.7% mtd, -19.5% ytd). Market sentiment has improved following the rally of US…


Year 2022

2Q22 Earnings Season Tracking – Update 29 Jul, 2022

Strategy Note 258

Dear investors, Following the previous email of earnings season tracking, we would like to update the real-time results announcement over three bourses HSX, HNX and UPCOM. As at 29 Jul 2022, 778 listed companies, representing 45.1% of the total listed stocks and 55.9%% of market capitalization,… Protection Status