Research Center

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.…

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…

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…

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…

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…

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.…

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…

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…

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…

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,…