Report on Margin Trading Portfolio to Ho Chi Minh Stock Exchange in May 2021

Market commentary: The VN-INDEX went sideway despite the profit taking dominate late trading  The VN-INDEX remained in the red territory, edging down modestly 0.1% to 1,240.7pts,  thanks to strong traction from several large-cap stocks and Real estate sector. After 3…

VHC’s 1Q22 net revenue/net profit surged 82.7%/318.3% yoy, fulfilling 29%/39% of our full-year forecasts, respectively. We expect FY22F revenue/NP to grow robustly 52.8%/77.9% yoy, riding on strong export demand and expanding gross margin. Upgrade to Add with a higher TP…

ACV posted VND701bn in 1Q22 net profit (+2.5% yoy), marking the first quarter of core business returning to positive growth since FY20. We lower FY22-24F EPS by 14.1%-7.0% following the longer-than-previous expectation of China’s zero covid strategy. Reiterate Add with…