Vietnam Daily Market Recap July 31, 2024 – HDB, NKG, DCM, DGW, MWG, BSR, TCM, PTB, IDC, VPB, GMD, KBC, VNM & VJC Earning Flashes

Market Commentary:  2Q earnings results boost VN-Index

The VN-Index opened higher on Wednesday and maintained its positive momentum throughout the day. The VN-Index closed with a gain of 0.5%, or 6.45 points, to 1,251.52. However, the HNX Index fell by 0.2% to 235.36.

Media (+1.4%), F&B (+1.2%) and Banks (+1.2%) gained the most today, led by VEF (+3.4%), VNM (+5.8%) and VCB (+1.9%). On the contrary, Telecommunications (-4.4%), Travel (-2.5%) and Basic resources (-1.9%) were the top laggards.

Stocks with impressive gains today were those with solid 2Q24 earnings results, such as:

VNM surged as 2Q24 consolidated revenue reached an all-time high of VND17tn (USD674mn) (+9.6% YoY), marking its highest growth rate since the beginning of 2022.

HDB (+4.0%) rose due to its superior credit growth compared to the industry. At the end of 2Q24, HDB’s loans to customers grew by 12.5% YTD (1Q24: 5.8% YTD), significantly higher than system-wide credit growth of 6%. 2Q24 PBT soared 50.9% YoY to VND4.1tn (USD164mn) due to NIM expanding amid strong loan growth.

We see positive signs for BSR (+5.5%) to be listed on the main bourse as the only existing bottleneck has shown clearer progress. BSR has removed BSR BF’s overdue debt (VND1.1tn) from its consolidated financial statement, which allows BSR to meet all eight criteria to list its shares on HOSE. 

Foreign investors net sold today with a net trading value of VND605bn (USD24mn), focusing on VIC (VND901bn, USD36mn), CTG (VND58bn, US2.3mn) and HSG (VND57bn, USD2.3mn). On the contrary, VNM (VND370bn, USD15mn), MWG (VND101bn, USD4.0mn) and FPT (VND86bn, USD3.4mn) were mainly sold.

Other top performers today included GAS (+3.5%), BID (+1.7%) and VPB (+2.4%). Conversely, top laggards included HPG (-2.5%), HVN (-6.8%), PLX (-2.6%), GVR (-0.8%) and LPB (-1.2%).

Read our full report: HERE