Vietnam Strategy – 2Q20 earnings review: Recovery is under way

• As at 31 Jul 2020, 794 listed companies on three bourses, representing 45.6% of the total stocks and 90% of market capitalisation, have released 2Q20 results.
• Revenue decreased 10.9% yoy while aggregate earnings declined 9.1% yoy in 2Q20. In our view, this was much better than the -27.7% yoy decline in 1Q20 net profit.
• Our VN-index target is 840–920pts for end-2020.

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