Viet Dragon Securities

Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.

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Analyst Pin-board KDH – One-off gain supported the business results.

·         In 2021, KDH recorded revenue and NPAT-MI of VND 3,738 bn (-18% YoY) and VND 1,202 bn (+4% YoY), respectively, owing to the handover of Safira (234 units), Lovera Vista (1,147 units) and Verosa Park (31 units) along with the consolidation gain from a land lot owned by Nguyen Thu Real Estate Development JSC in District 9.  ·         In Q4 2021, KDH handed over 101 units from Verosa Park (2 units) and Lovera Vista (99 units). For sale activity, KDH sold one unit in Lovera Vista...

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6PM Call: Happy Lunar New Year 2022!

Entering the last trading session before the Lunar New Year holiday in 2022, the market opened in the green but was still quite cautious. After struggling in the session, the market started to get better towards the end of the session. VN-Index witnessed a surge of 8.2 points (+0.56%) and closed at 1,478.96 points. Liquidity rallied compared to the previous session, with 663.9 million shares matched on HOSE.

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6PM Call: Low liquidity

Vietnam's stock market opened in a conservative state and retreated slightly after the world market's slip. At the end of the session, VN-Index dropped 10.82 points (-0.73%) and closed at 1,470.76 points. Liquidity decreased compared to the previous session, with 522.7 mn shares matched on HOSE.

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Analyst Pin-board TCB – 4Q21 earnings review: beating expectations sli...

·         4Q21 earnings modestly beat our forecasts by 4% (VND 6.1 trillion versus VND 5.9 trillion in PBT) mainly due to robust NIM and strong NFI growth. As a result, TCB reported 2021 PBT at VND 23,238 bn (USD 1.0 bn, 47% YoY), exceeding our prior estimates of VND 23,010 bn). ·         The extensive growth in 4Q21 and the whole year results came from high credit growth quota, NIM expansion, the rise of bancassurance, settlement and securities segments. Asset quality has been well mai...

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Analyst Pin-board STK – 2021 results: Record breaking NPAT

·         In 4Q-FY21, despite declining revenue by 13% YoY, NPAT grew 10% YoY due to tax incentives. ·         STK released positive 2021 results with revenue of VND 2,042 Bn (or USD 89 Mn, +16% YoY) and NPAT of VND 278 Bn (or USD 12 Mn, +94% YoY), completing 87% and 112% of the guidance, respectively. ·         In 2022, we forecast revenue and NPAT to reach VND 2,659 (or USD 116 Bn, +30% YoY) and VND 358 Bn (or USD 16 Mn, +29% YoY), respectively. Key catalysts for 2022 earnings growth...

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Analyst Pin-board A look at food prices through the futures market

Food prices are up since December In real terms, global food prices are at their highest level since 1975 The end is not in sight.

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Analyst Pin-board The Government's priorities in the economic recovery...

·         The National Assembly approved the stimulus package worth about 4.1% GDP. ·         Supporting the demand side is a key part of the economic recovery program. ·         The public investment serves as leverage for Vietnam in recovery after the pandemic. ·         The majority of the out-of-budget spending package aims to import Covid-19 vaccines.

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Analyst Pin-board US first rate hike in March?

According to the hawkish language of the Fed minutes released last week, market participants seem to believe that the first rate hike will be in March, not May as previously expected. The minutes have also caused the markets to start to focus on the timing of the commencement of Fed balance sheet contraction, otherwise known as quanto tightening. This caused a sell-off in bond markets around the world. Last week the  and the spike in Treasury yields sparked a selloff in bonds around the w...

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Analyst Pin-board 2022 looks to be another good year for trade activit...

Trade is an economic bright spot in 2021. Export growth varied across countries due to an uneven global recovery. 2021’s winners are steel, machinery, and wooden products’ exporters. 2022 looks to be another good year.

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Analyst Pin-board Tech stocks: where to?

The Nasdaq Index has rolled over (Figure 1). The pandemic has been mostly positive for the tech industry. Amazon has thrived as consumers shifted towards . The company expanded total sales by 27% in the second quarter of 2021 to $113.5 billion, an incredible feat for such a large company.  is starting to slow, although the delta variant surge may drive consumers away from stores once again. Microsoft has also done well, buoyed by demand for collaboration software, devices, gaming, and cloud ...

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6PM Call: Happy Lunar New Year 2022!

Entering the last trading session before the Lunar New Year holiday in 2022, the market opened in the green but was still quite cautious. After struggling in the session, the market started to get better towards the end of the session. VN-Index witnessed a surge of 8.2 points (+0.56%) and closed at 1,478.96 points. Liquidity rallied compared to the previous session, with 663.9 million shares matched on HOSE.

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6PM Call: Low liquidity

Vietnam's stock market opened in a conservative state and retreated slightly after the world market's slip. At the end of the session, VN-Index dropped 10.82 points (-0.73%) and closed at 1,470.76 points. Liquidity decreased compared to the previous session, with 522.7 mn shares matched on HOSE.

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6PM Call: Exploratory phase

Following the recovery, the market opened in green. However, the uptrend slowed down and fluctuated during the session. VN-Index gained 2 points (+0.14%) and closed at 1,481.58 points. Liquidity increased compared to the previous session, with 767.6 million shares matched on HOSE.

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6PM Call: Spectacular reversal

Market still opened cautiously and was in red. However, the downtrend slowed down during the session and started to recover in the afternoon session. Market reversal was extended and lasted until the end. VN-Index gained by 39.87 points (+2.77%) and closed at 1,479.58. Matching liquidity decreased compared to the previous session, with 706.4 million shares matched on HOSE.

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6PM Call: Market sank in red

Market opened the new week in a bad movement and struggled strongly. However, in the afternoon session, the decline gradually widened and lasted, despite the supportive move of some banking stocks. VN-Index dropped 33.18 points (-2.25%) and closed at 1,439.71. Liquidity increased compared to the previous session, with 796.7 million shares matched on HOSE.

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Analyst Pin-board KDH – One-off gain supported the business results.

·         In 2021, KDH recorded revenue and NPAT-MI of VND 3,738 bn (-18% YoY) and VND 1,202 bn (+4% YoY), respectively, owing to the handover of Safira (234 units), Lovera Vista (1,147 units) and Verosa Park (31 units) along with the consolidation gain from a land lot owned by Nguyen Thu Real Estate Development JSC in District 9.  ·         In Q4 2021, KDH handed over 101 units from Verosa Park (2 units) and Lovera Vista (99 units). For sale activity, KDH sold one unit in Lovera Vista...

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Analyst Pin-board TCB – 4Q21 earnings review: beating expectations sli...

·         4Q21 earnings modestly beat our forecasts by 4% (VND 6.1 trillion versus VND 5.9 trillion in PBT) mainly due to robust NIM and strong NFI growth. As a result, TCB reported 2021 PBT at VND 23,238 bn (USD 1.0 bn, 47% YoY), exceeding our prior estimates of VND 23,010 bn). ·         The extensive growth in 4Q21 and the whole year results came from high credit growth quota, NIM expansion, the rise of bancassurance, settlement and securities segments. Asset quality has been well mai...

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Analyst Pin-board STK – 2021 results: Record breaking NPAT

·         In 4Q-FY21, despite declining revenue by 13% YoY, NPAT grew 10% YoY due to tax incentives. ·         STK released positive 2021 results with revenue of VND 2,042 Bn (or USD 89 Mn, +16% YoY) and NPAT of VND 278 Bn (or USD 12 Mn, +94% YoY), completing 87% and 112% of the guidance, respectively. ·         In 2022, we forecast revenue and NPAT to reach VND 2,659 (or USD 116 Bn, +30% YoY) and VND 358 Bn (or USD 16 Mn, +29% YoY), respectively. Key catalysts for 2022 earnings growth...

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Analyst Pin-board PET – Setting a high sales target for Apple products...

We see interesting growth story in the company for 2022, fueled by promising sales target of Apple products, a potential cooperation with Xiaomi, and product portfolio expansion with Samsung’s TVs. The management believes that laptop sales growth in 2022 is likely to subside as the sales boom in recent two years has addressed nearly most of market’s at-home demand. Per management, the Thanh Da project is subject to an investment period extension, before being eligible for receiving t...

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Analyst Pin-board HND – Earnings doubled the 2021’s guideline

·         In 4Q2021, revenue was VND 2,218 bn (or USD 96 mn), +1% QoQ and -9% YoY. Revenue declined YoY even though volume increased. Average selling price in 4Q2021 was higher than other quarters during the year thanks to FX revenue.   ·         2021 was a hydrologically unfavorable year for thermal plants: accumulated revenue was VND 9,026 bn (or USD 392 mn), -17% YoY, while NPAT reached VND 443 bn (or USD 19 mn), -70% YoY. That said, these results were still ahead of our expectations...

SAB - The Giant of Vietnam’s Beer Industry

​“As Vietnam’s largest brewing company, SABECO has various striking advantages among its peers including its well-known brand name and its largest nationwide distribution and production networks. However, the company has seen a slowdown in growth in recent years compared with other competitors, especially with Heineken. However, as many competitors have penetrated into the high-end segment, SABECO’s ability to maintain a high and stable market share in the mid-end segment in the past fou...

6PM Call: Market: Wary - PET and DWG update

​Most of shares mixed and VNIndex struggled at 600 pts. Market stayed balanced most of time. Sellers then became active at banking and financial service stocks such as VCB, BID, CTG, MBB, BVH and SSI. Besides, the declines of other large-cap stocks like VNM and VIC contributed to the sharp drop of market in the afternoon session. As bottom fishers came in late, they only helped to minimize the slip of the indices. At the close, VNIndex lost 4.52 pts and closed lower at 593.96 pts while HNIndex...

6PM Call: Market: Wary - PET and DWG update

Most of shares mixed and VNIndex struggled at 600 pts. Market stayed balanced most of time. Sellers then became active at banking and financial service stocks such as VCB, BID, CTG, MBB, BVH and SSI. Besides, the declines of other large-cap stocks like VNM and VIC contributed to the sharp drop of market in the afternoon session. As bottom fishers came in late, they only helped to minimize the slip of the indices. At the close, VNIndex lost 4.52 pts and closed lower at 593.96 pts while HNIndex we...

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Analyst Pin-board Textile and garment industry – 2022 outlook: Bouncin...

·         Resuming production after 3Q2021 disruptions, we expect that 2022 textile and garment export value will recover strongly, driven by a strong pent-up demand after lockdown in many developed countries. ·         We expect to see high growth for most companies in the industry, but we prefer the ones which completed new factories or have products made from eco-friendly materials.  ·         The market price of textile and garment stocks was adjusted down recently after the strong...

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Investment Strategy Report – November 2021: MOVE UP BUT BEWARE OF VOLA...

“The clear reactivation of economic activities in Q4 2021 and supporting packages will be likely to boost market sentiment. Looking forward, we foresee the reactivation of economic activities in fourth quarter based on the aforementioned rationale. The support from Government is pivotal to kick off the economy and stock market as well. The Ministry of Planning and Investment has just submitted to the Government a program for economic recovery and development after the Covid-19 epidemic with a ...

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Special Report – Preliminary 2H2021 outlook

MACRO OUTLOOK: THINGS GET WORSE BEFORE THEY GET BETTER Until now, Vietnam has undergone more than 3 months fierce battle with gradually tightening measures from the government to control the outbreak. On the other hand, strict Covid-19 measures are currently posing a threat to the economic recovery. We estimate that economic sectors are running at below 50% capacity due to the fourth outbreak. Vietnam has rolled out the vaccination drive since 8 Mar, which is relative late to most of its pee...

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Analyst Pin-board US Announced the Preliminary Results of the Anti-Dum...

The US Department of Commerce on June 3, 2021 announced the preliminary anti-dumping duties on Vietnam’s polyester textured yarn (PTY). STK is taxed at 2.67%. Other Vietnamese companies are taxed at 22.82%. STK produces mainly DTY and FDY yarn, hence is insignificantly affected by the duty.

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Analyst Pin-board Real estate update for Binh Tan District, HCMC

Binh Tan District has promising prospects given its large area, crowded population, and strategic location in the west of Ho Chi Minh City. We consider Binh Tan as a potential real estate market based on four main pillars: the apartment price is still lower than other districts, dense population leads to great demand for real estate, large land bank for residential development, and infrastructure is being developed rapidly (Aeon Mall Binh Tan, Metro 3A, Metro 6, etc.) Prestigious real estate...

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Analyst Pin-board US Dollar as a risk signal. Is it still working?

US inflation (CPI) data released last week were in line with expectations. The US Dollar (USD) reacted negatively but stocks went up. Decorrelation between risk aversion and a strong USD?

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