Investment Strategy Report - May 2019: Be patient!
We start to see a slowdown in earnings. Companies listed on HSX show a 1% decline in 1Q2019 NPAT. Earnings of HNX companies were up by 22%, but mostly thanks to the contribution of a few names including ACB, SHB, AAA, PVS, DGC, and VCG.
Share price performance wise, only Utilities stood out YTD, followed by some sub sectors like textile and fisheries. For other sectors, the performance is rather stock dependent. As with earnings results; the overall picture may not be promising, but there are certainly bright spots. This remains a stock pickers environment.
In conclusion, we see few things moving the market. Going forward, market participants could be excited on the impact of Vietnam having a higher weight in MSCI Frontier Market. But for now, we think the index will continue to move sideways. Trade war tensions remain a key risk and may cause short-term fluctuations.
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