MARKET IN JANUARY – THE 4TH QUARTER EARNINGS SEASON
- In December, the stock market continued to exhibit a positive trend. However, both the momentum of growth and market liquidity experienced a slowdown. Foreign investors marked the month with their strongest net selling of the year.
- In our baseline scenario, we estimate that: (1) Fourth-quarter revenue may achieve a growth rate of 6.9% YoY, aligning with the GDP growth rate of the Q4; (2) Profit margins are expected to remain consistent with the levels seen in the first nine months of the year, corresponding to a +24% change YoY, and Q4 profits are anticipated to grow by approximately 31% YoY, with a 12-month cumulative change of 7% QoQ. Additionally, (3) We assume that the impact of the issuance of additional shares will be negligible and, with the VNIndex at 1,131 as of January 2, 2023, the P/E ratio could adjust downward by 7% to 13.15x, or an earnings yield (E/P) of 7.6%. This yield is significantly attractive compared to Vietcombank's 12-month savings rate of 4.80%.
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.
RongViet Research reports are diversified and abundant, along with in-depth analysis and performed by experienced, highly-qualified and knowledgeable teams. With the objectives of transparency, accurate and timely manner, RongViet believes that our products would always be important sources of information for customers/investors’ investment decisions.”
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.