reports
- Phuong Nguyen
MOVING FORWARD
The market continued to gain points, surpassing the 1,382 point area. Liquidity increased from the previous session, indicating that cash flow is intensifying its supply absorption and continues to uplift the market. Although the point gain remains modest, the improving cash flow signals and widespread gains across the market will continue to create supportive momentum. Concurrently, the previous upward trend is still positively impacting the market. These signals could help the market exten...
- Huong Le
Forecast changes in the VN30 and VNFIN LEAD for Q3/2025
• The HOSE-Index Construction and Management Rules Version 4.0, issued on December 30, 2024, will officially take effect in the HOSE-Index’s Q3 2025 review. • The VN30 index will see changes in its component stocks: DGC will be added, while BVH will be removed. Accordingly, we estimate that funds tracking this index will buy 1.9 million DGC shares and sell approximately 500,000 BVH shares during this restructuring. • The VNFIN LEAD index will also undergo a change in its constituents, with LPB...
- Phuong Nguyen
EFFORT TO MAINTAIN GAINS
The market continued to gain points but showed contention with a Doji Star candlestick. Liquidity increased compared to the previous session, indicating that investors increased their profit-taking activities, yet this hasn't created excessive supply pressure for now. Conversely, cash flow has also made efforts to absorb supply but generally remains hesitant. The market is still being uplifted by the positive influence from its previous upward trend. During pullbacks, the market quickly found ...
- Phuong Nguyen
HALF-YEAR ENDS WITH GAINS
The market continued to gain points, but the fluctuation range remained quite narrow, forming a Star candlestick. Liquidity decreased compared to the previous session, indicating that temporary supply pressure isn't yet strong despite the market's continued advance. However, cash flow remains hesitant. The market is still being uplifted by the positive influence from its previous upward trend. Concurrently, supply has not yet intensified after the market broke above the 1,372 point resistance ...
- Hung Nguyen
SAB – The cash dividend stands out as the primary highlight
• SAB delivered a weak Q1-FY25 result, with net revenue reaching VND 5,811 bn (-34.9% QoQ, -19.1% YoY) and NPAT-MI at VND 793 bn (-20.5% YoY). The decline was primarily due to Tet-related sales being concentrated in Q4-FY24, as the 2025 Lunar New Year fell earlier (in January), along with tighter consumer beer spending driven by Decree 168. Additionally, SAB completed the “Sabibeco” transaction, which incurred a one-off financial cost of VND 91 bn. • A bright spot in SAB’s otherwise subdued Q1...
- Tung Do
Legalization of Resolution 42: Impacts and Opportunities for the Banki...
• The three core provisions of Resolution 42 include: (1) the right to seize collateral, (2) the attachment of assets used as collateral for non-performing loans (NPLs) by parties subject to enforcement, and (3) the return of collateral used as evidence in criminal cases. These provisions were approved by the National Assembly during its 9th Session of the 15th Tenure on June 27, 2025, and will take effect from October 15, 2025. • We believe the most significant impact of legalization of Resolu...
- Phuong Nguyen
EFFORT TO ADVANCE
The market continues to find support and edged up slightly, testing the 1,372 point resistance area. Liquidity increased from the previous session but remains low, indicating that supply pressure isn't strong during the market's pullbacks. However, cash flow is still hesitant and awaiting market signals. The market continues to receive support from the upward Gap formed on June 24, 2024, and the prior upward trend is still positively influencing the market. Concurrently, supply at the 1,372 po...
- Giao Nguyen
4M2025 Rubber Market – Short-Term Adjustment Due to the Impact of Tari...
• World rubber prices at the beginning of the second quarter of 2025 adjusted down due to the impact of US-China tariff tensions. However, the impact is only short-term and the price has shown signs of recovery. • Global rubber supply generally continues to be low with declining output in major exporting countries (Indo, Malay, Vietnam,...). Meanwhile, consumption demand remains stable, maintaining an imbalance between supply and demand. • In the context of rubber prices continuing to recover ...
- Phuong Nguyen
EFFORT TO STABILIZE
The market underwent a correction during the session but found support in the 1,360 point area and recovered. Liquidity decreased to a low level, indicating that temporary supply pressure wasn't strong during the market's decline. However, cash flow remains hesitant and is awaiting market signals. With an end-of-session uplift, the market is still receiving support from the upward Gap formed on June 24, 2024, and the prior upward trend continues to have a positive influence. Concurrently, curr...
- Phuong Nguyen
UPWARD MOMENTUM SLOWS
The market continues to face resistance in the 1,370-point area, and its upward momentum has been curbed with a Star candlestick. Liquidity decreased compared to the previous session, indicating that supportive cash flow has somewhat cooled down as the market advanced, but supply pressure isn't strong for now. The market remains in a tug-of-war to test supply and demand after the signal of breaking above the 1,350 – 1,355-point resistance area. This probing movement will continue, and a correc...
- Chinh Nguyen
POW – Business Results Q1/2025 led by Southeast gas-fired Cluster
• In Q1/2025, POW revenue and net profit after tax – minority interest (NPATMI) increased by 31% and 60% YoY, respectively. • The Company's dispatched output increased by 20% YoY, led by the recovery of Nhon Trach 1 (+3,446% YoY) and Nhon Trach 2 (+291% YoY). • The Company's average selling price increased by 8% YoY despite the total electricity market price decreasing by 17% YoY, coming from the Company's contracted output increasing by 55% YoY. • Stable gas and coal fuel prices helped POW...
- My Tran
MONETARY MARKET UPDATE JUN 2025: THE AMPLE VND LIQUIDITY AMID TIGHT U...
The State Bank of Vietnam (SBV) conducted net liquidity withdrawals for the third consecutive month in June 2025. A notable development this month was the SBV’s resumption of bill issuance after more than three months of suspension, driven by a sharp decline in overnight lending rates. Credit growth accelerated significantly from the end of Q1 and maintained steady momentum throughout the first two months of Q2. While deposit interest rates remained relatively stable and credit growth was robus...
- Phuong Nguyen
MOVING FORWARD
The market continued its upward trend, gradually moving away from the 1,350 – 1,355 point area, but showed contention with a Star candlestick. Liquidity increased from the previous session, indicating improved cash flow supporting the market, but supply also increased due to short-term profit-taking. The market is showing positive signs after conquering the 1,350 – 1,355 point resistance area, yet it hasn't displayed a decisive breakout. The contention may continue into the next trading sessio...
- Phuong Nguyen
REVERSED COURSE
The market reversed course and rose above the 1,350 – 1,355 point resistance area. Liquidity decreased compared to the previous session, indicating that supply pressure isn't yet strong. However, cash flow is temporarily hesitant and awaiting market signals. The break above the resistance area could help the market continue its upward trajectory in the next trading session. Nevertheless, the spread of cash flow is still quite limited, so the market's current advance is not yet sustainable. In ...
- Hien Le
Fertilizer Industry – Fertilizer Price Trends Amid Middle East Tension...
• Middle East tensions are pushing up fertilizer prices, especially in the short term. The extent of the impact depends on the course of the conflict and there are differences between the types of fertilizers. If the war escalates, the increase in oil prices will lead to gas and urea prices, which in turn will have a chain effect on other fertilizers due to the connection with urea fertilizers. However, urea fertilizers are the most affected, while other fertilizers such as phosphate and NPK are...
- Thach Lam Do
Steel industry – The Green Steel, a trend to watch
• For large-scale markets like the EU, the CBAM (Carbon Border Adjustment Mechanism), where importers purchasing carbon credits (based on emissions), which will reduce the cost advantage of Asian steel producers using BOF technology. producers are shifting towards green steel trends: replacing current technologies to reduce carbon emissions (CO2) during production and aiming for net-zero emissions by 2050. • In Vietnam, several companies with strong positions in the export market have implement...
- Hung Nguyen
VNM - Looking to the "new GT shirt" to help regain market share
Q1-FY25: Heavily impacted by GT channel restructuring (traditional channel via wet markets, small grocers, and local distributors) • VNM’s Q1-2025 earnings were below our expectations, with net sales at VND 12,935 bn (-8.3% YoY) and NPAT-MI at VND 1,569 bn (-28.5% YoY). The shortfall was driven by a sharp drop in domestic sales caused bythe short-term impact of GT channel restructuring, and margin compression. Whole milk powder prices surged to a two-year high while sales discount expenses rema...
- Hung Nguyen
MSN - A silver lining is emerging from policies optimizing the busines...
Q1-FY25: MSN showed strong profit growth, driven by optimizing its business model to meet Phase-2 objectives in its ecosystem transformation. This phase seeks to expand the network, increase market share, and enhance profitability divisions. • MSN posted flat net revenue YoY in Q1-FY25 at VND 18,897 bn (USD 750mn). While NPAT-MI surged 277% YoY to VND 394 bn (USD 16mn), driven by a strategic shift towards profitability in previously loss-making segments like WinCommerce (WCM; MSN holds an 85....
- Hung Nguyen
DGW - Many little makes a mickle
Q1-FY25: New business segments are gradually improving profitability • DGW’s Q1-2025 results were in line with analyst expectations: net revenue reached VND 5,519 bn (+10.7% YoY), NPAT-MI at VND 106 bn (+14.6% YoY), driven by market share gains in laptops & tablets offsetting mobile phone declines (mainly Apple), along with continued expansion in office equipment & home appliances (notably adding Philips to its portfolio). • These two higher-margin segments helped lift EBIT margin by 103bps ...
- Phuong Nguyen
EFFORT TO ADVANCE
The market continued to test the 1,350 point area and showed better results than the previous two sessions, with the VN-Index closing above the 1,350 threshold. Liquidity decreased compared to the prior session, indicating that supply pressure isn't yet strong, even though the market is at a resistance area. However, cash flow is temporarily hesitant and awaiting market signals. The market hasn't decisively broken above the 1,350 – 1,355 point resistance area, but the end-of-session uplifting ...
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