reports
- Phuong Nguyen
PERSISTENT DECLINE
The market continued its downward trend despite the support potential of the MA(200) zone at 1,648 points. Liquidity increased compared to the previous session, indicating that supply is trending upward and exerting pressure on the market. The action of "piercing through" the MA(200) and the rapid decline are bringing the market back to the 1,575 – 1,600 zone, around the weekly MA(50) and also the bottom recorded in November 2025. The downward momentum may continue in the next trading sessio...
- Thach Lam Do
TCH - leveraging land bank advantages, mitigating cash flow risks
• In Q3/FY25 (Oct 1 - Dec 31, 2025), TCH recorded modest revenue of VND 317 billion (-63% YoY, -8% QoQ) – as the company had handed over most products at older projects, while the handover schedule for the new project was delayed to Q4 of the fiscal year. For Q4, we expect the company's two key projects (HH New City II and HH Green River) to begin handover, acting as a premise for the company to record a surge in revenue during the period, with Q4 revenue and NPAT-MI expected to reach VND 3,700 ...
- Phuong Nguyen
SHARP RETRACEMENT
Last week, the market, led by the VN30, continued its recovery efforts following the record sharp decline on March 9, 2026. However, as the index approached the 1,740 level, selling pressure intensified, leading to a reversal and a sharp drop of more than 51 points by the end of the week. This pushed the VN-Index back toward the March 9 bottom, which also coincides with the MA(200) zone at 1,648. The pressure stems not only from technical factors but also from negative macro developments. Oil p...
- Phuong Nguyen
STRUGGLE AT 1,700
The market experienced a retreat after several instances of resistance pressure from the 1,730 zone; however, it is temporarily making an effort to maintain equilibrium around 1,700 points, as shown by a Doji Star candle. Liquidity increased compared to the previous session, indicating a dispute between supply and demand as the market pulled back. Although the market is attempting to balance around 1,700, the current retreat is gradually confirming the pressure from the 1,730 resistance area. ...
- Tung Do
Vietnam Banking Sector 2026 Outlook: Tailwinds from Fiscal Expansion, ...
• Vietnam's economy has set an ambitious GDP growth target of 10% for 2026, with fiscal policy expected to serve as the primary growth driver as monetary policy easing headroom has narrowed considerably following nearly three years of accommodative measures to support economic recovery. Against this backdrop, the 2026 public investment budget - projected to exceed VND 1 quadrillion - is expected to serve as a key liquidity anchor for the banking system. • The role of capital markets is also set...
- Hung Le
- Toan Vo
MAR 2026 MONTHLY MARKET MONITOR: RIDING THE FIRE HORSE
As of 27 February 2026, the VN-Index had risen by 2.8% MoM, but this rally was characterised as 'moving higher in the absence of strong inflows'. Early in the month, the market corrected as interbank rates surged (overnight by around 17%), then recovered and remained positive throughout the second half of the month. Liquidity fell by around 20% MoM due to post-Tet seasonality, with the majority concentrated in large-cap stocks. The average trading value on the VN-Index was VND 25,712 billion per...
- Hung Le
- Toan Vo
MACRO UPDATE FEBRUARY 2026: RIDE THE TAILWIND, STAY AGILE IN THE HEAD...
Industrial production maintained a positive underlying trend after adjusting for seasonal distortions related to the Lunar New Year holiday. In February 2026, the Index of Industrial Production (IIP) declined 18.4% MoM due to fewer working days, but still rose 1.0% YoY, indicating that manufacturing activity and external demand continued to recover. In 2M2026, IIP expanded 10.4% YoY, above 7.5% in the same period last year, suggesting that the recovery has become more broad-based, with manufactu...
- Phuong Nguyen
LATE-SESSION SELLING PRESSURE
The market continued its effort to gain points and challenge the area above 1,730, but resistance pressure persisted, causing a retreat and forming another Shooting Star candle. Liquidity remains at a low level, indicating that the supporting momentum of cash flow is still cautious. Two consecutive Shooting Star candles appearing at the resistance zone show that the Bearish Harami from March 12, 2026, still impacts the market. It is likely that the market will continue to be hindered and pull ...
- Phuong Nguyen
LATE-SESSION COOLING
The market made an effort to gain points and retest the 1,730 level, but resistance pressure continued to force a retreat, forming a Shooting Star candle. Liquidity remains low, indicating that the supporting momentum of cash flow is still cautious. The appearance of the Shooting Star at the resistance zone shows that the Bearish Harami from March 12, 2026, still impacts the market. It is possible that the market will continue to be hindered and pull back in the next trading session. Meanwhile...
- Huong Le
PVT – Q4/2025 results: Gross margin recovery driven by improving freig...
• In Q4/2025, PVT reported revenue of VND 4,480bn (+34% YoY) and NPAT-MI of VND 266bn (+27% YoY). The results were better than our expectations, mainly thanks to improving freight rates and better gross margins. • For full-year 2025, revenue reached over VND 16,000bn (+36% YoY) and NPAT-MI was VND 1,038bn, much higher than the company’s plan. This shows that PVT still operated well despite weaker market conditions. • For 2026, we expect better performance supported by stable domestic demand an...
- Phuong Nguyen
BALANCING EFFORT
The market continued to retreat, yet the movement remains temporarily balanced with a small-bodied candle. Liquidity decreased compared to the previous session, indicating that both supply and demand are in a state of hesitation and exploration. Temporarily low supply may allow the market to experience a recovery in the next trading session. However, it is still too early to expect positive outcomes; the recovery movement may only be intended to retest the Bearish Harami signal from March 12, ...
- Trang To
MSB – NIM expansion potential driven by a solid CASA base
• Consolidated PBT for 2025 remained muted, reaching just over VND7 billion (+2% YoY). PBT fell short of the plan by VND1 trillion (fulfilling only 88% of the target) due to the absence of one-off income from the revaluation of previously sold debt. • We forecast MSB’s 2026F PBT to exceed VND8.3 trillion, up 18% YoY, driven mainly by (1) 21% YoY growth in net interest income (supported by NIM expansion) and (2) one-off income from the revaluation of previously sold debt (~VND500 billion). • Wi...
- Hien Le
DCM – Q4/2025 Business Performance: Benefited from Higher Selling Pri...
• In Q4/2025, the company recorded net revenue of VND 4,528.3 billion (+7% YoY), while NPAT-MI surged impressively by 38% to VND 390 billion. The primary driver was a sharp improvement in gross margin to 27.6% (from 19.7% in the same period last year), driven by strong price increases for key products—Urea and NPK rose by 8% and 29% YoY, respectively—while input gas costs were estimated to be 13% lower YoY. • By the end of 2025, net revenue recorded an impressive 26% YoY growth, reached VND 16,...
- Phuong Nguyen
INDECISION
Last week, the market recorded a record decline on March 9, 2026 amid global concerns that the conflict between the U.S. and Iran could persist, pushing oil prices well above the USD 100 per barrel level. This development revived inflation concerns and raised worries about the global growth outlook. However, the market then staged several consecutive recovery sessions with a strong increase in liquidity, indicating the return of fresh buying flows as the index traded at more attractive valuation...
- Duong Tran
HSG – Update on Q1 FY2025–2026 Business Results and 2026 Business Outl...
• Q1 FY2025–2026 business results declined, with revenue reaching VND 8,409 billion (-18% YoY; flat QoQ) and parent company’s profit after tax at VND 62.4 billion (-62% YoY; -26% QoQ). The decline was mainly driven by a sharp drop in galvanized steel export volumes, while gross margin narrowed to 11.2% due to cost pressures from higher HRC price bases. The asset structure showed slight fluctuations, with inventory increasing by approximately VND 1,200 billion (maintaining over 100 days of invent...
- Phuong Nguyen
STEP BACK
The market was hindered at the 1,725 zone and declined slightly below the MA(150) at the 1,715 level, while simultaneously forming a Bearish Harami candle signal. Liquidity decreased compared to the previous session, indicating that supporting cash flow is cooling down after two sessions of efforts to bolster the market. The Bearish Harami signal warns that the market's technical recovery has temporarily halted. Furthermore, the market is likely to retreat in the near future to retest the supp...
- Anh Tran
VGI – Strongly delivered on 2025 growth targets, with solid financial ...
• 4Q2025 net revenue reached VND 12,306bn (+27.6% yoy). FY2025 net revenue totaled VND 44,188bn (+24.9% yoy), fulfilling 114.3% of the company’s annual target. All three regional markets recorded strong growth of over 20% in Q4 and 14% for the full year. Africa and Latin America posted growth rates of over 30%, around 5-6 times higher than the industry average. • Profits and margins reached record highs in 2025. PBT increased by 42.5%, achieving 200% of the company’s plan. 4Q2025 NPAT-MI came i...
- Phuong Nguyen
BROAD-BASED RECOVERY
The market continued its recovery trend, surpassing the 1,715 level and approaching 1,730 points. Liquidity decreased compared to the previous session, indicating that supply has temporarily cooled down after two sessions of relatively strong selling, allowing cash flow to generate recovery momentum for the market. The current recovery signal may help the market continue to test its recovery potential in the next trading session. However, this rebound may temporarily be technical in nature to ...
- Chinh Nguyen
REE – Business results Q4/2025: Profit slips despite improved revenue
• In Q4/2025, REE achieved revenue of VND 2,881 billion (+23.2% YoY) thanks to a breakthrough in the refrigeration M&E revenue segment (+78% YoY). However, Net Profit After Tax – Interest of Minority (NPAT-MI) decreased by 8.7% YoY to VND 619 billion due to pressure on management costs. • Gross profit margin decreased to 36.1% due to the increase in operating costs of E-town 6. Despite the breakthrough in M&E revenue, the value of newly signed contracts in 2025 decreased by 14% YoY, reflecting ...
- Phuong Nguyen
RECOVERY EFFORT
The market quickly recovered despite the heavy selling pressure from the previous session; however, the recovery progress still faced difficulties, as shown by the upper candle shadow at the 1,715 level. Liquidity increased compared to the previous day, indicating that supporting cash flow has returned and is contending with supply. The current recovery signal may help the market continue to test its recovery potential in the next trading session. Nonetheless, this rebound may temporarily be t...
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