reports
- Phuong Nguyen
RECOVERY
The market showed a recovery response after testing the old peak area of 2024, the 1,306 point area, in the previous session. Liquidity decreased compared to the previous session, indicating a significant cooling of supply despite persistent net selling pressure from Foreign Investors. The recovery movement and closing above the 1,316 point area, the previous support area, may help the market continue to recover in the near term and retest the MA(20) area, around 1,325 points. At this area, th...
- Phuong Nguyen
QUARTER ENDS IN THE RED
The market continued to decline, retreating close to the previous 2024 peak area of 1,306 points. Liquidity increased compared to the previous session, showing that supply pressure continued while supportive cash flow remained cautious, especially with ongoing net selling pressure from foreign investors. The earlier signal of dropping below the MA(20) kept putting negative pressure on the market. Although support is currently weak and the market could become oversold below 1,306 points, the ps...
- Tung Do
Bancassurance in Vietnam: A Journey of Recovery and Long-Term Growth P...
• Bancassurance in Vietnam has experienced robust growth since 2014, following Circular 86/2014, which removed barriers for banks to act as insurance agents. Between 2014 and 2022, insurance premium revenue grew at a compound annual growth rate (CAGR) of 50%, boosting the contribution of service fee income from 7% to 29%. However, since 2023, negative incidents involving misleading advice and coercive insurance sales have triggered a crisis of confidence in the life insurance market. • Starting...
- Thach Lam Do
KBC - Unlocking the Potential of Large-Scale Projects
We set a 12-month target price for KBC stock at VND 40,300 using a blended Price-to-Book (P/B) approach, suggesting P/B ratios of 1.5x for 2025 and 1.3x for 2026, which implies an expected return of 33%. Industrial Land Leasing – Growth Era Returns We believe KBC’s competitive advantage in industrial park (IP) development will remain strong, driven by: 1/ Strategic project locations in Tier-1 markets – KBC's industrial parks are situated in high-demand areas with well-developed infrastructure,...
- Quan Cao
GMD - Logistics segment expected to recover in 2025
• In 2024, GMD's net revenue was VND 4,832 billion (+26% YoY), in which revenue from port operations was VND 4,201 billion (+43% YoY), while logistics will contribute VND 632 billion (-25% YoY), accounting for 87% and 13% of total revenue, respectively. Despite the recovery in import and export demand, the logistics sector remains weak. • From 2018 to 2024, logistics revenue achieved a CAGR of 7%. COGS remained relatively stable, with a CAGR of 5%, but profit margins fluctuated significantly du...
- Phuong Nguyen
FOREIGN SELLING PRESSURE
The market recovered unsuccessfully and fell below MA(20). Liquidity increased compared to the previous session, indicating that supply continued to exert pressure while supporting cash flow remained cautious, especially with persistent net selling pressure from Foreign Investors. The signal of falling below the MA(20) suggests that the market is quite exhausted, and the corrective movement shows no signs of stopping, with the next support area being the 1,305 – 1,310 point area, a resistanc...
- Toan Vo
- Phuong Nguyen
CAUTIOUS MOVEMENT
The market remained cautious as it approached the resistance area of 1,340 points and retreated. Liquidity decreased compared to the previous session, indicating that cash flow remained cautious ahead of the resistance area, and supply was still exerting pressure on the market, although overall, temporary selling pressure was not excessively strong. The current corrective movement shows that the market has not yet completed its process of probing and rebalancing, with a trading range of 1,31...
- Phuong Nguyen
CONTENTION
The market continued to recover, but the movement was rather cautious with a state of contention between supply and demand. Liquidity increased compared to the previous session, suggesting that cash flow still made efforts to support the market but showed caution in the face of supply pressure from the resistance area. The current contention reflects that the market is still in the process of probing supply and demand before determining its next move. However, recent support signals at the MA(...
- Quyen Nguyen
Binh Duong – A key growth hub in Southern Vietnam’s economic corridor
• Binh Duong showed exceptional FDI appeal. The province has consistently ranked among the top 10 provinces in terms of foreign direct investment (FDI) attraction. In 2024, registered FDI inflows into Binh Duong reached USD 1.9 billion, securing the 6th position nationwide. As of December 31, 2024, Binh Duong ranked second in total registered FDI (trailing only HCMC) with a cumulative FDI inflow of USD 42.5 billion. • Binh Duong exhibited strong economic and income growth over the past decade. ...
- Phuong Nguyen
TURNING THE TIDE
Despite the market entering an oversold condition during the trading session with the index falling below the MA(20), it staged a significant recovery towards the end of the session. Trading volume increased compared to the previous session, indicating that cash flow was actively absorbing supply during the market's decline, thereby maintaining a supportive stance. The current rebound signal has helped the market preserve the support capability of the MA(20) and is also confirming the intraday...
- My Tran
MONETARY MARKET IN MAR 2025: CAUTIOUS MONETARY POLICY EASING
From the beginning of March 2025, the SBV ceased the issuance of SBV bills while maintaining liquidity support through collateralized lending via open market operations (OMO). Notably, the extension of OMO loan terms while keeping interest rates unchanged reflects the readiness to provide liquidity to the system when needed. On the interbank market, VND lending rates showed a downward trend toward the end of the month. Meanwhile, deposit interest rates declined broadly since late February 2025,...
- Thach Lam Do
HSG – Cautious plan for short-term difficulties
• During the General Meeting of Shareholders for the 2025 fiscal year, HSG said that the steel sheet industry (especially the export market) may face difficulties, and at the same time, competitive pressure in the domestic market will also increase. Thereby, the Company sets a relatively cautious business plan due to concerns about fluctuations in raw material prices and risks from the export market. • The company’s strategy is to develop Hoasen Home, the chain of building and finishing materia...
- Phuong Nguyen
PROBING MOVES
The market continued its correction with small candlestick and is currently retesting the support area of 1,320 points, near the MA(20) line. Liquidity decreased compared to the previous session, indicating that cash flow showed cautious and probing moves during the session with ETF restructuring activities, but overall, supply also showed signs of easing. Despite the lackluster performance, the market is still receiving support at the 1,320 point area after testing the support capability of t...
- Huong Le
Offshore wind power: A new development driver for construction contrac...
• Offshore wind power is becoming a new global energy trend, with the Asia-Pacific region forecasted to lead the offshore wind power industry, with an estimated capacity of approximately 172 GW by 2030. • There are many opportunities for PVS to venture into the offshore wind power construction sector as the competition among contractors in the region remains limited, thanks to the proven experience and capabilities from previous offshore wind projects such as Formosa, Greater Changhua 2b & 4, ...
- Phuong Nguyen
PRESSURE FROM FOREIGN INVESTORS
The market continued its correction and is currently finding support at the 1,320 point area. Liquidity increased compared to the previous session, indicating that profit-taking supply is exerting pressure on the market, especially the strong net selling of foreign investors. However, cash flow is still making efforts to support and balance the market, as shown by the candlestick shadow above the 1,320 point area. The current developments indicate that the market is still in a rebalancing proc...
- Hien Le
Fisheries industry – Seafood exports in the first 2 months of 2025 are...
• The export value of the pangasius industry in 2M2025 recorded a slight decline of 2% YoY, reaching 258 million USD due to a decrease in consumption volume of 6% YoY while the average selling price only grew slightly by 3% YoY. The decline in export volume was mainly due to a 27% decline in the Chinese market while the US and EU markets both grew by 6%. The average selling price in 2M2025 has a strong growth of 8% in the US while in the Chinese and EU markets is equivalent to the same period. ...
- Phuong Nguyen
UNABLE TO BREAK OUT
The market failed to extend its upward momentum due to pressure from the resistance area of 1,340 – 1,350 points and pulled back. Liquidity decreased compared to the previous session but remained at a relatively high level, indicating that cash flow showed a cautious move as the market approached the resistance area, while profit-taking supply continued. The current developments indicate that the market is still in a rebalancing process, with a trading range of 1,320 – 1,340 points, after a pr...
- Quyen Nguyen
PNJ – monitor to capture opportunities
• In 2024, PNJ recorded net revenue of VND 37,823 bn (USD 1,501 mn), up 14.1% year-over-year, and net profit of VND 2,115 bn (USD 84 mn), rising 7.3% year-over-year. The jewelry retail and wholesale segments continued to post solid growth as consumer demand gradually returned and PNJ expanded its market share. Demand for 24K gold surged in the first half of the year due to rising gold prices but declined in the latter half as tighter regulatory measures on gold trading led to supply shortages. T...
- Phuong Nguyen
RECOVERY
The market continued its recovery efforts after the failed recovery move at the end of last week. Liquidity decreased compared to the previous session but remained at a relatively good level, indicating that profit-taking supply showed signs of easing and reduced pressure on the market, while cash flow continued to make efforts to support the market. The current recovery candlestick signal is quite positive, with the closing price higher than the high of March 14, 2025. This signal may help th...
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