Sector report
06
August
Banking – Note – [OVERWEIGHT] – 2Q24 sustained recovery
Aggregated 2Q24 PBT (27 banks) surged +22.6%yoy thanks to an improvement in total operating incomes (+15.8%yoy) for higher net interest incomes (+19.3%yoy) and OPEX management (2Q24 CIR’s 32% vs 2Q23...
19
July
Power sector – In-depth – [OVERWEIGHT] – The Way of Water
In 1H24, nationwide electricity consumption reached 153bn kWh, +13% yoy. In our view, the growth drivers likely came from (1) El-Niño’s prolonged intense heat and (2) the economy's recovery. In...
15
July
Steel sector – In-depth – [NONRATED] – Building Momentum
In 5M24, the total sale volume of the steel industry is at 11mn tonnes, +15% yoy. We forecast the industry’s sales volume to maintain positive yoy growth. However, the growth...
09
July
Banking – In-depth – [OVERWEIGHT] – On the path to recovery
With the economic recovery, 2H2024 credit demands could accelerate and grow higher than in 2023. NIM could regain improvement from 2Q24 and 2H2024 after slightly falling in 1Q24. Other integrated...
05
July
2H2024 Outlook – In-depth – A new peak?
Based on the recovery of the economy, especially the strong inflow of FDI into Vietnam in recent times, we believe that the upward trend will continue in the second half...
05
July
Aviation sector – In-depth – [NONRATED] – Turnaround year
In 1Q24, VJC and HVN’s transportation revenue went up despite negative air passenger growth, which resulted from (1) Vietnamese airlines’ expansion to the international market and (2) higher fares due...
28
June
Seafood sector – In-depth – [NEUTRAL] – Awaiting the “inflection point”
“… Seafood sector is over the hump and being on a recovery path, but we believe this path still faces to some challenges in 2H24F. We await the “inflection point”,...
28
June
Retail sector – In-depth – [NONRATED] – It’s time for a sprint
In 1Q24, we see that consumers’ confidence reached the highest level of 78% in the last 5 quarters. Together with a more bustling production activity (especially in 2Q24 with IIP...
15
May
Retail – Note – [NONRATED] – Weak demand had different impacts
Consumer demand, in general, is not strong during the Tet holiday, but the impact varies among listed retailers. On the positive side, the consumer confidence index in 1Q24 increased to...
Featured Analysis
Derivatives: Waiting for confirmation signals
Market commentary: Broad-based gains
Market commentary: Widespread demand momentum
Derivatives: Green session
Derivatives: Pull-back confirmation
Market commentary: Cautious sentiment
Fund flow: Vietnam leads fund flows in SEA
