Sector report
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...
09
May
Banking – Note – [NONRATED] – On the path to recovery
Total PBT in 1Q24 (27 banks) increased by +9.5% YoY, driven by improved total operating income (+7.6% YoY) from both net interest income (+8% YoY) and non-interest income (+27% YoY),...
15
April
Power sector – Preview – [NEUTRAL] – 1Q24F Preview: The El Niño calls Coal-fired
The bright spot in 1Q24 was coal-fired power. Growth came from the shortage of hydropower supply and the benefit of rapidly falling coal prices compared to gas prices in recent...
10
April
Seafood sector – Preview – [NEUTRAL] – 1Q24F Preview: First stages of restoration
In 2M24, the total export turnover of pangasius fish increased slightly by 7.8% yoy, with the U.S market being the standout. Meanwhile, shrimp export turnover recorded a growth of +22.6%...
Featured Analysis
Market commentary: Negative sentiment dominates the market
Covered warrant: Cautious sentiment dominates CWs market
USDVND cautious ahead of U.S. “Liberation Day”
Market Trader: Liquidity continues to decline
Market commentary: Volatile movements
Derivatives: Liquidity declines
Chart of the day: Liquidity weakens
