Sector in-depth
10
January
Aviation – In-depth – [NONRATED] – 2025 Outlook: Await the return of domestic demand
In 2025F, we expect that (a) airfares could decline as new supply enters the market and stored aircraft gradually returns, and (b) consumers could spend more on leisure and travel...
03
January
Retail – In-depth – [NONRATED] – 2025 Outlook: Next Chapter
In 2025F, we think that the retail sector would generally have a positive prospect. (1) ICT-CE and Jewelry retailers would continue to recover due to the recovery of consumer demand....
27
December
Oil & Gas – In-depth – [NEUTRAL] – 2025 Outlook: LNG gains the spotlight
We strongly believe that LNG segment could be bright spot for Oil & Gas sector in 2025F. LNG consumption, led by the official run of Nhon Trach 3&4 LNG-fired power...
14
December
Seafood – In-depth – [NEUTRAL] – 2025 Outlook: Against All Odds
In 2025F, as consumer demand continues to revive in key export markets, we project the seafood industry to follow a recovery trend comparable to 2024. However, this may face short-term...
04
September
Seafood: Pangasius market – In-depth – [OVERWEIGHT] – The tide is turning
We believe that the presence of large enterprises will strengthen the industry's value chain, minimizing risks in the nurturing process. Additionally, the rise in global demand for seafood, along with...
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
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...
Featured Analysis
Market commentary: Foreigners reversed strongly to net buying
Derivatives: Downtrend ahead?
Market commentary: Liquidity hits record high
ACB – Brief – [NONRATED] – Strengthened asset quality
Market traders: Liquidity surged
Derivatives: New high of the year
Market commentary: Liquidity surged
