Research Center

We expect that discretionary demand of Vietnam‘s top export markets such as the U.S. and E.U and even China, will soften further into 2023F. We expect yarn manufacturers to recover from 3Q23F thanks to demand recovery from the U.S. market.…

Concerns over stagnant property market in FY23F will stress banks’ outlook via rising credit risk and weakening asset quality. FY23F earnings growth of banks under our coverage will slow down to 11% yoy (from +34% in FY22) on weaker credit…

Concerns over stagnant property market in FY23F will stress banks’ outlook via rising credit risk and weakening asset quality. FY23F earnings growth of banks under our coverage will slow down to 11% yoy (from 34% in FY22) on weaker credit…

A meaningful decline of 80% yoy/63% yoy in 4Q22 presales volume was seen in HCMC and Hanoi on tighter funding regulations for residential property. A few developers have failed in the first stress-test on obligatory payment. We like NLG as…

On Jan 07, the MOIT issued the official price framework for transitional RE projects, the new prices are 21%-29% lower than the previous FIT. We see the new price framework somewhat dashed investors’ expectations with a low price. However, this…

Concerns over stagnant property market persisting in FY23F will lead banks to rebalance the risk dynamics between earnings growth and asset quality. We expect earnings growth of banks under our coverage to grow modestly 10-11% yoy in FY23-24F (+32% yoy…

Sea freight rates are entering a downward trend following the oversupply, bringing a gloomy outlook for shipping companies in FY23-24F. Mixed factors create a neutral outlook for global seaport industry but Vietnam’s picture may be brighter thanks to improved macroeconomics.…

We expect Brent oil price to stay on the high base, averaging around US$90/bbl in 2023F due to lingering Russia – Ukraine crisis. The companies possessing strong financial health, dominating in their business fields and being able to ride on…

Consumer spending is slowing down till 3Q23F amid sluggish export growth, rising interest rates and weak VND. Luxury goods might get lower risk from a demand downturn, in our view. Sector leading stocks are stock with good financial status and…

3Q22 average rental price increased by 10%-12% yoy, given high demand but limited supply. We see industrial property will slowdown following rising competition from Indonesia and delayed legal procedure which will shrink new supply. Our stock picks for long-term investment…