Vietnam Daily Market Recap December 30, 2024 – QNS, SAB, BSR Analyst Notes

Stocks edge down, led by basic resources; telecoms outperforms

The VN-Index opened lower on Monday and stayed in negative territory, closing down 0.2% at 1,272.02. Total trading value slumped 26% from last week on the first day of a shortened holiday week (markets will be closed on Wednesday for the New Year holiday) to VND10.0tn (USD393.6mn). The HNX-Index followed a similar trend to close down 0.4% at 228.14.

Almost all sectors were in the red today. Sectors that fell included Banks (-0.1%), Utilities (-0.3%), Basic Resources (-1.2%), Construction & Materials (-0.4%), Retail (-0.3%), Financial Services (-0.4%), and Chemicals (-0.5%). Sectors that rose included Food & Beverages (+2.2%), Telecommunications  (+1.6%), Industrial Goods & Services (+0.7%), and Technology (+0.6%).

TTN (+5.0%), a telecom hardware and software services provider, jumped likely due to recent approval by its BoD to sign and implement contracts with large organizations such as Becamex Construction & Civil Engineering (BCE), Idico (IDC), and VNPT. These partnerships, involving telecommunications and infrastructure services, are expected to enhance TTN’s growth potential and contribution to the telecom sector. TTN’s established expertise in telecommunications and system integration positions it well to leverage these opportunities for future revenue growth and industry impact.

SGT (+4.0%), a telecom services provider, continued its momentum by hitting its ceiling price today, which can be attributed to sustained positive market sentiment fueled by news on December 17 that the company has secured a credit facility of up to VND1.63tn (64.9mn) from VPBank to invest in the second phase of the Dai Dong – Hoan Son industrial park project in Bac Ninh, which spans 95.8 h.a. The project, with cleared land ready for tenant handover and profit accounting, represents a significant growth opportunity, supported by Saigontel’s use of project-related assets as collateral. This strategic financing positions the company to capitalize on high demand for industrial park infrastructure with a fully leased-out initial phase.

Foreign investors net bought VND357.2bn (USD14.0mn) today. Selling momentum focused on TCB (VND41.2bn, USD1.6mn), NLG (VND33.5bn, USD1.3mn), VRE (VND28.3bn, USD1.1mn) and MWG (VND28.2bn, USD1.1mn). In contrast, they bought STB (VND154.8bn, USD6.0mn), CTG (VND86.9bn, USD3.4mn), PDR (VND74.3bn, USD2.9mn), HDB (VND63.9bn, USD3.5mn), and SSI (VND55.1bn, USD2.1mn).

Top gainers today include HDB (+6.8%), LPB (+1.7%), and FPT (0.6%). In contrast, the top laggards were BID (-2.3%), TCB (-0.8%), and MBB (-0.2%).

Read the full report: HERE