Vietnam Daily Market Recap October 29, 2024 – HDB & PVS Earnings Flash

Market commentary: Stocks advance, led by telecom, industrials

The VN-Index popped higher at the open on Tuesday and remained in positive territory throughout the session, closing up 0.6% at 1,261.8 for a second day of gains. Total trading value rose by 26.4% compared to Monday to VND11.7tn (USD462mn). The HNX-Index also rose, gaining 0.4% to 225.6.

Almost all sectors increased today, led by Telecommunications (+5.4%), Travel & Leisure (+2.8%), Industrial Goods & Services (+1.1%) and Chemicals (+1.5%). On the other hand, Food & Beverage (-0.02%) was flat.

Telecommunications (+5.4%) posted the strongest gains today, primarily driven by VGI following its positive business results. For 9M24, VGI reported revenue of VND25.7tn (USD1.0bn), a 25% YoY increase, and net profit of VND3.4tn (USD134.3mn), marking a growth of 343% YoY.

HVN (+6.8%) hit its ceiling price today and led the Travel & Leisure sector, along with ACV (+2.0%). On October 28, as part of the Vietnam-UAE Business Forum held in Dubai, Vietnam Airlines (HVN) signed a bilateral Memorandum of Understanding (MoU) with two leading global airlines, Etihad Airways and Emirates. Under the MoU, Vietnam Airlines and Etihad Airways will develop a bilateral relationship in both passenger and cargo services to enhance connectivity between Abu Dhabi and Vietnam, expanding the route networks of both carriers. The two parties will also explore collaboration in developing frequent flier programs between Lotusmiles and Etihad Guest, as well as cooperation in ground services, maintenance, supply, and technical support.

GMD (+4.0%) surged in the afternoon session on record-high liquidity, as 5.2 million shares were traded for a total transaction value of VND335.5bn (USD13.2mn). Foreign investors contributed significantly, with net purchases accounting for more than half of trading value. GMD recently announced its 3Q24 business results, reporting revenue of VND1.2tn (USD49.9mn), up 26.7% YoY, and net profit of VND448.4bn (USD6.8mn), an increase of 32.5% YoY. GMD said that the profit increase in 3Q24 was mainly due to higher gross margin from port operations and logistics, as well as increased income from joint ventures and associates.

Foreign investors net sold VND5.5tn (USD217.2mn) today. Selling momentum focused on VIB (VND5.5tn, USD217.2mn) via put through method. Foreign investors also net sold VHM (VND95.1bn, USD3.8mn) and BID (VND66.3bn, USD2.6mn). Buying momentum focused on VPB (VND275.7bn, USD10.9mn), GMD (VND171.2bn, USD6.80mn) and CTD (VND38.2bn, USD1.5mn).

Top performers today included HVN (+6.8%), HDB (+2.4%) and HPG (+1.1%). Top laggards included VNM (-0.3%), PDR (-2.1%), and VIC (-0.2%).

Read the full report: HERE