Analysis Center

For the long-term outlook, notwithstanding the recent market correction, we believe that the fundamentals of both the Vietnamese economy and stock markets are well positioned for strong long term growth despite short term volatility. Growth in the overall participation...

KINH BAC CITY DEVELOPMENT HOLDING CORPORATION JSC (KBC VN) Adjust down our 2022 forecasts given low 1Q2022 results and ongoing market challenges. Reiterate our Buy rating with a lower target price of VND69,998. Kinh Bac’s 1Q2022 result was below...

NO VA LAND INVESTMENT JSC (NVL VN) We adjust our whole year 2022 forecast to reflect subdued 1Q2022 results amid market challenges and COVID-19 related delays. Reiterate our Hold rating with target price of 83,058  NVL is the second-biggest...

HPG held its AGM on May 24th 2022 with following highlights: The company set 2022 targets at: 160,000 bil.VND  of revenue (+6.7% YoY) and net profit in a range of 25,000 to 30,000 bil.VND (-13% to -27.5% YoY). The...

VINHOMES JSC (VHM VN) Reiterate our Buy rating with target price of VND98,385 given strong pre-sales forecast in 2022 VHM announced 1Q2022 result with net revenue of VND8.9trn (-31% YoY) and PAT of VND4.7trn (-14% YoY), equivalent to 12%...

VIETNAM TECHNOLOGICAL AND COMMERCIAL BANK (TCB) We reiterate our BUY recommendation with a target price of VND63,100 per share. TCB’s long-term outlook remains positive, although the Government’s actions to tighten corporate bond issuances, which could negatively impact TCB’s fee...