Reports - Acbs

2:39:55 CH - 08/01/2026

Macro Update – December 2025: A RESILIENT REBOUND

Economic indicators for December 2025 depict a broad-based recovery underpinned by synchronized domestic growth engines. The resurgence in consumption and manufacturing, coupled with accelerated public investment disbursement and credit expansion, has established a robust foundation to target 10% GDP...

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ETF report Portfolio Forecast VN30 Q1.2026

Strategy & Macro Reports

1:39:05 CH - 07/01/2026

ETF report Portfolio Forecast VN30 Q1.2026

HOSE will officially announce the constituent list of the VN30 Index on 21 January 2026, with changes taking effect on 02 February 2026. The key changes in this upcoming announcement compared to the previous update are as follows: In...

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MARKET STRATEGY REPORT 2026 – BUILDING STRATEGIC POSITIONING

Strategy & Macro Reports

5:17:14 CH - 06/01/2026

MARKET STRATEGY REPORT 2026 – BUILDING STRATEGIC POSITIONING

By the end of 2025, the VN-Index had risen by 40.87% YTD. However, the rally was largely driven by stocks within the Vingroup ecosystem, with limited breadth across the broader market. The VN-Index ended the year trading at a...

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Macro Flash Note – December 11, 2025: The Fed cut rate by 25bps while internal decision differed. Markets price in 02 additional cuts totaling 50bps in 2026.

Strategy & Macro Reports

3:56:02 CH - 11/12/2025

Macro Flash Note – December 11, 2025: The Fed cut rate by 25bps while internal decision differed. Markets price in 02 additional cuts totaling 50bps in 2026.

At the December meeting (December 10, 2025), the US Federal Reserve (Fed) executed its third-interest rate reduction of 2025, lowering the target range for the federal funds rate (FFR) from 3.75%–4.00% to 3.50%–3.75%, corresponding to a cut of 25...

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Industry & Corporate Reports

5:19:08 CH - 10/12/2025

Update VCB – Outperform

We cut our target price by 7.7% to VND 69,300/share by end-2026, mainly due to lowering target P/E from 18x to 16.5x to reflect a slower profit growth outlook of 6.1% in 2026, which largely offsets the positive impact...

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Macro Update – November 2025: BEYOND THE STORM – PATH TO STABILIZATION FOLLOWING RECENT DISRUPTIONS

Strategy & Macro Reports

1:38:59 CH - 10/12/2025

Macro Update – November 2025: BEYOND THE STORM – PATH TO STABILIZATION FOLLOWING RECENT DISRUPTIONS

Economic data for November 2025 reveals an increasingly divergent growth picture. Key drivers such as public investment and credit growth continued to be promoted. Conversely, export activities and retail sales decelerated as continuous storms and flooding over the past...

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Value	KBC	GMD
Total Return	17.78%	22.26%
Profit rate	16.39%	19.03%
Current price	36,000 VND	62,000 VND
Target Price	41,900 VND	73,800 VND

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