Market Strategy Report

2H21 Market Outlook

Fundamentals continue to be improved

2Q21 stock market outlook

Positive in the medium term

Stock Market Outlook 2021

Opportunities ahead

4Q20 market outlook

Back to the starting line

2H20 Market outlook

Calm and firm amid volatile period

Market Strategy 2Q20

Economic downturn for most 2Q

Vietnam Market Strategy Report - 4Q.2019

We raise our 2019 year-end range for the VN-Index to 970-1,010 from 940-1,000 as rate cuts from central banks and a partial US-China trade deal improve market conditions. Although we are looking for quieter performance in 4Q, this will likely only be a pause for the market and our outlook remains positive. Sectors we view as Positive include: power, IT, and retailing but are more selective for banks in 4Q. We are Neutral on industrial parks. Any sustained move above 1,000 in 4Q likely capped. As sentiment peaks for these events, we do not rule out short-term moves above 1,000 but concerns of a standstill in US-China trade talks, disappointments on Fed rates cuts, and growing evidence of a global slowdown in 2020 are likely to continue to weigh on market sentiment in 4Q and limit any gains. Large caps should continue to lead the market and our expectations for an unexciting 3Q earnings season for the lagging mid-caps will likely make it difficult for performance to catch up with large-

Business performance in Q2.2019

Q2 business results were more positive than those in Q1, and went beyond market’s expectations There was a surge in the revenue growth of large cap companies, which was also the main force of growth for the whole market in Q2 The overall profit margin was still at a good level

Vietnam Stock Market Outlook 2Q.2019

Vietnam stock market saw positive performance with a strong growth in most of the 1Q before entering a sideways drift around 1,000 point threshold in the last two trading weeks of the quarter. The growth force of the market in the 1Q comes from the bottom-fishing demand of domestic investors and net-buying cash flow of foreign investors. Foreign investors have net-bought for two consecutive quarters in Vietnam stock market, which is in line with the trend of global capital flow running into emerging markets in the 1Q. If in early 2Q, the market receives many news from the AGMs and business performance in the 1Q, there will be less information in the second half of the quarter. Powerful drivers of the market still come from external factors such as the trade war, Brexit, the US yield curve, monetary policies and economic outlook of some major economies… In the basic scenario, external risks do not get worse, VNIndex is forecast to stay in a sideways drift and slightly decrease in ear

Vietnam Stock Market Outlook 2019

Vietnam stock market in 2018 witnessed significant changes, which is contrary to the stable growth in 2016-2017. Internal factors still remained positive and supportive to the market. However, the strong impacts from external risks triggered a simultaneous correction in main indices of 2018. Foreign investors net-bought with a record volume in Vietnam stock market in 2018 (contrary to the net-sold trend in other emerging markets), mainly focused on VHM, VRE, YEG, MSN… Vietnam stock market in 2019 is expect to be volatile under the impacts of external factors, while domestic factors remain neutral. Economic growth and profit growth of listed companies will be slower than in 2018, but still stay at a positive level, SBV monetary policy will be managed more prudently but still loosened in general. The reasonable price zone of VNIndex in 2019 is 911-942 points, slightly increasing compared to the end of 2018 thanks to the positive growth of market EPS, although P/E of the market i