- 2025-04-02T00:00:00
- Market Commentary
* Real estate sector: Decree 75/2025/ND-CP issued to guide the implementation of the Resolution on piloting commercial housing projects on non-residential land
* DGC: Decree 75/2025/ND-CP paves the way for Duc Giang Residence Long Bien project.
* HDG expects two residential projects to be approved in the commercial housing pilot list, aligning with our forecast
* HDG: 2024 audited NPAT-MI Down 40% on HP4 Provisions; Valuation Impact Limited
* DRC adjusts FOL from 49% to 0%
* NT2: 15% higher 2024 audited NPAT due to lower gas cost
* POW: 11% lower audited 2024 NPAT-MI due to higher financial expense
* SAB’s 2025 AGM documents guide for 8% YoY NPAT growth; cash dividend of VND5,000/share (10% yield)
* VHM’s AGM document guides for 2025G NPAT growth of 20% YoY, higher than our forecast
* Macro Note: Where is Vietnam in Trump's tariff plan
* AST: Aggressive expansion drives solid medium-term growth - Update
* Market wrap: VN-Index edges up 0.04%
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Market wrap: VN-Index edges up 0.04%
The VN-Index posted a minor gain of 0.04% (+0.5 pts), closing the trading session at 1,317.83. The Financial services and Technology sectors contributed positively to the index, offsetting weakness in the Banks, Utilities, and Consumer goods sectors. Throughout the index, there were 245 gainers, 200 laggards, and 77 stocks unchanged. Total trading value rose 28% from the previous session to USD753mn.
* Leading Financial services stocks included SSI (+1.5%), VND (+3.2%), VIX (+3.6%), and EVF (+5.0%). However, HCM (-0.3%), ORS (-1.2%), BSI (-0.2%), and VDS (-0.3%) posted losses.
* Tech stocks saw renewed buying interest, with FPT (+1.2%), SAM (+2.8%), ICT (+1.8%), and ST8 (+3.1%) rebounding.
* In the Basic materials sector, Steel stocks HPG (+0.9%) and HSG (+1.8%) maintained their positive momentum. However, Chemical and Rubber stocks remained under selling pressure, as DGC (-1.1%) and DPR (-1.3%) edged lower.
* Other notable gainers included Property stocks VIC (+1.2%), VRE (+0.8%), VPI (+0.7%), and TCH (+0.8%); Consumer services stocks HVN (+2.0%), MWG (+0.3%), and DGW (+1.6%); and Industrials stocks GEX (+5.1%), GEE (+1.0%), and DPG (+2.3%).
* In contrast, notable laggards included Banks BID (-0.8%), MBB (-1.0%), SSB (-1.8%), and LPB (-0.9%); Utilities GAS (-0.6%), POW (-1.2%), and REE (-0.7%); and Consumer Goods stocks VNM (-0.5%), PNJ (-1.1%), MSN (-0.3%), and DBC (-1.2%).
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