- 2025-04-08T00:00:00
- Market Commentary
* Q1 GDP reaches highest level since 2019
* US to impose 40–88% provisional anti-dumping tariffs on Vietnam’s galvanized steel makers – minimal short-term impact on HPG, galvanized steel players with US exports hit since Q4 2024; long-term impact depends on final investigation outcome
* HDG guides 2.4x YoY NPAT growth in 2025, slight downside risk to our 2025F NPAT forecast
* KDH’s AGM documents guide for 23% YoY NPAT-MI growth in 2025
* LPB's 2025 AGM documents: 22% PBT growth guidance, VND2,500/share cash dividend
* NKG’s AGM Document: Guiding for 2025 PBT to decline 21% YoY
* PC1 guides for 18% YoY 2025 NPAT growth, potential FX losses pose downside risk to 2025 NPAT forecast
* PLX’s 2025 AGM Documents: Conservative guidance with 2025 PBT decreasing 19% YoY
* PNJ’s 2025 AGM documents guide for 7% YoY NPAT decline, below our expectation
* ACB: Bank expects credit growth to reach 16%-18% in 2025 - AGM Note
* Fixed Income March 2025: G-bond issuance reaches highest level since 2018
* Market wrap: VN-Index sharply falls 6.4%
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Market wrap: VN-Index sharply falls 6.4%
On Tuesday, the VN-Index sharply fell 6.4% (-77.9 pts) to close the trading day at 1,132.8. Heavy losses were seen in all sectors, with most blue chips falling by more than 6% as low confidence continues in the face of the 46% reciprocal US tariff imposed on Vietnam. Across the index, there were only 11 gainers, along with 506 laggards and 14 unchanged stocks. Total trading volume declined from the previous trading day to USD973.8mn.
* In banking, VCB (-7.0%), BID (-6.9%), CTG (-6.9%), TCB (-6.8%), and VPB (-6.9%) were the sector’s loss leaders.
* Real estate giants VIC (-5.5%) and VHM (-6.6%) performed slightly better than their peers while BCM (-6.9%), VRE (-6.9%), and KDH (-6.9%) dropped at the same level.
* Tech company FPT (-6.9%), steelmaker HPG (-6.9%), utility company GAS (-6.9%), and milk producer VNM (-6.8%) were among the stocks in other sectors weighing the most on the index.
* Some of the notable stocks that mitigated losses were beer producer SAB (-1.7%), airline VJC (-4.3%), consumer foods producer KDC (-1.5%), sugar producer SBT (-2.3%), and health care company DHG (-2.3%).
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