Recommendations

▶ In Wednesdays trading session, green was concentrated in many bluechip stocks and gradually spread to the entire market. The buying trend increased when the market surpassed the 1,300-point mark, prompting foreign investors to quickly enter the market. Market liquidity improved significantly and set a higher level than the 20-day average. ▶ At the end of the trading session, the VN-Index increased by 16.30 points (+1.26%), reaching 1,309.73 points; the HNX-Index increased by 0.95 points (+0.44%), reaching 218.88 points. Market liquidity reached VND27.33 trillion, equivalent to about 1,072.9 million shares traded. Foreign investors net bought VND2,264.77 billion, mainly concentrated in FPT, VPB, MWG. ▶ Technical perspective: Liquidity increased positively with the support of foreign cash flow, helping VN-Index conquer 1,300 points. Easing tensions over tariffs helped strengthen investor confidence, the index approached the old peak around 1,320 points. We expect there will be short-term profit-taking around this area. Correction sessions can open up opportunities for investors to increase their positions. Strategy: Investors who prefer to hold for the long term can consider disbursing stocks with good foundations, with low accumulation rates. It is possible to focus on stocks that benefit from domestic internal factors in some industry groups such as: Steel, banking, securities, energy... VN-Index moves towards the resistance zone of 1,300-1,320 points, investors should maintain stocks at a moderate level to manage risks.

Nam Long Investment Corporation (HOSE: NLG) is one of the leading real estate developers in Vietnam, owning a large land bank of over 680 hectares. The company specializes in developing affordable housing. In 2025, we forecast NLGs revenue and net profit to reach VND 6,755 billion (-6.1% YoY) and VND 686 billion (+32.5% YoY) respectively, coming from the handover of products from existing projects (Akari, Southgate, Can Tho) and the recognition of a 15% stake transfer in the Izumi City project. We are optimistic about NLGs long-term prospects due to (1) its large land bank with clear legal status, ready for deployment, and (2) the positive recovery of the real estate market in provinces adjacent to major cities. Based on the RNAV method, we issue a buy recommendation for NLG with a target price of VND 39,600. The valuation is attractive with a potential upside of 29.0%.

The annual inflation rate in the US dropped to 2.3% in April. US stock futures were little changed on Wednesday after technology stocks powered another rally in the previous session. In regular trading on Tuesday, the S&P 500 gained 0.72%, while the Nasdaq Composite jumped 1.61%, marking its fifth consecutive winning session. In contrast, the Dow slipped 0.64%, dragged down by a sharp decline in UnitedHealth. The S&P 500 has now turned positive for the year, buoyed by easing US-China trade tensions and softer inflation data, which lifted investor sentiment. The annual inflation rate in the US eased to 2.3% in April, the lowest since February 2021, from 2.4% in March adfsdnd below forecasts of 2.4%   The short-term recovery continues. VNINDEX closed at 1,283.26 (+15.96 points, +1.26%) with liquidity around the 20-session average. The market had 200 stocks increasing and 111 stocks decreasing, all major industry groups increased notably, including technology, finance and industry. The stocks contributing the most to the markets growth were TCB, VIC, GVR while HPG, MSN and DHG contributed to the markets decline.   Trading Strategy: Long-term investors may consider disbursing into stocks with solid fundamentals that benefit from domestic internal drivers such as steel, banking, securities, and energy. However, the allocation to stock should be reduced as many stocks have already recovered significantly from their bottom levels. Buy recommendation: VCI  

▶ With positive world news about tariff negotiations, the market opened with an Up-Gap and managed to maintain the upward momentum throughout the session. Specifically, the Banking group with positive price movements was the driving force for the index’s gain with representatives such as CTG, MBB. Today also marks the first trading session of Vinpearl JSC (VPL) on the HSX exchange with the maximum increase, making it the largest contributor to the increase of VN-Index. Liquidity saw small change and foreign investors reversed to net buy nearly 1,000 billion VND. ▶ At the end of the trading session, the VN-Index increased by 10.17 points (+0.79%), reaching 1,293.43 points; HNX-Index increased by 1.89 points (+0.87%), reaching 217.93 points. Market liquidity reached 27.11 trillion VND, equivalent to more than 1.11 billion shares traded. Foreign investors net bought VND977 billion on HOSE, mostly in MBB, MWG and PNJ. On the contrary, typical net selling directions included VCB, STB and GEX. ▶ Technical perspective: The market recorded an increasing session towards the resistance zone of 1,200 - 1,300. Liquidity improved to the average level, showing a positive increase in cash flow. However, the index has returned to the above resistance zone in short term, indicating that selling pressure may show its presence in the upcoming sessions. In the positive scenario: The market manages to maintain the EMA200 against short-term profit-taking pressure, supported with positive information from tax negotiations. This will serves as a positive signal to help investors improve their confidence.  In the base scenario: Vietnam has no new progress on tax agreements, the main trend would remain trading sideways and waiting for clearer signals from the market. Strategy: Investors who go for buy-and-hold strategy can consider disbursing in small weight for stocks which have good fundamentals and accumulation price bases. They may focus on stocks that benefit from domestic internal factors, saying some typical sectors like Steel, Banking, Securities, Energy...  

The U.S. and China have temporarily reduced their respective tariffs to 30% and 10% for a 90-day period. US stock futures held steady on Tuesday as investors awaited the latest Consumer Price Index report for clues on how the new tariff regime is influencing inflation. Markets are also looking ahead to upcoming retail sales and producer price data later in the week for further insights into the health of the economy. In Monday’s regular session, stocks posted strong gains, with the Dow climbing 2.81%, the S&P 500 rising 3.26%, and the Nasdaq Composite soaring 4.35%. The rally was fueled by news that the US and China agreed to temporarily reduce their respective tariffs to 30% and 10% for a 90-day period—easing concerns of an extended trade war and a potential recession. Treasury Secretary Scott Bessent indicated plans to meet with Chinese officials in the coming weeks to begin discussions on a broader trade agreement   The short-term recovery continues. VNINDEX closed at 1,283.26 (+15.96 points, +1.26%) with liquidity around the 20-session average. The market had 200 stocks increasing and 111 stocks decreasing, all major industry groups increased notably, including technology, finance and industry. The stocks contributing the most to the markets growth were TCB, VIC, GVR while HPG, MSN and DHG contributed to the markets decline.   Trading Strategy: Long-term investors may consider disbursing into stocks with solid fundamentals that benefit from domestic internal drivers such as steel, banking, securities, and energy. However, the allocation to stock should be reduced as many stocks have already recovered significantly from their bottom levels. Buy recommendation: MBB