Macro/ Strategy

After the last trading session of July 2023, the VN-Index closed at 1,222, up 23.9% compared to the beginning of 2023. In July, VN-Index increased by 102.72 points, or 9.17%. The average volume reached VND 18,361 bn, up 8% compared to June and 53.2% higher than 5 months ago. Therein, the midcap stocks raked in big gains by upping to 33.1% YTD, while smallcap and bluechip stocks rallied 30.2% YTD and 21.1% YTD, respectively.

In terms of investment efficiency, the portfolio’s return continuously outperformed the VN-Index’s return. The return of QNS (+42.5% YTD) and STB (+35.5% YTD) in the portfolio were upward after announcing the positive 1H/2023 results. Updating Q1.2023 business results of Growth portfolio, the total revenue increased slightly by 3.4% y.o.y, NPAT decreased by 17% y.o.y. The main reason was that VPB booked the upfront fee from the bancassurance contract with AIA in 1H/2022. Excluding one-off income from bancassurance during 1H/2022, the NPAT of the portfolio grew by about 10%.

In the second half of 2023, we expect the business results of the portfolio to be more positive. We expect STB to complete its restructuring plan, thereby helping its profit continue to increase strongly. For VPB, we expect VPBank’s stake sale to SMBC to be completed in the third quarter, thereby helping VPBank achieve its ambitious business plans in 2023.