Macro/ Strategy

"Add TV2 to the portfolio"

The VNINDEX experienced a strong upward trend from Q2/2023 and officially surpassed 1200. Globally, the FED continued to raise interest rates by 0.25%, but inflation indicators in Q2 showed signs of cooling down, reinforcing the belief that the FED is nearing the end of its monetary tightening phase. In Vietnam, GDP in Q2/2023 increased by 4.14% YoY, and inflation in the first 7 months of 2023 rose by 3.12% YoY. To stimulate economic growth, the State Bank of Vietnam (SBV) continued to cut interest rates for the fourth time and issued various supportive policies to boost economic growth in the final months of 2023. Notably, Power Development Plan VIII (PDP8) has been officially approved, emphasizing the focus on developing renewable energy such as wind power and LNG power in the coming years.

The going green portfolio has a  rate of return of +24.77% YTD. Among them, stocks with the strongest growth since the beginning of the year include: CNG +61.2%, VSH +57.8%, PC1 +38.6%. On the other hand, GAS experienced a slight decrease of -1.3%. In Q2/2023, total revenue of going green portfolio decreased by -9% YoY, and net profit decreased by -47% YoY. The reasons for this decrease stem from a significant drop in hydropower output due to the return of the El Nino phenomenon, high anchor fuel costs, and a substantial increase in borrowing costs.

#VSH, #REE, #HDG, #POW, #NT2, #GAS, #CNG, #PC1, #GEG, #TV2