Macro/ Strategy

The Vietnam stock market has accelerated sharply since Q2.2023 and officially surpassed 1200.

In terms of investment efficiency, the portfolio’s return continuously outperformed the VN-Index’s return. HPG’s return (+55.8% YTD) made the strongest contribution to the portfolio because of the high expectation of the steel price recovery. Besides, the return of FPT (+48.6% YTD), FRT (+42.6% YTD), GMD (+39.4% YTD) and the banking stocks (+32.9% YTD) in the portfolio has also rocketed recently.

Updating Q2.2023 business results of Value Seeking portfolio, the total revenue increased by 14.7% YoY (Q1.2023: 1.4% YoY). NPAT Q2 strongly increased by 20.5% YoY (Q1: -1.6% YoY) thanks to the extraordinary income of VHM and GMD in Q2.2023.

We has added VRE to the “Value Seeking” portfolio. VRE has the position of being the largest retailing real estate developer in Vietnam. Currently, the stock price is at an attractive price, corresponding to a high return. VRE is expected to contribute positively to the performance of the “Value Seeking” portfolio.

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