Macro/ Strategy

After the last trading session of October, VN-Index suddenly plummeted more than 200 points. VN-INDEX reached 1,028 points (+3.4% YTD) and returned to the price range of early 2023. The reasons were attributed mainly to the attraction money of State Bank Vietnam, exchange rate risks and the news influence of the Vingroup stock group. In contrast to VN-Index, Growth portfolio achieved a good return of 40.77% YTD, thanks to positive business results in 9M/2023.

The most positive contributions to the performance of the portfolio from the beginning of the year until now are STB (+75.4% YTD) and GMD (+68.2% YTD). In which, GMD has surpassed its peak in the 22-year history of trading on HOSE. Updating 9M/2023 business results of Growth portfolio, the total revenue increased slightly by 2.4% YoY, NPAT decreased by 11.4% YoY. The main reason was that VPB booked the upfront fee from the bancassurance contract with AIA in 1H/2022. Excluding VPB, the NPAT of the portfolio grew by about 34.1%.

In Q4/2023, we expect the business results of the portfolio to be more positive. In terms of banking sector, we expect deposit interest rates to decrease, NIM will gradually improve, thereby helping bank profits grow. In terms of export companies, we expect increased demand during the year-end festivals to boost export growth.