Macro/ Strategy

After the last trading session of 2023, the VN-Index closed at 1,129, up 14.5% compared to the beginning of 2023. In the meantime, the growth portfolio had a good return rate of 40.2% YTD, thanks to the positive business results in 2023.

Positive contributions to the portfolio's investment performance in 2023 were GMD (+41% YTD) and FPT (+38% YTD). The 2023 business results update of the growth portfolio showed a slight increase in total revenue of 4.1% YoY, and net profit remained flat. Excluding VPB, net profit of the growth portfolio increased by about 37.6%, compared to a decrease of 4.5% in the total net profit of listed companies.

In 2024, we expect the bank stocks in our portfolio to accelerate thanks to: (1) the reduction cost of capital and resources from partner SMBC (VPB), (2) the savings on provisioning expenses and improvement NIM (STB), (3) the improvement NIM and high credit limit (HDB). 

In addition, we add PVT, CTR and HPG to the growth portfolio. In which PVT and CTR are two leading enterprises in the industry with sustainable growth, with forecast profit growth of 23.6% and 15.4%, respectively; HPG returns to growth trajectory and can record breakthrough profit in 2024 with an increase of 135%.

We remove QNS from our coverage because we believe that (1) sugar prices will cool down from their high base in 2023 and (2) soy milk demand is showing signs of slowing.