Macro/ Strategy

In 2023, Vietnam loosened its fiscal policy to support economic growth. The 12-month mobilization interest rate fell "freely" from 7.6% at the beginning of 2023 to 5% at the end of 2023. In the context of bank deposit interest rates currently at a very low level, the portfolio has achieved a good return of 38.5%, with a dividend yield of 10.5% and a return (price difference) of 28%.

We remove PVS, NT2, TLG and PHR because the dividend yield is no longer attractive in 2024.

We add BMP, QTP, VCS and VNM thanks to meeting the criteria of high-dividend yield portfolio and positive business prospects for 2024. In which:

• BMP, VCS: We expect the recovery of the real estate market to help the company achieve good business results, which will allow it to continue to pay attractive dividends. BMP's dividend payout ratio is almost 100% of after-tax profit.. 
• QTP: Improved cash flow from paying off loans in 2024 allows the company to afford higher dividend payments.
• VNM: We added VNM to the portfolio because the stock price has fallen sharply, making the dividend yield more attractive. In addition, this is a company with a tradition of paying high dividends, with an average dividend payout ratio of 70% of after-tax profit