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Vietcap Daily - VN-Index declines 0.9% - DXG, HDC, MBB, POW, VHC, AST, SSI, OIL, DRC, LPB, NT2, QTP, SCS, TCB, TDM, PC1

Market Commentary

21 Apr 2025

* DXG’s AGM document guides NPAT-MI to increase 44% YoY in 2025G
* HDC postpones AGM due to insufficient shareholder attendance; announces plan for full divestment from Dai Duong project
* MBB proposes treasury share buyback plan
* POW: Q1 PBT increases 38% YoY, completing 21% of 2025F; slight downside risk
* VHC: 6% YoY revenue decline in Q1 2025 driven by frozen pangasius filets, C&G
* AST: Accelerated medium-term expansion supports robust growth outlook; rollout of 20 new locations at TSN T3 set for post-Reunification day - AGM Note
* SSI: Brokerage market share rises despite reduction in broker employees - AGM Note
* OIL: Further positive development for petroleum sector regulations - Analyst Meeting Note
* DRC: Sharp Q1 2025 earnings decline on elevated input costs; guiding for 23% YoY drop in Q2 2025 PBT - Earnings Flash
* LPB: Solid loans growth but sharp NIM compression - Earnings Flash
* NT2: 4x YoY sales volume growth drives NPAT turnaround, in line with our forecast - Earnings Flash
* QTP: Q1 NPAT-MI drops 24% YoY due to lower price spread - Earnings Flash
* SCS: Earnings rise 15% YoY on strong volume, ASP; partly offset by higher effective tax rate as tax incentives expire - Earnings Flash
* TCB: NIM pressure continues but credit growth, asset quality remain solid - Earnings Flash
* TDM: Q1 Earnings soar on BWE's dividend, Phu My Vinh Water M&A - Earnings Flash
* Residential Real Estate Sector Flash: Number of primary transactions to grow amid external uncertainties
* PC1: Attractive valuation despite President Trump's tariff headwinds on IPs - Update
* Market wrap: VN-Index declines 0.9%


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Market wrap: VN-Index declines 0.9%

The VN-Index declined 0.9% (-12.1 pts) on Monday to close the trading day at 1,207.1. Seven of the stocks most negatively affecting the index were banks. Across the index, there were 181 gainers, 339 laggards, and 63 unchanged stocks. Total trading volume decreased from the previous trading day to USD718.9mn.

* The banks mentioned above that pressured the index were BID (-1.9%), LPB (-2.5%), VPB (-1.5%), MBB (-1.3%), ACB (-1.6%), TCB (-0.9%), and HDB (-1.9%). STB (+4.9%), SHB (+2.7%), and TPB (+2.7%) surged.

* Real estate giant VIC (-7.0%) plunged while fellow sector stocks BCM (+2.2%) and NVL (+6.5%) jumped and KDH (+0.6%) gained.  

* Large-cap basic materials stocks performed poorly as HPG (-2.0%), GVR (-3.3%), and DGC (-1.6%) sharply fell.  

* Other laggards to note from other sectors included utility company GAS (-0.5%), airlines HVN (-1.6%) and VJC (-2.9%), oil & gas company BSR (-1.6%), and retailers PNJ (-4.1%) and MWG (-1.1%).

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