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Vietcap Daily - VN-Index drops for consecutive days, down 1.4% - KBC, POW, SSI, ACV, BID, BVH, CTD, CTG, FRT, GAS, GMD, HDG, MWG, NKG, VEA, VIB, VJC, VNM

Market Commentary

31 Oct 2023

* Semiconductor Thought Piece: Vietnam poised to tap into semiconductor global value chain  
* KBC: Momentum from new land sales to create solid profit outlook - Update
* POW: 9M 2023 NPAT-MI in line with our forecast - Update
* SSI: Higher 2024F ATDV to support earnings growth - Update
* ACV: Q3 edges up vs Q2, large bad debt provision - Earnings Flash
* BID: Asset quality remains intact; strong gains from FX trading - Earnings Flash
* BVH: Earnings in line with our expectations - Earnings Flash
* CTD: Q3 2023 EBIT turns positive; 9M result trails forecast - Earnings Flash
* CTG: Strong credit growth & NFI counteracts high credit costs - Earnings Flash
* FRT: ICT profitability improves QoQ - Earnings Flash
* GAS: Results marginally behind our forecasts - Earnings Flash
* GMD: Q3 core profit grows QoQ; Gemalink result disappoints - Earnings Flash
* HDG: Q3 results weak, 9M 2023 NPAT-MI trails our forecast - Earnings Flash
* MWG: Profitability track behind our forecasts - Earnings Flash
* NKG: Q3 earnings low; 9M 2023 results trail our forecasts - Earnings Flash
* VEA: Earnings decrease YoY and QoQ, trail our expectations - Earnings Flash
* VIB: Strong NOII; Accelerated provisioning hurts earnings - Earnings Flash
* VJC: Strong YoY earnings recovery continues in Q3 - Earnings Flash
* VNM: Gross margin gradually improves during past two quarters - Earnings Flash
* Market wrap: VN-Index drops for consecutive days, down 1.4%

Market wrap: VN-Index drops for consecutive days, down 1.4%

On the final day of October, the VN-Index fell for the second day running, closing at 1,028.2. The market had peaks and valleys throughout the day before dropping sharply in the late afternoon. 66 codes increased, 448 decreased, and 52 went unchanged. Total trading value rose to USD606.5mn.
* Banks VCB (+1.1%), VPB (+0.5%), and CTG (+0.2%) helped stop the session’s decline. Fellow bank BID (-1.9%) strongly affected the market as well.  

* Real estate stocks performed poorly as VinGroup (VIC, -2.4%) and its subsidiaries VHM (-0.5%) and VRE (-3.9%) fell. BCM (-1.5%) also decreased.

* In food & beverage, VNM (+0.6%) reversed yesterday’s losses and MSN (+0.3%) inched up. SAB (-6.7%) plunged while riding a four-session slide.

* Both GAS and HPG had no change (0.0%).

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