VN-Index "shakes" around 1,300 points

VN-Index "shakes", Foreign investors return to net buying; Dividend payment schedule; PNJ reports huge profits; Thanh Cong Textile and Garment grows strongly thanks to increased textile market share; REE's female general leaves the "hot seat".

Foreign investors return to net buying, liquidity remains weak

The stock market witnessed many strong fluctuations in the week of November 18-22. VN-Index recorded a recovery from the support level of 1,200 points after many consecutive corrections.

Leading the recovery are still large-cap stocks: banks and real estate, thereby creating momentum for the entire market.

Typically with TCB (Techcombank, HOSE), ACB (ACB, HOSE), VHM (Vinhomes, HOSE), CTG (VietinBank, HOSE), VCB (Vietcombank, HOSE), LPB (LPBank, HOSE), NVL (Novaland, HOSE),…

VN-Index has been struggling for the past month (Photo: SSI iBoard)

However, this trend did not last long, the index began to slow down at the end of last week due to short-term profit-taking demand. At the end of the week, VN-Index increased by 9.53 points (equivalent to 0.78%) compared to the previous week.

Foreign transactions are still the focus, capital flows continue to become a big minus point when selling pressure is still relatively strong. In total, foreign investors net sold 3,806 billion VND in the whole market for the week.

The bright spot appeared at the end of the week when this group of investors reversed their net buying after more than a month of "dumping".

VHM (Vinhomes, HOSE) shares were under the strongest selling pressure with VND1,522 billion, followed by SSI (SSI Securities, HOSE) and HPG (Hoa Phat Steel, HOSE) with VND722 billion and VND541 billion, respectively. In addition, there were codes FPT (FPT, HOSE), MWG (Mobile World, HOSE), MSN (Masan, HOSE), etc.

On the contrary, foreign investors strongly bought CTG (VietinBank, HOSE), MCH (Masan Consumer, HOSE), TCB (Techcombank, HOSE),...

PNJ earns 7 billion VND/day

Recently, Phu Nhuan Jewelry Joint Stock Company (PNJ, HOSE) announced net revenue of VND32,371 billion and after-tax profit of VND1,600 billion in the first 10 months of the year, up 22.7% and 4.4% respectively over the same period.

The above results helped PNJ complete 87.1% of the revenue plan and 76.6% of the year's profit target.

PNJ makes strong profits thanks to gold buying demand and actively launching new products (Photo: Internet)

In October alone, this jewelry retail company earned VND3,129 billion and had a profit after tax of VND218 billion. This is the highest profit figure in the past 8 months, equivalent to a profit of more than VND7 billion per day.

Thanks to the market's excitement in the first half of the year, 24K gold revenue in the first 10 months of the year increased by 33.9% over the same period.

In addition, retail jewelry revenue grew by 16.5% and contributed 56.4% to the total revenue structure. This result was thanks to the expansion of the store network and improvement of service quality, launching many new products and collections. Wholesale jewelry revenue also increased by 32.7% over the same period.

ACBS Securities assessed that PNJ could boost retail growth thanks to the festive season, year-end shopping and improved consumer purchasing power as the economic picture becomes more positive. Furthermore, the company also plans to introduce a new product segment for men in the last quarter of the year and may expand if the test results are positive.

"Female General" of REE Refrigeration suddenly leaves the hot seat after 31 years

Refrigeration Electrical Engineering Corporation (REE, HOSE) has recently announced an important change in its senior leadership team. Accordingly, Ms. Nguyen Thi Mai Thanh, who has been with REE for nearly half a century, officially left the position of Chairwoman of the Board of Directors and assumed the role of General Director, replacing Mr. Nguyen Minh Quang. The position of Chairwoman was transferred to Vice Chairman Alain Xavier Cany, marking a change in the group's leadership structure.

Ms. Nguyen Thi Mai Anh leaves the position of Chairwoman of REE Refrigeration and Electrical Engineering (Photo: Internet)

This change comes as foreign shareholder group Platinum Victory Pte. Ltd. continues to increase its ownership in the company. At the end of October 2024, this fund purchased an additional 4 million REE shares, increasing its ownership from 34.85% to 35.7%, officially taking veto power at REE.

Founded in 1977, REE was initially a small business specializing in air conditioning repair and maintenance. In 1993, REE became one of the first enterprises to be equitized, opening a major turning point for expansion. Under the leadership and strategy of Ms. Nguyen Thi Mai Thanh, REE has gradually grown to become a leading multi-industry corporation, operating in four core areas: Mechanical and Electrical Engineering (M&E), real estate, renewable energy, and water infrastructure.

Nguyen Thi Mai Thanh is one of Vietnam's outstanding businesswomen. In 2014, Ms. Thanh was honored by Forbes magazine in the list of 48 most powerful businesswomen in Asia (ASIA Power Businesswomen), and in the Top 80 richest people on the Vietnamese stock market.

Currently, she owns more than 60.4 million REE shares, equivalent to 12.83% of capital, with estimated assets of VND3,900 billion. Her husband, Mr. Nguyen Ngoc Hai, is also a major shareholder with 25.7 million shares, equivalent to nearly 5.46% of REE capital.

Regarding business activities, in the third quarter of 2024, REE recorded net revenue of VND 2,029 billion, unchanged from the same period last year. Profit after tax reached VND 562 billion, up 20.9% over the previous year. However, in the first 9 months of the year, the company's revenue and profit still decreased by 7% and 29.4% respectively over the same period last year.

Thanh Cong Textile's profit increased sharply by 127%

According to the report of Thanh Cong Textile - Investment - Trading Joint Stock Company (TCM, HOSE), the parent company's revenue in October reached more than 13.6 million USD, up 19% over the same period. Profit after tax in October increased by 127% to more than 994,000 USD. This result came from the main contribution of garment products (69%), fabric (19%), and yarn (10%) to revenue as Asia continued to be the main export market, accounting for 63% of market share, followed by the Americas (32%).

Vietnam's textile and garment industry has positive prospects for the end of the year and next year (Photo: Internet)

In the first 10 months of the year, parent company TCM recorded revenue of more than 134.2 million USD, up 15% year-on-year, and profit after tax of more than 10.3 million USD (equivalent to 250 billion VND), up 44% year-on-year. This figure is approximately equal to the profit in 2022 and nearly double the profit in 2023.

Although only 85% of the revenue plan has been achieved, the company has exceeded 50% of the 2024 profit target.

Regarding orders, Thanh Cong said it has received over 90% of this year's revenue plan and is accepting orders for the first quarter of 2025.

SSI Research believes that Vietnam's textile and garment industry has prospects thanks to attractive valuations and competitive advantages with China in the US market. Mr. Chau predicts that the industry's growth rate may slow down but still has potential, with a projection of less than 10 times in 2025, lower than the average of other industries.

Comments and recommendations

Mr. Huynh Quang Minh, Head of Consulting, Mirae Asset Securities, assessed that after cooling down significantly since the beginning of the month, the USD strength index (DXY) has rebounded and approached the 108-point zone, the highest since the beginning of 2023, thanks to new expectations about the Fed's monetary policy and potential policies from US President-elect Donald Trump.

This factor can put pressure on the economy in the short term, this is also an important indicator that investors need to pay attention to because it directly affects the net selling of foreign investors.

However, this is not the first time the market has encountered problems with exchange rates. In the end, the market still found a balance and returned to an upward trend when short-term reasons for exchange rates were no longer of interest to investors.

In addition, domestic policies are still strongly supporting the business environment and the stock market. Typically, the policy of loosening monetary policy, reducing loan interest rates, reducing VAT by 2% to stimulate consumption and the determination to disburse public investment capital are all positive driving forces.

Therefore, Mr. Minh believes that although external factors put significant pressure on market sentiment, this could also be an opportunity for investors to observe and select oversold stocks with stable prospects in the period 2024-2025. However, this "bottom fishing" requires caution and prioritizing stocks with good fundamentals that benefit from domestic policies.
Investors can consider investing in the following groups of stocks with long-term prospects: Fertilizer industry group: DCM, DPM; Shipping industry group: HAH; Industrial park real estate industry group: KBC, SZC; Textile industry group: MSH; Steel industry: HPG; Electricity industry: REE.

BSC Securities commented that the VN-Index ended the week in a tug-of-war situation around 1,230 points before closing at 1,228.1 points, unchanged from the previous session. The number of stocks that decreased was greater than the number that increased, however, 12/18 sectors increased, showing that the cash flow was divergent. Notably, foreign investors returned to net buying on the two exchanges HOSE and HNX.

In the coming sessions, VN-Index may experience sideways sessions around the old resistance level of 1,230 points as cash flows through industry groups to seek short-term profits.

SSI Securities believes that the VN-Index will end the week at 1,228.1 points. Trading volume remains low, reaching only 497 million shares. The index has slowed down from the previous range of 1,229 - 1,233 points. Technical indicators show improvement in the weakening zone. Therefore, the VN-Index may face short-term fluctuations with the possibility of falling back to the 1,220 - 1,222 point zone.

Dividend schedule this week

According to statistics, there are 20 enterprises that have dividend rights from November 25 to 29, of which 14 enterprises pay in cash, 3 enterprises pay in shares, 1 enterprise gives bonus shares and 2 enterprises pay in combination.

The highest rate is 57.4%, the lowest is 2.5%.

3 companies pay by stock:

FECON Minerals JSC ( FCM, HOSE), ex-right trading date is November 28, rate is 4%.

Au Viet International Fertilizer JSC ( AVG, UPCoM) ex-right trading date is November 28, rate is 35%.

Vietnam Thuong Tin Commercial Joint Stock Bank ( VBB, UPCoM) ex-dividend date is November 28, rate is 25%.

1 company rewards shares:

Duong Hieu Mineral Exploitation and Trading JSC ( DHM, HOSE) ex-right trading date is November 29, rate is 10%.

2 combined pay businesses:

My Chau Printing and Packaging JSC ( MCP, HOSE) pays dividends in two forms: shares and bonus shares, the ex-dividend date is November 29, with a rate of 10%.

TCO Holdings Corporation ( TCO, HOSE) pays dividends in two forms: stocks and bonus stocks, the ex-dividend date is November 26, with rates of 13% and 54% respectively.

Cash dividend payment schedule

* Ex-dividend date: is the transaction date on which the buyer, upon establishing ownership of shares, will not enjoy related rights such as the right to receive dividends, the right to purchase additional issued shares, but will still enjoy the right to attend the shareholders' meeting.

Code	Floor	GDKHQ Day	Date TH	Proportion
SZB	HNX	11/25	12/27	10%
PVM	UPCOM	11/25	12/26	5%
DRI	UPCOM	11/26	12/12	4%
PSP	UPCOM	11/26	12/27	2%
CEG	UPCOM	11/27	12/20	2.5%
VSH	HOSE	11/28	12/31	10%
DRL	HOSE	11/28	12/20	10%
MPY	UPCOM	11/28	12/23	6%
KTC	UPCOM	11/29	12/24	3%
POS	UPCOM	11/29	12/13	10%
TDF	UPCOM	11/29	12/20	5%
HTL	HOSE	11/29	12/18	35%
GND	UPCOM	11/29	12/18	10%
MSH	HOSE	11/29	12/20	35%

Source: https://phunuvietnam.vn/chung-khoan-tuan-25-29-11-nhan-dinh-va-khuyen-nghi-20241125075500782.htm