Can be adjusted to the 1,260 point area

Investment Comments

Yuanta Vietnam Securities (YSVN) : The market may continue to fluctuate narrowly in the session of October 17. At the same time, investor sentiment may continue to be cautious with the derivatives contract expiration session and most of the cash flow will be sheltered in non-financial stocks such as retail and food with expectations for the third quarter of 2024 business results season.

The market is still in the short-term accumulation phase, so the differentiation between stock groups along with low liquidity will continue in the coming trading sessions.

VN-Index performance on October 16 (Source: FireAnt).

Tien Phong Securities (TPS): Buyers and sellers are finding a balance around the support level of 1,280 points. This shows that selling pressure has shown signs of weakening. However, liquidity is still at a low level and this is also very normal in sessions where buying and selling are balanced.

Investors who accept risks can open a buy position around the current 1,280 point area and can increase the proportion if liquidity increases while the price tends to move sideways in this area. More cautious investors should wait for a clear scenario to disburse.

Saigon - Hanoi Securities (SHS): The short-term trend of VN-Index is still growing above the support zone around 1,280 points, the average price of the current 20 sessions. This is also the support zone of the growth trend line connecting the lowest price zones from August to September 2024 until now. If VN-Index fails to maintain this trend line, investor sentiment may become less positive, under pressure to sell short-term losses.

In this case, VN-Index may be under pressure to correct to the 1,260 point area, then it will still recover. More positively, VN-Index needs to maintain the short-term uptrend around 1,280 points to still expect to rise to the resistance of 1,300 points.

Investment Recommendations

- DCM (Petroleum Ca Mau Fertilizer Joint Stock Company): Waiting for sale.

In September 2024, DCM announced that Urea consumption output was 53,740 tons (up 68% compared to the previous month), of which 44.38 tons were sold domestically and 9.37 tons were exported, up 181% and down 42% respectively compared to August; NPK consumption output was 35,210 tons (17.5 times higher than August).

September output increased sharply from a low base due to factory maintenance in the second half of August. The company plans to sell 85,000 tons of Urea (up 58% compared to the previous month) and 5,000 tons of NPK in October 2024.

TCBS assesses positive business results for the year-end with selling prices supported by low supply, domestic urea prices gradually increasing from the end of September until now and peak consumption season in the fourth quarter; investors should continue to hold stocks.

- VCB (Joint Stock Commercial Bank for Foreign Trade of Vietnam): Buy. Target price 48,259 VND/share.

VCB continues to be honored as the bank with the largest brand value in Vietnam with a valuation of 2 billion USD, up 7% compared to the previous year. This is the result announced by the brand value ranking organization Brand Finance in the Vietnam 100 Report 2024.

With the achievements, TCBS believes that VCB deserves to be one of the best state-owned banks in Vietnam. The third quarter business results are expected to continue to grow with the dividend payment plan awaiting approval by the National Assembly . Investors who have a position can continue to hold and wait for the opportunity to take profits.

VCBS believes that if HAH increases the purchase of new ships, it can sell old ships and record good abnormal profits when ship prices continue to be high. VCBS believes that by the first quarter of 2025, old ship prices will remain at a good level because after the alliances change (February 2025) and rearrange their service routes, the demand for ships will remain positive (it takes about 2 years for newly built ships to be delivered).

Source: https://www.nguoiduatin.vn/lang-kinh-chung-khoan-17-10-co-the-dieu-chinh-ve-vung-1260-diem-204241016163341482.htm