It could soon surpass 1,290 points.

Investment analysis

Agribank Securities (Agriseco): On the technical chart, the VN-Index pulled back its gains with trading volume exceeding the 20-day average. Many real estate stocks have retested support levels during the price fluctuations. Agriseco believes this could be a shakeout process within the recovery phase.

Forecasting the developments on August 29th and the coming period, the VN-Index will experience alternating periods of increases and decreases, forming a balance around the 1,280 (+-10) point mark.

Agriseco recommends that investors maintain their current portfolios. Priority should be given to opening new positions in large-cap stocks, particularly those in the VN30 index that are currently trading at support levels during intraday corrections.

VN-Index performance on August 28 (Source: FireAnt).

Asean Securities (Aseansc): The accumulation process to build a base after the rally continues well, despite profit-taking and pre-holiday sentiment resulting in significant supply. A positive sign is that large-cap stocks continue to play a rotating role in maintaining market momentum. The market tends to continue contracting, creating fluctuations to shake out short-term capital flows.

Despite lingering concerns about the potential risks of a US economic recession that could negatively impact the market, Aseansc maintains a very positive outlook on the medium and long-term prospects of the domestic market. Investors should maintain a stable portfolio allocation, focusing on stocks with strong business fundamentals and profit prospects, and short-term fluctuations will present opportunities for portfolio restructuring.

Yuanta Securities Vietnam (YSVN): The market may continue its upward trend in the next session, and the VN-Index may retest the 1,290 point level. At the same time, the market is still in a period of strong positive volatility, and the VN-Index could soon surpass the 1,290 point mark completely within the next 1-2 sessions.

In addition, banking and securities stocks have cooled down in the last three trading sessions, while the real estate index may still correct in the next session, but short-term risks in these three stock groups remain low and there is still significant room for short-term gains.

Investment recommendations

- PNJ (Phu Nhuan Jewelry Joint Stock Company): Positive outlook. 1-year target price is VND 120,000/share, an 18% increase from the current price.

In July, PNJ achieved net revenue of VND 2,500 billion (a 4% increase year-on-year), while net profit unexpectedly decreased to VND 51 billion (a 41% decrease year-on-year ) due to a decline in the gross profit margin of the retail segment amidst rising raw gold prices, as well as a shift in product structure towards products with higher gold content, according to management.

For the first seven months of 2024, net revenue and after-tax profit were VND 24,621 billion (up 30.8% year-on-year) and VND 1,218 billion (up 4% year-on-year), respectively.

Despite the less-than-favorable July business results, SSI Research notes that the third quarter is typically a low season and may not significantly impact full-year estimates (third-quarter profits usually only account for 13-14% of 2022-2023 profits).

SSI believes that the gross profit margin of the retail segment will improve in the fourth quarter as the peak season returns, PNJ will introduce new collections and adjust listed prices to compensate for increased gold raw material costs.

Therefore, SSI maintains its net profit estimates for 2024-2025 at VND 2,200 billion (up 13% year-on-year) and VND 2,570 billion (up 16% year-on-year), respectively.

- SCS (Saigon Cargo Services Joint Stock Company): Neutral. 1-year target price is VND 91,900/share, an 11% increase from the current price.

In the second half of 2024, the prolonged disruption at the Red Sea will positively impact SCS's profit outlook. SSI's revenue and pre-tax profit are projected to reach VND 949 billion (up 34.6% year-on-year) and VND 760 billion (up 33.5% year-on-year) respectively for 2024.

In 2025, SSI expects production to return to its natural growth rate while pre-tax profit is projected to increase by 9.5% year-on-year, reaching VND 833 billion. However, SSI notes that after-tax profit growth is expected to slow down due to the expiration of the 50% tax reduction on taxable income in 2025.

The potential for expanding operational capacity at Tan Son Nhat Airport and Long Thanh International Airport will be a driving force behind the company's long-term prospects.

Risks to the recommendation: Low stock liquidity. Additionally, disruptions in the Red Sea subsided sooner than expected, reducing the relative competitive advantage of air freight.

Source: https://www.nguoiduatin.vn/lang-kinh-chung-khoan-29-8-co-the-som-vuot-muc-1290-diem-204240828162635311.htm