Time to take profit?

Investment Comments

Tien Phong Securities (TPS): VN-Index may shift to a narrow range fluctuation state and build a base around the price range of 1,285 - 1,295 points (+/- 10 points) until it finds the momentum to break through the resistance of 1,300 points.

In the worst case scenario, the market may have a correction when the divergence of RSI and MACD indicators is present. Investors need to be careful, only disburse when the market breaks resistance or buy at support below.

VN-Index performance on October 2 (Source: FireAnt).

Vietcombank Securities (VCBS): With the current situation, investors continue to gradually take profits on stocks that are showing signs of weakening in their portfolios when strong selling pressure appears at resistance or cannot maintain movement above the MA20 line.

In addition, investors can consider partial disbursement for some stocks that have accumulated sideways and started to bounce back to create a stable uptrend in industries such as banking, oil and gas, shipping, and public investment.

Beta Securities: The main index is currently in the accumulation phase, waiting for more positive signals about cash flow to create momentum to break through the resistance zone of 1,300 points.

In this context, investors need to closely monitor liquidity developments, especially movements from foreign investors. This will be a key factor affecting the market trend in the short term. Adjustments during this accumulation process can be an opportunity to participate in stocks with long-term growth potential.

However, it is necessary to be careful in choosing the time to buy and clearly define investment goals, avoid the mentality of chasing the market when there are no clear signals to limit risks.

Investment Recommendations

- CTR ( Viettel Construction JSC): Waiting to buy.

Updating the business results for the first 8 months of 2024, the company achieved revenue of VND 7,935 billion (up 11% over the same period) and profit after tax of VND 422 billion (+% increase over the same period). With the achieved results, the corporation has completed 63% of the annual profit plan.

According to TCBS's assessment, the company's growth rate is showing signs of slowing down, especially in the infrastructure leasing segment when the cumulative construction progress of BTS stations up to the end of August 2024 is lower than planned.

Currently, the stock is trading at a forward P/E valuation of ~26.x (higher than the stock's long-term average P/E of 18.x), so according to TCBS, with the current price of the stock, investors should stay on the sidelines and observe further.

- VCI (Vietcap Securities JSC): Waiting for sale.

The company has approved the implementation of a plan to offer 143.6 million individual shares at VND28,000/share (expected to raise more than VND4,000 billion). This will be the premise for the company to further expand its business activities.

In addition, the non-prefunding draft will benefit large securities companies such as VCI. The stock is currently trading at a P/B fw = 1.8x - lower than the stock's long-term average of 2.1x.

TCBS recommends that investors can continue to hold shares.

Source: https://www.nguoiduatin.vn/lang-kinh-chung-khoan-3-10-da-den-luc-chot-loi-204241002164448075.htm