Mirae Asset 'searching for gold' after the first quarter 2025 reporting season

37 stocks with stable first quarter business results, good growth, and their own stories have just been 'hinted' by Mirae Asset to "stock traders".

Mirae Asset Securities Vietnam has just published the report "Stock Selection Portfolio Based on Business Results in the First Quarter of 2025". Thereby, the analysis team gives suggestions on a new "basket" of goods in the context of stagnant profits of listed enterprises and the stock market showing signs of instability at the beginning of the second quarter.

Selection criteria include stable business results, good growth, and owning a unique story, based on a combination of Mark Minervini's SEPA method of selecting stocks with good fundamentals and William O'neil's Canslim investment method.

Mirae Asset assesses that businesses have passed the peak recovery phase after a period of low profits (Illustration photo)

According to Mirae Asset's Q1/2025 profit data (updated to May 5, 2025), the average profit after tax (PBT) of listed enterprises still increased compared to the same period, but the breakthrough momentum has weakened and the level of differentiation between industries is deepening.

Specifically, the number of green sectors has narrowed compared to the fourth quarter of 2024, while the growth rate of total after-tax profit of the whole market has reached the lowest level in six quarters. Citing FiinTrade (updated on May 9, 2025), Mirae Asset recorded an 11.8% growth in after-tax profit in the first quarter of 2025 compared to the same period, far behind the 20.7% growth rate of the first quarter of 2024.

The leading growth industries include: Communications (14,361.4%), retail (74.5%), real estate (59.3%), utilities (48.9%), chemicals (37.5%), information technology (21.1%), insurance (18.1%), banking (15.3%)... On the contrary, there are also many declining industries, notably: Telecommunications (down 47.9%), oil and gas (down 56.5%), tourism and entertainment (down 17.5%), financial services (down 4.7%)...

Mirae Asset assesses that businesses have passed the peak recovery phase after a period of low profits; the market is gradually stabilizing, forcing investors to screen more carefully as profits are diverging and many pillar industries have passed their short-term peak.

Regarding stock market developments, at the end of the first three months of 2025, the VN-Index only managed to increase by about 3%, far below the level of nearly 14% in the first quarter of 2024. In early April, this index lost nearly 20% in a strong correction, set in the context of global economic fluctuations and tariffs.

Liquidity also dropped quite sharply, with the average matched order value in the first quarter reaching VND 16,039 billion/session, down 25% over the same period and 15% lower than the average level in 2024. By March 31, 2025, HOSE's capitalization reached about VND 5.45 million billion, equivalent to 47.4% of 2024 GDP and accounting for 93.6% of the capitalization value of listed stocks in the whole market.

'Sitting in the sand for gold'

On that basis, Mirae Asset's filter recommends that investors prioritize a "team" that can hold the ball firmly (continuously improving gross profit margin), a sharp attack (growth story) and abundant physical strength (good liquidity). In the context that the VN-Index is still prone to "falling downhill" when macro news changes color, Super and Good codes, if disbursed at the right time, can completely become a "stopper" to maintain the profit rhythm for the portfolio, waiting for the moment when the market has a wide path to break out.

Source: Mirae Asset Securities Vietnam

Commenting on the electricity industry, Mirae Asset believes that the Power Plan VIII (adjusted) and the Electricity Law (amended) are paving the way for a more competitive power generation market, as electricity consumption demand in 2025 is forecast to grow sustainably. Thanks to that, REE, NT2, and POW will be three variables worth watching.

With real estate and construction, the "story" of revival after legal solutions is quite attractive. The implementation of the Law on Real Estate Business, the amended Law on Construction and the preferential interest rate credit package for social housing opens up a new "runway", allowing stocks such as: DIG, VHM, DPG, HHV to completely "take off".

Source: Mirae Asset Securities Vietnam

Meanwhile, chemicals, fertilizers and rubber will be the groups of industries that benefit from tax policies and commodity prices. From July 1, 2025, fertilizers will be subject to a 5% output VAT, helping the industry recover input tax; rubber prices remain high when global supply is in short supply. Therefore, DGC, BFC, DRI, and DPR are stocks that investors need to closely monitor for input price movements.

In general, the strategy of "defending" with essentials and "attacking" with "stories" will help investors' portfolios balance between safety and breakthrough potential in an economic environment with many variables.

Sunshine

Source: https://congthuong.vn/mirae-asset-dai-cat-tim-vang-sau-mua-bao-cao-quy-i2025-387212.html