Vietnam Today - Market leaders struggle for direction

25 thg 9, 2015

Vietnam Today - Market leaders struggle for direction


Vietnam Today - Market leaders struggle for direction
VNI  -0.4%   / +1.0% MTD / +4.5% YTD  Mkt Cap: USD 50b  P/E ttm 11.1x
HNI  +0.2% / +2.2% MTD / -5.3% YTD    Mkt Cap: USD 6b    P/E ttm 9.2x
24/09/2015
23/09/2015
Change %
VN Index
570.3
572.7
-0.4%
HN Index
78.6
78.5
0.2%
Total Turnover, USDm
93.6
100.1
-6.5%
Foreign Net Buy / (Sell)
-0.2
-16.5
-
Foreign Buy % Turnover
4.4%
6.6%
-
* Market leaders struggle for direction
* VCSC lowers end-of-period 2015 inflation forecast to 1%
Market leaders struggle for direction. The indices continue to move sideways on modest volume of USD 94m as familiar stocks struggle for direction. Bank stocks diverged in today’s trading with gains of around 1% each in CTG, EIB and MBB offset by comparable losses in VCB, BID and STB. Oil and gas tickers also proved to be quite fickle as of late. Of note, GAS and PVD were down 1.2% and 1.7% respectively cancelling gains made in the previous day. Meanwhile, VNM also gave back 1% each in the last two days after surging 3% on Tuesday. The lull in trading is likely attributable to slow news flow.
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VCSC lowers end-of-period 2015 inflation forecast to 1%
* September CPI slid 0.21% vs. August, marking the second month straight of price decline. All related price readings are pointing to subdued increases: YoY CPI stood at 0%, YTD CPI came in at 0.4%, average CPI in 9M15 up 0.74% vs. 9M14.

* Most of the fall in the September CPI print was attributed to drastic pump price cuts (a total of 10%) within the tracking period. As such, transportation continued to be the basket incurring the sharpest decline, down 3.17% vs. August easily offsetting the 1.34% increase in the education basket due to the university tuition hike.

* The current pace of price increase prompts us to further shave our year-end inflation forecast to 1% from an earlier 3%.
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Notable Corporate Actions (28 September 2015)


AAA: Ex-right date of stock dividend payment, ratio 100:25.
B82: Ex-right date of cash dividend payment of 2014, ratio 10%.
CTS: Ex-right date of stock dividend payment, ratio 100:6.
GMX: Ex-right date of cash dividend advance of 2015, ratio 10%.
HAH: Ex-right date of first cash dividend advance of 2015, ratio 20%.
HTV: Ex-right date of cash dividend payment of 2014 (ratio 10%), stock dividend payment of 2013 (ratio 10:1) and bonus share payment (ratio 5:1).
KSA: Ex-right date of implement share purchase rights, ratio 2:3.
SD5: Ex-right date of cash dividend payment of 2014, ratio 18%.
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VCSC report