Maggie Yi

Maggie Yi

December 2019

VN Index declined 1% in December, while PYN Elite stayed rather flat -0.1%. Some observations on market: Banks deliver strong results: Following September review in which we described banks’ strong bargaining power on bancassurance contract, TPB in November announced a…

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September 2019

In September, PYN Elite gained 1.9% on MWG, HDB, KDH and CII. VN Index +1.3% supported by banking sector. Q3 GDP growth came strong at 7.3%, well above consensus of 6.7%, despite a lagging government disbursement. State Bank of Vietnam…

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April 2019

VN Index moved sideways in April – utility stocks surged on rising oil price, banks weakened as investors are yet to fully digest SBV’s new policies. PYN Elite slid -2.8%, due to no energy stock while overweight of financials. S&P…

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November 2018

By end Nov, VN Index has lost -23% from its peak in April, while PYN Elite has declined -16%. Bank Sector has lost on average -35% from its peak. The underperformance was mainly due to the credit growth had been…

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August 2018

In August, PYN Elite gained 5.4% primarily supported by VND, HBC and HDB. VN Index advanced 3.5% on energy name GAS and banks. Trading volume remained subdued at $230m/day in August, cf. $350m/day in 1H2018. After all 720 Vietnamese companies…

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May 2018

The sharp correction in April by financials and large-caps evolved into a broad market sell-off in May, with a little recovery at month-end. While some names’ corrections were anticipated, many quality stocks were also sold off indiscriminately under panic. The…

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February 2018

This review – drafted in HCMC, finished in Hanoi – was written in between my company visits in Vietnam. Visiting Vietnam now is very different than what was 3 years ago. Long gone are the half-empty flights and quiet airports.…

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