3 2021/03/17 當日市場 : 銀行股帶領漲勢 市場走勢 市場指數 VNI HNI UPCOM 收盤 1,186.09 276.55 81.71 % 日 0.52% 0.24% 0.96% % 週 1.37% 3.54% 1.83% % 月 2.62% 20.23% 7.88% % 年 59.04% 174.57% 62.41% ( 十億盾 ) 當日 15,585 2,462 1,660 日均量 / 週 15,001 2,468 1,269 日均量 / 月 15,076 2,219 1,123 外資進出 買進 1,122.00 5.35 53.41 賣出 2,167.04 25.61 64.97 買賣超 -1,045.04-20.26-11.56 市場漲跌家數 上漲 196 131 180 下跌 147 90 105 持平 72 140 618 市場指標 P/E 18.11 18.40 30.07 總市值 ( 兆盾 ) 4,430 328 1,097 股息殖利率 2.72% 3.48% 3.88% 資料源 : Bloomberg YSVN VNINDEX HNXINDEX 市場走勢現金流返回銀行股上, 市場在所有指數上均收盤在綠區 VN-In 收漲 0.52%, 報 1186.09 點 HNX-Index 上漲 0.24%, 報 276.55 點 Upcom- Index 上漲 0.96% 總觀市場的交易價值達到 18 兆 1080 億越南盾, 比上一交易日增長 4.5% 銀行股激活漲勢像 VIB(+5.7%),STB(+3.7%),CTG(+4.9%), HDB(+2.6%),BID(+2.1%) 等 FPT(-0.2%) 在當天有所放緩, 因在約 80,000 越南盾附近交易 VN30-Index 沒有大幅下跌, 供應有所減少 除了銀行股外, 油氣 - 公用事業股 (GAS(+2.8%),PVD(+2.8%), PVS(+3.8%),PVC(+3.7%) 等 ), 肥料 (DCM(+6.7%)), DPM(+5%)) 也有積極的走勢 中型股是最傑出的類股, 漲勢表現比市場強很多, 例如 FRT (+6.9%),DCM(+6.7%),CMG(+5.4%),HAH(+4.4%) 等 外資在市場上強勁賣超, 近 1 兆 770 億越南盾 CTG(2,280 億 ), VNM(2,040 億 ),POW(1,080 億 ) 位居賣超榜首 PLX(910 億 ), ccq FUEVFVND(780 億 ) 和 KBC(590 億 ) 是外資買進量最多的股票 市場短期觀點我們認為, 受美聯儲會議和 3 月期貨合約到期的影響, 市場可能會繼續保持上漲勢頭和劇烈波動 ; 與此同時, 市場可能會很快退出橫盤階段並繼續前進 從積極的方向看, 現金流將很快回到大型股 此外, 短期風險仍然較低, 因此調整壓力不會太大, 並且現金流量將在各類股票之間持續流動 總觀市場的短期趨勢仍然為上漲 因此, 我們建議短期投資者繼續持有股票的比例, 並可以靈活地改變每類股票的投資策略 請在 https://ysradar.yuanta.com.vn/ 查看有關股票的信號 YUANTA SECURITIES VIETNAM RETAIL RESEARCH YUTA<GO> / TRANG 1
技術分析圖 VN-Index 指數技術分析圖 HNX-Index 指數技術分析圖 指數 短期趨勢 中期趨勢 阻力區 1 阻力區 2 支撐區 1 支撐區 2 VN-Index 上漲 上漲 1200 1230 1050 970 HNX-Index 上漲 上漲 276 298 196 180 VN30 上漲 上漲 1200 1232 1042 960 VNMidcaps 上漲 上漲 1,430 1500 969 963 VNSmallcaps 上漲 上漲 1235 1280 822 804 YUANTA SECURITIES VIETNAM RETAIL RESEARCH YUTA<GO> / TRANG 2
胡志明市交易所 (HSX) 河內交易所 (HSX) UPCOM 市場 (UPCoM) 收盤 漲跌 % 收盤 漲跌 % 收盤 漲跌 % VNI 1186.09 0.52% HNI 276.55 0.24% UPCoM 81.71 0.96% VN30 1193.45 0.47% HN30 399.71 1.80% VN Mid 1446.13-0.02% VNX AllSh 1149.73 0.30% VN Small 1276.46 0.29% 外資交易 (Bil.VND) 外資交易 (Bil.VND) 外資交易 (Bil.VND) 買進 1122 買進 5.35 買進 53.41 賣出 2167.04 賣出 25.61 賣出 64.97 買超 / 賣超 -1045.04 買超 / 賣超 -20.26 買超 / 賣超 -11.56 上漲排名 / 股碼 漲跌 (VND) 漲跌 % 上漲排名 漲跌 (VND) 漲跌 % 上漲排名 漲跌 (VND) 漲跌 % SGR 2700 6.99% DTD 2900 8.41% CLX 2790 14.53% ABS 2700 6.92% LIG 600 7.50% VNB 1867 12.12% FRT 1950 6.89% LAS 600 5.66% SGP 1758 10.72% TSC 330 6.89% PSD 900 5.33% TID 2242 7.19% ICT 1550 6.89% VGS 800 4.44% MPC 2386 6.38% 下跌排名 / 股碼 漲跌 (VND) 漲跌 % 下跌排名 漲跌 (VND) 漲跌 % 下跌排名 漲跌 (VND) 漲跌 % HQC -230-6.99% S99-1300 -4.36% VLB -4417-9.30% FLC -500-6.49% TVC -300-2.42% CC1-1611 -7.67% ROS -230-5.61% NRC -500-1.86% PVM -1682-5.70% DGW -4500-3.42% TAR -400-1.73% LTG -855-2.35% FIT -400-3.28% ART -100-1.67% KLB -351-1.86% * 註 : 市值 > 5,000 億越南盾 ; > 15 億越南盾 市值排名 / 股碼 Bil.VND 市值排名 Bil.VND 市值排名 Bil.VND VCB 354,569 THD 70,630 ACV 161,959 VIC 354,140 SHB 33,085 MCH 69,946 VHM 326,649 BAB 23,310 VEA 61,214 VNM 210,041 VCS 14,496 BSR 50,312 GAS 177,615 PVS 11,758 MSR 25,053 交易量排名 30 日均 交易量排名 30 日均 交易量排名 30 日均 STB 53,750,875 23,269,925 SHB 44,963,690 29,856,499 PVM 22,707,708 1,891,162 FLC 51,129,400 20,470,560 PVS 13,155,546 14,750,884 BSR 11,290,373 17,354,671 ROS 28,733,900 15,701,985 HUT 7,343,514 6,672,944 ABB 4,548,460 2,035,281 HQC 27,970,400 16,205,530 NVB 7,150,118 6,050,163 VHG 3,928,661 1,660,566 POW 25,717,600 16,154,850 KLF 6,828,455 5,991,689 PAS 2,462,600 1,459,432 資料源 : BloomBerg & Yuanta Research 資料源 : BloomBerg & Yuanta Research 資料源 : BloomBerg & Yuanta Research YUANTA SECURITIES VIETNAM RETAIL RESEARCH YUTA<GO> / TRANG 3
各行業板塊的交易走勢 油氣設備, 服務和分銷 Thiết bị, Dịch vụ và Phân phối Dầu khí 固定電信 Viễn thông cố định 水和煤氣 Nước & Khí đốt Thiết 醫療設備和服務 bị và Dịch vụ Y tế Sản xuất 電力生產和分銷 & Phân phối Điện Khai 開礦 khoáng Ngân 銀行 hàng 化學品 Hóa chất Tư vấn & Hỗ 營業咨詢和服務 trợ Kinh doanh Hàng 家用品 gia dụng Sản xuất 油氣生產 Dầu khí Công nghiệp 重工業 nặng Hàng 娛樂貨品 hóa giải trí Quỹ 投資基金 đầu tư Hàng công 工業品 nghiệp 0.5% Kim 金屬 loại 0.4% Bảo hiểm 非人壽保險 phi nhân thọ 0.4% Hàng 個人用品 cá nhân 0.4% Ô 汽車和零件 tô và phụ tùng 0.3% Dịch vụ tài chính 金融服務 0.3% Phần mềm & Dịch vụ Máy tính 電腦軟件和服務 0.2% Thuốc lá 香煙 0.2% Du lịch & Giải trí 0.0% 旅遊和娛樂 Thiết bị và Phần cứng 0.0% 設備和硬件 Dược phẩm -0.1% 藥品 Bán lẻ -0.1% 零售 Bất động sản -0.2% 房地產 Xây dựng và Vật liệu -0.2% 建設和材料 Sản xuất thực phẩm -0.2% 食品製造 Phân phối thực phẩm & dược phẩm -0.3% 藥品和食品分銷 Vận tải -0.3% Truyền 藥品 thông -0.3% Bia và đồ 傳媒 uống -0.5% Điện tử 啤酒和飲料 & Thiết bị điện -0.5% Viễn 電子和電設備 thông di động -0.8% 移動電信 -1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 0.6% 0.6% 0.6% 0.9% 0.8% 1.1% 1.1% 1.4% 2.0% 1.9% 2.2% 2.2% 2.4% 3.0% 資料源 :: FiinPro YSVN YUANTA SECURITIES VIETNAM RETAIL RESEARCH YUTA<GO> / TRANG 4
外資買進賣統計 0-200 -400-600 -800-1,000-1,200-1,400-1,600 HSX 外資每日買 / 賣超 04/03 05/03 08/03 09/03 10/03 11/03 12/03 15/03 16/03 17/03 買超金額 賣超金額 PLX 91,038 CTG 228,132 FUEVFVND 77,691 VNM 203,926 KBC 59,467 POW 148,268 MBB 43,827 HPG 82,609 OCB 18,132 VHM 76,075 HSX 外資買 / 賣超的前 5 名 0-5 -10-15 -20-25 HNX 外資每日買 / 賣超 04/03 05/03 08/03 09/03 10/03 11/03 12/03 15/03 16/03 17/03 買超金額 賣超金額 PVG 541 PVS 12,107 BAX 341 SDT 4,875 DP3 309 PMB 986 CAP 279 PDB 798 S99 141 BCC 561 HNX 外資買 / 賣超的前 5 名 100 80 60 40 20 0-20 -40-60 -80 UPCOM 外資每日買 / 賣超 04/03 05/03 08/03 09/03 10/03 11/03 12/03 15/03 16/03 17/03 買超金額 賣超金額 SIP 2,220 ACV 10,622 MML 1,667 VEA 1,553 BVB 695 QNS 766 MCH 671 HNI 342 PVM 473 MFS 176 UPCOM 外資買 / 賣超的前 5 名 源 : FiinPro YSVN YUANTA SECURITIES VIETNAM RETAIL RESEARCH YUTA<GO> / TRANG 5
自營進出統計 證劵 買超金額 證劵 賣超金額 代碼 代碼 CTG 25,640 FUEVFVND 75,796 MWG 11,464 KBC 24,591 MBB 7,162 HDG 14,520 PNJ 6,574 IJC 9,641 FPT 5,886 PHC 7,894 券商自營交易最大前名 300 200 100 0-100 -200 劵商自營交易每日買 / 賣超 (bil.vnd) 04/03 05/03 08/03 09/03 10/03 11/03 12/03 15/03 16/03 17/03 越南證券市場投資人類別統計 0% 10% 9% Cá nhân trong nước Tổ chức trong nước Cá nhân nước ngoài Tổ chức nước ngoài 81% 資料源 : FiinPro YSVN YUANTA SECURITIES VIETNAM RETAIL RESEARCH YUTA<GO> / TRANG 6
Diễn biến 東南亞主要市場走勢比較 các thị trường trong khu vực 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% -10.0% -20.0% SET Index (ThaiLand) PCOMP Index (Philippines) JCI Index (Indonesia) VNINDEX (VietNam) 東南亞主要市場數據 Thailand Indonesia Philippines Vietnam P/B 1.7x 1.6x 1.6x 2.5x P/E 36.6x 33.5x 29.5x 18.3x ROE % 4.34 4.13 6.15 13.70 ROA % 1.09 1.29 1.38 2.23 Vốn hóa Bil.USD 574.89 509.71 170.98 191.11 GTGD Bil.USD 2.47 0.71 0.07 0.58 LS cổ tức % 2.45 2.22 1.87 1.36 源 : BloomBerg & YSVN, 2014 40.0x 35.0x 30.0x 25.0x 20.0x 15.0x 10.0x 5.0x 0.0x P/B P/E ROE ROA SET Index Thái Lan JCI Index Indonesia PCOMP Index Philippines VNINDEX Index Việt Nam YUANTA SECURITIES VIETNAM RETAIL RESEARCH YUTA<GO> / TRANG 7
元大證劵 ( 越南 ) 公司 個人客戶分析部 Nguyễn Thế Minh 研究分析經理 +84 28 3622 6868 ext 3826 minh.nguyen@yuanta.com.vn Lý Thị Hiền 研究分析主管 +84 28 3622 6868 ext 3908 hien.ly@yuanta.com.vn Quách Đức Khánh 高級分析專員 +84 28 3622 6868 ext 3833 khanh.quach@yuanta.com.vn Khổng Hữu Hiệp 高級分析專員 +84 28 3622 6868 ext 3912 hiep.khong@yuanta.com.vn Nguyễn Trịnh Ngọc Hồng 高級分析專員 +84 28 3622 6868 ext 3832 hong.nguyen@yuanta.com.vn Phạm Tấn Phát 高級分析專員 +84 28 3622 6868 ext 3880 phat.pham@yuanta.com.vn 個人客戶業務部 Nguyễn Thanh Tùng 總公司業務經理 +84 28 3622 6868 ext 3609 tung.nguyen@yuanta.com.vn Phạm Đắc Thành 北部區域經理 +84 28 3622 6868 ext 3416 thanh.pham@yuanta.com.vn Nguyễn Mạnh Hoạt 南部區域經理 ( 胡志明市區域 ) +84 28 3622 6868 ext 3847 hoat.nguyen@yuanta.com.vn Lương Kỷ Tỵ 堤岸分行經理 +84 28 3622 6868 ext 3653 ty.luong@yuanta.com.vn Bùi Quốc Phong 同奈分行經理 +84 28 3622 6868 ext 3701 phong.bui@yuanta.com.vn Võ Thị Thu Thủy 平陽分行經理 +84 28 3622 6868 ext 3505 thuy.vo@yuanta.com.vn Nguyễn Việt Quang 河內分行經理 +84 28 3622 6868 ext 3404 quang.nguyen@yuanta.com.vn Võ Đình Tuấn 峴港分行經理 +84 28 3622 6868 ext 3301 tuan.vo@yuanta.com.vn Đinh Thị Thu Cúc 頭頓分行經理 +84 28 3622 6868 ext 3203 cuc.dinh@yuanta.com.vn YUANTA SECURITIES VIETNAM RETAIL RESEARCH YUTA<GO> / TRANG 8
Appendix A: Important Disclosures Analyst Certification Each research analyst primarily responsible for the content of this research report, in whole or in part, certifies that with respect to each security or issuer that the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about those securities or issuers; and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by that research analyst in the research report. Ratings Definitions BUY: We have a positive outlook on the stock based on our expected absolute or relative return over the investment period. Our thesis is based on our analysis of the company s outlook, financial performance, catalysts, valuation and risk profile. We recommend investors add to their position. HOLD-Outperform: In our view, the stock s fundamentals are relatively more attractive than peers at the current price. Our thesis is based on our analysis of the company s outlook, financial performance, catalysts, valuation and risk profile. HOLD-Underperform: In our view, the stock s fundamentals are relatively less attractive than peers at the current price. Our thesis is based on our analysis of the company s outlook, financial performance, catalysts, valuation and risk profile. SELL: We have a negative outlook on the stock based on our expected absolute or relative return over the investment period. Our thesis is based on our analysis of the company s outlook, financial performance, catalysts, valuation and risk profile. We recommend investors reduce their position. Under Review: We actively follow the company, although our estimates, rating and target price are under review. Restricted: The rating and target price have been suspended temporarily to comply with applicable regulations and/or Yuanta policies. Note: Yuanta research coverage with a Target Price is based on an investment period of 12 months. Greater China Discovery Series coverage does not have a formal 12 month Target Price and the recommendation is based on an investment period specified by the analyst in the report. Global Disclaimer 2018 Yuanta. All rights reserved. The information in this report has been compiled from sources we believe to be reliable, but we do not hold ourselves responsible for its completeness or accuracy. It is not an offer to sell or solicitation of an offer to buy any securities. All opinions and estimates included in this report constitute our judgment as of this date and are subject to change without notice. This report provides general information only. Neither the information nor any opinion expressed herein constitutes an offer or invitation to make an offer to buy or sell securities or other investments. This material is prepared for general circulation to clients and is not intended to provide tailored investment advice and does not take into account the individual financial situation and objectives of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any securities, investments or investment strategies discussed or recommended in this report. The information contained in this report has been compiled from sources believed to be reliable but no representation or warranty, express or implied, is made as to its accuracy, completeness or correctness. This report is not (and should not be construed as) a solicitation to act as securities broker or dealer in any jurisdiction by any person or company that is not legally permitted to carry on such business in that jurisdiction. Yuanta research is distributed in the United States only to Major U.S. Institutional Investors (as defined in Rule 15a-6 under the Securities Exchange Act of 1934, as amended and SEC staff interpretations thereof). All transactions by a US person in the securities mentioned in this report must be effected through a registered broker-dealer under Section 15 of the Securities Exchange Act of 1934, as amended. Yuanta research is distributed in Taiwan by Yuanta Securities Investment Consulting. Yuanta research is distributed in Hong Kong by Yuanta Securities (Hong Kong) Co. Limited, which is licensed in Hong Kong by the Securities and Futures Commission for regulated activities, including Type 4 regulated activity (advising on securities). In Hong Kong, this research report may not be redistributed, retransmitted or disclosed, in whole or in part or and any form or manner, without the express written YUANTA SECURITIES VIETNAM RETAIL RESEARCH YUTA<GO> / TRANG 9