20/01/2020 - 08:16
Diamonds back in style in 1Q20E
Diamonds back in style in 1Q20E
What’s new?
Our estimated VND Index (introduced Dec 20) has outperformed the broader VNINDEX by 3ppt YTD and 7ppt MoM.
► But returns on the actual VND Index have been slightly less, likely due to differences in weightings.
► Leaders: CTG, VPB, MBB, PNJ, MWB.
► Laggards: GMD, CTD, DXG, KDH, and FPT.
Market outlook:
► We expect a seasonal rally following the Tet holidays to be boosted by the launch (in Feb?) of
the VN Diamond ( “full-FOL”) ETF.
► Liquidity impact of ETF launch should be highest for TPB, CTD, GMD, TCB, and KDH.
► A relatively cautious outlook for the rest of 2020. Our yearend VNIndex target dart lands on 1000 points.
Please access the link for our complete report: VN Diamond update Jan 20
Analyst: Matthew Smith,CFA; matthew.smith@yuanta.com.vn