Market
Morning Briefing, April 10: Politburo Calls for Comprehensive Revision of the 2013 Constitution
Updates on global and Vietnamese macroeconomic developments, fluctuations in international and domestic stock markets, and notable news regarding listed companies.
Macroeconomic News
- United States: Total PCE (y/y): +2.8% (expected: 2.8%, previous month: +2.8%). PCE (m/m): +0.4% (expected: +0.4%). Core PCE (excluding food & energy) (y/y): +3.0% (expected: +3.0%, previous month: +2.8%). Core PCE (m/m): +0.4% (expected: +0.4%, previous month: +0.2%).
- United States: The U.S. President warned that airstrikes would resume if the agreement with Iran fails.
- Iran: Iran accuses the U.S. and Israel of violating the terms of the ceasefire agreement.
- Japan: The Bank of Japan (BoJ) Governor stated that domestic financial conditions remain accommodative, despite changes in the global policy environment. According to him, real interest rates in both the short and medium terms remain distinctly negative, thereby keeping borrowing costs low and continuing to support economic activity and private-sector investment.
- Japan: The consumer confidence index plummeted from 39.7 to 33.3, the lowest level since mid-last year, reflecting widespread pessimism in society as the impact of the U.S.-Iran conflict becomes increasingly evident, leading to rising living costs.
- Vietnam: The Politburo has directed a comprehensive review of the 2013 Constitution.
- Vietnam: The government has set a GDP growth target of 10% or higher for 2026 and an average of 10% or higher for the 2026–2030 period, and has called for unified thinking and action to achieve double-digit growth.
Market News
- VN-Index: Short-term trends are difficult to predict; investors should trade cautiously. In a positive scenario, the index could continue moving toward the 1,840 target level of the inverse Head-and-Shoulders pattern following a short-term consolidation.
- NTP: Projected revenue for 2026 is expected to exceed 7.3 trillion VND, a 10% year-over-year increase. Sales volume is estimated at approximately 148,000 tons, up 11%. However, pre-tax profit is projected to decline to 900 billion VND, a decrease of over 20%.
- DHC: For 2026, the company has set a conservative business plan with revenue of approximately 3.7 trillion VND, an increase of only about 1%, while the post-tax profit target is projected to decline by 24% to 300 billion VND.
- HTI: 2026, setting a target for total revenue and other income of over 490 billion VND, a 13% decrease year-over-year; pre-tax profit of over 126 billion VND, a 35% decrease. The company expects a dividend payout ratio of 16–18%.
- DNP: For 2026, the company plans consolidated revenue of over 10.8 trillion VND, an increase of nearly 14% year-over-year. The additional growth of over 1.3 trillion VND primarily comes from the water industry ecosystem segment, through its subsidiary Dong Nai Plastics. Specifically, this segment is targeted at 4.3 trillion VND, an increase of nearly 19% year-over-year, continuing to play the largest role in the revenue structure.
- MIG: By 2026, the insurance revenue plan aims for a 30% increase, targeting a top-3 market share in non-life insurance. Pre-tax profit is projected to rise by 35% to over 550 billion VND; the combined ratio is expected to be controlled below 95%. The dividend policy is expected to remain stable.
- PAN: Targets net revenue of 18 trillion VND, a 2% increase from the previous year, but expects net profit to surge by 86% to 1.25 trillion VND.
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Source: BIDV Securities (BSC)