Focus on stocks that are less affected by macro
According to Mr. Dao Hong Duong, Director of Industry and Stock Analysis, VPBank Securities Company (VPBankS), investors are in a cautious position, restructuring their portfolios to prepare for the post-hour holiday period.
Mr. Duong commented: "The bright spot of the current market is the business results of many enterprises in the first quarter, especially the VN30 group and 50 large-cap enterprises. Most business leaders confirm that they are not directly affected by tariffs, this is a factor that helps balance market sentiment".
According to VPBankS experts, the investment strategy at this time is to focus on stocks with good fundamentals, less impact on the macro, while maintaining a reasonable proportion to cope with short-term fluctuations. The promising industries identified include banking, information technology, basic resources, retail, consumer goods, real estate (including housing, industrial real estate), securities and financial services.
Mr. Duong emphasized that investors should pay attention to valuation factors, as the VN-Index has now discounted to the P/E of 10.5 times - the valuation zone has only appeared three times in the past 10 years.
Meanwhile, Mr. Dinh Quang Hinh - Head of Macro and Market Strategy, VNDIRECT Securities Joint Stock Company - recommended: "Investors can continue to hold stocks in a moderate proportion, prioritizing industries with positive first quarter business results and positive prospects in the second quarter such as Banking, Retail, Seafood, Electricity and Public Investment." However, Mr. Hinh also noted that "it is necessary to be cautious with risks and limit the use of financial leverage in the current period".
The KRX trading system expected to operate from May 5, 2025 is also considered a positive factor in terms of infrastructure, helping to increase liquidity, improve investor experience and create a foundation for developing new financial products. However, investors need to clearly understand the changes in trading operations to adapt promptly, avoiding arising risks.
Selecting outstanding enterprises, taking advantage of medium and long-term opportunities
For the specific group of stocks, Mr. Duong assessed that MWG recorded good growth in ICT&CE sales, slightly decreased gross profit margin but positive total revenue, while Bach Hoa Xanh started to bring significant profits. FRT is also assessed as positive thanks to the restructuring of the ICT&CE segment, expanding pharmacies and vaccinations, and the goal of effective cost management.
In the real estate sector, Vingroup sets strong goals with three pillars: Real estate (VHM), electric cars and tourism, hotels - entertainment. VIC's Board of Directors believes that housing demand is still high, especially in large cities with integrated utilities. Meanwhile, VinFast plans to deliver 200,000 electric vehicles in 2025, double that of 2024.
The banking and finance industry also has positive signals, with Techcombank setting a target of capitalization of 20 billion USD, and preparing to list TCBS to optimize the value of the parent company. Meanwhile, Masan Group (MSN) stands out in the consumer goods sector, in which Masan Consumer Holdings (MCH) - the main subsidiary - is expected to bring in a profit of VND 7,3007,800 billion, along with a strategy to promote new product launches and expand distribution.
Another notable stock is PC1 in the electricity industry, which benefits from the VIII Power Plan and the upcoming Thap Vang real estate project, creating a solid profit foundation in the short term.
Mr. Duong noted that investors need to closely follow indicators suitable for each industry when analyzing businesses, not look at the whole industry to make decisions. At the same time, it is advisable to apply a capital allocation strategy according to the pyramid model, both taking advantage of opportunities for medium and long-term price increases and minimizing risks from unusual fluctuations.
