In the April 4, 2025 strategic report, Phu Hung Securities Company (PHS) gave the view that the stock market has responded very positively and full of confidence, especially after a series of strong fluctuations.
The concerns may temporarily settle down, but PhS experts still maintain a cautious view. After 90 days, the US postponed the reciprocal taxpayer, the uncertainty may appear. However, at the present time, short -term pressure has been temporarily relieved.
According to PHS, in the short term, the Government will synchronize solutions to promote domestic consumption, increase private investment and public investment, stabilize interest rates and make additional support packages for both domestic and FDI enterprises to retain investors and maintain their trust.
In this adjustment, not all industries are directly and heavily influenced by tariffs and history shows that the P/E and P/B milestones will often witness the purchase force, because the reality of Vietnam's growth prospect is still better than the overall ground of the globe.
PhS reduced forecast for VN -Index of 2025 with the expansive profitability of the whole market for 8-15% (down compared to the old forecast of 17 - 18%). Thereby, in the positive scenario, VN -Index is expected to return to 1,200 - 1,250 points. In the basic scenario, VN -Index traded around 1,080 - 1,180 points.
Another securities company also adjusted its forecasts on the market in the recent report. According to experts from KBSV Securities Company, the peak of the trade war may take place in April 2025, after the US announced tariff policies and other countries offering measures to respond/negotiate.
"The negative impacts on the stock market can be balanced again at the end of the second quarter/2025, due to the market has partially discounted to reflect negative effects, besides the uncertainty risks can be reduced due to policy orientations in the trade war more clearly," KBSV report stated.
Regarding market prospects in 2025, KBSV expects the VN-Index to reach 1,100, corresponding to the 5%EPS growth rate, and the P/E valuation of VN-Index drops to 11.9, compared to the end of 2024 at 14.6 times (lower than the last 10 years of the last 10 years of 16.6 times).
