Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

Market Vectors Vietnam ETF / Equity Bottom-Up

<ul>
<li>In this Postcard Edition, we detour and go international—to the streets, shops, and supermarkets of Vietnam. Choosing Vietnam as a country to explore and begin building our Asian Coverage.</li>
<li>Despite strong manufacturing fundamentals, capital markets remain narrow, with limited institutional participation and underrepresentation of export-led sectors.</li>
<li>Vietnam is on our watchlist for its evolving opportunity set, and we will continue tracking IPO activity, MSCI inclusion efforts, and policy reforms.</li>
</ul>


In this Postcard Edition, we detour and go international—to the streets, shops, and supermarkets of Vietnam. Choosing Vietnam as a country to explore and begin building our Asian Coverage.
Despite strong manufacturing fundamentals, capital markets remain narrow, with limited institutional participation and underrepresentation of export-led sectors.
Vietnam is on our watchlist for its evolving opportunity set, and we will continue tracking IPO activity, MSCI inclusion efforts, and policy reforms.


Postcard from Hanoi | Xin Chào Việt Nam

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We discussed last week (Feb. 27 Int'l Compass) how both ACWI-US and the S&amp;P 500 displayed false breakouts, and to look for near-term pullbacks</li>
<li>We said expect pullbacks to range supports at $116 on ACWI-US and 5770-5850 or 5600-5670 on the S&amp;P 500 in the coming weeks, where we would be buyers.</li>
<li>The S&amp;P 500 is testing the 5770-5850 range now, while ACWI-US is testing its 200-day MA at $117. It is possible ACWI-US finds support here. Upgrading Europe to overweight</li>
</ul>


We discussed last week (Feb. 27 Int'l Compass) how both ACWI-US and the S&amp;P 500 displayed false breakouts, and to look for near-term pullbacks
We said expect pullbacks to range supports at $116 on ACWI-US and 5770-5850 or 5600-5670 on the S&amp;P 500 in the coming weeks, where we would be buyers.
The S&amp;P 500 is testing the 5770-5850 range now, while ACWI-US is testing its 200-day MA at $117. It is possible ACWI-US finds support here. Upgrading Europe to overweight


Upgrading Europe to Overweight; Monitoring U.S. (S&P 500) For a Downgrade; Buy Gold Miners and More

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Vietnam Technological & Commer / Equity Bottom-Up

<ul>
<li>We maintain Techcombank as our top pick in the Vietnamese banks, given its attractive valuations, solid pre and post provision returns and its fortress balance sheet</li>
<li>We add MBBank to the buy list with its attractive valuations, premium ROE and sound balance sheet metrics; we are neutral on Vietcombank</li>
<li>VP Bank remains one to watch; its NPL ratio has worsened further to March 2023 and it is the negative outlier of the peer group on credit quality</li>
</ul>


We maintain Techcombank as our top pick in the Vietnamese banks, given its attractive valuations, solid pre and post provision returns and its fortress balance sheet
We add MBBank to the buy list with its attractive valuations, premium ROE and sound balance sheet metrics; we are neutral on Vietcombank
VP Bank remains one to watch; its NPL ratio has worsened further to March 2023 and it is the negative outlier of the peer group on credit quality


Vietnamese Banks Screener; Adding MBBank to Our Core Pick Techcombank

<ul>
<li>The Vietnamese banks should be partially shielded from the market fallout due to Silicon Valley Bank given the bank system’s lack of integration with the global financial system</li>
<li>We are selective in our stock picks, given the investment climate and the challenges to capital adequacy for a number of banks; we also assess the banks’ deposit ratios</li>
<li>We recommend shareholders to switch out of Vietcombank into Techcombank given its very modest valuations, attractive PEG and its strong capital ratio; VP Bank is one to watch</li>
</ul>


The Vietnamese banks should be partially shielded from the market fallout due to Silicon Valley Bank given the bank system’s lack of integration with the global financial system
We are selective in our stock picks, given the investment climate and the challenges to capital adequacy for a number of banks; we also assess the banks’ deposit ratios
We recommend shareholders to switch out of Vietcombank into Techcombank given its very modest valuations, attractive PEG and its strong capital ratio; VP Bank is one to watch


Vietnamese Banks 4Q 2022 Results Screener; Our Pick Is Techcombank

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Vietnam Maritime Commercial Joint Stock Bank / Equity Bottom-Up

Vietnam Maritime Commercial Joint Stock Bank

<p>There are few banks anywhere reporting strong margins or better net interest income, with Vietnam as the most stand out exception. One bank that is relatively unknown, is seeing some of the best profit expansion, and it does not appear to have run its course.</p>

There are few banks anywhere reporting strong margins or better net interest income, with Vietnam as the most stand out exception. One bank that is relatively unknown, is seeing some of the best profit expansion, and it does not appear to have run its course.

Vietnam

Vietnam Technological and Commercial Joint-stock Bank, doing business as Techcombank, provides banking services. The Bank offers savings, deposits, loans, credit cards, monetary management, trade finance, international payment, and foreign exchange services. Techcombank serves individuals, corporates, and the government sectors in Vietnam.

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Vietnam Technological & Commer (TCB VN)

Postcard from Hanoi | Xin Chào Việt Nam

Exploring Vietnam's potential for growth and investment opportunities, despite challenges in capital markets and institutional participation....

Pranav Bhavsar

Upgrading Europe to Overweight; Monitoring U.S. (S&P 500) For a Downgrade; Buy Gold Miners and More

Upgrading Europe to Overweight; Monitoring U.S. $SPX for a Downgrade to Market Weight. $ACWI and $SPX likely bottoming here at 200-day MAs. Bullish...

Vermilion Research

Vietnamese Banks Screener; Adding MBBank to Our Core Pick Techcombank

We maintain value play TCB as our top pick in the Vietnamese banks, adding MBBank to the buy list with its attractive valuations and premium ROE;...

Victor Galliano

Vietnamese Banks 4Q 2022 Results Screener; Our Pick Is Techcombank

We see selective value in Vietnamese banks and recommend holders to switch out of Vietcombank into Techcombank due to its modest valuations, low...

Victor Galliano

Vietnam – Transformational Profit

Ongoing transformation at this bank, away from term deposits, toward consumer loans, with better ALM and improved credit metrics, can see an...

Daniel Tabbush

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52-week Range

Market Cap (USDm)

P/E

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Postcard from Hanoi | Xin Chào Việt Nam

​Exploring Vietnam's potential for growth and investment opportunities, despite challenges in capital markets and institutional participation....

Pranav Bhavsar

Upgrading Europe to Overweight; Monitoring U.S. (S&P 500) For a Downgrade; Buy Gold Miners and More

Upgrading Europe to Overweight; Monitoring U.S. $SPX for a Downgrade to Market Weight. $ACWI and $SPX likely bottoming here at 200-day MAs. Bullish...

Vermilion Research

Vietnamese Banks Screener; Adding MBBank to Our Core Pick Techcombank

We maintain value play TCB as our top pick in the Vietnamese banks, adding MBBank to the buy list with its attractive valuations and premium ROE;...

Victor Galliano

Vietnamese Banks 4Q 2022 Results Screener; Our Pick Is Techcombank

We see selective value in Vietnamese banks and recommend holders to switch out of Vietcombank into Techcombank due to its modest valuations, low...

Victor Galliano

Vietnam – Transformational Profit

Ongoing transformation at this bank, away from term deposits, toward consumer loans, with better ALM and improved credit metrics, can see an...

Daniel Tabbush

Exploring Vietnam's potential for growth and investment opportunities, despite challenges in capital markets and institutional participation....