{"id":64538,"date":"2020-05-21T08:07:31","date_gmt":"2020-05-21T01:07:31","guid":{"rendered":"https:\/\/yuanta.com.vn\/?post_type=phan-tich&p=64538"},"modified":"2020-06-05T14:44:18","modified_gmt":"2020-06-05T07:44:18","slug":"64538","status":"publish","type":"phan-tich","link":"https:\/\/yuanta-uat.ysvn.com.vn\/en\/analysis\/64538","title":{"rendered":"Brokerage Sector: Geared to the market recovery in 2Q20"},"content":{"rendered":"

VN Brokers — Geared to the market recovery in 2Q20<\/a><\/p>\n

What\u2019s new?
\n\u25ba The sector has outperformed the VNI by 10ppt since the March low.
\n\u25ba Weak proprietary trading results in 1Q20 could give way to substantial gains in 2Q20.
\n\u25ba The competitive inroads made by foreign brokers continue apace.
\n\u25ba The outlook for institutional brokerage and investment banking looks better in 2021.<\/p>\n

Our view
\n\u25ba We maintain a broadly positive long-term outlook for the Vietnam capital markets.
\n\u25ba But brokerage profitability is under pressure from intense competition.
\n\u25ba Earnings should recover given the market\u2019s sharp rally in 2Q20. SSI is the most geared to prop trading.
\n\u25ba HCM remains our top pick and only BUY in the sector.<\/p>\n","protected":false},"excerpt":{"rendered":"

VN Brokers — Geared to the market recovery in 2Q20 What\u2019s new? \u25ba The sector has outperformed the VNI by 10ppt since the March low. \u25ba Weak proprietary trading results in 1Q20 could give way to substantial gains in 2Q20. \u25ba The competitive inroads made by foreign brokers continue apace. \u25ba The outlook for institutional…<\/p>\n","protected":false},"author":10,"featured_media":0,"template":"","class_list":["post-64538","phan-tich","type-phan-tich","status-publish","hentry"],"acf":[],"yoast_head":"\nBrokerage Sector: Geared to the market recovery in 2Q20 | Yuanta Vietnam<\/title>\n<meta name=\"description\" content=\"VN Brokers -- Geared to the market recovery in 2Q20 What\u2019s new? \u25ba The sector has outperformed the VNI by 10ppt since the March low. \u25ba Weak proprietary\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brokerage Sector: Geared to the market recovery in 2Q20\" \/>\n<meta property=\"og:description\" content=\"VN Brokers -- Geared to the market recovery in 2Q20 What\u2019s new? 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