General Director Bùi Văn Huy of FIDT says the VN-Index's P/E of about 12 times (about 10 times excluding the Vingroup group) looks more attractive, but weak liquidity makes gradual accumulation the more suitable approach. He notes that investors who have not yet deployed capital could test with 20–30% of their planned amount, keeping the rest in deposits or short-term bond funds, while reviewing funds heavily concentrated in a few stocks. FIDT's estimates show Q3 2026 profit growth diverging sharply: residential real estate up 185%, oil and gas up 141%, retail up 90.9%, steel up 40.8%, while construction is seen falling 85.8%. However, excluding Vinhomes (VHM), the remaining residential real estate companies' profits are estimated to fall about 0.4%, indicating that growth is concentrated in large sector leaders.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Cơ hội tích sản cổ phiếu dần xuất hiện, chuyên gia chỉ tên loạt nhóm cổ phiếu đáng chú ý
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VNINDEXvaluationreal estateearnings
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Related tickers and likely impact
VNINDEX
▲ Likely positiveRelevance: low
| Market | Vietnam stocks |
|---|---|
| Close on 10/16/2026 | 1,705.91 |
| Change that session | +0.45% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Will High Interest Rates Continue to 'Test' the Stock Market?
VN-Index rebounded in the last session of the week to regain the 1,700-point level after four consecutive weeks of declines, but Pinetree analyst Nguyen Tan Phong said there is not yet enough evidence that the market has bottomed. Elevated domestic interest rates, inflation pressure from energy prices, exchange-rate pressure, and net selling of more than VND 3,000 billion by foreign investors on HoSE during the week remain key headwinds. Phong expects a technical rebound early next week, with near-term resistance at 1,715–1,750 points, but liquidity has not improved enough and cash flows may diverge ahead of the Q3 earnings reporting deadline on October 20. SGI Capital warns that prolonged high rates could weigh on bad debt, particularly from real estate loans, while very high margin debt is seen as a major market risk.
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Bùi Văn Huy, General Director of FIDT, believes the VN-Index is accumulating around 1,700 points, with a bottom likely forming within about 20 points, most likely as a "flat bottom" rather than a V-shaped recovery. The market P/E is about 13 times forward 2027 earnings, or about 10 times excluding five Vingroup-group stocks. Interest rate pressure remains: the Fed raised rates in September to 3.75–4%, US inflation rose to 3.7%, and Vietnam's CPI rose 5.08% in September, while 12-month deposit rates at many private banks kept climbing. Although GDP grew 9.95% in Q3 2026, he says the market is pricing in the capital cost of that growth, and the biggest risk is a Fed hike stronger than expected.
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VN-Index closed the week at 1,705.91 points, down 1.58% from the previous week. Analysts expect further technical rebounds next week, but say this is not yet enough to confirm a bottom: 1,680–1,700 points is seen as nearby support and 1,715–1,750 points as resistance. Views differ on the next move: KBS warns the index could retest 1,650–1,670 points if selling by blue chips and foreign investors continues, while AseanSC says it must clear 1,715–1,735 points to confirm a bottom. The article suggests investors keep moderate exposure and watch liquidity and the Q3 reporting season, with the disclosure deadline on October 20.
- Expert view: VN-Index still at risk of decline, three stock groups expected to attract cash flow after Q3 earnings season
Analysts from Pinetree and Kafi say VN-Index has not yet confirmed a bottom, though it regained 1,700 points on Friday after a fourth straight weekly decline. Pressures include high interest rates, 9-month average CPI of 4.52%, possible Fed rate hikes, and foreign net selling of over VND 3,000 billion on HoSE last week. Pinetree sees a technical rebound with resistance at 1,715–1,750 points, while Kafi warns of a possible retest of 1,650–1,670 if 1,680 is lost. Q3 earnings, due by October 20, are expected to drive sharper divergence among stock groups. The experts advise limiting margin loans, avoiding chasing rallies, and favoring stocks with strong Q3 prospects.
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