Monday, February 23, 2026

VNINDEX1,860.14+1.98%

Executive Summary

Market Overview · VNINDEX: 1860.14 (+36.12 pts, +1.98%) | VN30: 2039.8 (+1.05%) · Market Breadth: 280 advancers vs 73 decliners (ratio: 3.84) · Leaders: Energy (+6.46%), Utilities (+3.81%), Industrials (+2.83%) · Laggards: Healthcare (-0.17%), Consumer Disc (-0.35%), IT (-1.59%)

Foreign Investor Activity · Net Flow: VND -1215.0bn · Top Buyer: HPG (+329.0bn) · Top Seller: FPT (-1140.2bn)

Regime Tags: Regime: Neutral | Trend health: Healthy | Sentiment: Balanced | Money direction: Churn

1

Market Snapshot

Index Performance

IndexCloseChange %
VNINDEX1,860.14+1.98%
VN302,039.80+1.05%
VN1001,927.92+1.25%

Sector Heatmap

Energy
852.17
+6.46%
Utilities
1,152.43
+3.81%
Industrials
972.13
+2.83%
Materials
2,319.24
+2.39%
Real Estate
2,583.87
+1.35%
Consumer Staples
750.73
+1.34%
Financials
2,296.89
+1.12%
Healthcare
2,256.62
-0.17%
Consumer Disc
2,608.28
-0.35%
IT
4,476.10
-1.59%

Market Breadth

280
85
73
Advancers (280)
Unchanged (85)
Decliners (73)
A/D Ratio: 3.84
2

Foreign Investor Flows

Total Buy
2,992.7 bn
Total Sell
4,207.7 bn
Net Flow
-1,215.0 bn

Top Net Buyers

HPG
+329.0
VHM
+122.5
VIX
+86.8
TCX
+67.0
SHB
+64.3
VIC
+58.9
BSR
+34.5
MSN
+34.2

Top Net Sellers

FPT
1,140.2
VCB
265.4
VPB
163.5
MWG
116.8
DGW
80.9
VNM
80.4
SSI
71.7
STB
58.9

Foreign Room Alerts

TickerRemaining% Utilized
ABB0100.00%
VNZ0100.00%
TCB25100.00%
MBB1,239,84499.93%
CTD36,64899.93%
View full narrative

Foreign Investor Activity · Net Flow: VND -1215.0bn — heavy net selling

Top Net Buyers: HPG (+329.0bn), VHM (+122.5bn), VIX (+86.8bn), TCX (+67.0bn), SHB (+64.3bn)

Top Net Sellers: FPT (-1140.2bn), VCB (-265.4bn), VPB (-163.5bn), MWG (-116.8bn), DGW (-80.9bn)

Flow Breadth: 188 stocks bought vs 139 sold

Trailing Flows: 5d: VND +2485.2bn, 10d: VND -1380.1bn, 20d: VND -9363.4bn

3

Put-Through Transactions

VPB
Value181.2 bn
% of Regular40.7%
Price28,800 VND
TCB
Value124.9 bn
% of Regular38.2%
Price35,850 VND
MSN
Value116.0 bn
% of Regular38.8%
Price79,200 VND
MBB
Value50.8 bn
% of Regular9.3%
Price28,350 VND
NABHigh Volume
Value49.2 bn
% of Regular179.4%
Price14,100 VND
4

Intraday Money Flow (CVD)

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Data Unavailable

CVD data requires PostgreSQL database access which is not currently configured.

4A

Derivatives & Broker Arbitrage

F1 Premium (EOD)
+4.2 pts
Arb Balance
1,755.9 bn
Days to Expiry
24
Arb Net (1D)
+103.3 bn
F1 Close2,044
VN30 Close2,039.8
Spread4.2 pts

IRIS Analysis

Foreign Flow Snapshot

Net foreign -1,212.9B VND today, breaking the short accumulation streak. 5d cumulative still positive at +2,086.8B, but 20d remains deeply negative at -9,234.0B — the broader distribution trend intact.
Cap-class divergence widening: VN30 took the brunt with -1,322B today (5d net -172.3B), while VNMID held positive at +28B (5d +1,843.4B) and VNSML accelerated to +69B (5d +133.3B).

Derivatives & Broker Arbitrage

F1 premium closed at +4.2 pts, down from +8.0 pts 5d ago. Intraday distribution stayed 100% in premium territory.
Premium compression (-3.8 pts over 5d) signals reduced arb incentive.
Arb balance at +1,755.9B, down from +2,162.9B five days ago.
24 days to March 19 expiry — no immediate unwind pressure.

Money direction: Churn

5

Top Ideas & Actions

Where to Play

Sector Heatmap

Allocation landscape is balanced: 8 sectors favorable (Play/Watch) vs 8 fading/avoid.
Top favorable: Gelex (MFI 67, +23.7 5d), ChungKhoan (MFI 67, +11.4 5d), CaoSu (MFI 65, +6.0 5d)
Bottom to avoid: VietTel (MFI 32, -22.1 5d), DauKhi (MFI 44, -24.4 5d)

Regime Crossings & Reversals

NganHang crossed above 50 today (49.8 → 56.5) — regime shift to net buying pressure.
VinGroup — hit 5d low of 33.5, now at 63.4, rising 4 consecutive days. Classic V-shaped recovery.

Stocks in Focus

Table 1: Confluence Picks

| Ticker | Rating | Sources | Commentary |

| FPT | Watch | Broker-Top5, Rev-Down | Mixed signals: highest broker coverage (8), 2026 NPATMI growth 16-19%. Valuation at 13th percentile PE. Rev-Down flag appears technical. |

Table 2: Single-Source & Mixed Signals

| HDB | Buy | SIF | Rumored private placement at 30-50% premium. PBT +30% YoY guidance. |

| TPB | Accumulate | SIF | PBT +17% YoY, NPL sector-leading at 1.2%. Valuation compelling. |

| TNG | Accumulate | SIF | 2026 NPATMI growth 15-20% YoY with full order visibility. |

Key Takeaways

No high-conviction confluence picks. FPT mixed signals.
HDB strongest single-source idea with clear catalyst.
Pangasius names (VHC, ANV) remain SIF picks.
6

Broker Research

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Data Unavailable

Broker research data requires Supabase database access which is not currently configured.

7

Macro Research

1

Update on SOE restructuring and Vietnam-US trade

Ssi|Hung Pham|February 23, 2026

Vietnam's macroeconomic conditions remain stable post-Lunar New Year, with Decree 57/2026 shifting SOE restructuring toward stricter financial viability standards. ---

2

Oil Tracker: Stock Builds Moderate on Kazakhstan Disruptions

Goldman Sachs|22 January 2026

Crude prices remained roughly unchanged over the last week as focus moved from Iran-related supply risks to disruptions in Kazakhstan production. ---

3

Oil Analyst: Raising Our Price Forecast on Lower OECD Stocks

Goldman Sachs|22 February 2026

The analyst raised 2026 Brent forecasts by $6 to $60/barrel due to lower-than-expected OECD inventory builds. ---

4

USA: GS Economic Indicators Update

Goldman Sachs|23 February 2026

Goldman Sachs projects Q1 US GDP growth at +3.4% annualized, supported by easing financial conditions.

A

IRIS Morning Call