Thursday, February 26, 2026
Executive Summary
Market Overview · VNINDEX: 1879.64 (+18.79 pts, +1.01%) | VN30: 2069.82 (+0.98%) · Market Breadth: 136 advancers vs 181 decliners (ratio: 0.75) · Leaders: Real Estate (+4.22%), Energy (+1.73%), IT (+1.51%) · Laggards: Materials (-0.31%), Consumer Staples (-0.85%), Utilities (-1.85%)
Foreign Investor Activity · Net Flow: VND -3143.8bn · Top Buyer: HPG (+441.7bn) · Top Seller: VNM (-2128.5bn)
Regime Tags: Regime: Neutral | Trend health: Distribution | Sentiment: Balanced | Money direction: Outflow
Market Snapshot
Index Performance
| Index | Close | Change % | Volume (mn) | Value (bn) |
|---|---|---|---|---|
| VNINDEX | 1,879.64 | +1.01% | 891.60 | 31,706.7 |
| VN30 | 2,069.82 | +0.98% | 450.60 | 20,473.5 |
| VN100 | 1,952.69 | +1.03% | 774.10 | 29,294.4 |
Sector Heatmap
Market Breadth
Foreign Investor Flows
Top Net Buyers
Top Net Sellers
Foreign Room Alerts
| Ticker | Remaining | % Utilized |
|---|---|---|
| ABB | 0 | 100.00% |
| VNZ | 0 | 100.00% |
| REE | 0 | 100.00% |
| ASP | 1 | 100.00% |
| TCB | 6,384 | 100.00% |
| MBB | 1,077,800 | 99.94% |
| CTD | 41,063 | 99.92% |
| SAV | 74,314 | 99.44% |
| FUEKIV30 | 1,456,900 | 99.24% |
View full narrative
Foreign Investor Activity · Net Flow: VND -3143.8bn — heavy net selling
Top Net Buyers: HPG (+441.7bn), PNJ (+149.3bn), VIC (+116.6bn), BSR (+106.9bn), GMD (+103.8bn)
Top Net Sellers: VNM (-2128.5bn), FPT (-725.1bn), VHM (-142.0bn), GAS (-139.5bn), MWG (-113.3bn)
Flow Breadth: 109 stocks bought vs 195 sold
Trailing Flows: 5d: VND -4904.6bn, 10d: VND -2486.6bn, 20d: VND -9834.9bn
Put-Through Transactions
Intraday Money Flow (CVD)
Data Unavailable
CVD data requires PostgreSQL database access which is not currently configured.
Derivatives & Broker Arbitrage
IRIS Analysis
Foreign Flow Snapshot
Flow Breadth & Names
Derivatives & Broker Arbitrage
Money direction: Outflow
Top Ideas & Actions
Where to Play
Sector Heatmap
Today's Flow Movers
Regime Crossings & Reversals
Structural Damage vs Recovery
Flow Breadth
Sector bias: Narrowing
Stocks in Focus
Stocks in Focus | 26 February 2026
Table 1: Confluence Picks
| Ticker | Rating | Sources | Rev % | Valuation | Commentary |
|---|---|---|---|---|---|
| FPT | Accumulate | Broker-Top5, Rev-Down, Zalo-Top5 | +0.0% | PE 16.4x (6th %ile), PB 4.23x (13th %ile) | High broker coverage (8) with consensus on 16-19% NPATMI growth for 2026, driven by recovering IT backlog and telecom stability. However, signals are mixed: appears on Rev-Down list (no actual downgrade, 0% revision), and Zalo sentiment is weak (0 buy, 3 sell mentions). Valuation is historically cheap on both PE and PB. IRIS note flags RAM cost surge risk for hardware-linked segments from Q2/26, a headwind not fully captured in estimates. Broker thesis intact but retail sentiment divergence warrants caution—accumulate on weakness rather than chase. |
| HPG | Buy | Zalo-Top5, IRIS Positive | +0.0% | PE 14.6x (46th %ile), PB 1.75x (91th %ile) | Strong retail conviction (12 mentions, 9 buy/0 sell). IRIS note is explicitly positive: 2026 guidance of 14MT total volumes (+30% YoY), rebar ASP trending to VND 15M/ton supporting margin expansion, and HRC volumes to rise post-AD ruling. BVSC maintains Outperform but is more cautious on near-term due to DQ2 depreciation drag. Valuation is mid-range on PE, stretched on PB. Single formal source (Zalo) but IRIS confirmation of catalyst and retail buy-side skew supports a Buy rating with 34-40% NPATMI growth expected. |
Table 2: Single-Source & Mixed Signals
| Ticker | Rating | Source | Rev % | Valuation | Commentary |
|---|---|---|---|---|---|
| GMD | Watch | SIF | +0.0% | PE 20.4x (99th %ile), PB 2.65x (84th %ile) | SIF originally Strong Buy (Jan-26) on port fee hike and Gemalink; however, IRIS note from this week downgrades to Hold citing 4Q beat now priced in, only ~15% upside remaining. HSC/SSI turned bullish, but valuation is extreme (99th %ile PE). Wide broker estimate dispersion (ACBS +34% vs VCI -27% vs median). Wait for pullback. |
| HDB | Watch | SIF | +0.0% | PE 8.1x (95th %ile), PB 1.88x (95th %ile) | SIF thesis centers on rumored strategic placement at VND 34-40k (30-50% premium). Management guiding PBT +30% YoY in 2026. Valuation is historically expensive on both PE and PB (95th %ile). MBS estimate +19% above median. Catalyst-dependent—attractive if placement materializes, but stretched entry point without confirmation. |
| TPB | Accumulate | SIF | +0.0% | PE 6.9x (36th %ile), PB 1.2x (67th %ile) | SIF highlights 17% earnings rebound, sector-leading 1.2% NPL, and undemanding valuation (0.9x P/B, 6.1x P/E). Price near MA200 support. Catalyst is rumored management changes. Low broker coverage (3) but valuation and quality metrics support accumulation. |
| VNM | Watch | Zalo-Top5, SIF | +0.0% | PE 15.7x (55th %ile), PB 4.81x (88th %ile) | SIF targets 15% 1H26 earnings growth on low base and favorable input costs; 78k TP. However, SSI (Market Perform) and BVSC (downgraded to Neutral) flag higher 2026 SG&A and limited upside. Zalo mixed (2B/1S). Valuation mid-range. Divergent broker sentiment—watch for clarity on cost trajectory. |
| MSH | Buy | SIF | +0.0% | PE 7.1x (11th %ile), PB 2.27x (94th %ile) | SIF thesis intact: 15-20% YoY growth, new factory capacity, potential China-to-Vietnam order shift. IRIS note lifts TP to 48k (+23% upside). ACBS report positive on operations but cautious on valuation and FTS shareholder overhang. PE historically cheap (11th %ile), dividend yield 9-12%. Single source but strong fundamentals. |
| TNG | Accumulate | SIF | +0.0% | PE 7.6x (40th %ile), PB 1.56x (77th %ile) | SIF on 15-20% YoY growth, 28k TP, trading at 6.5x 26F PE (1 SD below 5Y avg). Order visibility solid. VCBS estimate -28% below median flags some skepticism. Macro/trade policy overhang acknowledged. Valuation supportive. |
| PVD | Neutral | Zalo-Top5 | +0.0% | PE 20.0x (49th %ile), PB 1.23x (98th %ile) | SIF downgraded to Hold after +29% rally. 2026 guidance +40% YoY from new rigs. Valuation now mid-range on PE, stretched on PB. Zalo mixed (1B/1S). HSC/SSI estimates above median (+16-36%). Momentum fading; hold for now. |
| VCB | Watch | Zalo-Top5 | +0.0% | PE 15.5x (80th %ile), PB 2.4x (16th %ile) | Strong retail interest (10 mentions, 7B/2S). SSI turned more bullish, highlighting earnings trough behind. Private placement catalyst (6.5% stake) pending. PE historically rich (80th %ile), PB cheap. Mixed valuation signals—watch for placement news. |
| ACB | Neutral | Rev-Up | +0.0% | PE 8.0x (97th %ile), PB 1.33x (16th %ile) | Rev-Up list but actual revision is 0%. BVSC maintains Outperform but lowered long-term CAGR and flagged rising CIR. PE at 97th %ile (expensive vs history). Positive fundamentals but valuation stretched and broker tone more cautious. |
| KDH | Neutral | Broker-Top5 | +0.0% | PE 29.7x (24th %ile), PB 1.7x (10th %ile) | High broker coverage (5). FY26 presales +27% YoY, NPATMI +20%. Wide estimate dispersion (ACBS +52%, VDSC -34% vs median). Valuation relatively cheap on PB. Catalyst dependent on land clearance at Tan Tao. No confirming signal. |
| MSN | Neutral | Broker-Top5 | +0.0% | PE 29.7x (2nd %ile), PB 3.29x (29th %ile) | Turnaround story with 41% 2026 NPATMI growth guided. PE at historical low (2nd %ile). SSI estimate +38% above median; VDSC -23% below. High dispersion reflects execution uncertainty. No confirming signal from other lists. |
| MWG | Watch | Broker-Top5 | +0.0% | PE 19.6x (8th %ile), PB 4.22x (100th %ile) | BVSC bullish on record 2025, ĐMX IPO catalyst. IRIS note flags RAM cost risk for device retail. PE cheap (8th %ile) but PB at all-time high. Estimate dispersion moderate. Watch for Q1 margin read-through given memory price surge. |
| HT1 | Neutral | Rev-Up | +13.3% | PE 23.0x (7th %ile), PB 1.24x (86th %ile) | Only stock with meaningful revision uplift (+13.3%). BSC +27% vs SSI +0% (wide spread). Cement demand recovery expected. Single source, limited coverage. Monitor. |
| DGC | Neutral | Broker-Bottom5 | +0.0% | PE 9.2x (28th %ile), PB 1.86x (11th %ile) | Differentiated pick (low coverage). 16% NPATMI growth from new chlor-alkali/RE projects. Overhang from investigation rumors deemed priced in. Valuation supportive. No confirming signal. |
| NLG | Neutral | Broker-Bottom5 | +0.0% | PE 15.7x (5th %ile), PB 1.09x (3rd %ile) | Historically cheap on both metrics. SSI cut TP by 17%, more cautious than consensus. VDSC estimate +146% above median (extreme outlier). High dispersion. Presales improving but sector headwinds remain. |
| PLX | Neutral | Rev-Up | +0.0% | PE 27.1x (90th %ile), PB 2.8x (98th %ile) | Rev-Up list but 0% actual revision. Valuation extremely stretched on both metrics. SOE theme and E10 shift are catalysts. VCI +24% above median. Single source, expensive—no action. |
| FRT | Watch | Rev-Down | +0.0% | PE 36.6x (53rd %ile), PB 6.98x (21st %ile) | Rev-Down but 0% actual revision. Long Chau growth story intact (24% NPATMI). IRIS note flags RAM cost risk for FPT Shop segment. Valuation fair on PE, cheap on PB. No negative confirming signal. |
| PTB | Neutral | Rev-Up | +0.0% | PE 7.8x (19th %ile), PB 1.35x (49th %ile) | Rev-Up but 0% actual revision. Low coverage (2). Valuation cheap. Insufficient data for view. |
| EIB | Avoid | Broker-Bottom5 | — | PE 39.2x (100th %ile), PB 1.71x (87th %ile) | Extreme PE valuation (100th %ile). Technical indicators weak (MACD below signal, ADX 15). MASA AI rates price strength 45.7/100. No fundamental catalyst. |
| PLC | Neutral | Rev-Up | +0.0% | PE 187.7x (99th %ile), PB 2.08x (77th %ile) | Appears on Rev-Up but 0% actual revision. Extreme PE (187x, 99th %ile). Single broker coverage. Insufficient data; avoid chasing. |
| ABB | Neutral | Broker-Bottom5 | — | PE 5.3x (1st %ile), PB 0.94x (92nd %ile) | Extremely cheap PE (1st %ile) but PB stretched. Single broker (RES). No thesis or catalyst provided. Insufficient data. |
| PET | Neutral | Broker-Bottom5 | +0.0% | PE 16.0x (16th %ile), PB 1.7x (99th %ile) | Cape Pearl project catalyst post-PVN divestment. IRIS note unrelated (RAM). PB at 99th %ile. Single broker. Monitor only. |
| F88 | Neutral | Rev-Down | +0.0% | PE 28.4x (70th %ile), PB 8.35x (88th %ile) | Rev-Down but 0% actual revision. High valuation. Single broker. No thesis. Insufficient data. |
| FMC | Neutral | Rev-Down | +0.0% | PE 7.7x (14th %ile), PB 1.2x (28th %ile) | Rev-Down but 0% actual revision. Cheap valuation. No broker thesis. Seafood sector. Monitor only. |
| VTP | Neutral | Rev-Down | +0.0% | PE 32.1x (67th %ile), PB 7.35x (66th %ile) | Rev-Down but 0% actual revision. Logistics name. Mid-range valuation. No catalyst or thesis. |
Key Takeaways
- HPG is the standout idea today: Zalo retail conviction aligns with IRIS-confirmed positive catalysts (volume ramp, ASP strength, AD ruling). Broker tone slightly cautious on near-term depreciation drag, but 34-40% earnings growth trajectory is intact.
- FPT signals are mixed: Appears on three lists but Rev-Down and weak Zalo sentiment (0B/3S) create noise. Valuation is compelling (6th %ile PE). RAM cost risk from Q2 is an underappreciated headwind. Accumulate on dips, not outright buy.
- GMD thesis has played out: IRIS downgrade to Hold this week flags limited upside after 4Q beat. 99th %ile PE valuation is a hard barrier. Wait for a reset.
Broker Research
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Macro Research
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