DCBC – 08/2023
In August, the DCBC’s NAVPS increased by 2.47%, maintaining a surplus over the VN-Index (0.09%). In the first 8 months of 2023, the fund increased by 25.93%, exceeding the VN-Index’s increase of 21.54%. FPT shares (+14.29%) made outstanding contributions to the fund’s growth in August. In 2023, FPT has set a revenue target of 52,289 billion VND and a pre-tax profit target of 9,055 billion VND, representing increases of 19% and 18%, respectively, from 2022. With pre-tax profit of 5,069 billion VND in 7 months, FPT has already achieved 56% of its annual profit target.
The investment performance of DCBC is expected to remain strong in the coming months, supported by positive factors. Notably, US President Joe Biden is scheduled to visit Vietnam in September at the invitation of General Secretary of the Communist Party of Vietnam Central Committee Nguyen Phu Trong. The visit is expected to further strengthen relations between the two countries and lead to the signing of larger economic agreements. The topic of semiconductors is expected to be a focus of the visit, with the goal of providing Vietnam with support for chip production.
In addition, the Vietnam Manufacturing PMI index increased again above 50 points, indicating that business conditions in the manufacturing industry have improved. Circular 06/2023 has also officially taken effect, and it is expected that this regulation will lower mortgage interest rates because borrowers will have more conversion options.
Based on the current information, the Fund plans to maintain its current portfolio allocation in the coming months, with cash remaining at around 2%.
