SHS Outlook H2/2025 – “Trend Following”: “If you still believe the VN-Index is stuck at 1,300, get ready to miss the wave.”

This 228-page report reads like a radar for investors adrift after the “tariff shock” — a period when the index plunged 20% before snapping back sharply. The authors bet on a paradoxical cycle: domestic liquidity remains abundant, yet defensive sentiment has peaked; “hot money” is seeking a new excuse to rotate. In a sharp, analytical tone, the report asserts: “Valuations are no longer cheap, but not expensive enough to walk away,” pulling readers into that delicate zone between fear and greed — the most intriguing phase of the market.

At its core, the report unpacks two levels of momentum. On the macro side: a USD 310 billion market cap, equivalent to 65% of GDP, remains digestible relative to the growth trajectory. Trailing P/E at 13.5x and forward P/E at 11.1x underpin the VN-Index target of 1,400–1,420 points (+11–12%), with FTSE’s potential market upgrade in September 2025 and a VND 825 trillion public investment pipeline alongside the full rollout of the KRX system forming a dual catalyst. On the micro level: five key sectors — Banking, Infrastructure, Residential Real Estate, Financial Services, and Basic Materials — are analyzed through a matrix of quantitative metrics and money flow indicators, highlighting potential breakout zones once bad news is fully priced in. Each section includes charts, heat maps, and provocative questions like: “If things improve, who’s being left behind?”

The report closes with a bold, debate-sparking watchlist: CTG as a bet on state-owned bank revaluation; HPG, the once-ignored steel stock, reemerging under a “mean-reversion” thesis; and names like DGC, SSI, and TCH appearing with the message: “Buy when the noise is loudest.” Each pick includes a clear risk disclaimer — dismantling the illusion of a one-way rally while igniting the fear of missing out. The final message challenges the reader: “The market doesn’t reward the slow — it punishes those who act without reading.” With psychological insight, dense data, and fearless contrarian views, SHS Outlook H2/2025 delivers a shot of adrenaline to any investor in search of a map, a compass — and a mirror to reassess their convictions.