Customers conduct transactions at an office of a securities firm. — VNA/VNS Photo

HÀ NỘI — The domestic stock market is entering its annual shareholder meeting season, a period widely seen by investors as a critical window to identify opportunities as listed companies simultaneously unveil business plans, dividend policies and strategic direction for the year ahead.

April, traditionally the peak of annual general meetings of shareholders, is often described by market participants as a goldmine of information. Amid ongoing macroeconomic uncertainties, this flow of disclosures is expected to play an even more decisive role in shaping investor expectations and capital allocation decisions.

Analysts note that corporate guidance released during annual general meetings (AGMs), including revenue and profit targets, capital-raising plans and expansion strategies, can act as immediate catalysts for stock price movements.

Viet Dragon Securities (VDSC) forecast that first-quarter earnings growth in 2026 could reach around 38 per cent year on year, driven largely by banking, retail and sectors benefiting from global commodity trends.

Dividend policies are also drawing strong attention. Cash payouts at high rates, in some cases ranging from 35 per cent to 60 per cent among leading firms, are expected to act as a magnet for capital inflows, particularly from long-term investors seeking stable returns.

According to Hoàng Việt Phương, head of Research and Investment Advisory at VNDIRECT Securities, investors should focus on key elements within corporate plans to identify stocks capable of attracting capital flows. These include growth quality, financial orientation and the feasibility of business targets.

Echoing this view, Nguyễn Thành Trung, chief executive officer of KimGroup, described dividend plans, capital increases and expansion strategies as important catalysts for stock price performance.

"High and stable cash dividends help reinforce long-term investor confidence and provide support for stock prices," he told vnbusiness.vn, noting that capital-raising plans could be viewed positively if aligned with core growth but might create pressure if they lead to dilution without clear direction.

However, the AGM season also reflects the growing divergence of market opportunities.

Experts emphasise that not all companies with ambitious growth targets necessarily translate into attractive investments. Instead, capital is increasingly concentrated in firms with credible growth stories and clear execution pathways.

Market behaviour during this period is often driven as much by expectations as by fundamentals. Stocks may rally ahead of meetings on speculation or optimistic forecasts only to retreat once official information is released, a pattern commonly referred to as sell on news.

Industry observers say this dynamic requires investors to shift away from momentum-driven strategies towards deeper fundamental analysis.

Selecting companies with solid financial foundations, realistic 2026 plans and exposure to international capital flows is seen as key in a market phase described as sideways with divergence.

At the same time, risk management remains critical. The annual general meeting season is typically accompanied by heightened volatility as speculative money intensifies short-term trading.

Analysts recommend setting clear stop-loss and take-profit levels and avoiding fear-of-missing-out (FOMO) behaviour, which can lead to buying at inflated valuations.

Beyond company-specific factors, broader market conditions continue to play a decisive role.

Even positive disclosures from annual general meetings may have limited impact if overall liquidity weakens or the market enters a downtrend.

Conversely, favourable macroeconomic conditions can amplify the effect of supportive corporate news.

Advances in technology have also reshaped how investors approach the annual general meeting season. Real-time access to meetings, digital disclosures and data analytics tools has narrowed information gaps but has simultaneously increased the risk of misinformation and rumour-driven trading. — BIZHUB/VNS