Daily Call
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Market Wrap: The market maintained its upward momentum with improved sentiment.
Macro Update: Update on exchange rate and reciprocal tariff
Equity Research Update: KBC VN (BUY; TP VND 37,500): Growth cycle initiated following the removal of legal barriers
14/02/2025
DownloadMacro Update: My two cents on the recent JETRO survey
Equity Research Update:
• MCH VN (Market Perform; TP VND 169,000): Lower financial income to weigh on 2025 earnings
• [Flash Note] GMD VN (Outperform; TP VND 71,500): 4Q 2024 Earnings Call
13/02/2025
DownloadMarket Wrap: The VNIndex dipped in spite of Construction stocks’ rally
Macro Update: Update on National Assembly's extraordinary meeting
Equity Research Update: [Flash Note] KDH VN (BUY; TP VND 41,500): Improved legal progress on projects signals strong development momentum for 2025
12/02/2025
DownloadMarket Wrap: Market firmly rebounded across many sectors after yesterday's drop
Macro Update: Update on forex market
Equity Research Update:
- Update on Trump 2.0 tariff announcement for Steel and Aluminum and potential impact
- NT2 VN (BUY; TP VND 24,700): Earnings to recover from 2024 low base
11/02/2025
DownloadMarket Wrap: Market corrected after 4 consecutive sessions of rebound
Macro Update: Update on Trump administration’s new tariff threat
Equity Research Update: MCH VN: 4Q2024 earnings results
10/02/2025
DownloadMarket Wrap: Market climbed for the 4th session, driven by strong 4Q24 earnings of local Banks
Macro Update: Update on Lao Cai – Hanoi – Haiphong railway project
Equity Research Update:
• [Flash Note] DGW VN (Market Perform; TP VND 41,300): 4Q24 earnings results
• Vietnam Banking sector Update: All’s Well That Ends Well
07/02/2025
DownloadMarket Wrap: Rebounds extended for the 3rd session, supported by Banks and Healthcare
Macro Update: Thought on government 2025 plan
Equity Research Update:
• [Flash Note] VNM VN (Market Perform; TP VND 75,000): Weaker sales and higher costs towards year-end hurt 4Q24 results
06/02/2025
DownloadMarket Wrap: The market extended yesterday’s rally supported by Resi Realties and Shipping/Ports
Macro Update: Update on Vietnam January macro data
Equity Research Update:
• [Flash Note] TPB VN (Outperform; TP VND 19,800): 4Q24 business results
• [Flash Note] VIB VN: 4Q24 business results
• [Flash Note] MSB VN (Outperform; TP VND 14,500): 4Q24 business results
• [Flash Note] BID VN: 4Q24 business results
05/02/2025
DownloadMarket Wrap: Market rebounded strongly led by Banks and Constructions
Macro Update: Update on nuclear power plants
Equity Research Update:
• [Flash Note] HAH VN (BUY; TP VND 56,600): 4Q24 Results: Achieves Record-Breaking Quarterly Earnings
• MWG VN: 4Q2024 earnings results
• DeepSeek event implies challenges for global AI industry but might have insignificant impacts on Vietnamese technology & telecom sector
04/02/2025
DownloadMarket Wrap: Local market corrected on lingering DeepSeek shock and elevated global trade war
Macro Update: Tet's Snake Peek: Be Patient!
Equity Research Update:
• [Flash Note] HDB VN (Outperform; TP VND 28,200): 4Q24 business results
• [Flash Note] MBB VN (Outperform; TP VND 25,200): 4Q24 business results
• [Flash Note] STB VN: 4Q24 business results
• [Flash Note] VCB VN (BUY; TP VND 120,000): 4Q24 business results
• [Flash Note] SAB VN (Market Perform; TP VND 64,500): Improving sales, amidst challenging backdrop
• [Flash Note] FRT VN (Outperform): 4Q24 earnings results
03/02/2025
DownloadMarket Wrap: The market closed the Year of the Dragon on a high note
Macro Update: Update on Central Committee meeting and money market movement
Equity Research Update:
• PAN VN: Record breaking results driven by expansions and lower input costs
• FPT VN (BUY; TP VND186,300): 2024 results almost perfectly aligned with our expectations
• CTR VN (Market Perform; TP VND 135,000): 2024 financial results were within our expectations
• HSG VN (Market Perform; TP VND 20,000): Margin and volume expansion drives growth
• HPG VN (BUY; TP VND 33,500): 4Q24 results update
24/01/2025
DownloadMarket Wrap: Market lifted by unexpectedly strong rally, led by Tech and Financials
Macro Update: Update on the metro lines in Hanoi and HCMC
Equity Research Update:
• ACB VN (BUY; TP VND 31,000): 4Q24 business results
• TCB VN (BUY; TP VND 28,700): 4Q24 business results
• VPB VN (Outperform; TP VND 23,400): 4Q24 business results
• FMC VN (Outperform; TP VND 55,400): 4Q24 business results
23/01/2025
DownloadMarket Wrap: The market dipped on accelerated sells to close off positions before the long holidays
Macro Update: Update on tariff risk
Equity Research Update:
• DPR VN (Outperform; TP VND 46,100): Natural rubber prices boosted profit growth in 4Q24
• DXG VN: Earnings Call 4Q24
• PNJ VN (BUY; TP VND 123,000): 4Q24 earnings return to growth
22/01/2025
DownloadMacro Update: Update on legal framework setting & money market movement
Equity Research Update:
• DRC VN (Market Perform): 4Q24 earnings results
• NT2 VN (Outperform; TP VND 24,700): 4Q24 earnings results
21/01/2025
DownloadMarket Wrap: Market closed flat on muted liquidity ahead of Tet and Trump’s inauguration
Macro Update: Update on trade data
Equity Research Update:
• SCS VN (Outperform; TP VND 91,900): 4Q24 updates: Strong earnings as expected
• VNDiamond, VN30, VNFIN Lead Indices 1Q25 Review Results and Update on Hose Index Rules Version 4.0
20/01/2025
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