Daily Call
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Market Wrap: A disappointing trading day following Fed's 2nd rate cut
Macro Update: Update on the SBV hearing session
Equity Research Update:
• Vietnam Banking sector Update: Little room for mistakes
• Vietnam Textile and garment sector 3Q24 Update: A recovery beat
08/11/2024
DownloadMarket Wrap: Local market dipped as investors gauged impacts of upcoming Trump policies
Macro Update: Update on the National Assembly meeting
Equity Research Update:
• VNM VN (Market Perform; TP VND 75,000): Downgrade on negative surprise
• Trump presidency and potential impacts on Vietnam economy & sectors
07/11/2024
DownloadMarket Wrap: Local market closed on high as US election came to an end
Macro Update: Update on October macro data
Equity Research Update:
• VEA VN: Dividend to be paid Dec 20th and 3Q24 results update
• IDC VN (Market Perform; TP VND 63,000): Strong profit growth driven by land leasing in 3Q24
06/11/2024
DownloadMarket Wrap: Market paused still ahead of US election tonight
Macro Update: Update on 10M24 Vietnam FDI
Equity Research Update:
• HPG VN (BUY; TP VND 31,700): Strong volume growth through 2025
• VHM VN: Vinhomes Co Loa project transfer & changes in business cooperation contract with Vingroup
05/11/2024
DownloadMarket Wrap: Market closed at day’s low leading to US election tomorrow
Macro Update: Update on money market movement
Equity Research Update:
• PC1 VN (Outperform; TP VND 32,900): Optimizing the formula - Reduced financial costs boosted Q3 recovery momentum
• CTD VN (Market Perform; TP VND 75,600): Q1FY25 earnings: The new fiscal year has started off smoothly
• GVR VN (TP VND: 36,100): 3Q2024 earnings results
04/11/2024
DownloadMarket Wrap: Market plunged to day’s low on local ETFs’ rebalancing activities
Macro Update: Update on Vietnam PMI
Equity Research Update:
• KBC VN (Outperform; TP VND 33,600): 3Q24 earnings results
• KDH VN (BUY; TP VND 41,500): 3Q24 earnings results
• PVD VN (Outperform; TP VND 32,000): 3Q24 earnings results
• FRT VN (Outperform; TP VND 211,000): 3Q24 earnings results
01/11/2024
DownloadMarket Wrap: MSN’s deals and VCB’s stock dividend plan stirred a bit of excitement into the feeble market
Macro Update: Update on public investment
Equity Research Update:
• SAB VN (Market Perform; TP VND 61,000): 3Q24 earnings results
• VNM VN: 3Q24 earnings results
• VHM VN (Outperform; TP VND 55,400): 3Q24 earnings results
• VRE VN (Outperform; TP VND 25,200): 3Q24 earnings results
• HSG VN: Volatile steel price impacted on earnings
• PVS VN (Market Perform; TP VND 44,000): 3Q24 earnings results
• BCM VN (Outperform; TP VND 84,700): 3Q24 earnings results
31/10/2024
DownloadMarket Wrap: Market continued to trend sideway down despite supportive 3Q24 earnings
Macro Update: Update on property market and Securities Law
Equity Research Update:
• VPB VN: 3Q24 earnings results
• MBB VN: 3Q24 earnings results
• HDB VN: 3Q24 earnings results
• HAH VN (Outperform; TP VND 47,200): 3Q 2024 earnings beat market sentiment
• MWG VN: 3Q24 earnings results
30/10/2024
DownloadMacro Update: Update on the VAT Law and Securities Law
Equity Research Update:
• GMD VN (Market Perform; TP VND 66,000): 3Q24 earnings results
• DBD VN (Market Perform; TP VND 45,000): 3Q24 earnings results
• CTR VN (Market Perform; TP VND 135,000): 9M24 Recap: In-line profit, despite lower-than-expected revenue and gross profit margin
• DCM VN: 3Q24 earnings results
29/10/2024
DownloadMacro Update: Update on 2025-2027 state budget and National Assembly meeting
Equity Research Update: NT2 VN: 3Q24 earnings results
28/10/2024
DownloadMarket Wrap: Sideway down trend persisted as Realties cooled off from yesterday’s rally
Macro Update: Update on exchange rate movement and the MoF decree
Equity Research Update:
• DGC VN: 3Q24 earnings results
• VHC VN: 3Q24 earnings results
• ACB VN: 3Q24 analyst meeting
25/10/2024
DownloadMarket Wrap: Market broke down on heightened concerns over FX risks
Macro Update: Update on the NPS implementation and exchange rate movement
Equity Research Update:
• TCB VN (Outperform; TP VND 28,700): 3Q24 Analyst Meeting
• MSN VN (Outperform; TP VND 90,800): 3Q24 earnings results
• DHG VN: 3Q24 earnings results
24/10/2024
DownloadMarket Wrap: Market continued to roll sideways disregarding rise of Realties
Macro Update: Update on the rooftop solar power decree
Equity Research Update:
• Updates on new land price table regulation and impacts on the real estate market
• DXG VN: Earnings Call 3Q24
• DRC VN: 3Q2024 earnings results
23/10/2024
DownloadMarket Wrap: Market traded sideway down, losing steam on news of heated FX rate and SBV’s liquidity withdrawal
Macro Update: Projection for Vietnam 2025 state budget
Equity Research Update:
• VNDiamond, VN30, VNFIN Lead Indexes 4Q24 review results
• IMP VN (Market Perform TP VND 46,000): 3Q24 earnings results
• DPR VN: 3Q24 earnings results
• PNJ VN: 3Q24 earnings results
22/10/2024
DownloadMarket Wrap: Despite rise of Vingroup stocks, choppy market movements ended in day’s low
Macro Update: Update on the 8th NA meeting and money market movement
Equity Research Update:
• VTP VN (Underperform; TP VND 70,000): Exploring new directions for growth
• FMC VN (Outperform; TP VND 55,500): 3Q24 Record high sales volume offset by surging selling expenses
• NLG VN (Market Perform; TP VND 43,000): 3Q24 Net loss driven by declines in joint ventures & financial income
21/10/2024
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