Daily Call

Market Focus: Market recovered amid strength in Banks and Consumers

Macro Wrap: Vietnam’s Policy Mix and Investment Law Revision

Equity Research Update: MWG VN (BUY; TP VND 106,000): Upgrade: Grocery acceleration offsets ICT & CE normalization

Market Focus: Defensive Consumers Outperformed Amid Broad Market Weakness

Macro Wrap: Land Reform and August Trade

Equity Research Update: VNM VN (Market Perform; TP VND 67,000): 2Q26 Earnings Beat, Raising Our Estimates

Market Focus: SOE stocks extended leadership while market breadth weakened

Macro Wrap: Update on a new Resolution on handling violations

Equity Research Update:

•           GAS VN (Market Perform; TP VND 86,000): Solid power demand underpinned dry gas volume growth

•           DHC VN (Market Perform; TP VND 39,000): Record-High 2Q26 Profit on Stronger Selling Prices

Market Focus: Buyers Returned to SOEs and Value Plays as the VNIndex Stabilized

Macro Wrap: Vietnam SOE Reform:  The Clock Starts With Decision 40

Equity Research Update: ACB VN (Market Perform; TP VND 25,000): Stable core but limited room to re-rate

Market Focus: Correction deepened as system liquidity concerns persisted

Macro Wrap: From Credit to Capacity: Vietnam’s Next Bottleneck Is Execution

Equity Research Update: POW VN (Outperform; TP VND 16,000): Divergence Between Hydropower and Thermal Power

Market Focus: VNIndex snapped rebound streak as investors digested SBV – Bank meeting

Macro Wrap: Update on PM meeting with banks: More Room to Ease, Limited Room to Solve

Equity Research Update: NLG VN (Outperform; TP VND 28,800): Stronger Growth Expected in 2H26

Market Focus: VN-Index rebounds on VIC strength as foreign investors turn net buyers

Macro Wrap: Vietnam Banking Push: More Room to Ease, Limited Room to Solve

Equity Research Update: BMP VN (Outperform; TP VND 168,500): Soft Volumes, Infrastructure Pivot and Margin Resilience

Market Focus: Profit-Taking Emerged, but Market Breadth Remained Resilient

Macro Wrap: Vietnam Needs More Than Bank Credit to Fund Its Investment Cycle

Equity Research Update: HDG VN (Outperform; TP VND 22,700): Real Estate Headwinds Persist Amid High Interest Rates

Market Focus: Rebound broadened beyond SOEs, signaling improving sentiment

Macro Wrap: From Tax Relief to Credit Transmission

Equity Research Update:

•           TCB VN (Outperform; TP VND 37,400): Headwinds Priced In, Earnings Still Resilient

•           NTP VN (Outperform; TP VND 57,900): Earnings Upgrade on Strong ASP and Favorable PVC Costs

Market Focus: Broader market Extended rebound on renewed State divestment theme

Macro Wrap: Putting a Clock on State Capital Restructuring

Equity Research Update: FPT VN (BUY; TP VND 87,000): Conservative amid a high interest rate, positive outlook unchanged

Market Focus: Rebound took a breather as high funding cost and tight liquidity conditions weighed on risk appetite

Macro Wrap: Headway and Headroom

Equity Research Update: FRT VN (Outperform; TP VND 170,000): Defensive fundamentals amid a challenging macro environment

Market Focus: Market Pauses After Rebound, but Underlying Resilience Holds

Macro Wrap: Could Marine-use Rights Become the New Land-use Rights?

Equity Research Update: VHC VN (Outperform; TP VND 67,000): Tariff Risks Largely Priced In

Market Focus: Market extended rebound as foreign buying remained supportive

Macro Wrap: Update on Public Investment

Equity Research Update:

•           Vietnam Banking Sector Update: Strong Earnings Momentum Continues, but Asset Quality Warrants Closer Attention

•           GVR VN (Outperform; TP VND 36,200): Rubber Prices and Land Conversion Income Drove 2Q26 Earnings to a Five-Year High

Market Focus: Broad-Based Rally Extended as Investors Turned More Constructive

Macro Wrap: Vietnam macro data in July 2026

Equity Research Update: VNM VN: 2Q26 Flash Note

Market Focus: SOCBs anchored the market despite intensified profit-taking

Macro Wrap: Vietnam Publishes First Official Estimate of the Informal Economy

Equity Research Update:

•           VIC VN: 2Q26 Business Results Overview

•           MSN VN: Analyst meeting note  

•           CMG VN: 2026 AGM: Tradeoff between long-term investment and short-term earnings growth