Daily Call

Market Focus: VN-Index recovered into the close as foreign investors turned net buyers

Macro Wrap: Update on Housing Law overhaul

Equity Research Update:

• PVT VN (Outperform; TP VND 25,400): Transportation Earnings Surprise from Strong Pool and Spot Participation
• STOXX Vietnam Total Market Liquid Index 4Q26 Review Estimate

Market Focus: Theme-Driven Momentum Faded as Capital Rotated Across the Market

Macro Wrap: Vietnam's Land Law Revision (Continued)

Equity Research Update: MarketVector Vietnam Local Index 4Q26 Review Estimate

Market Focus: Market Rebounds as Upgrade and Energy Themes Regain Leadership

Macro Wrap: Into Deep Water

Equity Research Update: DGW VN (Market Perform; TP VND 48,000): Robust earnings growth to moderate, while dividend payout accelerates

Market Focus: Profit-Taking Hits Vingroup Rally; VNIndex Closes at Day's Low

Macro Wrap: Update on Land Law Revision

Equity Research Update: PVD VN (Outperform; TP VND 22,300): Earnings miss triggers revision, but long-term thesis intact

Market Focus: Vingroup and Banks Leads Broad Market Recovery

Macro Wrap: Policy, Execution & Liquidity

Equity Research Update: HDG VN (Outperform; TP VND 22,700): Revising up 1H26 earnings due to a land cost reassessment for Hado Charm Villas project

Market Focus: VIC staged outstanding gains despite broad-based market correction

Macro Wrap: Update on Vietnam economy in August

Equity Research Update: SAB VN (Market perform; TP VND 50,000): More catalysts needed before rerating

Market Focus: Bank Rotation Supports the Market into the Long Holiday

Macro Wrap: Update on Jackson Hole: The FX Stress Test

Equity Research Update:

•           REE VN (Outperform; TP VND 56,200): Earnings resilience from a diversified business mix

•           FTSE Vietnam 30 Index: September 2026 Review

Market Focus: VIC & TCB Strength Fueling Market Sentiment

Macro Wrap: Beyond the Headline Rate: US Trade Policy Turns Compliance-Driven

Equity Research Update: CTR VN (Market Perform; TP VND 85,700): Growth Diversification and Full 2G Phase-out

Market Focus: TCB Sparked Broad-Based Surge as VNIndex Broke Through 1800

Macro Wrap: Vietnam: Mobilising Resources, Not Just Capital

Equity Research Update: PHR VN (Outperform; TP VND 73,200): 2026 Profit Boost from Rubber Land Compensation

Market Focus: Upgrade beneficiaries kept the VNIndex in positive territory

Macro Wrap: S&P Holds Vietnam at BB+: A Stable Rating With a Rising-Risk Undertone

Equity Research Update: CTG VN (Outperform; TP VND 38,800): Re-rating needs a trigger

Market Focus: FTSE market upgrade theme returned, fueling broad-based rally

Macro Wrap: Law on Urban Development: Decentralization, with Guardrails

Equity Research Update: KDH VN (Outperform; TP VND 23,500): Gladia cluster to drive growth visibility

Market Focus: Broad-Based Rally Driven by Stronger Risk Appetite and Foreign Buying

Macro Wrap: Vietnam Stocks – FTSE Semi-Annual Review

Equity Research Update: BID VN (Market Perform; TP VND 42,000): NIM recovery lifts 2Q26 earnings

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