Daily Call

Market Focus: Real Estate and Brokers Led Powerful Rebound Amid Improving Sentiment

Macro Wrap: Social Insurance Fund reform is deferred; rate cuts are now measured

Equity Research Update:

•           NT2 VN (Outperform; TP VND 27,000): A critical power plant for 2027 national energy security

•           TNG VN: Strong quarter, but Q4 can be uncertain

•           TCB VN (Outperform; TP VND 40,400): 3Q26 earnings beat expectations, although asset quality warrants closer attention

Market Focus: Market closed marginally higher as foreign selling moderated

Macro Wrap: More capital, but making it work harder matters

Equity Research Update: PHR VN (Outperform; TP VND 39,900): EGM: Business Line Amendments and Preliminary 9M26 Results

Market Focus: Localized selling pressure intensified

Macro Wrap: Rates and liquidity: Near-term relief, external risks

Equity Research Update:

•           HT1 VN: Cement Demand Recovery Supports Earnings Growth

•           VPB VN (Outperform; TP VND 26,500): Pre-closing outlook

Market Focus: Broad-based market rebound on muted liquidity

Macro Wrap: Update on National Assembly meeting

Equity Research Update: BSR VN: 2026 AM: 9M26 solid preliminary results and progress on upgrade and expansion project

Market Focus: Capital Shifts to Brokerage, Real Estate and Construction as Vingroup Extends Decline

Macro Wrap: Update on metro lines development

Equity Research Update:

•           KBC VN: 3Q Rebound, But Results Still Lag Expectations

•           FOL Adjustments Accelerate in 3Q26 Amid Technical Compliance Reviews

Market Focus: Steel Rebounds Failed to Offset Vingroup Drag as VNIndex Extended Decline

Macro Wrap: Update on Tourism Sector

Equity Research Update: Vietnam Oil & Gas Sector Update: Windfall fades, Capex cycle stays

Market Focus: VNIndex Held Up by Vingroup as Market Correction Deepens

Macro Wrap: Update on property policy

Equity Research Update: Vietnam Construction Materials Sector: Riding the public investment tailwind

Market Focus: Bargain hunting emerged as the VNIndex neared 1700pts

Macro Wrap: Growth Ambition Meets Tighter Macro Constraint

Equity Research Update: Vietnam Consumer Sector Update: Slower earnings growth largely priced in

Market Focus: Market Remained Under Pressure Despite Selective Bargain Hunting

Macro Wrap: Defining “Made in Vietnam”

Equity Research Update: Vietnam Banking Sector Update: A Matter of “Interest”

Market Focus: Exporters and Minerals shine amid continued market weakness

Macro Wrap: Auto tariff support extended, with broader export relief and higher production hurdles

Equity Research Update: Vietnam Residential Property Sector Update: Structural Shifts Reshape the Market

Market Focus: Tanker, Shipper, Rubber and Consumers emerged as drivers

Macro Wrap: Growth without cheaper money

Equity Research Update: Vietnam Industrial Parks Sector: Profit growth supported by improving land leasing take-up

Market Focus: Late-Session Rebound Emerged on Selective Bottom-Fishing Activities

Macro Wrap: Update on Proposed 0.2% Tax on Idle Land

Equity Research Update: Vingroup Investor Tour

Market Focus: Steel, Tanker and Consumer Discretionary Stocks Shined as VNIndex Recovered

Macro Wrap: Update on public investment

Equity Research Update: Vietnam Technology & Telecom: AI concerns and high rates pressure valuations, but earnings hold firm

Market Focus: PNJ Trading Surge Drives Market Turnover

Macro Wrap: Q3 2026 GDP: Faster Deployment, Uneven Reach

Equity Research Update: HOSE Index Ground Rules Update and VNDiamond 3Q26 Review Estimates

Market Focus: Vingroup and related stocks led market correction

Macro Wrap: Update on Vietnam’s Land Law Revision

Equity Research Update: Vietnam Banks · Regulatory update: Circular 50 Replaces Circular 22 - A Basel III upgrade, with a near-term easing tilt