Daily Call

Market Focus: A broad-based gain in both index performance and liquidity

Macro Wrap: Thoughts on data

Equity Research Update: KDH VN (Outperform; TP VND 39,800): Clear Path Ahead, Upgrade to OUTPERFORM

Market Focus: Accumulation trend and sector rotation persisted

Macro Wrap: Vietnam–U.S. Reciprocal Trade Agreement – Fifth Round Signals Momentum

Equity Research Update:

•           VIC VN: Consolidated strategic roadmap: Still the Right Side of Growth

•           PVD VN (Market Perform; TP VND 27,400): Policy supporting growth

Market Focus: Defensive plays led gains as the VNIndex struggled to hold rebound momentum

Macro Wrap: Vietnam Charts Ambitious Course for 2026

Equity Research Update: POW VN (Market Perform; TP VND 14,500): Current Headwinds, Future POWer

Market Focus: Broad-based rally lifts VNIndex to 1,631 after SSC-Vanguard talks and VinSpeed Metro boost

Macro Wrap: Update on revised regulation on asset management

Equity Research Update: PNJ VN (BUY; TP VND 109,000): Compelling valuation with decent long term growth

Market Focus: Market rebounded on Consumer strength, liquidity remained thin

Macro Wrap: Vietnam–U.S. Reciprocal Trade Agreement Negotiations

Equity Research Update: HDB VN (BUY; TP VND 36,700): 3Q25 business results – Profit shifts gear in 4Q25

Market Focus: VNIndex extended losses amid failed rebound attempt and deteriorated sentiment

Macro Wrap: Public Investment Update – October 2025

Equity Research Update: SAB VN (Outperform; TP VND 55,000): Margin Resilience Amid Volume Weakness

Market Focus: Corrective pressure persisted, the VNIndex lost 1600pts threshold

Macro Wrap: Vietnam Pushes for a Stronger Capital Market

Equity Research Update: REE VN (Outperform; TP VND 80,000): Wind capacity expansion to support long-term potential

Market Focus: Market stayed under pressure with 5-Month low liquidity

Macro Wrap: Vietnam: Growth Momentum Holds Despite Consumption Weakness

Equity Research Update: VNM (Market Perform; TP VND 65,000): Back on Track

Market Focus: PVN stocks outshined the market

Macro Wrap: Party Central Committee Convenes 14th Conference: Leadership Selection in Focus

Equity Research Update: OIL VN: Company visit update: Resilient COCO expansion and stable income from charging points supports earnings growth

Market Focus: Market staged sharp rebound on strong foreign inflows and eased regulatory concerns

Macro Wrap: Vietnam Accelerates Railway Development Ambitions

Equity Research Update: Vietnam Banking Sector Update: Emerging from turbulence

Market Focus: Interest-sensitive Insurance stocks outperformed at the expense of Securities and Realty stocks

Macro Wrap: Update on Circular 102/2025/TT-BTC

Equity Research Update:

•           HPG VN (BUY; TP VND 35,000): Capacity upgrade completed

•           CTR VN (Outperform; TP VND 102,000): Catalysts from Vietnam power sector

Market Focus: VNIndex plunged 1.79% amid ETF rebalancing, while Oil & Gas stocks outshone on strong Q3 results despite broad market weakness.

Macro Wrap: Update on Governance Option for Vietnam's International Financial Centre

Equity Research Update:

•           VIC VN: 3Q25 Business Results Overview

•           DPR VN (Outperform; TP VND 46,100): Strongest Quarterly Earnings Since 2022

•           Draft Decree on Industrial and Economic Zone Management – Key Highlights