Daily Call

Market Focus: SOEs back in focus!

Macro Wrap: Vietnam's PPP Bond Decree — Building the Plumbing for Infrastructure Credit

Equity Research Update: NTP VN (Market Perform; TP VND 61,600): Revenue momentum but unpredictable input price

Market Focus: SOE divestment theme was back

Macro Wrap: Update on public investment and SOE's free-float issue

Equity Research Update: DHC VN (Market Perform; TP VND 39,500): Price-led Margin Recovery and Improved Expansion Visibility

Market Focus: VN-Index surged to ATH as Vingroup leads a narrowing rally

Macro Wrap: Update on Electricity Law revision

Equity Research Update: PLX VN (Market Perform; TP VND 43,200): Long-term repositioning beyond a pure petroleum business

Market Focus: Roller-coaster market swings with ~14% intraday divergence between Vingroup and Energy stocks

Macro Wrap: Update on FDI policy direction

Equity Research Update:

•           VIC VN: Technical Tailwinds Support Valuation Stretch

•           FPT VN (BUY; TP VND 101,600): Ongoing AI transformation aided DX revenue

•           HDB VN: Slower Profits, Steady Direction

Market Focus: The VNIndex inched higher amid sector rotation

Macro Wrap: Guidance on Construction Contract Adjustments Amid Fuel, Material, and Logistics Cost Pressures

Equity Research Update: CTG VN (BUY; TP VND 44,800): Robust fundamentals amid macro volatility

Market Focus: Vingroup volatility dragged the VNIndex lower while Energy and Fertilizers regain momentum

Macro Wrap: The Measure of Progress: Beyond the GDP Mirage

Equity Research Update:

•           MWG VN (Outperform; TP VND 110,000): Strong 1Q26 Performance Reinforces Potential FY26 Earnings Outperformance

•           ACB VN (Outperform; TP VND 27,500): Earnings Recovery Gains Traction Despite Margin Pressure

Market Focus: VNIndex edges higher on SOE Bank strength despite widespread correction

Macro Wrap: Update on resolution on stalled projects

Equity Research Update: MSN VN (BUY; TP VND 107,000): Analyst meeting note: Upbeat earnings on strong mining business

Market Focus: VNIndex extends winning streak; Vingroup remains key driver

Macro Wrap: Reform in Action

Equity Research Update:

•           CTD VN (Market Perform; TP VND 91,300): Record Backlog Secures Revenue Visibility Through 2027

•           VN30 2Q26 Estimates – Non-periodic updates

Market Focus: Brokers led broad-based market gains

Macro Wrap: Vietnam Policy Signal – Enforcement Tightening Amid Shifting U.S. Trade Risks

Equity Research Update:

•           POW VN (Outperform; TP VND 16,000): Nhon Trach 3&4 driving volume growth and improving receivables quality

•           VHC VN: AGM Summary: Strong Start, Tougher Execution Ahead

Market Focus: The VNIndex jumped on Vingroup and Energy stock rally, gains remain narrowly concentrated

Macro Wrap: Stay in May

Equity Research Update:

•           DPM VN (Outperform; TP VND 30,000): Lagged pass‑through delays urea upside to 2Q26 earnings

•           HDG VN (Outperform; TP VND 29,000): 1Q26 earnings under pressure; long-term stability improving

Market Focus: Oil & Gas rebound anchored market as liquidity remains lackluster

Macro Wrap: Update on Government Resolution on Reducing Conditional Business Lines (May 2026)

Equity Research Update: PVD VN (Market Perform; TP VND 27,400): 2026 AGM note: Stabilizing Within Turbulence

Market Focus: Vietnam’s market remains in healthy consolidation ahead of the holiday, with resilient liquidity and sector rotation supporting its broader uptrend

Macro Wrap: Vietnam Macro Wrap – April 2026

Equity Research Update:

•           Vietnam Banking Sector Update: Strong Earnings Headline, but Margin and Asset Quality (AQ) Trends Turning More Challenging

•           Vietnam Banking Sector Update: Basel III Transition Manageable, CDR the Real Binding Risk

•           SAB VN (Market Perform; TP VND 55,000): AGM Takeaways: Procurement tailwind but management remains cautious

•           VNM VN: AGM Takeaways: 1Q26 step-change shows positive signal

Market Focus: Vietnam’s stock market surged sharply toward record highs, led by VIN stocks amid strong breadth and liquidity.

Macro Wrap: Update on Resolution 29 on stalled projects

Equity Research Update:

•           IDC VN (Outperform; TP VND 52,900): Positive Leasing Demand Outlook for 2026

•           BID VN: 1Q26 results

Market Focus: VNIndex slides on Vingroup correction and intensified foreign selling

Macro Wrap: Update on fiscal policy

Equity Research Update: ACB VN (Outperform; TP VND 27,500): 1Q26 business results: Earnings rebound but NIM compression

Market Focus: Vingroup and SOE Banks lift the VNIndex despite broad‑based correction

Macro Wrap: MSCI market upgrade

Equity Research Update:

•           CTR VN (Market Perform; TP VND 96,000): Exploring new growth areas for 2026-2030 period

•           VNDiamond, VN30, VNFIN Lead Indices 2Q26 Review Results