Daily Call

Market Focus: Excitement built up ahead of upgrade day

Macro Wrap: Update on the aftermath of FED rate hike and Urban Development Law

Equity Research Update:

•           DMX VN (Market Perform; TP VND 82,800): Strong 2026 Earnings Momentum, with Growth Set to Normalize

•           FTSE Vietnam 30 Index Update

Market Focus: Foreign Inflows Moderated While Energy and Rubber Stocks Outperformed

Macro Wrap: Update on FED rate hike implications

Equity Research Update: VHM VN (Market Perform; TP VND 78,800): Mega-Project Launches Accelerate Presales and Support FY26 Earnings Upgrade

Market Focus: Foreign Flows Fueled Broad-Based Rebound Ahead of Final Rebalancing Day

Macro Wrap: Update on Vietnam sovereign bond and Investment Law revision

Equity Research Update: GAS VN (Market Perform; TP VND 86,000): 2026 EGM: In line 8M26 earnings and new BOD members

Market Focus: FTSE Tailwind Met Global Headwinds

Macro Wrap: Update on Real Estate Law Revision

Equity Research Update: MBB VN (Outperform; TP VND 25,200): Growth Engine Intact, but Funding and Capital Have Become the Key Constraints

Market Focus: Global macro uncertainty weighed on the local market

Macro Wrap: Update on mega-project financing in Hanoi and HCMC

Equity Research Update: FTSE Emerging Market Upgrade: FIRST TRANCHE: Estimated ETF Trading Flows for the Week of September 14-18, 2026

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