Daily Call

Market Wrap: The market increased higher on improved sentiment

Macro Update: Update on the National Assembly meeting

Equity Research Update:

•           Banking Sector update

•           KDH VN (BUY; TP VND 41,500): The Privia has begun the handover phase, indicating strong earnings growth for 4Q24

•           FPT VN (BUY; TP VND 186,300): FPT AI Factory as the new growth driver in 2025

Market Wrap: Market fell flat on accelerated selling pressure

Macro Update: Update on de mininis rule and credit growth

Equity Research Update:

•           GMD VN (Market Perform; TP VND 71,500): 3Q 2024 earnings update and discussion on Trump 2.0 impact

•           PLX VN (Outperform; TP VND 44,000): Earnings to recover from bottom level in 3Q24

Market Wrap: Indexes closed flat and slightly below despite stronger foreign net buys

Macro Update: Update on China plus one theme

Equity Research Update: MWG VN (BUY; TP VND 77,000): Pullback in 3Q24 earnings, but growth to continue

Market Wrap: Return of foreign buys and improvement in sentiment supported further market rebound

Macro Update: Update on the draft Law on Personal Income Tax (PIT Law)

Equity Research Update:

•           MSN VN (Outperform; TP VND 86,500): High case earnings target is within reach

Market Wrap: Market extended rebound as foreign sells subsided

Macro Update: Update on the Party Central Committee meeting and the NA meeting agenda

Equity Research Update:

•           PNJ VN: October results

•           HT1 VN (Market Perform; TP VND 12,000): Expecting higher demand growth during 2025

•           CTG VN (BUY; TP VND 44,200): Shifting gears in profit growth

Market Wrap: Market swooped up gains in the afternoon despite an uncertain morning
Macro Update: Update on a draft circular on banks' CAR calculation, the pilot resolution for commercial housing projects
Equity Research Update:
•           Vietnam Fertilizer Sector Update: Change in VAT rule for fertilizer producers
•         POW VN (Market Perform; TP VND 12,600): Nhon Trach 3&4 LNG-fired project to commence operation during 2025

Market Wrap: Prolonged aggressive foreign sells weighed down on a distress market

Macro Update: Update on Securities Law and money market movement

Equity Research Update: ACB VN (BUY; TP VND 31,100): Strength lies in difference

Market Wrap: Market recovered from low dip thanks to bottom-fishing forces

Macro Update: Update on VAT cut package and exchange rate forecast

Equity Research Update: CTR VN (Market Perform; TP VND 139,700): 5G commercialization paves the way for a new cycle

Market Wrap: The VNIndex pierced 1220pts level on dimmed short-term outlook

Macro Update: Update on money market

Equity Research Update: TNH VN (Market Perform; TP VND 23,000): Disappointing Q3, tempering expectations

Macro Update: Update on VAT Law and VAT cut package

Equity Research Update:

•           FPT VN (Outperform; TP VND 153,100): FPT just won its biggest IT contract yet, asserting capabilities in overseas markets

•           SAB VN (Market Perform; TP VND 64,500): Confidence in Tet shopping during Q4

•           NLG VN (Market perform; TP VND 43,000): Short-term challenges, long-term advantages

Market Wrap: Market pulled-off last-minute recovery to sustain 1240pts level

Macro Update: Update on the money market movement and NA meeting

Equity Research Update:

•           POW VN (Outperform; TP VND 13,900): 3Q24 earnings results

•           AST VN (Outperform; TP VND 64,500): 3Q24 earning results: Meeting our estimate