Daily Call

Market Wrap: Market traded sideway down, losing steam on news of heated FX rate and SBV’s liquidity withdrawal

Macro Update: Projection for Vietnam 2025 state budget

Equity Research Update:

•           VNDiamond, VN30, VNFIN Lead Indexes 4Q24 review results

•           IMP VN (Market Perform TP VND 46,000): 3Q24 earnings results

•           DPR VN: 3Q24 earnings results

•           PNJ VN: 3Q24 earnings results

Market Wrap: Despite rise of Vingroup stocks, choppy market movements ended in day’s low

Macro Update: Update on the 8th NA meeting and money market movement

Equity Research Update:

•                VTP VN (Underperform; TP VND 70,000): Exploring new directions for growth

•           FMC VN (Outperform; TP VND 55,500): 3Q24 Record high sales volume offset by surging selling expenses

•           NLG VN (Market Perform; TP VND 43,000): 3Q24 Net loss driven by declines in joint ventures & financial income

Market Wrap: Market closed flat for the day upon several unsuccessful attempts to rally

Macro Update: Update on money market movement

Equity Research Update: BMP VN (Market Perform): Impressive sales recovery in 3Q24

Market Wrap: Financial and Realty stocks led market’s afternoon turnaround

Macro Update: Update on the exchange rate

Equity Research Update: GVR VN (TP VND 36,100): Strong double digit profit growth driven by rubber price increased 35% YTD

Market Wrap: Market extended sideways trend with consumption stock on the rise

Macro Update: Update on the progress of the draft Securities Law

Equity Research Update:

•           FPT VN (Outperform; TP VND 153,100): [GS x SSI] 2024 VIETNAM CORPORATE DAY - Continuing double-digit growth outlook from the global IT segment

•           Update on antidumping tax by the US on truck, bus tires from Thailand

Market Wrap: Market closed on a low note, dragged down by Realties and Energy

Macro Update: Update on the joint statement of Vietnam and China

Equity Research Update:

•           MWG VN (Outperform; TP VND 76,000): Takeaways from [GS x SSI] 2024 Vietnam Corporate Day

•           FRT VN (Outperform; TP VND 211,000): Takeaways from [GS x SSI] 2024 Vietnam Corporate Day

•           PNJ VN: Takeaways from [GS x SSI] 2024 Vietnam Corporate Day

•           DGW VN: Takeaways from [GS x SSI] 2024 Vietnam Corporate Day

•           DPM VN (Market Perform): Takeaways from [GS x SSI] 2024 Vietnam Corporate Day

Market Wrap: Market lost steam over the day despite firm hikes of Vingroup and Rubber stocks

Macro Update: Update on Vietnam public debt

Equity Research Update:

•           VHC VN (Outperform; TP VND 88,000): monthly sales update

•           HPG VN (Outperform; TP VND 31,400): Earnings maintain strong growth in 3Q24

Market Wrap: Market managed to close on higher note with Realties in focus

Macro Update: Update on EVN, the restructuring plans for 2 “zero dong” banks

Equity Research Update:

• Quick Update Banking Sector & Key takeaways from [GS x SSI] 2024 Vietnam Corporate Day: Turnaround Taking Place
• VHM VN (Outperform; TP VND 55,400): 370 million shares buyback approved by SSC

Market Wrap: Market continued to roll sideways due to lack of driving catalyst

Macro Update: Update on NPS implementation

Equity Research Update:

• 3Q24 corporate earnings preview
• GMD VN (Market Perform; TP VND 84,000): Takeaways from [GS x SSI] 2024 Vietnam Corporate Day
• PVT VN (Market Perform; TP VND 30,000): Takeaways from [GS x SSI] 2024 Vietnam Corporate Day

Market Wrap: Market rolled sideways on dried up liquidity

Macro Update: Resilient Recovery Afoot

Equity Research Update:

• SCS VN (Outperform; TP VND 91,900): Takeaways from [GS x SSI] 2024 Vietnam Corporate Day
• MSN VN (Outperform; TP VND 90,800): Takeaways from [GS x SSI] 2024 Vietnam Corporate Day

Market Wrap: Traded volume lowered on further price consolidation

Macro Update: Q3 2024 macro data preview

Equity Research Update: AST VN: 1H24 earning results