Daily Call

Market Focus: VNIndex Suffered Sharpest Sell-Off Since March

Macro Wrap: Criminal-law reform and the repricing of enforcement risk

Equity Research Update:

•           PLX VN (Outperform; TP VND 43,200): Reinforcing its market leadership amid a volatile energy environment

•           3Q26 HOSE Index Review: VNFIN Lead added VCK and TCX, removed LPB; VN Diamond reweighted Constituents

Market Focus: Weak Sentiment Prevailed as VNIndex Extended Losing Streak

Macro Wrap: Vietnam’s Standing Government Conference with the Business Community, July 2026

Equity Research Update: VPB VN (Outperform): 2Q26 Flash Note

Market Focus: Spectacular final-hour recovery on futures maturity day

Macro Wrap: PPP 2.0 Update: The Real Debate Is Not Land Handover—It Is When Future Land Value Becomes Financeable

Equity Research Update: FPT VN (BUY; TP VND 101,000): Expanding Its Global AI Footprint

Market Focus: VNIndex breaks below 1800pts as governance concerns deepen market gloom

Macro Wrap: Hanoi’s Infrastructure Financing Stack — Municipal Bonds Are One Leg, Not the Foundation

Equity Research Update:

•           MWG VN (Outperform): 6M26 preliminary results

•           VN30 Index 3Q26 Review: MCH and TCX Added; TPB and PLX Removed

Market Focus: Relief Rebound Keeps VNIndex Above 1800pts

Macro Wrap: Public Investment Execution — Solid YTD, But Weekly Deceleration Warrants Caution

Equity Research Update: HSG VN (Market Perform; TP VND 12,900): 3Q FY2026 Preliminary Results: Earnings Surge Driven by Inventory Gains, but Sustainability Remains a Key Question

Market Focus: Market Slides Toward Key 1,800 Support Amid Broad-Based Selling Pressure

Macro Wrap: Draft Law on Urban Development

Equity Research Update: STB VN: Short-Term Pain Persists

Market Focus: Flows were observed channeling into Consumer Staples and mid-cap Realties

Macro Wrap: Update on PPP and bidding regulation

Equity Research Update: REE VN (Market Perform; TP VND 61,200): 2026 EGM: 1H26 preliminary results were in line with our expectations

Market Focus: Broad-based selling resumes while Energy sector shined

Macro Wrap: Vietnam Rewrites Its Property Rulebook: Two Draft Laws, One Reform

Equity Research Update: Dien May Xanh Investment JSC (DMX - Market Perform): 6M26 Results

Market Focus: PNJ rebounded, market picked up positive momentum

Macro Wrap: Vietnam’s August Legislative Sprint: From Architecture to Execution

Equity Research Update: HAH VN (Outperform; TP VND 63,500): Stable long term growth from sustaining rates and strong investments in fleet expansion

Market Focus: Financial-Led Rebound Offsets Lingering Governance Concerns

Macro Wrap: Policy Update: Central Steering Committee Accelerates Institutional Reform; Resolution 206 Extension Would Preserve Regulatory Flexibility

Equity Research Update: HPG VN (BUY; TP VND 32,700): 5M2026 update on sector and company

Market Focus: Risk-Off Sentiment Deepens as PNJ Sell-Off Weighs on Market Confidence

Macro Wrap: Draft Banking Law Amendments: Greater Regulatory Flexibility, Stronger AML Framework

Equity Research Update: PNJ VN: Rating and Target Price Under Review

Market Focus: Airlines and Logistics empowered; PNJ under panic selling

Macro Wrap: Vietnam Economy in 1H26

Equity Research Update: DPR VN (Outperform; TP VND 46,100): Land Conversion Gains Poised to Accelerate in 2026–2027

Market Focus: Sideways Trading Persisted Amid Sector Rotation

Macro Wrap: Update on Central Bank Press Conference

Equity Research Update: VEA VN (Outperform; TP VND 38,000): Worst Case Priced In; Upgrade to Outperform

Market Focus: Broad-Based Gains Led by Banks, While Vingroup Weighs on Index

Macro Wrap: Land Law Revision

Equity Research Update:

•           VHM VN (Market Perform; TP VND 154,300): Vinhomes to partner with Vinspeed on high-speed rail project

•           VN30 Index and VNFIN LEAD Index 3Q26 Review Estimates

Market Focus: Market ended 1H26 on a muted note and strong foreign selling

Macro Wrap: Update on 1H26 macro data

Equity Research Update: POW VN (Outperform; TP VND 16,000): 1H26 results might beat our expectations