Daily Call

Market Focus: Market surges beyond expectations amid SOE divestment buzz and foreign inflows

Macro Wrap: A Strategic Shift in Growth Model

Equity Research Update:

•           BID VN (Outperform; TP VND 46,400): Strong FY25 beat; Q4 earnings surprise

•           STB VN: Loss-making Q4; Aggressive clean-up weighs on FY25

Market Focus: SOE stocks took spotlight

Macro Wrap: Inflation Update

Equity Research Update: Vietnam Oil & Gas sector: Global Headwinds, Domestic Tailwinds

Market Focus: Vingroup and Energy stocks kicked off 2026 gains

Vietnam Macro Wrap: 2025 Economic Performance

Equity Research Update: Vietnam Food & Beverage Sector Update: Gradual growth via rising disposable income and premiumization

Market Focus: Foreigners helped close the VNIndex on high note in the final day of the year

Macro Wrap: Update on tourism

Equity Research Update: VN30 Index and VNFinLEAD Index 1Q26 Review Estimates

Market Focus: VNIndex rebounds on foreign inflows and late-session strength

Macro Wrap: Accelerating the Resolution of Stalled Projects

Equity Research Update:

•           4Q2025 Corporate Earnings Preview

•           Gelex infrastructure JSC (GEI): IPO Overview

Market Focus: The Vingroup ecosystem acted as a key stabilizing force for the market after several consecutive days of decline.

Macro Wrap: Monetary Policy Update (Part II)

Equity Research Update: HDB VN: Earnings revision

Market Focus: Vingroup stocks continued to fuel market volatility

Macro Wrap: Update on Monetary Policy: Cautious?

Equity Research Update: Vietnam Power sector: Nhon Trach 3 & 4: A Foundational Step in the Long-Term Green Transition

Market Focus: Vingroup shock pulled down the entire market

Macro Wrap: Vietnam Trade 2025: High Tech Momentum, FDI Dominance, and a Stable Surplus

Equity Research Update: GAS VN (Market Perform; TP VND 65,400): Preliminary 2025 Results Signal Solid Top-Line Momentum

Market Focus: Foreign investors cheered Xmas Eve with strong afternoon inflows

Macro Wrap: Update on railway projects

Equity Research Update: FOX VN: Management Restructuring to Support the Next Growth Phase

Market Focus: Vingroup stocks skyrocketed amid corrective backdrop

Macro Wrap: Update on Draft Decree on Voluntary Pension Funds

Equity Research Update:

•           Vietnam Industrial Parks Sector Update: Strong Earnings, But Clouds Ahead for Leasing Momentum

•           STB VN (Market Perform; TP VND 58,200): Management Update – Leadership Transition at STB

Market Focus: Widespread rally on improved sentiment and liquidity

Macro Wrap: Vietnam Land Pricing Framework: Policy Update and Implications

Equity Research Update: MWG VN (BUY; TP VND 97,700): November Results: Grocery Expansion Offsets ICT Normalisation

Market Focus: Index hiked on strong rebounds of Financials and Realties

Macro Wrap: Vietnam IFC: Policy Framework and Market Implications

Equity Research Update: FRT VN (Outperform; TP VND 174,000): Strong earnings momentum across FPT Shop and Long Châu

Market Focus: Market records mild upswing on futures maturity date

Macro Wrap: Discussion on Vietnam demographics

Equity Research Update: PVS VN (Market Perform; TP VND 35,000): Growth Intact

Market Focus: Correction pressure returned following short-lived rebound

Macro Wrap: Government Resolution on Shared Use of Infrastructure

Equity Research Update: FPT VN (Outperform; TP VND 120,000): 11M25 Results: Staying on Track

Market Focus: Last Fri’s meltdown triggers today’s V-shape rebound

Macro Wrap: Update on Interest Rate (Finale)

Equity Research Update: PVT VN (Outperform; TP VND 20,400): Positioned for the Upcycle: Fleet Advantage Meets Structural Recovery