Daily Call

Market Focus: Foreigners bottom-fish whereas locals retreat

Macro Wrap: Vietnam Market Access Reform: What Changes for Global Investors

Equity Research Update: VHM VN (Market Perform; TP VND 105,600): Velocity Harnesses Momentum

Market Focus: Simultaneous interest rate hikes scare off investors

Macro Wrap: Breaking News: Nothing Happened

Equity Research Update:

•           Hoa Phat Agriculture Development JSC (HPA): Pre-IPO Report: Long-Term Value Play

•           Vietnam ETFs 4Q25 Index Rebalancing Summary

Market Focus: Conglomerates lead market correction on dried up liquidity

Macro Wrap: Proposed Changes to Pension Fund Regulations

Equity Research Update: Vietnam Land Law Update: Faster Clearance, Clearer Pricing, and a Boost for Developers

Market Focus: Index drops on decline of conglomerate stocks

Macro Wrap: FED rate cut and implications to Vietnam

Equity Research Update: CTG VN (Outperform; TP VND 63,800): Charging Toward Growth

Market Focus: Mid-day slump and foreign outflows pressure the market

Macro Wrap: Vietnam VAT Reform: Addressing Fertilizers, Agriculture, and the Need for Refund Clarity

Equity Research Update: NTP VN (Market Perform; TP VND 71,700): Strong Growth Momentum Driven by Robust New Public and Residential Projects

Market Focus: Green on the outside and red on the inside

Macro Wrap: Vietnam 2026: Unwrapping a Season of Growth and Reform

Equity Research Update: MCH VN (Market Perform; TP VND 161,000): Migration to HOSE – Vietnam’s Leading Consumer Franchise Moves to the Main Board

Market Focus: OMO rate hike likely tempers market optimism

Macro Wrap: Growth Unshaken

Equity Research Update:

•           VPB VN (Outperform; TP VND 35,800): Reset & Rise

•           ETF Rebalancing Review: Key Changes, Scenarios, and Fund Flow Impact

Market Focus: Market extends broad-base gains on hiked liquidity

Macro Wrap: Update on Interest Rates (Part III)

Equity Research Update:

•           SAB VN (Market Perform; TP VND 55,000): Upside Tapped Out

•           STB VN (Market Perform; TP VND 58,200): The Veil Lifts: Limited earnings surprise

Market Focus: Market sees widespread rally stepping into Dec, led by Banks

Macro Wrap: Specialized Court at Vietnam’s International Financial Center

Equity Research Update: MBB VN (BUY; TP VND 30,000): Quality in Motion

Market Focus: Afternoon turnaround thanks to strong foreign inflows

Macro Wrap: Vietnam’s Proposed Tax Reforms – Household Business Threshold and PIT Structure

Equity Research Update: VEA VN (Market Perform; TP VND 34,000): Electrification Clouds the Road Ahead

Market Focus: Consumer Staple stocks in focus, fuelled by external catalysts

Macro Wrap: Update on Interest Rate (Part II)

Equity Research Update: NLG VN (Outperform; TP VND 42,500): Navigating, Launching, Growing

Market Focus: The VNIndex extends gains despite overall market weakness

Macro Wrap: Update on interest rate

Equity Research Update:

•           MWG VN (BUY; TP VND 97,700): Record-high earnings again, with growth continuing

•           POW VN (Market Perform; TP VND 14,500): 2025 AM note: Nhon Trach 3 commenced operation in November

Market Focus: VNIndex posted modest gains as sector rotation took place

Macro Wrap: Regulatory Update: Stronger Collateral Seizure Framework to Accelerate NPL Resolution

Equity Research Update: HSG VN (Market Perform; TP VND 18,500): Domestic Policy Keeps the Momentum Alive

Market Focus: Market-wide rebound led by Brokerage and Real Estate stocks

Macro Wrap: Vietnam Market upgrade revisited

Equity Research Update: IDC VN (Outperform; TP VND 47,400): 3Q25 Result Update

Market Focus: Conglomerate stocks rally despite broad market weakness

Macro Wrap: Strengthening Legal Mechanisms for Land and Investment

Equity Research Update: VinFast Auto Ltd (NASDAQ: VFS): 3Q results summary