Daily Call

Market Wrap: The VNIndex beat 3-year peak on liquidity outburst

Macro Update: Update on policy mix

Equity Research Update:

•           BCM VN (Outperform; TP VND 89,900): A Prime Beneficiary of Vietnam’s Industrial and Urban Boom

•           FRT VN (Outperform): Earnings Call

•           [Flash Note] MWG VN: Analyst Meeting Note

Market Wrap: Market showed resilience despite nearing 1300pts threshold

Macro Update: Update on 2025 action plan

Equity Research Update: Steel Sector Flash update – Announcement of preliminary anti-dumping duty measures for China HRC import

Macro Update: Update on Vietnam Foreign Trade

Equity Research Update:

•           HPG VN (BUY; TP VND 33,500): Steel Stock to Soar? New capacity to ignite 2025 growth!

•           HDG VN (Outperform; TP VND 33,100): The legal challenges at Hong Phong 4 solar farm affect earnings

Market Wrap: Market upheld upward momentum with Insurance and Rubber on the rise

Macro Update: Update on KRX system

Equity Research Update:

•           PNJ VN (BUY; TP VND 123,000): Analyst Meeting Key Takeaways

•           FPT VN (Outperform; TP VND 176,400): Slower-than-expected implementation progress at FPT AI Factory

Market Wrap: Local indices diverged with capitals channelling from big caps to smaller ones

Macro Update: Private sector development

Equity Research Update:

•           VNM VN (Outperform; TP VND 71,500): Upgrading to OUTPERFORM on share-price weakness

•           CTD VN (Outperform; TP VND 100,800): Q2FY25 earnings: The new fiscal year has started off smoothly

Market Wrap: The market maintained its upward momentum with improved sentiment.

Macro Update: Update on exchange rate and reciprocal tariff

Equity Research Update: KBC VN (BUY; TP VND 37,500): Growth cycle initiated following the removal of legal barriers

Macro Update: My two cents on the recent JETRO survey

Equity Research Update:

•           MCH VN (Market Perform; TP VND 169,000): Lower financial income to weigh on 2025 earnings

•           [Flash Note] GMD VN (Outperform; TP VND 71,500): 4Q 2024 Earnings Call

Market Wrap: The VNIndex dipped in spite of Construction stocks’ rally

Macro Update: Update on National Assembly's extraordinary meeting

Equity Research Update: [Flash Note] KDH VN (BUY; TP VND 41,500): Improved legal progress on projects signals strong development momentum for 2025

Market Wrap: Market firmly rebounded across many sectors after yesterday's drop

Macro Update: Update on forex market

Equity Research Update:

• Update on Trump 2.0 tariff announcement for Steel and Aluminum and potential impact
• NT2 VN (BUY; TP VND 24,700): Earnings to recover from 2024 low base

Market Wrap: Market corrected after 4 consecutive sessions of rebound

Macro Update: Update on Trump administration’s new tariff threat

Equity Research Update: MCH VN: 4Q2024 earnings results

Market Wrap: Market climbed for the 4th session, driven by strong 4Q24 earnings of local Banks

Macro Update: Update on Lao Cai – Hanoi – Haiphong railway project

Equity Research Update:

•           [Flash Note] DGW VN (Market Perform; TP VND 41,300): 4Q24 earnings results

•           Vietnam Banking sector Update: All’s Well That Ends Well

Market Wrap: The market extended yesterday’s rally supported by Resi Realties and Shipping/Ports

Macro Update: Update on Vietnam January macro data

Equity Research Update:

•           [Flash Note] TPB VN (Outperform; TP VND 19,800): 4Q24 business results

•           [Flash Note] VIB VN: 4Q24 business results

•           [Flash Note] MSB VN (Outperform; TP VND 14,500): 4Q24 business results

•           [Flash Note] BID VN: 4Q24 business results