Daily Call

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

Market Wrap: Local market corrected on lingering DeepSeek shock and elevated global trade war

Macro Update: Tet's Snake Peek: Be Patient!

Equity Research Update:

•           [Flash Note] HDB VN (Outperform; TP VND 28,200): 4Q24 business results

•           [Flash Note] MBB VN (Outperform; TP VND 25,200): 4Q24 business results

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

•           [Flash Note] VCB VN (BUY; TP VND 120,000): 4Q24 business results

•           [Flash Note] SAB VN (Market Perform; TP VND 64,500): Improving sales, amidst challenging backdrop

•           [Flash Note] FRT VN (Outperform): 4Q24 earnings results

Market Wrap: The market closed the Year of the Dragon on a high note

Macro Update: Update on Central Committee meeting and money market movement

Equity Research Update:

•           PAN VN: Record breaking results driven by expansions and lower input costs

•           FPT VN (BUY; TP VND186,300): 2024 results almost perfectly aligned with our expectations

•           CTR VN (Market Perform; TP VND 135,000): 2024 financial results were within our expectations

•           HSG VN (Market Perform; TP VND 20,000): Margin and volume expansion drives growth

•           HPG VN (BUY; TP VND 33,500): 4Q24 results update

Market Wrap: Market lifted by unexpectedly strong rally, led by Tech and Financials

Macro Update: Update on the metro lines in Hanoi and HCMC

Equity Research Update:

•           ACB VN (BUY; TP VND 31,000): 4Q24 business results

•           TCB VN (BUY; TP VND 28,700): 4Q24 business results

•           VPB VN (Outperform; TP VND 23,400): 4Q24 business results

•           FMC VN (Outperform; TP VND 55,400): 4Q24 business results

Market Wrap: The market dipped on accelerated sells to close off positions before the long holidays

Macro Update: Update on tariff risk

Equity Research Update:

•           DPR VN (Outperform; TP VND 46,100): Natural rubber prices boosted profit growth in 4Q24

•           DXG VN: Earnings Call 4Q24

•           PNJ VN (BUY; TP VND 123,000): 4Q24 earnings return to growth

Macro Update: Update on legal framework setting & money market movement

Equity Research Update:

•           DRC VN (Market Perform): 4Q24 earnings results

•           NT2 VN (Outperform; TP VND 24,700): 4Q24 earnings results

Market Wrap: Market closed flat on muted liquidity ahead of Tet and Trump’s inauguration

Macro Update: Update on trade data

Equity Research Update:

•           SCS VN (Outperform; TP VND 91,900): 4Q24 updates: Strong earnings as expected

•           VNDiamond, VN30, VNFIN Lead Indices 1Q25 Review Results and Update on Hose Index Rules Version 4.0

Market Wrap: The market saw an uptick due to improved sentiment

Macro Update: Update on the seaport planning

Equity Research Update: Update on the mandatory transfer plan of GPBank to VPBank

Market Wrap: Boosted by favorable global news, the local market closed on positive note

Macro Update: Update on Resolution 01/2025

Equity Research Update: Vietnam Steel sector 2025 Outlook: Domestic channel to be the key driver for earnings growth

Market Wrap: Construction and Construction Materials led gains, market recovered from yesterday’s dip

Macro Update: Update on the state budget

Equity Research Update: Vietnam aviation sector 2025 outlook: Back to growth after full recovery

Market Wrap: Market closed low on muted liquidity ahead of Tet

Macro Update: Update on the nuclear power plant

Equity Research Update: KBC VN (Outperform; TP VND 33,600): Trang Due 3 IP Investment in Principle Approval

Market Wrap: Market lost hopeful support level and closed the week on strong plunge

Macro Update: Update on 2024 Vietnam trade data & trade expectations for 2025

Equity Research Update: Vietnam Industrial Parks Sector 2025 Outlook: Supply improvement amidst demand slowdown in 2025