Daily Call

Market Wrap: Market plunged to day’s low on local ETFs’ rebalancing activities

Macro Update: Update on Vietnam PMI

Equity Research Update:

•           KBC VN (Outperform; TP VND 33,600): 3Q24 earnings results

•           KDH VN (BUY; TP VND 41,500): 3Q24 earnings results

•           PVD VN (Outperform; TP VND 32,000): 3Q24 earnings results

•           FRT VN (Outperform; TP VND 211,000): 3Q24 earnings results

Market Wrap: MSN’s deals and VCB’s stock dividend plan stirred a bit of excitement into the feeble market

Macro Update: Update on public investment

Equity Research Update:

•           SAB VN (Market Perform; TP VND 61,000): 3Q24 earnings results

•           VNM VN: 3Q24 earnings results

•           VHM VN (Outperform; TP VND 55,400): 3Q24 earnings results

•           VRE VN (Outperform; TP VND 25,200): 3Q24 earnings results

•           HSG VN: Volatile steel price impacted on earnings

•           PVS VN (Market Perform; TP VND 44,000): 3Q24 earnings results

•           BCM VN (Outperform; TP VND 84,700): 3Q24 earnings results

Market Wrap: Market continued to trend sideway down despite supportive 3Q24 earnings

Macro Update: Update on property market and Securities Law

Equity Research Update:

•           VPB VN: 3Q24 earnings results

•           MBB VN: 3Q24 earnings results

•           HDB VN: 3Q24 earnings results

•           HAH VN (Outperform; TP VND 47,200): 3Q 2024 earnings beat market sentiment

•           MWG VN: 3Q24 earnings results

Market Wrap: Sideway down trend persisted as Realties cooled off from yesterday’s rally

Macro Update: Update on exchange rate movement and the MoF decree

Equity Research Update:

•             DGC VN: 3Q24 earnings results

•             VHC VN: 3Q24 earnings results

•             ACB VN: 3Q24 analyst meeting

Market Wrap: Market broke down on heightened concerns over FX risks

Macro Update: Update on the NPS implementation and exchange rate movement

Equity Research Update:

•           TCB VN (Outperform; TP VND 28,700): 3Q24 Analyst Meeting

•           MSN VN (Outperform; TP VND 90,800): 3Q24 earnings results

•           DHG VN: 3Q24 earnings results

Market Wrap: Market continued to roll sideways disregarding rise of Realties

Macro Update: Update on the rooftop solar power decree

Equity Research Update:

•           Updates on new land price table regulation and impacts on the real estate market

•           DXG VN: Earnings Call 3Q24

•           DRC VN: 3Q2024 earnings results

Market Wrap: Market traded sideway down, losing steam on news of heated FX rate and SBV’s liquidity withdrawal

Macro Update: Projection for Vietnam 2025 state budget

Equity Research Update:

•           VNDiamond, VN30, VNFIN Lead Indexes 4Q24 review results

•           IMP VN (Market Perform TP VND 46,000): 3Q24 earnings results

•           DPR VN: 3Q24 earnings results

•           PNJ VN: 3Q24 earnings results

Market Wrap: Despite rise of Vingroup stocks, choppy market movements ended in day’s low

Macro Update: Update on the 8th NA meeting and money market movement

Equity Research Update:

•                VTP VN (Underperform; TP VND 70,000): Exploring new directions for growth

•           FMC VN (Outperform; TP VND 55,500): 3Q24 Record high sales volume offset by surging selling expenses

•           NLG VN (Market Perform; TP VND 43,000): 3Q24 Net loss driven by declines in joint ventures & financial income

Market Wrap: Market closed flat for the day upon several unsuccessful attempts to rally

Macro Update: Update on money market movement

Equity Research Update: BMP VN (Market Perform): Impressive sales recovery in 3Q24

Market Wrap: Financial and Realty stocks led market’s afternoon turnaround

Macro Update: Update on the exchange rate

Equity Research Update: GVR VN (TP VND 36,100): Strong double digit profit growth driven by rubber price increased 35% YTD

Market Wrap: Market extended sideways trend with consumption stock on the rise

Macro Update: Update on the progress of the draft Securities Law

Equity Research Update:

•           FPT VN (Outperform; TP VND 153,100): [GS x SSI] 2024 VIETNAM CORPORATE DAY - Continuing double-digit growth outlook from the global IT segment

•           Update on antidumping tax by the US on truck, bus tires from Thailand

Market Wrap: Market closed on a low note, dragged down by Realties and Energy

Macro Update: Update on the joint statement of Vietnam and China

Equity Research Update:

•           MWG VN (Outperform; TP VND 76,000): Takeaways from [GS x SSI] 2024 Vietnam Corporate Day

•           FRT VN (Outperform; TP VND 211,000): Takeaways from [GS x SSI] 2024 Vietnam Corporate Day

•           PNJ VN: Takeaways from [GS x SSI] 2024 Vietnam Corporate Day

•           DGW VN: Takeaways from [GS x SSI] 2024 Vietnam Corporate Day

•           DPM VN (Market Perform): Takeaways from [GS x SSI] 2024 Vietnam Corporate Day

Market Wrap: Market lost steam over the day despite firm hikes of Vingroup and Rubber stocks

Macro Update: Update on Vietnam public debt

Equity Research Update:

•           VHC VN (Outperform; TP VND 88,000): monthly sales update

•           HPG VN (Outperform; TP VND 31,400): Earnings maintain strong growth in 3Q24