Daily Call

Macro Update: Update on VAT Law and VAT cut package

Equity Research Update:

•           FPT VN (Outperform; TP VND 153,100): FPT just won its biggest IT contract yet, asserting capabilities in overseas markets

•           SAB VN (Market Perform; TP VND 64,500): Confidence in Tet shopping during Q4

•           NLG VN (Market perform; TP VND 43,000): Short-term challenges, long-term advantages

Market Wrap: Market pulled-off last-minute recovery to sustain 1240pts level

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

Equity Research Update:

•           POW VN (Outperform; TP VND 13,900): 3Q24 earnings results

•           AST VN (Outperform; TP VND 64,500): 3Q24 earning results: Meeting our estimate

Market Wrap: Market crawled sideway down despite rumors that KRX is back

Macro Update: Update on October trade data

Equity Research Update: Vietnam Industrial Parks Sector Update: Anticipating new tenants to enhance demand

Market Wrap: Market sustained the 1250pts level thanks to IT and Shipping/Port stocks

Macro Update: Update on the monthly cabinet meeting & hearing session of the NA meeting

Equity Research Update: HAH VN: Variables in play could further extend the upcycle

Market Wrap: A disappointing trading day following Fed's 2nd rate cut

Macro Update: Update on the SBV hearing session

Equity Research Update:

•           Vietnam Banking sector Update: Little room for mistakes

•           Vietnam Textile and garment sector 3Q24 Update: A recovery beat

Market Wrap: Local market dipped as investors gauged impacts of upcoming Trump policies

Macro Update: Update on the National Assembly meeting

Equity Research Update:

•           VNM VN (Market Perform; TP VND 75,000): Downgrade on negative surprise

•           Trump presidency and potential impacts on Vietnam economy & sectors

Market Wrap: Local market closed on high as US election came to an end

Macro Update: Update on October macro data

Equity Research Update:

•           VEA VN: Dividend to be paid Dec 20th and 3Q24 results update

•           IDC VN (Market Perform; TP VND 63,000): Strong profit growth driven by land leasing in 3Q24

Market Wrap: Market paused still ahead of US election tonight

Macro Update: Update on 10M24 Vietnam FDI

Equity Research Update:

•           HPG VN (BUY; TP VND 31,700): Strong volume growth through 2025

•           VHM VN: Vinhomes Co Loa project transfer & changes in business cooperation contract with Vingroup

Market Wrap: Market closed at day’s low leading to US election tomorrow

Macro Update: Update on money market movement

Equity Research Update:

•           PC1 VN (Outperform; TP VND 32,900): Optimizing the formula - Reduced financial costs boosted Q3 recovery momentum

•           CTD VN (Market Perform; TP VND 75,600): Q1FY25 earnings: The new fiscal year has started off smoothly

•           GVR VN (TP VND: 36,100): 3Q2024 earnings results

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