Daily Call

Market Focus: Foreign investors cheered Xmas Eve with strong afternoon inflows

Macro Wrap: Update on railway projects

Equity Research Update: FOX VN: Management Restructuring to Support the Next Growth Phase

Market Focus: Vingroup stocks skyrocketed amid corrective backdrop

Macro Wrap: Update on Draft Decree on Voluntary Pension Funds

Equity Research Update:

•           Vietnam Industrial Parks Sector Update: Strong Earnings, But Clouds Ahead for Leasing Momentum

•           STB VN (Market Perform; TP VND 58,200): Management Update – Leadership Transition at STB

Market Focus: Widespread rally on improved sentiment and liquidity

Macro Wrap: Vietnam Land Pricing Framework: Policy Update and Implications

Equity Research Update: MWG VN (BUY; TP VND 97,700): November Results: Grocery Expansion Offsets ICT Normalisation

Market Focus: Index hiked on strong rebounds of Financials and Realties

Macro Wrap: Vietnam IFC: Policy Framework and Market Implications

Equity Research Update: FRT VN (Outperform; TP VND 174,000): Strong earnings momentum across FPT Shop and Long Châu

Market Focus: Market records mild upswing on futures maturity date

Macro Wrap: Discussion on Vietnam demographics

Equity Research Update: PVS VN (Market Perform; TP VND 35,000): Growth Intact

Market Focus: Correction pressure returned following short-lived rebound

Macro Wrap: Government Resolution on Shared Use of Infrastructure

Equity Research Update: FPT VN (Outperform; TP VND 120,000): 11M25 Results: Staying on Track

Market Focus: Last Fri’s meltdown triggers today’s V-shape rebound

Macro Wrap: Update on Interest Rate (Finale)

Equity Research Update: PVT VN (Outperform; TP VND 20,400): Positioned for the Upcycle: Fleet Advantage Meets Structural Recovery

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