Daily Call

Market Focus: The year of the Wood Snake closed on picked up momentum

Macro Wrap: Update on SOE restructuring and Vietnam-US trade

Equity Research Update:

•           FPT VN (Outperform; TP VND 120,000): 2025 Analyst Meeting: AI is driving major changes in IT services/outsourcing industry

•           NLG VN (Outperform; TP VND 35,200): Resilient Amid Market Headwinds

Market Focus: Market leaned green on drained liquidity ahead of the holidays

Macro Wrap: Vietnam: Credit Discipline as Structural Signal

Equity Research Update:

•           HDG VN (Outperform; TP VND 31,300): Solid hydropower performance, soft sales momentum at Hado Charm Villas project

•           HT1 VN (BUY; TP VND 19,200): HT1 Sets Better: Margins Cure, Volumes Rebuild

Market Focus: The VNIndex closed on high, steered by Financial and Realty stocks

Macro Wrap: SBV Halves RRR for Selected Banks: Liquidity Supportive, Credit Impact Limited

Equity Research Update: HDB VN (Outperform; TP VND 32,300): 4Q25 business results

Market Focus: SOE stocks retreated while Vingroup stocks rebounded

Macro Wrap: Key takeaways from cabinet meeting resolution for January 2026

Equity Research Update: PNJ VN (BUY; TP VND 145,000): New Repurchase Policy to Improve Gold Material Availability

Market Focus: Liquidity shrank as Tet holiday mode turned on

Macro Wrap: From Policy Ambition to Executable Growth

Equity Research Update: Vietnam Banking Sector Update: A fulfilling finale

Market Focus: Correction pressure overshadowed the market

Macro Wrap: Vietnam Macro Update: Growth Holds Steady

Equity Research Update: MWG VN (BUY; TP VND 115,000): BHX Profitability Surprises on Margin Expansion

Market Focus: Vingroup rebounded amid market-wide correction

Macro Wrap: Update on investment

Equity Research Update:

•           HPA VN: 4Q25 results softened due to live hog price volatility

•           HPG VN (BUY; TP VND 35,000): Setting solid foundation for 2026

•           IMP VN (Market Perform; TP VND 56,000): Downgrading to Market Perform as risk-reward turns neutral after acquisition news

Market Focus: VNIndex Slipped Below 1,800 as Vingroup Weighed, while sector rotation supported market breadth

Macro Wrap: Update on January macro data

Equity Research Update: IDC VN (Market Perform; TP VND 49,800): 4Q25 Earnings Beat on Contract Recognition

Market Focus: Rebound staged by Industrial Park stocks

Macro Wrap: Update on Circular 08/2026

Equity Research Update: 4Q25 Brokerage Sector Update: Pulling back to power head

Market Focus: The VNIndex tumbles on heavy foreign sell‑off before staging partial rebound

Macro Wrap: It’s noise, not a signal

Equity Research Update:

•           VNM VN: Strong Quarter Caps Resilient Year

•           CTR VN (Market Perform; TP VND 102,000): Solid Performance Across Core Business Segments

•           GVR VN (Market Perform; TP VND 35,700): Adverse Weather and Weaker Rubberwood Sales Weigh on 4Q25 Earnings

Market Focus: VNIndex extends rebound with broad-based gains and foreign buying

Macro Wrap: Update on government meeting

Equity Research Update:

•           VIC VN: 4Q25 Business Results Overview

•           VHM VN (Market Perform; TP VND 105,300): 4Q25 Business Results Overview

•           DBC VN: Turbulent year ending with a low note

•           DGW VN: Earnings miss on trading securities provision, offset by strong core profit

Market Focus: Rotation into Consumers and Exporters lifted the VNIndex

Macro Wrap: Update on Export Tax Policy

Equity Research Update:

•           MBB VN: Performance beat

•           NLG VN (Outperform; TP VND 38,200): 4Q25 Business Results Overview

•           PVS VN (Market Perform): 4Q 2025 result quick note

•           MSN VN (Outperform; TP VND 99,800): Growth Sustained Despite the Fading Low-Base Effect

Market Focus: The VN-Index extended its seventh-day slide as intensified selling and large block trades deepened the pre‑holiday correction

Macro Wrap: Update on MSCI Market Classification

Equity Research Update:

•           ACB VN: 4Q25 business results: A Soft Patch

•           DBD VN (Outperform; TP VND 62,000): Completed annual target but margins saw compression

Market Focus: Outflows from Vingroup and inflows into PetroVietnam

Macro Wrap: Update on exchange rate

Equity Research Update:

•           CTR VN (Market Perform; TP VND 102,000): 2025 Review: Meaningful contribution to Vietnam’s 5G infrastructure rollout

•           IMP VN: 4Q25 Review: Margin Strength Offset by Opex; Limited Upside as Share Price Approaches Target

Market Focus: Market slumps on inspection rumors but SOE stocks remained resilient

Macro Wrap: Update on stalled projects (Transitional BT projects)

Equity Research Update:

•           PNJ VN (Outperform; TP VND 132,000): New Repurchase Policy to Support Gold Materials Supply

•           FPT VN (Outperform; TP VND 120,000): Telecom Segment Emerged as a Key Driver of 2025 Earnings Growth

•           VRE VN: 4Q25 Business Results Overview