Daily Call

Market Focus: Market dropped as SOE profit-taking intensified

Macro Wrap: The way ahead

Equity Research Update: TNG VN (Outperform; TP VND 23,000): EU demand and premium segment to Drive 17% Upside

Market Focus: Sector rotation with underperformed Realty stocks in rebound

Macro Wrap: Update on FDI

Equity Research Update:

•           TCB VN (Outperform; TP VND 43,000): 4Q25 business results

•           VN30 Index 1Q26 Quarterly Review Results

Market Focus: PVN stocks exerted resilience

Macro Wrap: Update on Resolution 01/2026: Towards Execution-led Growth

Equity Research Update: NT2 VN (Outperform; TP VND 30,000): NT2 Sets a Decade-High, and the Rise Is Not Over

Market Focus: The market wobbled near its old peak as profit-taking pressure resurfaced, with sector rotation intensifying amid rising liquidity

Macro Wrap: Update on Digital-Asset Exchanges

Equity Research Update:

• BMP VN: 4Q25 Results: Hit, Not Broken – Sustaining Earnings Growth Momentum Despite Quarter-on-Quarter Setback
• VNDiamond and VNFIN Lead Indices: 1Q26 Quarterly Review Results

Market Focus: The VNIndex closed firmly higher on selective sector rotation, with blue‑chip support outweighing softer liquidity at high price levels

Macro Wrap: Private‑Sector Promotion Update

Equity Research Update: VPB VN (Outperform; TP VND 35,800): 4Q25 result - Earnings beat

Market Focus: Rally let off steam with SOE stocks under profit-taking pressure

Macro Wrap: 14th Party Congress: Execution-Led Policy and the Medium-Term Growth Path

Equity Research Update: Vietnam Transportation Sector Update: Bracing for Tariff Impact

Market Focus: SOE theme sustained despite strong profit-taking

Macro Wrap: Update on Tax Policy on Household Businesses

Equity Research Update: Vietnam Construction & Construction Materials Sector: Backlog Rises with Housing & Infra Push

Market Focus: Vingroup stocks succumbed to SOE stocks

Macro Wrap: Update on Resolution 01

Equity Research Update: Vietnam Steel Sector Update: Gone with Policy Tailwind

Market Focus: PVN stocks hiked for a 2nd round of SOE divestment theme

Macro Wrap: Resolution on the Foreign-Invested Sector: Vietnam’s FDI Strategy Shifts from Capital Attraction to Strategic Partnership

Equity Research Update: Vietnam Fertilizer Sector Update: VAT rebates and softer input costs to lift margins

Market Focus: Broad-based rally led by Brokerage and SOE stocks

Macro Wrap: Vietnam Monetary Policy Update – SBV Signals Policy Continuity with Heightened Vigilance

Equity Research Update: Vietnam Retail Sector Update: Tracing the evolution of modern trade

Market Focus: SOE divestment theme sustained on official issuance of Resolution 79

Macro Wrap: Vietnam Public Investment (2025–26)

Equity Research Update: Vietnam Residential Property Update: Recovery Underway, Risks Remain

Market Focus: SOE Banks took spotlight

Macro Wrap: January Policy Signals: Execution Takes Center Stage

Equity Research Update: Vietnam Banking sector: Beyond the cycle

Market Focus: Market surges beyond expectations amid SOE divestment buzz and foreign inflows

Macro Wrap: A Strategic Shift in Growth Model

Equity Research Update:

•           BID VN (Outperform; TP VND 46,400): Strong FY25 beat; Q4 earnings surprise

•           STB VN: Loss-making Q4; Aggressive clean-up weighs on FY25

Market Focus: SOE stocks took spotlight

Macro Wrap: Inflation Update

Equity Research Update: Vietnam Oil & Gas sector: Global Headwinds, Domestic Tailwinds

Market Focus: Vingroup and Energy stocks kicked off 2026 gains

Vietnam Macro Wrap: 2025 Economic Performance

Equity Research Update: Vietnam Food & Beverage Sector Update: Gradual growth via rising disposable income and premiumization