Daily Call

Market Focus: Market sees widespread rally stepping into Dec, led by Banks

Macro Wrap: Specialized Court at Vietnam’s International Financial Center

Equity Research Update: MBB VN (BUY; TP VND 30,000): Quality in Motion

Market Focus: Afternoon turnaround thanks to strong foreign inflows

Macro Wrap: Vietnam’s Proposed Tax Reforms – Household Business Threshold and PIT Structure

Equity Research Update: VEA VN (Market Perform; TP VND 34,000): Electrification Clouds the Road Ahead

Market Focus: Consumer Staple stocks in focus, fuelled by external catalysts

Macro Wrap: Update on Interest Rate (Part II)

Equity Research Update: NLG VN (Outperform; TP VND 42,500): Navigating, Launching, Growing

Market Focus: The VNIndex extends gains despite overall market weakness

Macro Wrap: Update on interest rate

Equity Research Update:

•           MWG VN (BUY; TP VND 97,700): Record-high earnings again, with growth continuing

•           POW VN (Market Perform; TP VND 14,500): 2025 AM note: Nhon Trach 3 commenced operation in November

Market Focus: VNIndex posted modest gains as sector rotation took place

Macro Wrap: Regulatory Update: Stronger Collateral Seizure Framework to Accelerate NPL Resolution

Equity Research Update: HSG VN (Market Perform; TP VND 18,500): Domestic Policy Keeps the Momentum Alive

Market Focus: Market-wide rebound led by Brokerage and Real Estate stocks

Macro Wrap: Vietnam Market upgrade revisited

Equity Research Update: IDC VN (Outperform; TP VND 47,400): 3Q25 Result Update

Market Focus: Conglomerate stocks rally despite broad market weakness

Macro Wrap: Strengthening Legal Mechanisms for Land and Investment

Equity Research Update: VinFast Auto Ltd (NASDAQ: VFS): 3Q results summary

Market Focus: Market advances on big caps and consumer staples

Macro Wrap: Establishing an HCMC Free Trade Zone: Policy Direction and Legal Framework

Equity Research Update: BMP VN (Outperform; TP VND 178,000): Target Price Raised to VND 178,000: 14% Upside Driven by Margin Resilience

Market Focus: The VNIndex holds despite global sell-off and domestic natural disasters

Macro Wrap: Vietnam’s Integrated Approach to Flood Risk and Climate-Smart Urban Development

Equity Research Update:

•           Sector Impact from Central Vietnam Flooding

•           MWG VN: October 2025 Performance Update

Market Focus: Private conglomerate group stocks drove the market

Macro Wrap: Vietnam’s Private Sector: The Strategic Engine for Growth

Equity Research Update: DHC VN (Outperform; TP VND 38,300): Margin Recovery and Structural Consolidation Anchor Medium-Term Upside

Market Focus: Market faced correction after rebound

Macro Wrap: Vietnam FX Outlook: Persistent Pressures, Limited Policy Space, Emerging External Catalysts

Equity Research Update:

•           GVR VN (Outperform; TP VND 35,700): Strong 3Q25 Momentum, Industrial Land Driving Long-Term Upside

•           Update on fisheries sector

Market Focus: Market held range on tepid turnover

Macro Wrap: Vietnam: Managing Natural-Disaster and Urban-Flood Risks

Equity Research Update: GMD VN (Outperform; TP VND 75,000): Resilience post tariff

Market Focus: A broad-based gain in both index performance and liquidity

Macro Wrap: Thoughts on data

Equity Research Update: KDH VN (Outperform; TP VND 39,800): Clear Path Ahead, Upgrade to OUTPERFORM

Market Focus: Accumulation trend and sector rotation persisted

Macro Wrap: Vietnam–U.S. Reciprocal Trade Agreement – Fifth Round Signals Momentum

Equity Research Update:

•           VIC VN: Consolidated strategic roadmap: Still the Right Side of Growth

•           PVD VN (Market Perform; TP VND 27,400): Policy supporting growth

Market Focus: Defensive plays led gains as the VNIndex struggled to hold rebound momentum

Macro Wrap: Vietnam Charts Ambitious Course for 2026

Equity Research Update: POW VN (Market Perform; TP VND 14,500): Current Headwinds, Future POWer