Daily Call
Market Wrap: VIC continued to drive the market to close at day’s high
Macro Update: Update on changes in the new trading system (KRX)
Equity Research Update: GMD VN (Outperform; TP VND 58,800): 1Q 2025 result
28/04/2025
DownloadMarket Wrap: Market rebound reinforced thanks to Vingroup heroes
Macro Update: Legislation update
Equity Research Update:
• BMP VN (Market Perform; TP VND 145,000): AGM: Positive 2025 earnings outlook is already priced in shares
• TCB VN (Outperform; TP VND 31,400): 1Q25 business results
25/04/2025
DownloadMarket Wrap: Local sentiment improved backed by rebounds of global markets
Macro Update: Update on Vietnam-US trade negotiation
Equity Research Update:
Vietnam Power Sector Update: Revised Power Development Plan VIII: Powering ahead for a double-digit and sustainable growth
24/04/2025
DownloadMarket Wrap: Wild market swing triggered by Realty sell-offs
Macro Update: Update on Reciprocal Tariff
Equity Research Update:
- SCS VN: 1Q25 updates: Stable Growth Before the Uncertain Period
- FPT VN (Outperform; TP VND 129,600): 1Q25 results: APAC and Americas single-digit growth weighed on global IT revenue
23/04/2025
DownloadMarket Wrap: Financial Services and VIC stocks sank the entire market
Macro Update: Update on National Housing Development Fund
Equity Research Update: DBC VN: AGM Flash note
22/04/2025
DownloadMarket Wrap: Market edged up as sentiment improved
Macro Update: Foreign Trade and Domestic Growth Initiatives
Equity Research Update: TCM VN: AGM Flash note
21/04/2025
DownloadMarket Wrap: Market rebounded from strong support level at 1200pts
Macro Update: Thoughts on policy rate cut
Equity Research Update:
- HPG VN (BUY; TP VND 33,500): 2025 AGM Note: Solid through the storm
- DPM VN: 2025 AGM Note
18/04/2025
DownloadMarket Wrap: FPT weighed down the entire market
Macro Update: Key Takeaways from the Party’s National Conference
Equity Research Update:
• FPT VN (Outperform; TP VND 129,600): Reaffirms 2025 guidance amid global uncertainties
• VN30 Index 2Q25 review results
17/04/2025
DownloadMarket Wrap: Market corrected following 3 straight sessions of V-shape rebound
Macro Update: Reciprocal Tariff Negotiation Update
Equity Research Update:
• PVT VN (Outperform; TP VND 30,000): 2025 AGM quick commentary
• SZC VN (Market Perform; TP VND 34,200): Signed Contracts Securing 2025 Growth
16/04/2025
DownloadMarket Wrap: Market rebound extended and strengthened
Macro Update: Update on Vietnam Railway Megaprojects
Equity Research Update: HPG VN (BUY; TP VND 33,500): 1Q 2025 sales report commentary
15/04/2025
DownloadMarket Wrap: Rebound reinforced on robust turnover
Macro Update: Update on the Party’s Central Committee Meeting
Equity Research Update:
• DGC VN (Outperform; TP VND 101,000): AGM Note: Conservative 2025 guidance
• SAB VN (Outperform; TP VND 58,000): Upgrading on price weakness
• FOX VN: A Bold Play in Vietnam Telecom
14/04/2025
DownloadMarket Wrap: The local market made a sharp U turn with the VNIndex itself hitting limit up
Macro Update: Update on Vietnam-US Reciprocal Trade Negotiation
Equity Research Update: HHV VN (BUY; TP VND 13,000): 2025 AGM: Steady Growth for 2025
11/04/2025
DownloadMarket Wrap: Rebound failed, the VNIndex recorded the 4th consecutive session of vertical drop
Macro Update: Thoughts on reciprocal tariff pause
Equity Research Update: MWG VN: AGM documents
10/04/2025
DownloadMarket Wrap: The market underwent a 3rd blood shedding session on dropped liquidity
Macro Update: Update on FTSE Russell interim country classification review
Equity Research Update: SAB VN: AGM documents
09/04/2025
DownloadMarket Wrap: Market decline eased on commendable local absorption
Macro Update: Update on Q1 GDP and tariffs
Equity Research Update: PNJ VN (BUY; TP VND 97,500): AGM documents: Decelerating earnings growth guidance for 2025
08/04/2025
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