Daily Call

Market Wrap: Market rolled sideways on dried up liquidity

Macro Update: Resilient Recovery Afoot

Equity Research Update:

• SCS VN (Outperform; TP VND 91,900): Takeaways from [GS x SSI] 2024 Vietnam Corporate Day
• MSN VN (Outperform; TP VND 90,800): Takeaways from [GS x SSI] 2024 Vietnam Corporate Day

Market Wrap: Market closed at day low on muted trades

Macro Update: Update on the 2025 State Budget plan and SBV’s circulars

Equity Research Update:

• IMP VN: Takeaways from [GS x SSI] 2024 Vietnam Corporate Day
• PAN VN: Takeaways from [GS x SSI] 2024 Vietnam Corporate Day
• VFS US: Takeaways from [GS x SSI] 2024 Vietnam Corporate Day
• SSI Webinar Summary: “Gateway to Vietnam: China’s Stimulus – Flows and Fundamentals”

Market Wrap: Market dove after rash attempt at conquering 1300pts

Macro Update: Update on industrial park-related laws

Equity Research Update:

•           BCM VN (Outperform; TP VND 84,700): Strong profit growth driven by earnings from VSIP

•           VNM VN: GS takeaways

•           STK VN: GS takeaways

Market Wrap: Traded volume lowered on further price consolidation

Macro Update: Q3 2024 macro data preview

Equity Research Update: AST VN: 1H24 earning results

Market Wrap: The VNIndex surpassed 1300pts before cooling off to slightly lower level

Macro Update: Update on Sept PMI

Equity Research Update: Vinfast: Adopting a more prudent approach

Market Wrap: Market slightly corrected on retreated volume followed 2 weeks of rally

Macro Update: Update on the SBV’s circular proposal on the debt restructure for Yagi-impacted borrowers

Equity Research Update: DGC VN (Outperform; TP VND 137,000): Back to growth from 2H24

Market Wrap: Gains diminished and volume spiked on ETFs’ rebalancing activities

Macro Update: Update on Jan-Sept ‘24 public investment

Equity Research Update: Vietnam data center industry: Promising growth outlook in a relatively small market size environment and favorable market conditions

Market Wrap: The VNIndex experienced a boost from strong Asian markets, reaching a high before settling as it neared the resistance level.

Macro Update: Update on the money market movement

Equity Research Update: CTR VN (Market Perform; TP VND 135,000): Slower-than-expected construction progress of BTS sites

Market Wrap: The local market performed even better than yesterday, driven by confidence in the Chinese government's stimulus initiatives and the US rate cut trajectory.

Macro Update: Update on public investment and Circular 06 on debt restructuring

Equity Research Update:

DBC VN: Update on hog producer after Typhoon Yagi

Unlocking Insights: SSI - GATEWAY TO VIETNAM: The U.S Election and Vietnam

Market Wrap: Despite a feeble morning, momentum picked up in the afternoon backed by a rush of buying-spree on exhausted sells.

Macro Update: Update on the list of economic sectors

Equity Research Update: HAH VN (Outperform; TP VND 47,200): Breaking the limit

Market Wrap: The VN-Index experienced a decline due to capital retreats

Macro Update: Update on the government-level conferences

Equity Research Update: GVR VN (Market Perform; TP VND 36,100): Expected better performance during 2H24 driven by higher rubber price

Market Wrap: Gains diminished and volume spiked on ETFs’ rebalancing activities

Macro Update: Update on trade data

Equity Research Update: HDB VN: 2Q24 business results

Market Wrap: Market accelerated increases last min on low volume

Macro Update: The Fed Rate Cut on Vietnam exchange rate & Pilot resolution for commercial housing projects

Equity Research Update: PNJ VN (Outperform; TP VND 120,000): 8M24 result

Market Wrap: The VN-Index continued its upward momentum yesterday, driven by the news of a signed circular on No-Prefunding Solutions (NPS)

Macro Update: Update on NPS circular & state divestment

Equity Research Update:

• VHC VN (Outperform; TP VND 88,000): Aug ’24 results – Highest monthly sales recorded in the last 24 months
• GAS VN (Market Perform; TP VND 79,000): Increasing contribution from the LNG segment

Market Wrap: Market witnessed swift vertical rally on low volume

Macro Update: Update on 2025 GDP growth estimates

Equity Research Update:

• FPT VN (Outperform; TP VND 142,800): 8M24 results were in line with our expectations
• HPG VN (Outperform; TP VND 31,400): Sales pulled off a recovery in August, driven by exports
• DBD VN (Market Perform; TP VND 45,000): Muted growth prospects without short-term catalysts