Daily Call

Daily Call
SSI Daily Equity Market Call with Update on KRX system, PNJ and FPT

Market Wrap: Market upheld upward momentum with Insurance and Rubber on the rise

Macro Update: Update on KRX system

Equity Research Update:

•           PNJ VN (BUY; TP VND 123,000): Analyst Meeting Key Takeaways

•           FPT VN (Outperform; TP VND 176,400): Slower-than-expected implementation progress at FPT AI Factory

18/02/2025

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SSI Daily Equity Market Call with Update on private sector development, VNM and CTD

Market Wrap: Local indices diverged with capitals channelling from big caps to smaller ones

Macro Update: Private sector development

Equity Research Update:

•           VNM VN (Outperform; TP VND 71,500): Upgrading to OUTPERFORM on share-price weakness

•           CTD VN (Outperform; TP VND 100,800): Q2FY25 earnings: The new fiscal year has started off smoothly

17/02/2025

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SSI Daily Equity Market Call with Update on exchange rate, reciprocal tariff and KBC

Market Wrap: The market maintained its upward momentum with improved sentiment.

Macro Update: Update on exchange rate and reciprocal tariff

Equity Research Update: KBC VN (BUY; TP VND 37,500): Growth cycle initiated following the removal of legal barriers

14/02/2025

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SSI Daily Equity Market Call with Update on the recent JETRO survey, MCH and GMD

Market Wrap: The market picked up gains in the afternoon on Materials and Shipping/Ports’ rally

Macro Update: My two cents on the recent JETRO survey

Equity Research Update:

•           MCH VN (Market Perform; TP VND 169,000): Lower financial income to weigh on 2025 earnings

•           [Flash Note] GMD VN (Outperform; TP VND 71,500): 4Q 2024 Earnings Call

13/02/2025

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SSI Daily Equity Market Call with Update on National Assembly's extraordinary meeting and KDH

Market Wrap: The VNIndex dipped in spite of Construction stocks’ rally

Macro Update: Update on National Assembly's extraordinary meeting

Equity Research Update: [Flash Note] KDH VN (BUY; TP VND 41,500): Improved legal progress on projects signals strong development momentum for 2025

12/02/2025

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SSI Daily Equity Market Call with Update on forex market, steel sector and NT2

Market Wrap: Market firmly rebounded across many sectors after yesterday's drop

Macro Update: Update on forex market

Equity Research Update:

  • Update on Trump 2.0 tariff announcement for Steel and Aluminum and potential impact
  • NT2 VN (BUY; TP VND 24,700): Earnings to recover from 2024 low base

11/02/2025

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SSI Daily Equity Market Call with Update on Trump administration’s new tariff threat and MCH

Market Wrap: Market corrected after 4 consecutive sessions of rebound

Macro Update: Update on Trump administration’s new tariff threat

Equity Research Update: MCH VN: 4Q2024 earnings results

10/02/2025

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SSI Daily Equity Market Call with Update on railway project, DGW and banking sector

Market Wrap: Market climbed for the 4th session, driven by strong 4Q24 earnings of local Banks

Macro Update: Update on Lao Cai – Hanoi – Haiphong railway project

Equity Research Update:

•           [Flash Note] DGW VN (Market Perform; TP VND 41,300): 4Q24 earnings results

•           Vietnam Banking sector Update: All’s Well That Ends Well

07/02/2025

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SSI Daily Equity Market Call with Update on government 2025 plan and VNM

Market Wrap: Rebounds extended for the 3rd session, supported by Banks and Healthcare

Macro Update: Thought on government 2025 plan

Equity Research Update:

•           [Flash Note] VNM VN (Market Perform; TP VND 75,000): Weaker sales and higher costs towards year-end hurt 4Q24 results

06/02/2025

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SSI Daily Equity Market Call with Update on Vietnam January macro data, TPB, VIB, MSB and BID

Market Wrap: The market extended yesterday’s rally supported by Resi Realties and Shipping/Ports

Macro Update: Update on Vietnam January macro data

Equity Research Update:

•           [Flash Note] TPB VN (Outperform; TP VND 19,800): 4Q24 business results

•           [Flash Note] VIB VN: 4Q24 business results

•           [Flash Note] MSB VN (Outperform; TP VND 14,500): 4Q24 business results

•           [Flash Note] BID VN: 4Q24 business results

05/02/2025

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SSI Daily Equity Market Call with Update on nuclear power plants, HAH, MWG, Vietnamese technology & telecom sector

Market Wrap: Market rebounded strongly led by Banks and Constructions

Macro Update: Update on nuclear power plants

Equity Research Update:

•           [Flash Note] HAH VN (BUY; TP VND 56,600): 4Q24 Results: Achieves Record-Breaking Quarterly Earnings

•           MWG VN: 4Q2024 earnings results

•           DeepSeek event implies challenges for global AI industry but might have insignificant impacts on Vietnamese technology & telecom sector

04/02/2025

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SSI Daily Equity Market Call with Update on HDB, MBB, STB, VCB, SAB and FRT

Market Wrap: Local market corrected on lingering DeepSeek shock and elevated global trade war

Macro Update: Tet's Snake Peek: Be Patient!

Equity Research Update:

•           [Flash Note] HDB VN (Outperform; TP VND 28,200): 4Q24 business results

•           [Flash Note] MBB VN (Outperform; TP VND 25,200): 4Q24 business results

•           [Flash Note] STB VN: 4Q24 business results

•           [Flash Note] VCB VN (BUY; TP VND 120,000): 4Q24 business results

•           [Flash Note] SAB VN (Market Perform; TP VND 64,500): Improving sales, amidst challenging backdrop

•           [Flash Note] FRT VN (Outperform): 4Q24 earnings results

03/02/2025

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SSI Daily Equity Market Call with Update on FPT, HPG, HSG, PAN, CTR

Market Wrap: The market closed the Year of the Dragon on a high note

Macro Update: Update on Central Committee meeting and money market movement

Equity Research Update:

•           PAN VN: Record breaking results driven by expansions and lower input costs

•           FPT VN (BUY; TP VND186,300): 2024 results almost perfectly aligned with our expectations

•           CTR VN (Market Perform; TP VND 135,000): 2024 financial results were within our expectations

•           HSG VN (Market Perform; TP VND 20,000): Margin and volume expansion drives growth

•           HPG VN (BUY; TP VND 33,500): 4Q24 results update

24/01/2025

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SSI Daily Equity Market Call with Update on the metro lines in Hanoi & HCMC and TCB, ACB, VPB, FMC

Market Wrap: Market lifted by unexpectedly strong rally, led by Tech and Financials

Macro Update: Update on the metro lines in Hanoi and HCMC

Equity Research Update:

•           ACB VN (BUY; TP VND 31,000): 4Q24 business results

•           TCB VN (BUY; TP VND 28,700): 4Q24 business results

•           VPB VN (Outperform; TP VND 23,400): 4Q24 business results

•           FMC VN (Outperform; TP VND 55,400): 4Q24 business results

23/01/2025

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SSI Daily Equity Market Call with Update on tariff risk, DPR, DXG, and PNJ

Market Wrap: The market dipped on accelerated sells to close off positions before the long holidays

Macro Update: Update on tariff risk

Equity Research Update:

•           DPR VN (Outperform; TP VND 46,100): Natural rubber prices boosted profit growth in 4Q24

•           DXG VN: Earnings Call 4Q24

•           PNJ VN (BUY; TP VND 123,000): 4Q24 earnings return to growth

22/01/2025

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