Daily Call

Market Focus: VNIndex extended losses amid failed rebound attempt and deteriorated sentiment

Macro Wrap: Public Investment Update – October 2025

Equity Research Update: SAB VN (Outperform; TP VND 55,000): Margin Resilience Amid Volume Weakness

Market Focus: Corrective pressure persisted, the VNIndex lost 1600pts threshold

Macro Wrap: Vietnam Pushes for a Stronger Capital Market

Equity Research Update: REE VN (Outperform; TP VND 80,000): Wind capacity expansion to support long-term potential

Market Focus: Market stayed under pressure with 5-Month low liquidity

Macro Wrap: Vietnam: Growth Momentum Holds Despite Consumption Weakness

Equity Research Update: VNM VN (Market Perform; TP VND 65,000): Back on Track

Market Focus: PVN stocks outshined the market

Macro Wrap: Party Central Committee Convenes 14th Conference: Leadership Selection in Focus

Equity Research Update: OIL VN: Company visit update: Resilient COCO expansion and stable income from charging points supports earnings growth

Market Focus: Market staged sharp rebound on strong foreign inflows and eased regulatory concerns

Macro Wrap: Vietnam Accelerates Railway Development Ambitions

Equity Research Update: Vietnam Banking Sector Update: Emerging from turbulence

Market Focus: Interest-sensitive Insurance stocks outperformed at the expense of Securities and Realty stocks

Macro Wrap: Update on Circular 102/2025/TT-BTC

Equity Research Update:

•           HPG VN (BUY; TP VND 35,000): Capacity upgrade completed

•           CTR VN (Outperform; TP VND 102,000): Catalysts from Vietnam power sector

Market Focus: VNIndex plunged 1.79% amid ETF rebalancing, while Oil & Gas stocks outshone on strong Q3 results despite broad market weakness.

Macro Wrap: Update on Governance Option for Vietnam's International Financial Centre

Equity Research Update:

•           VIC VN: 3Q25 Business Results Overview

•           DPR VN (Outperform; TP VND 46,100): Strongest Quarterly Earnings Since 2022

•           Draft Decree on Industrial and Economic Zone Management – Key Highlights

Market Focus: VNIndex ends two-day rally amid heavy selling in banking and brokerage stocks

Macro Wrap: Implication of the U.S.–China Trade Truce on Vietnam

Equity Research Update:

•           MCH VN (Market Perform; TP VND 161,000): Early recovery signals

•           VHM VN (Market Perform; TP VND 98,300): 3Q25 Business Results Overview

•           STB VN (Outperform; TP VND 66,100): 3Q25 Business Results

Market Focus: The market experienced a tug-of-war session with declining liquidity.

Macro Wrap: Implication of Fed rate cut

Equity Research Update:

•           SAB VN (Outperform; TP VND 55,000): 3Q25 Earnings –  Earnings Boosted by Financial Income

•           VRE VN: 3Q25 Business Results Overview

Market Focus: Final-hour technical rebound triggered

Macro Wrap: Vietnam Deepens Regional Integration Through Upgraded ASEAN Trade Pacts

Equity Research Update:

•           FPT VN (Outperform; TP VND 120,000): Technology segment as 2026 growth driver

•           HT1 VN (Market Perform; TP VND 18,400): Continuing Earnings Recovery on Lower Input Costs; Pricing Headwinds Persist to 2026.

Market Focus: Investors protect profits as most catalysts for the year had been realized

Macro Wrap: Vietnam Property Market Data Transparency

Equity Research Update:

•           MBB VN (Outperform; TP VND 30,000): Earnings Miss Priced In — Long-Term Value Still Compelling

•           IMP VN (Outperform; TP VND 55,000): Earnings Stay Healthy

Market Focus: Overseas players drove down Securities stocks

Macro Wrap: Update on Reciprocal Trade Frameworks 

Equity Research Update: ACB VN (Outperform; TP VND 30,200): Holds the Line in 3Q25 - Valuation Too Attractive to Overlook

Market Focus: Selective sector gains on cautious investors’ sentiment

Macro Wrap: Thoughts on 2026-2030 socio-economic development plan

Equity Research Update:

•           VNDiamond, VNFIN Lead Indices 4Q25 Review Results

•           PNJ VN (BUY; TP VND 109,000): Upbeat 3Q25 Results Driven by Strong Gold Bar Sales and Price Adjustments

Market Focus: Market volatility peaked mid-week, but recovery was led by lagging sectors and standout earnings

Macro Wrap: Thoughts on stalled projects resolution

Equity Research Update:

•           DGW VN (Outperform; TP VND 47,700): AI-laptop adoption to support earnings growth

•           MWG VN: 3Q25 Earnings Hit Record High on Strong Core Performance

•           TCB VN (Outperform; TP VND 45,000): Delivers Strong 3Q25 Beat with Robust Credit and Fee Income Growth

Market Focus: Market recovery calmed investors; Tactical Buying triggered on VN30

Macro Focus: Fiscal Plan 2026–2030: Ambitious Expansion under Fiscal Vigilance

Equity Research Update:

•           FPT VN: 3Q25 Update: Weak global IT momentum weighed on 9M25 growth, but NPAT beat expectations

•           NT2 VN (BUY; TP VND 29,000): Strong electricity demand aided NT2’s 3Q25 earnings surge