Daily Call

Market Wrap:

Macro Update: Update on Decree 155 revision

Equity Research Update: HSG VN (Market Perform; TP VND 21,600): 3Q FY2025 earnings call – Against the headwind

Market Wrap: Uptrend sustained on final-hour efforts

Macro Update: Update on Investment Laws revision

Equity Research Update: VHC VN (Outperform; TP VND 70,000): Navigating Tariff Headwinds with Strong Margin Recovery

Market Wrap: 1600pts threshold secured on capital rotations across sectors

Macro Update: Update on government action plan for higher economic growth

Equity Research Update: 2Q25 Banking Sector Results: Strong Headline Growth, Mixed Underlying Performance

Market Wrap: Momentum sustained with flows in search of laggers, the VNIndex closed shy of 1600pts

Macro Update: Vietnam Expands Visa Waiver Program to Boost Tourism and Attract Global Talent

Equity Research Update: PGV VN: PGV powers ahead in 1H25: Earnings rebound driven by operational efficiency and favorable market conditions

Market Wrap: Commendable market resilience amid powerful profit-taking activities at all-time-high

Macro Update: Reciprocal Tariff Update: What stands in the way becomes the way

Equity Research Update: VHM VN (Market Perform; TP VND 98,300):  Mega Projects Propel Presales

Market Wrap: Bullish momentum sustained, heading for 1600pts threshold

Macro Update: Update on cabinet meeting

Equity Research Update: F88 Investment Joint Stock Company (F88): Listing Overview and Investment Highlights

Market Wrap: Sharp uptrend sustained, driven by Material, Financial and Energy stocks

Macro Update: Vietnam Macro & Inflation Update – July 2025

Equity Research Update:

FPT VN (Outperform; TP VND 124,200): Pullback presents opportunity: upgrading to OUTPERFORM

GAS VN (Market Perform; TP VND 71,900): Short-term spark, medium-term caution

Market Wrap: Profit-taking pressure emerges in afternoon trade

Macro Update: Vietnam Macro Update – July 2025: Retail Sales in Focus Amid Strong Investment Momentum and Benign Inflation

Equity Research Update: HPG VN (BUY; TP VND 33,000): Growth after growth

Market Wrap: Positive local sentiment pushed for market’s impressive rebound

Macro Update: Update on central bank meeting with commercial bank: Balancing act as lower lending rates should meet stable currency

Equity Research Update: DCM VN (Outperform; TP VND 42,400): Margin expansion driven by stronger urea prices and VAT-related cost savings

Market Wrap: Correction momentum extended on intense foreign profit-taking

Macro Update: Reciprocal Tariff Update: What stands in the way becomes the way

Equity Research Update: CTR VN (Outperform; TP VND 108,000): Solid earnings amid bts rollout lag – Rating upgraded to OUTPERFORM

Macro Update: More Credit Helps, Capital Market Reform Helps More

Equity Research Update: TAL VN: Unlocking Competitive Advantage from a Strategic Landbank

Market Wrap: Supported by foreign inflows, the VNIndex sustained the 1500pts threshold

Macro Update: Draft Decree on Corporate Income Tax Incentives

Equity Research Update: IMP VN (Outperform; TP VND 58,000): Prescription for Growth

Market Wrap: Market’s flash crash after historical high session

Macro Update: Update on Land Laws revision

Equity Research Update: VRE VN: 2Q25 Business Results Overview

Market Wrap: Market boomed with new records made in index points and trading turnover

Macro Update: Update on trade

Equity Research Update: VPB VN (Outperform; TP VND 27,300):   2Q25 result: Solid beat

Market Wrap: New history made

Macro Update: Progress on Resolution of Stalled Projects

Equity Research Update: DGC VN (Outperform; TP VND 122,000):  Stronger 2H25 Earnings Dependent on Apatite Ore Licensing Approval