Daily Call

Market Focus: Vietnam equities consolidated modestly as oil stocks strengthened

Macro Wrap: Update on trade and credit

Equity Research Update:

•           Vietnam ETFs Review Estimate Q2/2026

•           HPG VN (BUY; TP VND 32,700): Company visit note: Real Estate is the key investors’ concern

•           NT2 VN (Outperform; TP VND 27,000): Running at high utilization as power demand rebounds

Market Focus: VHM’s rise offset broader market decline

Macro Wrap: Banking Stocks: The Question Behind the Pullback

Equity Research Update:

•           HSG VN (Market Perform; TP VND 12,900): 2H2026 Better Than 1H - But That Was a Low Bar

•           Dien May Xanh Investment JSC (DMX): IPO Report: Vietnam’s Retail Champion - Expanding Beyond Borders

Market Focus: Capitals were rotated to Private Banks and Power stocks

Macro Wrap: Update on the recent Politburo-level meeting

Equity Research Update: MSB VN (Outperform; TP VND 18,000): Earnings Optionality Remains

Market Focus: Broad-based market upswing offset Vingroup’s correction

Macro Wrap: Apostille Convention: Removing a Legacy Friction Point

Equity Research Update: HDB VN (BUY; TP VND 35,000): Growth Is Solid. Execution Is the Key Variable

Market Focus: Global optimism failed to inspire local market participation

Macro Wrap: Vietnam Criminal Code Overhaul

Equity Research Update: GAS VN (Market Perform; TP VND 86,000): Domestic gas vs. LNG - balanced sourcing strategy

Market Focus: Brokers rebounded amid foreigners’ selling spree

Macro Wrap: Not Such A Random Thought

Equity Research Update: Vietnam Retail Sector Update: Strategic buying opportunity for long term investors

Market Focus: Market slid amid foreigners’ concentrated selling spree

Macro Wrap: Vietnam Fiscal & Public Investment Update

Equity Research Update:

•           POW VN (Outperform; TP VND 16,000): 2026 AGM: Conservative guidance and eyes on future investments

•           PVD VN (Market Perform; TP VND 34,000): Fleet Growth Driving Earnings Expansion

Market Focus: FPT took spotlight amid market-wide volatility

Macro Wrap: Update on property policy

Equity Research Update: MSB VN: Earnings optionality remain

Market Focus: Aggressive SOE profit-taking dragged down the VNIndex

Macro Wrap: Update on SOE reform and Energy Sector

Equity Research Update: GVR VN (Market Perform; TP VND 36,200): Rubber Demand Surge Propels Earnings to 5-Year Peak in 1Q26

Market Focus: SOEs back in focus!

Macro Wrap: Vietnam's PPP Bond Decree — Building the Plumbing for Infrastructure Credit

Equity Research Update: NTP VN (Market Perform; TP VND 61,600): Revenue momentum but unpredictable input price

Market Focus: SOE divestment theme was back

Macro Wrap: Update on public investment and SOE's free-float issue

Equity Research Update: DHC VN (Market Perform; TP VND 39,500): Price-led Margin Recovery and Improved Expansion Visibility

Market Focus: VN-Index surged to ATH as Vingroup leads a narrowing rally

Macro Wrap: Update on Electricity Law revision

Equity Research Update: PLX VN (Market Perform; TP VND 43,200): Long-term repositioning beyond a pure petroleum business

Market Focus: Roller-coaster market swings with ~14% intraday divergence between Vingroup and Energy stocks

Macro Wrap: Update on FDI policy direction

Equity Research Update:

•           VIC VN: Technical Tailwinds Support Valuation Stretch

•           FPT VN (BUY; TP VND 101,600): Ongoing AI transformation aided DX revenue

•           HDB VN: Slower Profits, Steady Direction

Market Focus: The VNIndex inched higher amid sector rotation

Macro Wrap: Guidance on Construction Contract Adjustments Amid Fuel, Material, and Logistics Cost Pressures

Equity Research Update: CTG VN (BUY; TP VND 44,800): Robust fundamentals amid macro volatility

Market Focus: Vingroup volatility dragged the VNIndex lower while Energy and Fertilizers regain momentum

Macro Wrap: The Measure of Progress: Beyond the GDP Mirage

Equity Research Update:

•           MWG VN (Outperform; TP VND 110,000): Strong 1Q26 Performance Reinforces Potential FY26 Earnings Outperformance

•           ACB VN (Outperform; TP VND 27,500): Earnings Recovery Gains Traction Despite Margin Pressure