Daily Call

Market Wrap: Market is flat and dry ahead of the holidays

Macro Update: Update on the National Assembly Meeting

Equity Research Update:

•           POW VN (Market Perform; TP VND 12,200): Future investment and operational focus and 1Q25 results

•           REE VN (Outperform; TP VND 80,000): 1Q25 results in-line with our expectations, driven by hydropower portfolio

Market Wrap: Market swiveled sideways on dropped liquidity ahead of the holidays

Macro Update: Update on tariff, KRX, PDP VIII

Equity Research Update: HDG VN (BUY; TP VND 30,700): 2025 AGM: Ambitious earnings guidance for 2025

Market Wrap: VIC continued to drive the market to close at day’s high

Macro Update: Update on changes in the new trading system (KRX)

Equity Research Update: GMD VN (Outperform; TP VND 58,800): 1Q 2025 result

Market Wrap: Market rebound reinforced thanks to Vingroup heroes

Macro Update: Legislation update

Equity Research Update:

•           BMP VN (Market Perform; TP VND 145,000): AGM: Positive 2025 earnings outlook is already priced in shares

•           TCB VN (Outperform; TP VND 31,400): 1Q25 business results

Market Wrap: Local sentiment improved backed by rebounds of global markets

Macro Update: Update on Vietnam-US trade negotiation

Equity Research Update:

Vietnam Power Sector Update: Revised Power Development Plan VIII: Powering ahead for a double-digit and sustainable growth

Market Wrap: Financial Services and VIC stocks sank the entire market

Macro Update: Update on National Housing Development Fund

Equity Research Update: DBC VN: AGM Flash note

Market Wrap: Market edged up as sentiment improved

Macro Update: Foreign Trade and Domestic Growth Initiatives

Equity Research Update: TCM VN: AGM Flash note

Market Wrap: Market rebounded from strong support level at 1200pts

Macro Update: Thoughts on policy rate cut

Equity Research Update: 

• HPG VN (BUY; TP VND 33,500): 2025 AGM Note: Solid through the storm
• DPM VN: 2025 AGM Note

Market Wrap: FPT weighed down the entire market

Macro Update: Key Takeaways from the Party’s National Conference

Equity Research Update:

•           FPT VN (Outperform; TP VND 129,600): Reaffirms 2025 guidance amid global uncertainties

•           VN30 Index 2Q25 review results

Market Wrap: Market corrected following 3 straight sessions of V-shape rebound

Macro Update: Reciprocal Tariff Negotiation Update

Equity Research Update:

•           PVT VN (Outperform; TP VND 30,000): 2025 AGM quick commentary

•           SZC VN (Market Perform; TP VND 34,200): Signed Contracts Securing 2025 Growth

Market Wrap: Market rebound extended and strengthened

Macro Update: Update on Vietnam Railway Megaprojects

Equity Research Update: HPG VN (BUY; TP VND 33,500): 1Q 2025 sales report commentary

Market Wrap: Rebound reinforced on robust turnover

Macro Update: Update on the Party’s Central Committee Meeting

Equity Research Update:

•           DGC VN (Outperform; TP VND 101,000): AGM Note: Conservative 2025 guidance

•           SAB VN (Outperform; TP VND 58,000): Upgrading on price weakness

•           FOX VN: A Bold Play in Vietnam Telecom

Market Wrap: The local market made a sharp U turn with the VNIndex itself hitting limit up

Macro Update: Update on Vietnam-US Reciprocal Trade Negotiation

Equity Research Update: HHV VN (BUY; TP VND 13,000): 2025 AGM: Steady Growth for 2025

Market Wrap: Rebound failed, the VNIndex recorded the 4th consecutive session of vertical drop

Macro Update: Thoughts on reciprocal tariff pause

Equity Research Update: MWG VN: AGM documents