Daily Call

Market Wrap: VNIndex closed at day’s high with Banks and Realties as engines

Macro Update: Provincial Empowerment

Equity Research Update:

• VHM VN: Vinhomes Wonder City - Hanoi Officially Launched on March 10, 2025
• VNDiamond and VN30 Index 2Q25 review estimates
• Marketvector Vietnam 1Q25 review results

Market Wrap: Big caps continued to support the VNIndex

Macro Update: Update on Vietnam-U.s meetings & consolidation of administrative units

Equity Research Update:

ACV VN (BUY; TP VND 130,000): Commentary on Transfer of Airport Security Segment

VinFast: 2M25 deliveries

Market Wrap: Market finally corrected following 5 consecutive gaining sessions

Macro Update: Update on KRX and revised decree for Securities Laws implementation

Equity Research Update: HAH VN (BUY; TP VND 56,600): Earnings Peak Still Ahead

Market Wrap: The VNIndex recorded gains on hikes of a few pillar caps

Macro Update: Update on Administrative Unit Reform

Equity Research Update: GMD VN: Analyst Meeting Note

Market Wrap: Market showed resilience with correction windows deemed as opportunity to buy-in

Macro Update: Vietnam Market Upgrade: KRX Takes Charge of Transformation

Equity Research Update: KBC VN (BUY; TP VND 37,500): EGM 2025 approves ambitious growth for 2025

Market Wrap: Market exerted resilience despite accelerated profit-taking pressure

Macro Update: Update on cabinet meeting resolution

Equity Research Update:

• FTSE Vietnam Index: 1Q 2025 review results
• FRT VN (Outperform; TP VND 220,000): Long Chau capital raising catalyst ahead

Market Wrap: Resi Realties and Banks drove further rally

Macro Update: Update on inflation

Equity Research Update:

•             PLX VN (Market Perform; TP VND 45,000): Pending the finalization of the Decree on Petroleum Business

•             POW VN (Market Perform; TP VND 12,200): Long-term LNG supply agreement to benefit Nhon Trach 3&4 project over the long-term

•             CTG VN (BUY; TP VND 49,100): Charming Top Gem

Market Wrap: The market pulled a strong rally, fuelled by rumors of OMO rate cut

Macro Update: February macro data and rate cut

Equity Research Update: [Flash Note] VIB VN (Market Perform; TP VND 21,100): Updates on huge block transaction

Market Wrap: A corrective session following weeks of well hold-up

Macro Update: Update on February Cabinet Meeting

Equity Research Update:

•           REE VN (Market Perform; TP VND 80,000): Favorable weather conditions for hydropower with a long-term focus on renewables

•           TNH VN (Market Perform; TP VND 23,000): Analyst meeting Flash Note

Market Wrap: Banks rose supporting a very resilient stock market

Macro Update: Update on government action over tariff risks

Equity Research Update: Vietnam ETFs 1Q25 review estimates

Market Wrap: The market maintained firm upward momentum disregarding BCG’s unfavorable news

Macro Update: Reform, Reform, Reform

Equity Research Update: Update on the Proposed Amendments to the Law on Credit Institutions

Market Wrap: The VNIndex continued to show great resilience regardless of staggering foreign net sells

Macro Update: Update on Party resolution

Equity Research Update: REE VN: 2024 Recap: Weak performance of the hydropower portfolio was the main cause of YoY earnings decline

Market Wrap: The market is making clearer breakthrough away from 3-year peak
Macro Update: Update on Vietnam market upgrade
Equity Research Update: Steel sector update: New development on AD duty investigation on imported galvanized steel from China and South Korea

Market Wrap: Volume dropped as 1300pts threshold was maintained

Macro Update: Thoughts on GDP on Q1, 2025

Equity Research Update:

MWG VN (BUY; TP VND 73,000): Maintaining earnings growth amid slow consumption recovery

Market Wrap: The market struggled but was able to maintain the 1300pts level

Macro Update: Update on Vietnam Population Trend

Equity Research Update:

•           SAB VN (Market Perform; TP VND 58,000): Challenges persist

•           HHV VN (Outperform; TP VND 15,100): 4Q24 Analyst Meeting Note: Steady Growth for 2025