Daily Call

Market Wrap: Market was well supported on eased foreign sells and improved inflows

Macro Update: Update on the National Assembly meeting and money market movement

Equity Research Update:

•           HDG VN (Outperform; TP VND 33,100): The electricity segment as the main driver for higher-than-expected 3Q24 results

•           DGW VN (Market Perform; TP VND 41,300): Recovery on the way, but valuation looks full

Market Wrap: Market swooped up gains in the afternoon despite an uncertain morning

Macro Update: Update on a draft circular on banks' CAR calculation, the pilot resolution for commercial housing projects

Equity Research Update:

•           Vietnam Fertilizer Sector Update: Change in VAT rule for fertilizer producers

•           POW VN (Market Perform; TP VND 12,600): Nhon Trach 3&4 LNG-fired project to commence operation during 2025

Market Wrap: Market rebounded strongly from below 1200pts level despite fierce foreign dumping

Macro Update: Update on the trade data

Equity Research Update:

•           NLG VN (Market Perform; TP VND 43,000): Approval of Revised 1/10,000 Master Plan for Bien Hoa City

•           KBC VN (Outperform; TP VND 33,600): Patiently waiting to overcome the legal hurdles

Market Wrap: Prolonged aggressive foreign sells weighed down on a distress market

Macro Update: Update on Securities Law and money market movement

Equity Research Update: ACB VN (BUY; TP VND 31,100): Strength lies in difference

Market Wrap: Market recovered from low dip thanks to bottom-fishing forces

Macro Update: Update on VAT cut package and exchange rate forecast

Equity Research Update: CTR VN (Market Perform; TP VND 139,700): 5G commercialization paves the way for a new cycle

Market Wrap: The VNIndex pierced 1220pts level on dimmed short-term outlook

Macro Update: Update on money market

Equity Research Update: TNH VN (Market Perform; TP VND 23,000): Disappointing Q3, tempering expectations

Market Wrap: Market pierced support level, pressured by foreigners’ selling activities

Macro Update: Update on VAT Law and VAT cut package

Equity Research Update:

•           FPT VN (Outperform; TP VND 153,100): FPT just won its biggest IT contract yet, asserting capabilities in overseas markets

•           SAB VN (Market Perform; TP VND 64,500): Confidence in Tet shopping during Q4

•           NLG VN (Market perform; TP VND 43,000): Short-term challenges, long-term advantages

Market Wrap: Market pulled-off last-minute recovery to sustain 1240pts level

Macro Update: Update on the money market movement and NA meeting

Equity Research Update:

•           POW VN (Outperform; TP VND 13,900): 3Q24 earnings results

•           AST VN (Outperform; TP VND 64,500): 3Q24 earning results: Meeting our estimate

Market Wrap: Market crawled sideway down despite rumors that KRX is back

Macro Update: Update on October trade data

Equity Research Update: Vietnam Industrial Parks Sector Update: Anticipating new tenants to enhance demand

Market Wrap: Market sustained the 1250pts level thanks to IT and Shipping/Port stocks

Macro Update: Update on the monthly cabinet meeting & hearing session of the NA meeting

Equity Research Update: HAH VN: Variables in play could further extend the upcycle

Market Wrap: A disappointing trading day following Fed's 2nd rate cut

Macro Update: Update on the SBV hearing session

Equity Research Update:

•           Vietnam Banking sector Update: Little room for mistakes

•           Vietnam Textile and garment sector 3Q24 Update: A recovery beat

Market Wrap: Local market dipped as investors gauged impacts of upcoming Trump policies

Macro Update: Update on the National Assembly meeting

Equity Research Update:

•           VNM VN (Market Perform; TP VND 75,000): Downgrade on negative surprise

•           Trump presidency and potential impacts on Vietnam economy & sectors

Market Wrap: Local market closed on high as US election came to an end

Macro Update: Update on October macro data

Equity Research Update:

•           VEA VN: Dividend to be paid Dec 20th and 3Q24 results update

•           IDC VN (Market Perform; TP VND 63,000): Strong profit growth driven by land leasing in 3Q24

Market Wrap: Market paused still ahead of US election tonight

Macro Update: Update on 10M24 Vietnam FDI

Equity Research Update:

•           HPG VN (BUY; TP VND 31,700): Strong volume growth through 2025

•           VHM VN: Vinhomes Co Loa project transfer & changes in business cooperation contract with Vingroup

Market Wrap: Market closed at day’s low leading to US election tomorrow

Macro Update: Update on money market movement

Equity Research Update:

•           PC1 VN (Outperform; TP VND 32,900): Optimizing the formula - Reduced financial costs boosted Q3 recovery momentum

•           CTD VN (Market Perform; TP VND 75,600): Q1FY25 earnings: The new fiscal year has started off smoothly

•           GVR VN (TP VND: 36,100): 3Q2024 earnings results