Daily Call

Market Wrap: Positive progress on global trade negotiation front pushed up the local market

Macro Update: Update on Tariff De-escalation

Equity Research Update: HPG VN (BUY; TP VND 33,500): Update on Dung Quat 1 blast furnace incident

Market Wrap: Foreign influx drove market to day’s highest and excited locals

Macro Update: Update on Private Sector Promotion

Equity Research Update: VPL VN: Listing Report Summary

Market Wrap: Foreign influx drove market to day’s highest and excited locals

Macro Update: Update on Reciprocal Tariff Negotiation

Equity Research Update:

•           MSN VN: AGM and 1Q25 results

•           CTR VN (Outperform; TP VND 102,400): In-line 1Q25 earnings, long-term resilient growth target

Market Wrap: Realties drove the market on strong foreign buys

Macro Update: Update on electricity price

Equity Research Update: Vinpearl JSC (VPL): Listing Approved

Market Wrap: YTD underperformed sectors rebounded

Macro Update: Thoughts on growth target

Equity Research Update: HDB VN (Outperform; TP VND 25,000): 1Q25 Business Results

Market Wrap: Market secured firm hikes on positive news of trade negotiation progress

Macro Update: Update on Vietnam’s April macro data

Equity Research Update: SAB VN (Outperform; TP VND 58,000): 1Q25 Results Flash Note

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