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
13/05/2025
DownloadMarket 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
12/05/2025
DownloadMarket 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
09/05/2025
DownloadMarket Wrap: Realties drove the market on strong foreign buys
Macro Update: Update on electricity price
Equity Research Update: Vinpearl JSC (VPL): Listing Approved
08/05/2025
DownloadMarket Wrap: YTD underperformed sectors rebounded
Macro Update: Thoughts on growth target
Equity Research Update: HDB VN (Outperform; TP VND 25,000): 1Q25 Business Results
07/05/2025
DownloadMarket 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
06/05/2025
DownloadMarket 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
05/05/2025
DownloadMarket 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
29/04/2025
DownloadMarket 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
28/04/2025
DownloadMarket 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
25/04/2025
DownloadMarket 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
24/04/2025
DownloadMarket Wrap: Wild market swing triggered by Realty sell-offs
Macro Update: Update on Reciprocal Tariff
Equity Research Update:
- SCS VN: 1Q25 updates: Stable Growth Before the Uncertain Period
- FPT VN (Outperform; TP VND 129,600): 1Q25 results: APAC and Americas single-digit growth weighed on global IT revenue
23/04/2025
DownloadMarket 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
22/04/2025
DownloadMarket Wrap: Market edged up as sentiment improved
Macro Update: Foreign Trade and Domestic Growth Initiatives
Equity Research Update: TCM VN: AGM Flash note
21/04/2025
DownloadMarket 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
18/04/2025
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