Daily Call

Market Wrap: Gains diminished and volume spiked on ETFs’ rebalancing activities

Macro Update: Update on trade data

Equity Research Update: HDB VN: 2Q24 business results

Market Wrap: Market accelerated increases last min on low volume

Macro Update: The Fed Rate Cut on Vietnam exchange rate & Pilot resolution for commercial housing projects

Equity Research Update: PNJ VN (Outperform; TP VND 120,000): 8M24 result

Market Wrap: The VN-Index continued its upward momentum yesterday, driven by the news of a signed circular on No-Prefunding Solutions (NPS)

Macro Update: Update on NPS circular & state divestment

Equity Research Update:

• VHC VN (Outperform; TP VND 88,000): Aug ’24 results – Highest monthly sales recorded in the last 24 months
• GAS VN (Market Perform; TP VND 79,000): Increasing contribution from the LNG segment

Market Wrap: Market witnessed swift vertical rally on low volume

Macro Update: Update on 2025 GDP growth estimates

Equity Research Update:

• FPT VN (Outperform; TP VND 142,800): 8M24 results were in line with our expectations
• HPG VN (Outperform; TP VND 31,400): Sales pulled off a recovery in August, driven by exports
• DBD VN (Market Perform; TP VND 45,000): Muted growth prospects without short-term catalysts

Market Wrap: The VN-Index struggled to maintain its reference level and closed at the intraday low

Macro Update: Update on Typhoon Yagi impact and the money market

Equity Research Update:

Vietnam Market Vector Index 3Q24 review result

PVD VN (Outperform; TP VND 32,000): Continued solid industry fundamentals

Market Wrap: The VN market continued to be weighed down by weak sentiment on concerns over magnitude of impacts of the Yagi typhoon

Macro Update: Update on NASC meeting

Equity Research Update: VHM VN: Robust growth driven by a recovery of the Hanoi market

Market Wrap: Despite strong rebound of the US market, the VN market recovered with little strength

Macro Update: Update on August trade data & Standing Committee legislative meeting

Equity Research Update: VNDiamond Index 4Q24 review estimates

Market Wrap: Market struggled to recover from previous sessions’ declines, sentiment remained weak

Macro Update: Update on the typhoon Yagi impacts to Vietnam’s economy

Equity Research Update: PLX VN (Market Perform; TP VND 48,000): Positive impact from new regulation priced in

Market Wrap: The VN-Index lost grip and plunged to day’s low in the afternoon despite of rebounds of global markets

Macro Update: Update on the draft law amending several laws and MoF monthly meeting

Equity Research Update:

•           FTSE Vietnam Index: 3Q 2024 review results

•           DCM VN (Market Perform; TP VND 39,000): Better than expected 2Q24 results thanks to one-off income

Market Wrap: Concerns over slowing growth in the US impacted local sentiment

Macro Update: Update on monthly cabinet meeting, new progress for draft revision of Securities Law

Equity Research Update: HDG VN (BUY; TP VND 34,200): Hydropower volume recovery from H2 2024, Hado Charm Villas to realize revenue from 2025

Market Wrap: The VN-index bounced back to close the week on a high note after the drop caused by global markets selling-off pressure

Macro Update: Update on August macro data

Equity Research Update: MSN VN: New arrangement with SK Group offers financial flexibility

Market Wrap: Market retreated, having intimidated by spikes in foreign sells

Macro Update: Update on Jan-Aug' 24 FDI

Equity Research Update: VRE VN (Outperform; TP VND 25,200): Challenging in the short term, but more promising in the long run

Market Wrap: Vietnam equities slid following global markets correction

Macro Update: Update on Aug PMI

Equity Research Update: IDC VN (Market Perform; TP VND 65,000): MOUs slowdowns from 2Q24

Market Wrap: VNIndex moved sideways in a narrow band and net buying came back from foreign investors

Macro Update: Update on Jan-Aug public investment

Equity Research Update: ACB VN: 2Q24 business results

Market Wrap: Banks lifted VNIndex higher on muted liquidity

Macro Update: Update on credit growth quota

Equity Research Update: KDH VN (BUY; TP VND 45,700): The Privia handover supportive strong earnings growth through 2025