Daily Call

Market Wrap: Market trended sideways at the upper-band of the VN-Index

Macro Update: Update on infrastructure development

Equity Research Update: Vietnam ETFs 3Q24 review estimates

Market Wrap: Market was weighed down on profit-taking pressure despite strong surge of pillar Vingroup’s stocks

Macro Update: Update on money market movement and exchange rate

Equity Research Update:

CTG VN (Outperform; TP VND 38,500): Bad debt settlement on track

PNJ VN (Outperform; TP VND 120,000): Market share gain in the context of strict inspection over gold origin

Market Wrap: Hovering slightly above reference level for most of the trading day, the VN-Index finally saw intensified profit-taking activities towards session-end.

Macro Update: Update on new proposal on corporate bond market

Equity Research Update: SCS VN: An Indirect Beneficiary of Red Sea Disruption

Market Wrap: VN-Index managed to close higher thanks to some blue-chips

Macro Update: Update on inflation

Equity Research Update: TCB VN (Market Perform; TP VND 26,800): Earnings growth might decelerate in 2H24

Market Wrap: VN-Index ended the winning streak after approaching stronger resistant level

Macro Update: Update on the draft revision of Securities Law

Equity Research Update: IMP VN (Outperform; TP VND 92,000): Positive outlook for 2H and beyond

Market Wrap: Vietnam equities extended the recovery on improved sentiment

Macro Update: Update on China- Vietnam joint statement and trade data

Equity Research Update:

NLG VN (Market Perform; TP VND 43,000): Stronger presales, however, earnings remain at low levels

MWG VN (Outperform): Analyst meeting note

Market Wrap: Fueled by Fed’s rate cut in a month’s time, market affirmed its upward movements

Macro Update: Legislative update

Equity Research Update: GMD VN (Market Perform; TP VND 84,000): Capital investment in focus

Market Wrap: Last Fri’s rally extended on noticeably retreated trading turnover

Macro Update: Update on the secondary corporate bond trading platform

Equity Research Update: MSB VN: 2Q24 business results

Market Wrap: The VN-Index jumped +2.34% on more stable political outlook and stronger global equity markets

Macro Update: Update on the 2Q24 MoC reports

Equity Research Update:

FPT VN (Outperform; TP VND 142,800): 7M24 results met our expectations

CTR VN (Outperform; TP VND 135,000): Benefits from Vietnam roadmap to discontinue 2G network from September 2024

Market Wrap: Market continued to be weighed down on weak sentiment and extremely low trading volume

Macro Update: Update on the Vietnam equity market upgrade status

Equity Research Update: CTG VN: 2Q24 AM note

Market Wrap: The VN-Index went sideways on muted news

Macro Update: Update on the VAT Law

Equity Research Update:

• 2Q2024 Corporate Earnings Insights: Earnings growth expands widely
• MWG VN (Outperform; TP VND 76,000): Even better than a V-shaped recovery thanks to enhanced profitability of BHX
• VIB VN (Market Perform; TP VND 22,800): NIM contraction and asset quality deterioration impede earnings growth

Market Wrap: Market recovered last minutes with rise of Chemical and Aviation stocks

Macro Update: Legislation news on FX reserves, Decree on rooftop power

Equity Research Update: VIB VN: 2Q24 business results

Market Wrap: Market continued to hike on moderately low volume

Macro Update: Update on MoF monthly meeting

Equity Research Update:

• SZC VN (Outperform; TP VND 43,200): More MOUs during 1H24
• FPT VN (Outperform; TP VND 142,800): 1H2024 Analyst Meeting: FPT targets AI Factory to start realizing revenue from 2025
• STK VN (Market Perform; TP VND 26,300): 2Q24 Analyst meeting: Bumpy road to recovery
• SAB VN (Market Perform; TP VND 61,000): Market share gains amidst sector slowdown

Market Wrap: The local market kicked off in the afternoon with the VN-Index surging to day’s highest and ended the week on a high note.

Macro Update: Update on July trade data

Equity Research Update:

• NT2 VN (BUY; TP VND 24,700): Volume recovery from H2 2024 to support earnings turnaround
• FMC VN (Outperform; TP VND 55,400): Solid gross margin improvement
• ACV VN (BUY; TP VND 136,000): 2Q 2024 result update and comments on recent Yen movement

Market Wrap: The market made feeble attempt to break north but weak sentiment weighed the market down again

Macro Update: Update on infrastructure and the draft law amending several laws

Equity Research Update:

• Textile and garment updates
• KBC VN (Outperform; TP VND 33,600): Successful private placement vital to get legal approvals for large projects