Daily Call

Market Wrap: The local market struggled in a tug-of-war with the VN-Index leaping in the morning, dipping by mid-day and then bouncing back up to close at day’s high.

Macro Update: Update on tax-related laws

Equity Research Update:

• SZC VN: More MOU signed during 1H24
• VHM VN (Outperform; TP VND 69,400): 370 million shares buyback

Market Wrap: Gathering steams in the morning, the VNIndex picked up strong upward momentum in the afternoon

Macro Update: Update on monetary policies

Equity Research Update:

• VNM VN (Outperform; TP VND 82,000): All-time high quarterly revenue
• HAH VN (Outperform; TP VND 47,000): 2Q24 updates: Matching expectations

Market Wrap: Threatened by horrific performance of global stock markets, the Vietnam stock market was plunged in deep red

Macro Update: Update on monthly cabinet meeting and market economy

Equity Research Update: 2Q24 Banking Sector results: MEH…

Market Wrap: Another volatile day in Vietnam market

Macro Update: Update on electricity price and market economy status

Equity Research Update:

• VEA VN (Outperform; TP VND 46,500): 2Q24 results
• GMD VN (Market Perform; TP VND 77,000): 2Q 2024 results flash note: Continuing on core growth

Market Wrap: The VN-Index topped over and sank down to day’s low

Macro Update: Update on July PMI and circular proposal on fund operations

Equity Research Update:

• BSR VN (Market Perform; TP VND 23,000): Notable progress towards HOSE listing
• HPG VN: 2Q24 update

Market Wrap: Drained by low liquidity due to exhausting sells and humble buys, the market finally picked up momentum and headed north.

Macro Update: Update on rooftop solar power, pilot plan for offshore wind power

Equity Research Update:

• POW VN (TP VND 13,900): 2Q24 results slightly beat our expectations despite lower-than-expected volume
• HSG VN (Market Perform; TP VND 24,500): Earnings growth can normalize due to high base effect
• VNM VN: 2Q24 results

Market Wrap: The VN-Index crawled sideways and took a sudden plunge in the afternoon before recovering

Macro Update: Update on Jan-Jul ‘24 public investment

Equity Research Update:

• HSG VN: 3QFY24 earnings update
• HAH VN (Outperform; TP VND 47,000): 2Q24 updates: Matching expectations
• BID VN: 2Q24 update

Market Wrap: Market felt weak despite the VN-Index hovering on ‘green territory’ throughout the trading day

Macro Update: Quick update on July macro data

Equity Research Update:

• DBD VN: 2Q24 results Update
• VHC VN: 2Q24 results Update

Market Wrap: Market recorded stronger rebound at close, ending the week on a high note

Macro Update: Update on Jan-Jul ‘24 FDI flows

Equity Research Update:

• PAN VN: 2Q24 results update
• DPR VN (Outperform; TP VND 47,600): Triple digit net income growth driven by increase in natural rubber and compensation income
• SAB VN (Market Perform; TP VND 61,200): 2Q24 results update

Market Wrap: The local market spiralled downward, following US market’s footsteps, on muted liquidity

Macro Update: Update a law amending several laws & market economy status

Equity Research Update: PNJ VN (Outperform; TP VND 112,000): 2Q24 results update

Market Wrap: Overwhelmed by selling pressure in the morning, buying forces started to pick up in the afternoon

Macro Update: Update on the IPO in the pipeline

Equity Research Update:

• ACB VN: A beat in 2Q24
• NT2 VN (Outperform; TP VND 23,200): H1 2024 business results

Market Wrap: The market essentially stood still in the morning, however selling pressure intensified in the afternoon and sent the VN-Index in a painful plunge

Macro Update: Update of SBV meeting on banking industry

Equity Research Update: IMP VN: 2Q24 results update

Market Wrap: Concerns over several uncertainties and record high margin level sent the VN-Index plunging

Macro Update: Update on the Vietnam equity market upgrade status

Equity Research Update: VHM VN (Outperform; TP VND 69,400): 1H24 earnings note

Market Wrap: The VN-Index closed at day’s low with only the Discretionary sector recording gains

Macro Update: Update on consumer lending and trade data

Equity Research Update: TCM VN (Market Perform; TP VND 53,800): 1H24 results

Market Wrap: Crawling sideways in the morning, market unexpectedly picked up at the end

Macro Update: Update on USD interest rate cap and gold market

Equity Research Update: PPC VN: 2Q24 results trailed our forecasts