Daily Call

Market Wrap: Market trended sideway as investors stayed aloof anticipating OMO rate hike

Macro Update: Update on state-owned divestment and rail network updates

Equity Research Update:

• GMD VN (Market Perform; TP VND 77,000): 2024 AGM flash note
• BCM VN (Outperform; TP VND 84,700): Significant charter capital raising in 2024-2025
• FPT VN (Market Perform; TP VND 141,500): Long-term growth outlook with global AI and cooperation across ASEAN region

Market Wrap: Market edged up humbly, supported by Materials, IT and Shipping/Ports

Macro Update: Update on NA meeting and US DoT joint statement on CSPED

Equity Research Update: GVR VN (Market Perform; TP VND 36,100): Ever more profitable, rooted in the highest rubber price since 2022

Market Wrap: Market rebounded weakly on cautious market sentiment

Macro Update: Update on 1H24 macro preview; Underperforming BOT projects put on notice

Equity Research Update: MWG VN (Outperform; TP VND 65,700): 5M2024 result

Market Wrap: Market plunged hard as securities firms were rumoured to trim off margin for Jun-end reporting

Macro Update: Update on the NA meeting and exchange rate

Equity Research Update: MCH VN (Market Perform; TP VND 235,300): Power brands led by innovation

Market Wrap: Market rolled sideway with IT and Shipping/Ports as bright spots

Macro Update: Update on the Law on the Management of State Capital in Enterprises

Equity Research Update:

• PNJ VN (Outperform; TP VND 112,000): May results
• DPR VN (Outperform; TP VND 47,600): Update on Binh Phuoc province’s land use plan adjustment and impact on DPR

Market Wrap: The market was volatile on expiration date of June futures contract

Macro Update: Update on the state budget and trade data

Equity Research Update: PVS VN (Market Perform; TP VND 44,000): Analyst meeting and AGM flash note – Green in focus

Market Wrap: VN-Index continued sideway amid immense foreign sell

Macro Update: Update on credit growth and pilot scheme for commercial housing projects

Equity Research Update:

• KBC VN (Market Perform; TP VND 34,400): 2024 AGM note
• VHC VN (Outperform; TP VND 88,000): Upgrade to OUTPERFORM

Market Wrap: Market rebounded after yesterday’s slide on sideway trajectory

Macro Update: Update on VAT law

Equity Research Update: NLG VN (Market Perform; TP VND 43,000): 25% share transfer of Nam Long Dai Phuoc completed      

Market Wrap: The correction extended on heavy foreign pressure

Macro Update: Update on the National Assembly meeting and legal agenda for 2024 and 2025

Equity Research Update:

• MarketVector Vietnam Index: 2Q 2024 review results
• VRE VN (Outperform; TP VND 29,500): New mall inauguration support VRE to grow in mall leasing business

Market Wrap: The VN-Index lost hold at 1300 pts threshold and dropped to intraday low

Macro Update: Update on the PPP regulation and gold market

Equity Research Update:

• GEX VN: Strong earnings growth in 1Q24 driven by industrial park segment and financial income
• NLG VN (Market perform; TP VND 43,000): Envisioning a substantial presales recovery from last year

Market Wrap: The VN-Index hovered around 1300 pts level, seeking reinforcement and reassurance

Macro Update: Drafts of Corporate Income Tax Law (CIT Law) and VAT cut package

Equity Research Update:

• Vietnam Aviation Sector Update: Flight time is now
• DCM VN (Market Perform; TP VND 38,700): AGM Note

Market Wrap: The VN-Index achieved 1300 pts threshold on regained confidence

Macro Update: Update on inflation control meeting

Equity Research Update:

• iShares Frontier and Select EM ETF closing down
• Container shipping update: Global supply chain disruption escalates into high season
• VIB VN: EGM Note

Market Wrap: The market was dragged down by staggering foreign sells

Macro Update: Update on May trade data, NASC meeting

Equity Research Update: TNH VN (Outperform; TP VND 25,900): 1Q24 results and AGM documents

Market Wrap: Market inched upward on boom of Ports/Logistics and Rubber sectors

Macro Update: Update on Government meeting

Equity Research Update: FTSE Vietnam Index: 2Q 2024 review results

Market Wrap: Ports and Logistics stocks soared as VN-Index edged up +0.31%

Macro Update: Update on MSCI 2024 market classification

Equity Research Update:

• QNS VN (Market Perform; TP VND 56,700): High cash dividend
• DCM VN (Market Perform; TP VND 38,700): Earnings to rebound on reduced depreciation