Daily Call

Market Wrap: The VN-Index bent on intensified foreign sells towards closing, unable to breakthrough 18-month high

Macro Update: Update on the monthly cabinet meeting minutes

Equity Research Update:

• Updates on some steel protection measures
• CTG VN (Outperform; TP VND 38,500): Setting sail

Market Wrap: VN-Index continued to face pressure at 18-month high level

Macro Update: Update on public investment and gold market

Equity Research Update:

• GAS VN (Market Perform; TP VND 84,000): Significant cash dividend yield for 2023
• DPM VN (Market Perform; TP VND 35,200): Earnings recovery from last year’s low base
• VNM VN (Outperform; TP VND 82,000): 5M2024 Results

Market Wrap: The market struggled when facing strong resistant level

Macro Update: Update on MoF monthly recap meeting

Equity Research Update:

• ACV VN (Outperform; TP VND 136,000): A bright sky after the storm
• MSN VN (Outperform; TP VND 93,400): A new phase of growth

Market Wrap: The market rallied on eased exchange rate pressure and decelerated foreign sells

Macro Update: Update on monthly cabinet meeting and gold market

Equity Research Update: DPR VN: Rubber prices highest in two years

Market Wrap: The market plunged on unsuccessful attempts to rebound

Macro Update: Update on gold, money market

Equity Research Update: QNS VN: 4M24 results

Market Wrap: The market plunged hard then recovered at the end despite intimidating foreign sells

Macro Update: Update on the May National Assembly

Equity Research Update:

• KBC VN: 2024 AGM documents
• NT2 VN (Market Perform; TP VND 23,000): 2024 AGM 
• MSN VN (TP VND 84,800): Update on the divestment of MSR from H.C Stark 

Market Wrap: The market plunged on intensified foreign sells throughout the day

Macro Update: Update on May macro data

Equity Research Update:

• GAS VN: AGM and 1Q24 update: Significant cash dividend yield for 2023
• ACB VN (Outperform; TP VND 36,000): An athlete for a long run

Market Wrap: The market pulled a late rally and was fully recovered from last Fri’s plunge

Macro Update: Update on land-related laws

Equity Research Update: HAH VN:  1Q earnings should be the bottom

Market Wrap: The market ended on high note following last Fri's strong correction

Macro Update: Update on FDI inflows

Equity Research Update:

• Vietnam ETFs 2Q 2024 review estimates
• BSR VN (Market Perform; TP VND 23,000): Earnings likely bottom out during 2Q24
• POW VN (Outperform; TP VND 13,900): Lower utilization to weigh on 2024 earnings growth

Market Wrap: Market correction intensified amid heavy foreign pressure

Macro Update: Update on interest rate forecast

Equity Research Update:

• VCB VN (Outperform; TP VND 111,800): Resilient NIM
• ACB VN: 1Q24 business results

Market Wrap: Despite a gloomy morning, market unexpectedly took off with fabulous gains in the afternoon

Macro Update: Update on power supply

Equity Research Update:

• HDG VN (Outperform; TP VND 36,900): Real estate segment and lower interest expense to drive long-term earnings growth
• BSR VN: Earnings can bottom out in 2Q24

Market Wrap: The market corrected on sharper selling pressure

Macro Update: Update on the exchange rate

Equity Research Update:

• FPT VN (TP VND 128,100): 4M24 results
• TPB VN (Outperform; TP VND 22,700): Earnings to bounce back

Market Wrap: Depsite tremendous selling pressure, VNIndex pulled miraculous recovery at the end

Macro Update: Update on the gold auction, exchange rate and trade data

Equity Research Update:

• PNJ VN (Outperform; TP VND 112,000): April results
• TCB VN (Market Perform; TP VND 54,700): Earnings beat estimate with higher NIM

Market Wrap: Market edged up on robust liquidity, driven by Industrial Park realties and Exporters

Macro Update: Update on the May National Assembly meeting

Equity Research Update:

• SAB VN (Market Perform; TP VND 65,400): Early signs of recovery
• PLX VN (Market Perform; TP VND 40,800): Strong 1Q24 earnings growth in line with expectation
• KBC VN (Market Perform; TP VND 34,400): Pile of cash amassed from R.E. deposits spells further investment in current projects
• BCM VN (Outperform; TP VND 84,700): Quick update

Market Wrap: The market stretched upward on flat liquidity and against strong foreign sells

Macro Update: Update on May inflation and government meeting on monetary and fiscal policy

Equity Research Update:

• MSN VN (TP VND 84,800): Update on recent developments
• Update on antidumping tax by the US on truck/bus tires from Thailand and DRC
• MSB VN (Market Perform; TP VND 16,200): Higher provisions hinder earnings growth