Daily Call

Market Wrap: Banks gained momentum and extended market rally

Macro Update: Update on the Party’s central committee meeting and gold market

Equity Research Update:

• MSB VN: 1Q24 business results
• KDH VN (Outperform; TP VND 41,300): Increasing investment in large projects to prepare for long term growth

Market Wrap: Market pulled firm hike on encouraging liquidity

Macro Update: Update on the May National Assembly meeting and gold market

Equity Research Update:

• Vietnam potential upgrade to market economy status and impacts on exporters
• CTR VN (Market Perform; TP VND 133,200): 4M24 preliminary results
• TNG VN (Outperform; TP VND 23,500): 1Q24 results updates
• IDC VN (Market Perform; TP VND 62,300): MOUs value is the highest within 10 years

Market Wrap: Market was supported on green territory despite weak sentiment

Macro Update: Update on FX and gold sales

Equity Research Update:

• MWG VN (Outperform; TP VND 65,800): Analyst meeting
• BMP VN (Market Perform; TP VND 122,000): High cash dividends

Market Wrap: Market was well-supported despite profit-realization activities and aggressive foreign sells

Macro Update: Update on the NASC meeting and trade data

Equity Research Update: KDH VN: 1Q24 results: stayed low with some units recognized in The Classia project

Market Wrap: Market dodged correction on notably reduced liquidity

Macro Update: Update on draft decree proposal of the Investment Support Fund

Equity Research Update: VNM VN (Outperform; TP VND 82,000): AM Note

Market Wrap: A session of volatile tug-of-war, profit-taking pressure evident

Macro Update: Update on the progress to market economy and exchange rate

Equity Research Update:

• 1Q2024 Corporate Earnings Insights: Overcome the most difficult times
• VHC VN (Market Perform; TP VND 78,500): prelim 1Q24 results
• FMC VN (Outperform; TP VND 55,800): 1Q24 results
• CTR VN (Market Perform; TP VND 133,200): Greater cash dividends might result in the significant change of capital structure

Market Wrap: Market showed resilience on ample liquidity, sector divergence continued

Macro Update: Update on FDI inflows and gold auction

Equity Research Update:

• HPG VN (BUY; TP VND 34,500): Impressive sales volume in Apr
• PVT VN (Outperform; TP VND 30,000): 1Q2024 results and AGM update

Market Wrap: Market extended yesterday's rally, driven by non-financial big caps

Macro Update: Update on domestic gold price and state revenue

Equity Research Update:

• PLX VN (Outperform; TP VND 40,800): Strong earnings growth in 1Q24 in line with our expectation
• VTP VN: 1Q 2024 results and AGM quick note
• NT2 VN: 1Q24 results are broadly in line with our expecation

Market Wrap: Market rallied on muted news, liquidity improved

Macro Update: Update on monthly cabinet meeting

Equity Research Update:

• MBB VN: Meeting note
• MWG VN (Outperform; TP VND 65,800): Upbeat 1Q24 results
• BCM VN (Outperform; TP VND 84,700): PAT grew by double digits due to recognition of resettlement projects

Market Wrap: VN-Index extended the soft recovery on rising liquidity thanks to ETFs rebalance

Macro Update: Update on the money market movement and gold market

Equity Research Update:

• MSN VN (TP VND 84,800): 2024 AGM takeaways and 1Q24 earnings results
• MWG VN: Upbeat 1Q24 results
• NKG VN (Market Perform; TP VND 23,000): Ambitious expansion plans in store for 2024-2025
• HT1 VN (Market Perform; TP VND 11,600): Earnings may have hit trough in 1Q24

Market Wrap: Lack of news, market traded in narrow bands on low volume

Macro Update: Update on Jan-Apr macro data

Equity Research Update:

• 1Q24 Banking sector results
• IDC VN (Outperform): Robust 1Q24 earnings growth
• PNJ VN (Outperform; TP VND 112,000): 2024 AGM note and 1Q24 earnings update
• POW VN (Market Perform): 1Q24 results were in line with our expectation

Market wrap: Main indices swing hard on muted liquidity

Macro wrap: News briefing

Equity wrap:

• HCM VN: 2024 AGM Notes
• SAB VN (Market Perform; TP VND 63,900): 2024 AGM memo
• VNM VN (Outperform; TP VND 82,000): 2024 AGM memo

Market wrap: Markets surged higher, foreign investors still net sell

Macro wrap: News briefing

Equity wrap:

• PVD VN (Outperform; TP VND 36,000): 2024 AGM Notes
• VHM VN (Outperform; TP VND 69,400): 2024 AGM Notes

Market wrap: Major indices inched down on moderate liquidity

Macro wrap: Update on money market movement

Equity wrap: FPT VN (Outperform; TP VND 128,100): 1Q24 results

Market wrap: Market surged higher amid news on KRX launching

Macro wrap: Update on the corporate bond market

Equity wrap: SZC VN: 1Q24 strong profit growth thanks to increasing leased land