Daily Call

Market Focus: Market extended recovery on thin liquidity

Macro Wrap: Energy Pressures Shift Focus from Fuel Prices to Power Security

Equity Research Update: Vietnam Fisheries & Apparel Export Sector Update: Tariff and disruptions reshape trade flows

Market Focus: Market rebounded on thin liquidity

Macro Wrap: Fiscal support on energy shock

Equity Research Update: PVT VN (Outperform; TP VND 26,200): Company visit update: Execution Over Excitement

Market Focus: Locals drove the VNIndex below 1600pts support

Macro Wrap: New normal

Equity Research Update: GAS VN (Market Perform; TP VND 83,400): Balancing Near-Term Gains with Middle East Risks

Market Focus: Overseas ETF rebalancing flows amplify volatility, drag the VNIndex to intraday low

Macro Wrap: Energy market stress tests Vietnam's policy coherence

Equity Research Update: TPB VN (Outperform; TP VND 18,700): Recovery gaining traction; Asset quality to watch

Market Focus: Middle East war escalation triggers oil spike, weighing heavily on the VNIndex

Macro Wrap: One City - One Policy Revisited

Equity Research Update: VinFast Auto Ltd (NASDAQ: VFS): 4Q25 Earnings Report

Market Focus: The market surged in the morning before retreating toward the reference level as selling pressure intensified

Macro Wrap: Vietnam’s Railway Sector: Scaling Infrastructure and Institutions

Equity Research Update: Vietnam Power Sector Update: At a Five-Year Inflection Point

Market Focus: Morning rally eased as geopolitical overhang caps gains

Macro Wrap: Another Mega Project

Equity Research Update: Commentary on A1 Jet Fuel Supply Shortage and Potential Impact on the Petroleum and Aviation Sectors

Market Focus: Risk‑off sentiment persists as prolonged Iran war caps market rebound attempts

Macro Wrap: Update from the Government Standing Committee

Equity Research Update: DGW VN (Outperform; TP VND 49,000): Benefiting from AI Adoption and Digitalization Trends

Market Focus: Capitals continued to seek shelter in defensive and value sectors

Macro Wrap: Update on gasoline price

Equity Research Update:

•           HDB VN (BUY; TP VND 32,000): Steady profit momentum

•           Vietnam ETFs: Q1 2026 Rebalancing Results

Market Focus: The market turned cautious again after two consecutive rebound sessions

Macro Wrap: Update on Trade

Equity Research Update: Steel Sector Update: Comment on preliminary US anti-dumping duty on concrete steel import to US from Vietnam & Section 301 investigation on Vietnam Steel sector

Market Focus: Vietnam market extends strong 2‑day rebound

Macro Wrap: After The Price Drop

Equity Research Update: KDH VN (Outperform; TP VND 32,800): Attractive Valuation, Solid Fundamentals

Market Focus: Market rebounded, supported by foreigners’ active bargain-hunting

Macro Wrap: Update on gasoline price

Equity Research Update: PHR VN (Outperform; TP VND 74,100): 2026 Earnings Upside from Rubber-to-Industrial Landbank Monetization

Market Focus: The VNIndex wiped out 115pts on escalated Iran war

Macro Wrap: Marching Ahead

Equity Research Update: HSG VN (Market Perform; TP VND 18,500): 2026 AGM note – Building for the long game

Market Focus: Sentiment deteriorated, the VNIndex slid to intraday low

Macro Wrap: Update on Vietnam economy in Jan-Feb and implications of rising oil price

Equity Research Update:

•           CTG VN (BUY; TP VND 44,800): Worth Far More

•           Vietnam ETFs 1Q26 Index Rebalancing Summary

Market Focus: Staggering foreign sales intimidated the market

Macro Wrap: Vietnam Energy Market Stress Briefing: Escalating Middle East Conflict & Downstream Impact

Equity Research Update: REE VN (Market Perform; TP VND 70,200): Hydropower Peak in 2025 May Create Earnings Pressure in 2026