Daily Call

Market Focus: Tanker stocks crowned on VLCC supply shortage and freight jump

Macro Wrap: Cabinet Meeting – Policy Trajectory Update

Equity Research Update: Iran Conflict: Implications for Oil & Gas Supply Chains, Freight Rates, and PVT Outlook

Market Focus: Markets Seize Up on Middle East Disruption

Macro Wrap: Update on affordable commercial housing initiative

Equity Research Update: MSN VN (BUY; TP VND 107,000): Compelling valuation supported by both core and non-core growth

Market Focus: Local market posted volatility amid Middle East tension

Macro Wrap: Navigating Vietnam Amid Middle East Turbulence

Equity Research Update: HAH VN (BUY; TP VND 86,500): Tariff Turmoil, Time Charter Triumph

Market Focus: SOE interests renewed on SSC’s dispatch

Macro Wrap: Update on public debt

Equity Research Update: SAB VN (Market Perform; TP VND 55,000): Cost Tailwinds and Event-Driven Demand to Support Earnings Stability

Market Focus: The VNIndex extended gains on large-cap support and selective sector rebounds

Macro Wrap: Update on inflation

Equity Research Update: NTP VN (Market Perform; VND 62,400): Sustaining Momentum from Robust Backlog and New Construction Projects

Market Focus: Foreigners’ portfolio reshuffling continued to shake the market

Macro Wrap: Revisiting Resolution 79 on the State Economy

Equity Research Update: GMD VN (Outperform; TP VND 95,000): Big earnings jump triggers re-rating

Market Focus: Market strength carried into 2nd post‑Tet session as foreign inflows returned

Macro Wrap: Vietnam Power Sector — From Elasticity to Energy Security

Equity Research Update: VCB VN (BUY; TP VND 84,900): Reacceleration phase ahead

Market Focus: Market kicks off Year of the Fire Horse with broad-based surge

Macro Wrap: Tariff Developments: Persistent Uncertainty

Equity Research Update: VNM VN (Market Perform; TP VND 72,000): Strong Quarter Caps Resilient Year

Market Focus: The year of the Wood Snake closed on picked up momentum

Macro Wrap: Update on SOE restructuring and Vietnam-US trade

Equity Research Update:

•           FPT VN (Outperform; TP VND 120,000): 2025 Analyst Meeting: AI is driving major changes in IT services/outsourcing industry

•           NLG VN (Outperform; TP VND 35,200): Resilient Amid Market Headwinds

Market Focus: Market leaned green on drained liquidity ahead of the holidays

Macro Wrap: Vietnam: Credit Discipline as Structural Signal

Equity Research Update:

•           HDG VN (Outperform; TP VND 31,300): Solid hydropower performance, soft sales momentum at Hado Charm Villas project

•           HT1 VN (BUY; TP VND 19,200): HT1 Sets Better: Margins Cure, Volumes Rebuild

Market Focus: The VNIndex closed on high, steered by Financial and Realty stocks

Macro Wrap: SBV Halves RRR for Selected Banks: Liquidity Supportive, Credit Impact Limited

Equity Research Update: HDB VN (Outperform; TP VND 32,300): 4Q25 business results

Market Focus: SOE stocks retreated while Vingroup stocks rebounded

Macro Wrap: Key takeaways from cabinet meeting resolution for January 2026

Equity Research Update: PNJ VN (BUY; TP VND 145,000): New Repurchase Policy to Improve Gold Material Availability

Market Focus: Liquidity shrank as Tet holiday mode turned on

Macro Wrap: From Policy Ambition to Executable Growth

Equity Research Update: Vietnam Banking Sector Update: A fulfilling finale

Market Focus: Correction pressure overshadowed the market

Macro Wrap: Vietnam Macro Update: Growth Holds Steady

Equity Research Update: MWG VN (BUY; TP VND 115,000): BHX Profitability Surprises on Margin Expansion

Market Focus: Vingroup rebounded amid market-wide correction

Macro Wrap: Update on investment

Equity Research Update:

•           HPA VN: 4Q25 results softened due to live hog price volatility

•           HPG VN (BUY; TP VND 35,000): Setting solid foundation for 2026

•           IMP VN (Market Perform; TP VND 56,000): Downgrading to Market Perform as risk-reward turns neutral after acquisition news