Daily Call

Market Focus: VNIndex Slipped Below 1,800 as Vingroup Weighed, while sector rotation supported market breadth

Macro Wrap: Update on January macro data

Equity Research Update: IDC VN (Market Perform; TP VND 49,800): 4Q25 Earnings Beat on Contract Recognition

Market Focus: Rebound staged by Industrial Park stocks

Macro Wrap: Update on Circular 08/2026

Equity Research Update: 4Q25 Brokerage Sector Update: Pulling back to power head

Market Focus: The VNIndex tumbles on heavy foreign sell‑off before staging partial rebound

Macro Wrap: It’s noise, not a signal

Equity Research Update:

•           VNM VN: Strong Quarter Caps Resilient Year

•           CTR VN (Market Perform; TP VND 102,000): Solid Performance Across Core Business Segments

•           GVR VN (Market Perform; TP VND 35,700): Adverse Weather and Weaker Rubberwood Sales Weigh on 4Q25 Earnings

Market Focus: VNIndex extends rebound with broad-based gains and foreign buying

Macro Wrap: Update on government meeting

Equity Research Update:

•           VIC VN: 4Q25 Business Results Overview

•           VHM VN (Market Perform; TP VND 105,300): 4Q25 Business Results Overview

•           DBC VN: Turbulent year ending with a low note

•           DGW VN: Earnings miss on trading securities provision, offset by strong core profit

Market Focus: Rotation into Consumers and Exporters lifted the VNIndex

Macro Wrap: Update on Export Tax Policy

Equity Research Update:

•           MBB VN: Performance beat

•           NLG VN (Outperform; TP VND 38,200): 4Q25 Business Results Overview

•           PVS VN (Market Perform): 4Q 2025 result quick note

•           MSN VN (Outperform; TP VND 99,800): Growth Sustained Despite the Fading Low-Base Effect

Market Focus: The VN-Index extended its seventh-day slide as intensified selling and large block trades deepened the pre‑holiday correction

Macro Wrap: Update on MSCI Market Classification

Equity Research Update:

•           ACB VN: 4Q25 business results: A Soft Patch

•           DBD VN (Outperform; TP VND 62,000): Completed annual target but margins saw compression

Market Focus: Outflows from Vingroup and inflows into PetroVietnam

Macro Wrap: Update on exchange rate

Equity Research Update:

•           CTR VN (Market Perform; TP VND 102,000): 2025 Review: Meaningful contribution to Vietnam’s 5G infrastructure rollout

•           IMP VN: 4Q25 Review: Margin Strength Offset by Opex; Limited Upside as Share Price Approaches Target

Market Focus: Market slumps on inspection rumors but SOE stocks remained resilient

Macro Wrap: Update on stalled projects (Transitional BT projects)

Equity Research Update:

•           PNJ VN (Outperform; TP VND 132,000): New Repurchase Policy to Support Gold Materials Supply

•           FPT VN (Outperform; TP VND 120,000): Telecom Segment Emerged as a Key Driver of 2025 Earnings Growth

•           VRE VN: 4Q25 Business Results Overview

Market Focus: Market dropped as SOE profit-taking intensified

Macro Wrap: The way ahead

Equity Research Update: TNG VN (Outperform; TP VND 23,000): EU demand and premium segment to Drive 17% Upside

Market Focus: Sector rotation with underperformed Realty stocks in rebound

Macro Wrap: Update on FDI

Equity Research Update:

•           TCB VN (Outperform; TP VND 43,000): 4Q25 business results

•           VN30 Index 1Q26 Quarterly Review Results

Market Focus: PVN stocks exerted resilience

Macro Wrap: Update on Resolution 01/2026: Towards Execution-led Growth

Equity Research Update: NT2 VN (Outperform; TP VND 30,000): NT2 Sets a Decade-High, and the Rise Is Not Over

Market Focus: The market wobbled near its old peak as profit-taking pressure resurfaced, with sector rotation intensifying amid rising liquidity

Macro Wrap: Update on Digital-Asset Exchanges

Equity Research Update:

• BMP VN: 4Q25 Results: Hit, Not Broken – Sustaining Earnings Growth Momentum Despite Quarter-on-Quarter Setback
• VNDiamond and VNFIN Lead Indices: 1Q26 Quarterly Review Results

Market Focus: The VNIndex closed firmly higher on selective sector rotation, with blue‑chip support outweighing softer liquidity at high price levels

Macro Wrap: Private‑Sector Promotion Update

Equity Research Update: VPB VN (Outperform; TP VND 35,800): 4Q25 result - Earnings beat

Market Focus: Rally let off steam with SOE stocks under profit-taking pressure

Macro Wrap: 14th Party Congress: Execution-Led Policy and the Medium-Term Growth Path

Equity Research Update: Vietnam Transportation Sector Update: Bracing for Tariff Impact

Market Focus: SOE theme sustained despite strong profit-taking

Macro Wrap: Update on Tax Policy on Household Businesses

Equity Research Update: Vietnam Construction & Construction Materials Sector: Backlog Rises with Housing & Infra Push