DAILY MARKET RECAP - VNDIRECTDAILY MARKET RECAP 9 November 2017 Bloomberg: VNDS CPC segment’s 22%...

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DAILY MARKET RECAP 9 November 2017 Bloomberg: VNDS Market commentary: VN-INDEX managed to close above the 860-pt level despite strong profit-taking, VIC played the hero, once again. Vietnam’s stock market rallied on the back of bullish large caps. After experiencing fluctuations throughout the first half hour, VN- INDEX began showing positive signals and gradually increased to the intraday peak of 864.2pts (+0.5%). Rather unexpectedly, profit- taking activities suddenly overwhelmed in the afternoon session, thus pulling the VN-INDEX down towards its intraday low. However, the advance of some large caps, especially VIC and VNM, helped the market stay in the green. Real Estate and Energy drove today’s rise. Specifically, VIC recorded a 10-day winning streak despite strong net-selling by foreign investors and alone added 3.1pts to the index’s overall gain. Food and Beverage stocks saw dispersion with VNM attracting huge attention from foreigners and rising by a dramatic 1.4%, followed by BHN while SAB dropped. The upward momentum of the index was further consolidated by the positive performance of some other blue-chips, including GAS, MWG, PLX, REE and VJC. On the other hand, some market pillars suffered losses with ROS, SAB and VCB ranking as the worst performers. At the end, despite an overwhelming number of decliners, the VN-INDEX closed up at 860.4pts (+0.1%). The HNX-INDEX successfully reversed in late trading to land at 105.9pts (+0.1%) with 79 gainers, 90 losers and 209 unchanged. Real Estate (+2.3%), Energy (+1.9%) and Utilities (+0.6%) increased significantly while Industrials (-1.9%), Financials (-0.9%) and IT (- 0.4%) dropped. The top index movers included VIC (+4.7%), VNM (+1.4%), PLX (+2.3%), BHN (+3.5%) and VJC (+0.9%). Top index laggards consisted of ROS (-6.8%), SAB (-1.2%), VCB (-1.2%), BID (- 1.3%) and CTG (-1.0%). Top 3 block trades were MSN with 5.7mn shares (VND342.8bn), NVL with 1.4mn shares (VND84.3bn) and VNM with 0.5mn shares (VND79.9bn). Foreigners net bought on both exchanges worth VND413.5bn. They mainly bought VNM (VND349.2bn), VJC (VND53.0bn) and VCI (VND41.1bn) and sold VNM (VND71.2bn), CII (VND45.4bn) and HPG (VND44.4bn). Snapshot HOSE HNX Close (pts) 860.4 105.9 1 Day change (%) 0.08 0.12 Volume (mn shs) 164.4 32.9 Value (US$mn) 203.7 19.5 Gainers 131 79 Losers 143 90 Unchanged 68 209 Commodities & Currencies Close %chg Gold(USD/Oz) 1,285 0.06 WTI Oil ($/B) 1Mth 56.80 -0.02 Brent Oil ($/B) 1Mth 63.37 -0.19 USDVND 22,717 -0.01 EURVND 26,496 -0.09 Source: Bloomberg 858.0 859.2 860.4 861.6 862.8 864.0 VN-INDEX 105.2 105.4 105.6 105.8 106.0 106.2 HNX-INDEX Sectors Price Index P/E P/B Country Close 1D chg P/E P/B Market cap (VNIndex) 1D chg Wgt x x Peering Points % x x US$bn Consumer Discretionary 0.51% 0.99 20.44 5.25 China 4,075.9 0.69% 16.86 2.06 4,422 Consumer Staples 0.25% 7.11 31.15 8.64 India 10,321.7 0.18% 23.74 3.09 1,150 Energy 1.91% 2.82 14.91 3.01 Indonesia 6,042.5 -0.11% 22.11 2.51 497 Financials -0.90% 3.56 17.02 2.05 Laos 1,033.6 -0.22% 13.14 0.88 1 Health Care 0.58% 0.33 20.21 3.79 Malaysia 1,746.8 0.15% 16.30 1.80 251 Industrials -1.92% 1.68 62.64 8.26 Philippines 8,519.8 0.13% 23.44 2.54 201 IT -0.44% 1.08 12.6 2.48 Taiwan 10,743.3 -0.70% 16.17 1.82 1,064 Materials -0.22% 1.18 8.79 1.67 Thailand 1,703.0 -0.68% 17.97 2.05 511 Real Estate 2.31% 4.89 38.03 4.47 Uti l i ti es 0.60% 5.01 15.55 3.24 Vietnam 860.4 0.08% 16.91 2.47 100 9-Nov Source: Bloomberg Source: Bloomberg

Transcript of DAILY MARKET RECAP - VNDIRECTDAILY MARKET RECAP 9 November 2017 Bloomberg: VNDS CPC segment’s 22%...

Page 1: DAILY MARKET RECAP - VNDIRECTDAILY MARKET RECAP 9 November 2017 Bloomberg: VNDS CPC segment’s 22% YoY drop in sales 3Q was an aberration. Heavy rainfall and early season flooding

DAILY MARKET RECAP 9 November 2017

Bloomberg: VNDS

Market commentary: VN-INDEX managed to close above the 860-pt level despite strong profit-taking, VIC played the hero, once again. Vietnam’s stock market rallied on the back of bullish large caps. After experiencing fluctuations throughout the first half hour, VN-INDEX began showing positive signals and gradually increased to the intraday peak of 864.2pts (+0.5%). Rather unexpectedly, profit-taking activities suddenly overwhelmed in the afternoon session, thus pulling the VN-INDEX down towards its intraday low. However, the advance of some large caps, especially VIC and VNM, helped the market stay in the green. Real Estate and Energy drove today’s rise. Specifically, VIC recorded a 10-day winning streak despite strong net-selling by foreign investors and alone added 3.1pts to the index’s overall gain. Food and Beverage stocks saw dispersion with VNM attracting huge attention from foreigners and rising by a dramatic 1.4%, followed by BHN while SAB dropped. The upward momentum of the index was further consolidated by the positive performance of some other blue-chips, including GAS, MWG, PLX, REE and VJC. On the other hand, some market pillars suffered losses with ROS, SAB and VCB ranking as the worst performers. At the end, despite an overwhelming number of decliners, the VN-INDEX closed up at 860.4pts (+0.1%). The HNX-INDEX successfully reversed in late trading to land at 105.9pts (+0.1%) with 79 gainers, 90 losers and 209 unchanged.

Real Estate (+2.3%), Energy (+1.9%) and Utilities (+0.6%) increased significantly while Industrials (-1.9%), Financials (-0.9%) and IT (-0.4%) dropped. The top index movers included VIC (+4.7%), VNM (+1.4%), PLX (+2.3%), BHN (+3.5%) and VJC (+0.9%). Top index laggards consisted of ROS (-6.8%), SAB (-1.2%), VCB (-1.2%), BID (-1.3%) and CTG (-1.0%). Top 3 block trades were MSN with 5.7mn shares (VND342.8bn), NVL with 1.4mn shares (VND84.3bn) and VNM with 0.5mn shares (VND79.9bn).

Foreigners net bought on both exchanges worth VND413.5bn. They mainly bought VNM (VND349.2bn), VJC (VND53.0bn) and VCI (VND41.1bn) and sold VNM (VND71.2bn), CII (VND45.4bn) and HPG (VND44.4bn).

Snapshot HOSE HNX

Close (pts) 860.4 105.9

1 Day change (%) 0.08 0.12

Volume (mn shs) 164.4 32.9

Value (US$mn) 203.7 19.5

Gainers 131 79

Losers 143 90

Unchanged 68 209

Commodities & Currencies Close %chg

Gold(USD/Oz) 1,285 0.06

WTI Oil ($/B) 1Mth 56.80 -0.02

Brent Oil ($/B) 1Mth 63.37 -0.19

USDVND 22,717 -0.01

EURVND 26,496 -0.09

Source: Bloomberg

858.0

859.2

860.4

861.6

862.8

864.0 VN-INDEX

105.2

105.4

105.6

105.8

106.0

106.2

HNX-INDEX

Sectors Price Index P/E P/B Country Close 1D chg P/E P/B Market cap

(VNIndex) 1D chg Wgt x x Peering Points % x x US$bn

Consumer Discretionary 0.51% 0.99 20.44 5.25 China 4,075.9 0.69% 16.86 2.06 4,422

Consumer Staples 0.25% 7.11 31.15 8.64 India 10,321.7 0.18% 23.74 3.09 1,150

Energy 1.91% 2.82 14.91 3.01 Indonesia 6,042.5 -0.11% 22.11 2.51 497

Financials -0.90% 3.56 17.02 2.05 Laos 1,033.6 -0.22% 13.14 0.88 1

Health Care 0.58% 0.33 20.21 3.79 Malaysia 1,746.8 0.15% 16.30 1.80 251

Industrials -1.92% 1.68 62.64 8.26 Philippines 8,519.8 0.13% 23.44 2.54 201

IT -0.44% 1.08 12.6 2.48 Taiwan 10,743.3 -0.70% 16.17 1.82 1,064

Materials -0.22% 1.18 8.79 1.67 Thailand 1,703.0 -0.68% 17.97 2.05 511

Real Estate 2.31% 4.89 38.03 4.47

Utilities 0.60% 5.01 15.55 3.24 Vietnam 860.4 0.08% 16.91 2.47 100

9-NovSource: Bloomberg Source: Bloomberg

Page 2: DAILY MARKET RECAP - VNDIRECTDAILY MARKET RECAP 9 November 2017 Bloomberg: VNDS CPC segment’s 22% YoY drop in sales 3Q was an aberration. Heavy rainfall and early season flooding

DAILY MARKET RECAP 9 November 2017

Bloomberg: VNDS

Market News

Oil steadied near US$57 a barrel in New York as data showing U.S. crude output at the highest

level in at least three decades countered concerns sparked by a political purge in top exporter

Saudi Arabia. U.S. output expanded for a third week to 9.62mn barrels a day, the highest in

weekly Energy Information Administration data going back to 1983. Crude inventories rose

2.24mn barrels last week, compared with a 2.45-million drop forecasted in a Bloomberg survey.

Oil has advanced about 20% since the start of September on signs the Organization of Petroleum

Exporting Countries (OPEC) and its allies will extend output cuts past March. The arrest of more

than 10 princes as well as dozens of officials and businessmen in an anti-corruption probe in

Saudi Arabia, OPEC’s de-facto leader, has added to price gains. (Bloomberg)

Banking system-wide credit, including corporate bonds, was seen rising 13.5% through end-

Oct. vs. end-2016, according to the National Financial Supervisory Commission. Liquidity in the

banking system remains healthy. Total funding was seen rising 12% while total deposits rose by

11.5% and valuable papers issued rose by 24.4% vs. end-2016. (Bloomberg)

Talks aimed at salvaging a Pacific Rim trade pact rejected by President Donald Trump resumed

Thursday on the sidelines of the annual summit of the Asia-Pacific Economic Cooperation

forum. Trade and foreign ministers of 11 members of the original Trans-Pacific Partnership pact

were seeking to agree in principle on how to proceed without U.S. involvement after Trump

pulled out from the formerly U.S.-led initiative earlier this year. Trump and other leaders are

heading to Vietnam for the 21-member APEC summit, which begins Friday in the coastal resort

city of Danang. Japan and Australia have shown strong enthusiasm for reaching a framework

agreement that drops a requirement in the original accord that it be ratified by at least six

member countries with a combined GDP equal to 85% of the combined GDP of all members.

(Bloomberg)

Coverage Universe Updates

Loc Troi Group (LTG VN): On track for a recovery - ADD (Upside +41.0%)

Our prediction for a recovery in LTG’s earnings remains unchanged despite the current

slowdown in 3Q net profit growth, which was mainly caused by abnormal weather conditions.

However, we lower our target price by 8.7% to VND66,270 to reflect a corresponding fall in our

2017 earnings forecast (unchanged target TTM P/E of 12x), but maintain our ADD

recommendation with a view that the recent sharp share price correction has created an

attractive entry point.

All segments apart from CPC grew in 3Q. The Agrifood segments saw a standout

performance in 3Q, after completing clearance of old rice stockpiles in 2Q17 at fire-sale

prices. The segment’s net sales touched VND541bn (+17% YoY) while gross margin expanded

to 10.5% from 1.2% in 1H17. The Seed segment’s performance was in line with our forecast

with net sales growing 20.5% YoY and gross margin staying at 1H level of 22.4%. Overall, 3Q

net profit growth dropped from 23% YoY in 2Q to 5% YoY but still helped clock 17.3% YoY in

9M YTD.

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DAILY MARKET RECAP 9 November 2017

Bloomberg: VNDS

CPC segment’s 22% YoY drop in sales 3Q was an aberration. Heavy rainfall and early season

flooding over the period reduced total rice paddy acreage in the Mekong Delta (major CPC

market for LTG), by 3% from 3Q2016 levels. In addition, farmers started the Summer-Fall

crop earlier this year (a large part of the area saw planting starting in 2Q instead of 3Q)

which also caused a 16% decrease in the average area with mature crop during 3Q. 4Q

prospects for CPC sales are positive in 4Q as the Winter-Spring crop will start growing and

the weather is expected to be better.

Booming rice exports to China and Philippines should boost Agrifood sales. The Agrifood

Segment enjoyed favourable industry conditions as Vietnam’s 3Q rice export volume grew

by 52% YoY, with China and Philippines being the highest-growth export markets. (Source:

Ministry of Agriculture and Rural Development – MARD). Details of LTG’s rice volume and

average sale price were not disclosed, but 60% of LTG’s Agrifood sale comes from exporting

with the main markets being China, Taiwan and the Philippines. China is now the largest

destination for Vietnamese rice exports with over 39.3% share, followed by Philippines with

9.6% market share.

We forecast FY17 net sales of VND8,198bn (+5.3% YoY) and net profit of VND436bn (+25.8%

YoY). LTG’s FY17 earnings may not meet either its 2017 goal or our latest forecasts. For 2018,

we expect a 7.1% increase in top line and an 18.4% growth in the bottom line.

Read the full report: HERE

Notable Corporate Events

Hoa Binh Construction Group JSC (HBC VN) – business activity: HBC was approved by Ho Chi

Minh City People’s Committee to convert a part of the Hoa Binh Residential Project into

commercial housing. Accordingly, HBC is allowed to convert 902 social housing apartments into

462 commercial houses and 92 terraced houses. The project is expected to start in 2017.

(Hbcr.vn)

Binh Duong Water Environment JSC (BWE VN) – dividend payment: BWE’s BoD has announced

the plan to pay the first 2017 cash dividend of VND250/share (completing 50% of target annual

dividend of VND500/share). The payment is expected in November. (Hsx.vn)

Vietnam International Commercial JSB (VIB VN - UPCOM) – business activities: VIB has

registered with State Bank of Vietnam (SBV) to borrow US$185mn from International Finance

Corporation (IFC). The loan will be used to raise credit capital while balancing borrowings from

domestic and foreign sources. (Cafef.vn)

Lamdong Pharmaceutical JSC (LDP VN) – shareholder’s activity: Nguyen Kim Group (NKID -

unlisted) has announced to purchase 2,125,358 LDP shares at the maximum price of

VND32,000/share from Oct 25 to Dec 10. If successful, the organization will increase its stake

from 1.9mn shares (24%) to 4mn shares (51.14%). Consequently, LDP will be changed from

affiliate to subsidiary of NKID. (Ndh.vn)

<to be continued>

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DAILY MARKET RECAP 9 November 2017

Bloomberg: VNDS

COVERAGE SUMMARY

Ticker Adjusted price

Adjusted target price

Upside Recom-endation

Investment thesis summary/Update Latest report

PC1 35,000 42,100 20.3% ADD Positive outlook for 2018 with surge in revenue thanks to: (1) New contribution from My Dinh Plaza II and (2) commissioning of two new hydropower plants in Q4, 2017.

HBC 52,800 71,600 35.6% ADD 1. Large contract back-log to drive double-digit growth until 2019 2. Balance sheet to improve after planned private placement of 18mn shares (14%).

LPB 13,200 17,200 30.3% ADD

1. Unique distribution advantage with more than 1000 PTOs across country. Will be able to maintain strong credit growth thanks to good capital buffer (CAR ~13%) and strong liquidity (LDR ~80%). 2. FY17 YE P/B of 1.0x, cheap relative to peers.

Link

VHC 45,200 68,000 50.4% ADD 1. Manufacturing capacity will increase by 40% by 2018 2. The largest market, US, will probably regain its growth momentum into next year 3. Input price could decrease and become more stable in 2018

Link

TDH 13,600 15,900 16.9% ADD

CTD 230,000 249,028 8.3% HOLD

1. Leading firm in construction sector with blue-chip client base. 2. Revenue from new contracts will ensure growth for the next two years. Projected revenue and earnings growth of 43.9% and 39.8%, respectively in 2017. 3. Rising contribution of design and build (D & B) projects to touch 50% of total revenue should lift blended margins. D&B contracts’ average GM of 10% and traditional contract of 6-7%. D&B’s

Link

DCM 12,300 16,200 31.7% ADD

1. Recovery in ASP (+6% in 2017 from low level in '16) and volume (+9% in 2017, supported by exporting activities), driven by recovery in agriculture sector and global urea price cycle. 2. Gas price subsidy from PVN until the end of 2018 (guaranteeing ROE at minimum 12%), preferential income tax rate of 5% 3. Possible change in VAT policy could reduce COGS and improve margins by 2-3% pts. 4. PVN plans to divest 24.6% stake by 2018 which will add to free-float.

PTB 125,300 133,400 6.5% HOLD

Link

VJC 117,200 139,600 19.1% ADD

Link

NLG 28,000 31,850 13.8% HOLD

1. NLG is well aligned with the new property market orientation. NLG focuses on durable-demand products (affordable and social apartments and landed properties). 2. FY2017 net revenue is forecasted at VND3,454 billion (+36.3% yoy) and NPATMI at VND544 billion (+58% yoy). For 2018, revaluation of Hoang Nam project will secure strong EAT growth. However, the share price is reasonable this year. 3. Upside for the stock will come in 2018 as major projects are going to be executed.

Link

IMP 62,900 70,600 12.2% HOLD

Link

PNJ 110,400 113,500 2.8% HOLD 1. Largest jewelry retailer with rapid retail footprint expansion 2. Robust SSSG in 2017 (25%) and target SSSG FY18 of 12%. 3. FY17 EAT is forecasted to grow by 77.8%, 44% for FY18.

Link

ACV 75,200 83,700 11.3% HOLD

1. Passenger throughput could grow at more than 15% in the next few years 2. Domestic passenger fees will increase by 22.7% yoy in 2018, FY18 EAT to touch VND5,072b (+46.5%) 3. 2018 EV/EBITDA 11.9x, below peers average of 15x

Link

BFC 36,800 43,338 17.8% ADD

1. Leading NPK producer in terms of capacity (current 925k tons, could add 200k tons more in the North) and market share (15-16%) 2. Long-term growth from expansion strategy to Northern Vietnam (+20%/year in volumes) and overseas market (Cambodia)

VNR 23,000 25,443 10.6% HOLD

TCM 24,800 31,082 25.3% ADD

Link

DRI 11,300 18,325 62.2% ADD

1. Low production cost (40% below the peer average) due to higher tapping yield and cheap labor. 2. Natural rubber price (ASP) is still in recovery mode and expected to rise 25% yoy in 2017 with this ASP increase not really reflected in DRI’s valuation due to negative sentiment on the stock 3. Attractive valuation and first dividend payment for FY17 expected to be VND1,000/share (VND500/share already advanced in Sep 17).

Link

DPM 20,600 24,519 19.0% ADD

1. Gross margin fluctuates following movement in oil prices, 1H17 performance hurt by the sharp increase in oil/gas input price 2. NH3-NPK expansion projects will contribute to revenue and profit starting from 2018 (expected VND1.2-2trl in revenue and VND150-300bn in profit) 3. DPM would benefit the most in case a change in VAT policy is approved (gross margin +3-4% pts.) 4. PVN plans to divest 8.6% stake by 2018

Link

NVL 60,400 69,500 15.1% ADD

Link

QNS 62,700 95,006 51.5% ADD 1. QNS is a dominant producer of soy milk with 85% market share in the packaged Link

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DAILY MARKET RECAP 9 November 2017

Bloomberg: VNDS

Ticker Adjusted price

Adjusted target price

Upside Recom-endation

Investment thesis summary/Update Latest report

segment. 2. One of the most profitable F&B companies in term of ROE (FY16 ~43.3%) and ROA (FY16 ~25%). 3. - Manufacturing capacity addition is the next engine for growth: an increase by 30% of soymilk capacity and 50% of sugar refine capacity 4. Current PE TTM is 9.7x, relatively attractive vs peers.

SBV 46,500 56,052 20.5% ADD

1. SBV is the leading company in the marine rope and cordages niche market and has a great brand which gives it pricing power. 2. Fishermen are shifting to offshore fishing, thereby boosting demand for higher quality rope products which SBV specializes in. 3. A 40% jump in manufacturing capacity starting in 4Q will ease capacity constraints and lay the foundation for continued growth.

Link

CTG 19,700 20,700 5.1% HOLD ACB 31,500 29,800 -5.4% HOLD

DPR 39,500 51,900 31.4% ADD

1. ASP will stay at high levels in 4Q 2017 and FY2018. 2. Surge in 2018 disposal earnings given spike in 9M 2017 rubber wood price. 3. Tapping volume rise and disposals to drive FY2018 EAT growth

Link

LTG 47,000 66,270 41.0% ADD

1. All segments apart from CPC grew in 3Q 2. CPC segment’s 22% YoY drop in sales 3Q was an aberration. 3. Booming rice exports to China and Philippines should boost Agrifood sales. 4. For 2017, we raise our net sales forecast by 7.6% but lower our net profit forecast by 8.7% as a result of a 0.8bps decrease in our forecasted gross margin. 5. For 2018, we expect a 7.1% growth in top line to touch VND8,781bn and a 18.4% growth in bottom line to touch VND517bn.

Link

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DAILY MARKET RECAP 9 November 2017

Bloomberg: VNDS

MARKET MOVEMENTS

HOSETop gainers VND Top gainers VND

Ticker Last Price Chg %chg Vol. Index

impact

Ticker Last Price Chg %chg Vol. Index

impact

PME 87,300 5,700 7.0 520,010 0.140 PSW 9,900 900 10.0 100 0.000

TIE 10,600 690 7.0 6,950 0.002 TMX 8,800 800 10.0 500 0.000

EMC 15,450 1,000 6.9 3,420 0.004 VSM 11,000 1,000 10.0 100 0.000

EVE 18,650 1,200 6.9 260,990 0.019 DNM 23,600 2,100 9.8 300 0.000

HTL 40,600 2,600 6.8 130 0.012 VIE 9,000 800 9.8 2,000 0.000

Top losers VND Top losers VND

Ticker Last Price Chg %chg Vol. Index

impact

Ticker Last Price Chg %chg Vol. Index

impact

QCG 14,000 -1,050 -7.0 449,980 -0.109 SJ1 14,800 -1,600 -9.8 529 0.000

CTF 18,800 -1,400 -6.9 4,390 -0.009 NHC 27,100 -2,900 -9.7 706 0.000

RIC 6,610 -490 -6.9 20 -0.005 SGD 13,200 -1,400 -9.6 200 0.000

PTC 5,670 -420 -6.9 23,970 -0.003 CCM 34,000 -3,600 -9.6 1,200 0.000

PNC 27,850 -2,050 -6.9 30 -0.009 TTB 10,400 -1,100 -9.6 483,632 0.000

Top index movers VND Top index movers VND

Ticker Last Price Chg %chg Vol. Index

impact

Ticker Last Price Chg %chg Vol. Index

impact

VIC 68,600 3,100 4.7 1.90MLN 3.082 VCG 23,000 1,100 5.0 4.65MLN 0.138

VNM 162,500 2,300 1.4 2.05MLN 1.258 ACB 31,500 100 0.3 1.27MLN 0.087

PLX 58,200 1,300 2.3 398,980 0.634 HUT 10,900 300 2.8 606,333 0.060

BHN 123,000 4,200 3.5 35,560 0.367 DBC 24,400 600 2.5 13,820 0.037

VJC 117,200 1,000 0.9 1.52MLN 0.170 PGS 22,900 900 4.1 1,410 0.033

Top index laggers VND Top index laggers VND

Ticker Last Price Chg %chg Vol. Index

impact

Ticker Last Price Chg %chg Vol. Index

impact

ROS 174,200 -12,700 -6.8 1.21MLN -2.264 SHB 7,800 -100 -1.3 4.12MLN -0.098

SAB 278,100 -3,400 -1.2 4,680 -0.822 PVS 16,200 -200 -1.2 3.45MLN -0.051

VCB 43,100 -500 -1.2 1.90MLN -0.678 TTB 10,400 -1,100 -9.6 483,632 -0.037

BID 23,500 -300 -1.3 2.33MLN -0.387 VGC 22,200 -200 -0.9 807,574 -0.024

CTG 19,700 -200 -1.0 1.26MLN -0.281 CEO 11,100 -200 -1.8 1.78MLN -0.021

Top active volume VND Top active volume VND

Ticker Last Price Chg %chg Vol. Index

impact

Ticker Last Price Chg %chg Vol. Index

impact

FLC 6,400 -80 -1.2 8.45MLN -0.019 VCG 23,000 1,100 5.0 4.65MLN 0.000

ASM 10,800 400 3.9 6.63MLN 0.036 SHB 7,800 -100 -1.3 4.12MLN 0.000

HAI 7,450 0 0.0 5.72MLN 0.000 PVS 16,200 -200 -1.2 3.45MLN 0.000

MBB 23,500 -300 -1.3 5.20MLN -0.205 SHS 17,400 200 1.2 2.33MLN 0.000

HQC 2,660 -40 -1.5 4.64MLN -0.007 KLF 3,800 0 0.0 1.99MLN 0.000

9-Nov

HNX

Source: Bloomberg

Page 7: DAILY MARKET RECAP - VNDIRECTDAILY MARKET RECAP 9 November 2017 Bloomberg: VNDS CPC segment’s 22% YoY drop in sales 3Q was an aberration. Heavy rainfall and early season flooding

DAILY MARKET RECAP 9 November 2017

Bloomberg: VNDS

FOREIGN ACTIVITIES

Volume (Mn'shs) HOSE d/d HNX d/d Value (VND'bn) HOSE d/d HNX d/d

BUY 14.7 7.0% 2.2 -34.2% BUY 783.7 33.6% 41.1 -34.2%

% of market 9.1% 6.6% % of market 17.5% 9.3%

SELL 9.4 -36.1% 0.8 -50.0% SELL 394.4 -31.0% 16.8 -48.0%

% of market 5.8% 2.4% % of market 8.8% 3.8%

NET BUY (SELL) 5.25 1.4 NET BUY (SELL) 389.2 24.3Source: HSX, HNX

(1,000)

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Foreign net buy/sell (30 days) in VND'bn

HOSE HNX

2017 ACCUMULATION

Volume (Mln'shs) HOSE % of 2016 HNX % of 2016 Value (VND'bn) HOSE % of 2016 HNX % of 2016

BUY 2,814.6 114.3% 346.1 87.7% BUY 118,225.4 129.6% 7,216.7 115.9%

% of market 7.1% 3.0% % of market 14.3% 5.6%

SELL 2,627.9 98.4% 363.0 110.6% SELL 97,887.5 98.9% 7,795.2 153.2%

% of market 6.6% 3.1% % of market 11.9% 6.1%

NET BUY (SELL) 186.7 (16.9) NET BUY (SELL) 20,338 (578.6)Source: HSX, HNX

Page 8: DAILY MARKET RECAP - VNDIRECTDAILY MARKET RECAP 9 November 2017 Bloomberg: VNDS CPC segment’s 22% YoY drop in sales 3Q was an aberration. Heavy rainfall and early season flooding

DAILY MARKET RECAP 9 November 2017

Bloomberg: VNDS

FOREIGN ACTIVITIES

Top buy by foreigners (value) VND'bn Top buy by foreigners (value) VND'bn

Ticker Last Price Chg %chg Value Index

impact

Ticker Last Price Chg %chg Value Index

impact

VNM 162,500 2,300 1.44 349.2 1.258 PVS 16,400 -200 0.61 17.3 0.000

VJC 117,200 1,000 0.86 53.0 0.170 VGC 22,400 -200 0.00 15.3 0.000

VCI 64,900 100 0.15 41.1 0.005 VCG 21,900 1,100 1.39 5.1 0.000

HPG 37,050 0 0.00 31.6 0.000 API 30,400 500 1.67 0.5 0.000

VCB 43,100 -500 -1.15 31.5 -0.678 VGS 9,100 0 0.00 0.4 0.000

Top sell by foreigners (value) VND'bn Top sell by foreigners (value) VND'bn

Ticker Last Price Chg %chg Value Index

impact

Ticker Last Price Chg %chg Value Index

impact

VNM 162,500 2,300 1.44 71.2 1.258 VGC 22,400 -200 0.00 15.1 0.000

CII 30,700 -300 -0.97 45.4 -0.032 VNR 23,000 -1,000 -4.17 0.5 0.000

HPG 37,050 0 0.00 44.4 0.000 NDN 8,800 0 0.00 0.3 0.000

FPT 52,600 -400 -0.75 31.5 -0.080 PVG 6,900 0 0.00 0.2 0.000

HSG 22,800 -700 -2.98 31.0 -0.092 PVS 16,400 -200 0.61 0.2 0.000

Top net buy by foreigners (value) VND'bn Top net buy by foreigners (value) VND'bn

Ticker Last Price Chg %chg Value Index

impact

Ticker Last Price Chg %chg Value Index

impact

VNM 162,500 2,300 1.44 278.0 1.258 PVS 16,400 -200 0.61 17.1 0.000

VJC 117,200 1,000 0.86 43.4 0.170 VCG 21,900 1,100 1.39 5.0 0.000

VCI 64,900 100 0.15 39.6 0.005 API 30,400 500 1.67 0.4 0.000

GAS 76,800 200 0.26 23.0 0.144 VGS 9,100 0 0.00 0.4 0.000

VCB 43,100 -500 -1.15 17.2 -0.678 PVC 10,100 0 0.00 0.3 0.000

Top net sell by foreigners (value) VND'bn Top net sell by foreigners (value) VND'bn

Ticker Last Price Chg %chg Value Index

impact

Ticker Last Price Chg %chg Value Index

impact

CII 30,700 -300 -0.97 -29.9 -0.032 VNR 23,000 -1,000 -4.17 -0.41 0.000

MSN 59,400 -500 -0.83 -28.9 -0.218 NDN 8,800 0 0.00 -0.26 0.000

HPG 37,050 0 0.00 -12.7 0.000 PVG 6,900 0 0.00 -0.20 0.000

VIC 68,600 3,100 4.73 -12.7 3.082 PVE 7,500 300 4.17 -0.11 0.000

VHC 45,200 1,100 2.49 -7.1 0.038 TV2 167,000 2,100 1.27 -0.05 0.000

HOSE HNX

Source: Bloomberg, HOSE, HNX

Page 9: DAILY MARKET RECAP - VNDIRECTDAILY MARKET RECAP 9 November 2017 Bloomberg: VNDS CPC segment’s 22% YoY drop in sales 3Q was an aberration. Heavy rainfall and early season flooding

DAILY MARKET RECAP 9 November 2017

Bloomberg: VNDS

TOP 60 MARKET CAP STOCKS SNAPSHOT ON HOSE No. Ticker Price Mkt. Cap Outs. Vol. Float ratio Avail. FII Ave. daily vol. P/E P/B ROE ROA

VND 1M 3M 6M US$mln Mln'shs % % (30 days-shs) x x % %

1 VNM VM 162,500 9.1 8.3 12.8 10,382 1,451 57.9 44.5 695,428 25.3 9.8 41.9 35.0

2 VIC VM 68,600 31.9 57.7 68.3 7,965 2,638 52.3 18.9 1,291,673 53.4 6.1 10.5 1.5

3 SAB VM 278,100 6.9 14.9 41.4 7,851 641 10.4 39.1 33,382 40.5 12.0 31.7 20.3

4 VCB VM 43,100 9.4 14.0 18.2 6,826 3,598 22.9 9.4 2,338,660 22.3 2.9 13.7 1.0

5 GAS VM 76,800 13.8 21.1 38.1 6,469 1,913 4.2 45.7 647,678 16.6 3.7 22.4 15.1

6 ROS VM 174,200 56.4 83.4 19.6 3,627 473 27.0 47.3 1,679,347 168.7 16.9 11.7 7.4

7 BID VM 23,500 17.5 15.2 41.6 3,537 3,419 4.4 27.8 2,281,890 14.0 1.8 13.0 0.6

8 VRE VM 40,550 N/A N/A N/A 3,393 1,901 100.0 21.6 N/A 19.5 3.3 17.6 6.9

9 CTG VM 19,700 2.6 4.8 9.7 3,229 3,723 15.8 0.0 1,592,220 9.8 1.2 12.2 0.8

10 MSN VM 59,400 3.8 41.4 40.1 3,002 1,148 43.9 20.4 739,131 31.2 3.6 12.4 3.1

11 PLX VM 58,200 -4.9 -11.6 24.1 2,969 1,159 100.0 10.9 337,034 15.6 3.5 22.8 7.7

12 VPB VM 39,700 6.0 N/A N/A 2,617 1,497 89.9 0.0 1,228,256 8.9 2.0 25.4 1.9

13 HPG VM 37,050 -6.1 16.3 33.2 2,474 1,517 58.9 9.3 3,712,306 6.9 1.9 31.5 19.7

14 VJC VM 117,200 10.8 32.9 27.4 2,329 451 64.7 4.6 908,993 18.8 10.9 68.7 14.3

15 MBB VM 23,500 1.3 9.9 48.2 1,878 1,816 49.7 0.0 4,051,071 11.0 1.6 14.8 1.4

16 MWG VM 129,000 8.4 23.7 49.6 1,746 308 73.1 0.0 616,603 20.0 7.6 45.6 14.8

17 NVL VM 60,400 -1.6 -7.8 -12.0 1,656 623 29.5 40.4 1,565,897 17.8 3.9 23.1 5.3

18 BVH VM 51,600 -2.8 -8.0 -10.3 1,546 680 29.1 24.5 258,498 26.9 2.5 10.7 1.9

19 BHN VM 123,000 -8.2 55.5 47.3 1,255 232 100.0 31.5 30,093 38.0 5.0 13.8 8.0

20 FPT VM 52,600 7.8 8.7 25.2 1,229 531 70.7 0.0 1,161,887 12.8 2.6 22.0 7.7

21 STB VM 11,150 -10.4 -5.5 -6.3 885 1,804 94.6 15.5 2,230,921 29.4 0.9 3.0 0.2

22 CTD VM 230,000 13.3 10.1 13.0 775 77 89.0 1.7 97,231 11.3 2.6 28.2 14.6

23 EIB VM 11,150 -7.1 -11.2 -0.4 603 1,229 75.6 0.2 169,172 26.1 1.0 3.9 0.4

24 DHG VM 97,000 -7.3 -10.0 5.4 558 131 31.8 0.1 190,447 20.1 4.5 23.2 19.4

25 PNJ VM 110,400 -0.5 7.2 16.0 525 108 64.5 0.0 253,998 17.7 4.4 28.9 16.4

26 SSI VM 23,350 -5.7 -7.5 -1.9 503 490 57.0 48.5 2,619,689 12.6 1.3 11.2 5.8

27 GMD VM 38,800 -12.0 -4.2 6.7 492 288 59.6 0.0 729,002 20.6 1.8 7.0 4.1

28 SBT VM 20,050 -18.8 -36.3 -20.8 492 557 72.0 39.9 1,578,208 16.5 1.6 10.3 4.6

29 REE VM 33,900 -2.6 -5.6 6.6 463 310 48.3 0.0 1,074,706 6.4 1.4 23.1 13.9

30 KDH VM 26,900 7.2 8.7 11.3 398 336 56.4 0.0 133,687 15.1 2.3 12.9 5.5

31 NT2 VM 30,400 9.5 8.6 1.3 385 288 27.9 27.7 474,882 12.9 1.9 14.4 6.7

32 DPM VM 20,600 -9.6 -10.4 -12.5 355 391 35.2 27.8 418,139 12.0 1.0 8.8 7.2

33 HSG VM 22,800 -19.1 -18.1 -19.2 351 350 51.7 24.0 2,919,793 5.9 1.5 28.6 7.9

34 VCI VM 64,900 9.8 8.2 N/A 343 120 91.6 14.6 96,623 16.8 5.6 31.9 12.1

35 KDC VM 36,800 -8.2 -15.3 -9.4 333 206 49.8 39.7 336,599 13.4 1.2 9.2 6.0

36 CII VM 30,700 -7.3 -9.2 -20.1 333 246 62.8 9.4 1,233,898 5.0 1.5 36.0 10.3

37 PDR VM 32,800 5.8 15.9 30.5 321 222 38.3 47.7 1,256,746 18.0 2.8 16.3 4.3

38 PPC VM 22,500 11.9 4.9 17.8 318 321 15.7 32.4 160,059 4.4 1.3 32.1 18.1

39 HBC VM 52,800 -13.7 -1.3 39.2 302 130 70.6 25.4 1,844,230 7.8 3.4 51.1 7.1

40 HAG VM 7,300 -12.5 -18.8 -18.0 298 927 61.3 37.0 2,784,101 11.7 0.5 3.9 1.0

41 BMP VM 80,200 7.5 3.5 -20.7 289 82 61.8 56.1 324,207 15.1 2.7 18.3 15.5

42 DCM VM 12,300 -12.1 -9.9 -14.6 287 529 24.4 46.5 1,376,046 8.2 1.1 13.3 6.6

43 PVD VM 16,800 21.3 13.9 4.0 283 383 48.1 29.1 3,003,347 N/A 0.5 -1.4 -0.8

44 HNG VM 8,350 -14.4 -13.5 -28.3 282 767 35.1 48.0 904,150 8.2 0.6 7.6 2.5

45 KBC VM 12,750 -5.6 -12.4 -17.7 264 470 75.2 23.3 2,645,427 10.3 0.7 7.3 3.9

46 TCH VM 16,450 1.9 -0.6 -20.3 263 363 52.5 48.5 1,296,255 11.9 1.3 16.6 15.1

47 PME VM 87,300 N/A N/A N/A 251 65 100.0 0.0 N/A N/A N/A N/A N/A

48 DXG VM 18,450 -6.0 6.2 -10.6 244 300 71.5 19.6 3,868,637 6.4 1.6 32.6 12.9

49 HCM VM 42,000 -2.3 1.2 18.3 240 130 38.0 44.8 362,774 12.2 2.1 17.8 10.6

50 HT1 VM 13,950 -6.7 -20.3 -36.6 234 382 20.0 43.5 306,590 10.7 1.1 10.0 4.3

51 VCF VM 200,000 0.0 -5.7 11.1 234 27 30.7 19.3 732 13.7 2.3 18.3 12.9

52 TRA VM 121,000 3.9 0.8 18.0 221 41 27.9 0.0 38,948 22.6 4.8 22.4 16.5

53 TLG VM 99,000 1.2 -6.6 23.0 217 50 25.6 71.9 2,410 20.7 4.7 23.6 18.0

54 NKG VM 37,150 3.3 23.4 25.2 213 130 43.9 53.4 547,295 5.8 1.8 38.7 9.3

55 NLG VM 28,000 6.5 -11.1 2.6 194 157 56.3 3.9 666,157 8.4 1.6 20.3 8.0

56 PVT VM 14,900 2.1 4.9 16.0 185 281 48.9 18.5 150,871 11.9 1.2 10.1 4.0

57 LGC VM 21,700 -13.2 -5.7 -11.4 184 193 N/A 4.0 920 26.9 1.7 6.3 1.8

58 VHC VM 45,200 -11.5 -8.9 -15.2 184 92 25.1 61.6 53,069 7.7 1.5 20.8 11.2

59 GTN VM 16,550 -4.1 0.9 0.9 182 250 18.4 51.9 876,082 133.2 1.5 1.3 0.9

60 PAN VM 34,900 -3.1 -2.5 -1.6 181 118 59.8 54.1 11,199 9.8 1.5 15.5 8.3

Price change (%)

Source: Bloomberg 9-Nov

Page 10: DAILY MARKET RECAP - VNDIRECTDAILY MARKET RECAP 9 November 2017 Bloomberg: VNDS CPC segment’s 22% YoY drop in sales 3Q was an aberration. Heavy rainfall and early season flooding

DAILY MARKET RECAP 9 November 2017

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