Prepared for Vietnam Access Day: Drivers of Local Investor...

Drivers of Local Investor SentimentPresented by: Nguyen Quang Thuan, CEO, FiinGroup

HCMC | 7 March 2019

Prepared for Vietnam Access Day:

Financial Information | Business Information | Industry Research

2Financial Information | Business Information | Industry Research

Why we are here today?

FiinGroup (formerly StoxPlus) is a Vietnam’s leader in financial and business information services

• Date of incorporation: March 11, 2008; Legal representative: Mr. Nguyen Quang Thuan

• Number of staff: 105 (as of December 2018) including Data Analysts, Market Analysts, IT

Engineers and Product Developers.

• Charter capital: VND24 billion (US$1.1 million); Shareholders: NIKKEI: 17.55%; QUICK:

17.55%; Management and other: 64.9%; Two offices: Hanoi Head Office and HCMC Branch

We offer below products leveraging on

our comprehensive financial database:

• FiinPro Platform: financial database

for professionals covering equity,

fixed income, industry and economic

data and analytic tools

• FiinTrade Platform: the first

comprehensive and in-depth trading

information platform for brokers and

active traders in Vietnamese equity

market

• Securities Datafeed: to Client’s

designated system via API or XML

Financial Information www.fiinpro.com

FiinGroup Joint Stock Companywww.stoxplus.com

Report offerings on-the-shelf and by

order basis by leveraging on an

aggregated source of 1 mil+

Vietnamese companies:

• Company Report: from basic

profile, factsheet report, credit report

to standard research report and

comprehensive research report.

• Company Datafeed: to Client’s

designated risk systems

Industry Researchwww.biinform.com

On-the-shelf industry reports and

tailor-made research services with

local insights at the World’s prestigious

advisory firms:

Industry Report: insightful content

covering market size, segmentation

analysis, competition, market share

and key players’ profile.

Customised Research:

• Market Research

• Customized research

• Commercial Due Diligence

• Business Matching and Support

Business Information www.biinform.com


The topic we will speak…

▪ Vietnam is largely dominated by retail investors still when it accounts for ~ 75% of

daily trading value.

▪ Understanding their trading behaviors and factors behind their sentiment would

be very important for foreign investors and traders especially offshore ones.

▪ In this presentation, we try to analyze key factors which are, in our experience,

driving local investor sentiment.

▪ The analysis and findings are squeezed from our decade of our experience as a

leading data-based research and analytics firm in Vietnam.

▪ Investors should be mindful of data quality in Vietnam. We observe that anchoring

and overconfidence biases are not so unpopular among investors in Vietnam

market. We hope this Presentation will help reduce such biases.


The fact: foreign, not domestic investors, are driving market sentiment

▪ Although domestic investors account for ~75% trading value, it is foreign investors who drive the

market sentiment.

▪ The VN-Index has moved in tandem with the changes in net foreign flows.

▪ So what are behind this story?

Source: FiinPro Platform. Note: HOSE only; Data is order-matching value only

Monthly VN-Index Changes vs. Foreign and Domestic Net Money Flows

-1.4%-1.6%0.0%

4.9%

1.9%1.6%

-0.6%

2.8%

5.2%

0.9%-0.1%

2.8%4.1%

13.5%

3.6%

12.8%

1.3%

4.4%

-10.6%

-7.5%

-1.1%-0.5%

3.5%2.8%

-10.1%

1.3%

-3.7%

2.0%

9.2%

-15%

-10%

-5%

0%

5%

10%

15%

-8,000

-6,000

-4,000

-2,000

0

2,000

4,000

6,000

8,000

Oct-

16

Nov-1

6

Dec-1

6

Jan

-17

Fe

b-1

7

Ma

r-1

7

Ap

r-17

Ma

y-1

7

Jun

-17

Jul-

17

Au

g-1

7

Se

p-1

7

Oct-

17

Nov-1

7

Dec-1

7

Jan

-18

Fe

b-1

8

Ma

r-1

8

Ap

r-18

Ma

y-1

8

Jun

-18

Jul-

18

Au

g-1

8

Se

p-1

8

Oct-

18

Nov-1

8

Dec-1

8

Jan

-19

Fe

b-1

9

VN

D b

n

Foreign Monthly Net Buy/Sell val. Domestic Monthly Net Buy/Sell val. VnIndex monthly change

Foreign Net Buy US$0.69bn (order

matching only)

Foreign Net Sell US$0.73bn (order

matching only)


Do domestic investors bother with business fundamental factors?

▪ Local was net selling even on fundamental-improving periods but recently (YTD2019), local has

been on net selling given the weakening corporate fundamental

▪ While foreign investors keep their momentum in the first 2 months of 2019 despite the weakening

corporate earnings

Source: FiinPro Platform

Note: HOSE only; Data is order-matching value only, Earning data is NOT covered by listed banks and insurance

Quarterly Earnings Growth (EBIT and NPAT) vs. Foreign and Domestic Net Money Flows

16.1%

24.6%

36.8%

27.4% 24.2%26.0%

24.3% 23.6%

11.5%

3.5%

1.3%

29.7% 24.3%

7.4%

29.1%

16.6%

20.3%

24.2%

6.6%3.4%

0%

5%

10%

15%

20%

25%

30%

35%

40%

-8,000

-6,000

-4,000

-2,000

0

2,000

4,000

6,000

8,000

Oct-

16

No

v-1

6

De

c-1

6

Jan-1

7

Feb

-17

Ma

r-1

7

Apr-

17

Ma

y-1

7

Jun-1

7

Jul-1

7

Aug-1

7

Sep-1

7

Oct-

17

No

v-1

7

De

c-1

7

Jan-1

8

Feb

-18

Ma

r-1

8

Apr-

18

Ma

y-1

8

Jun-1

8

Jul-1

8

Aug-1

8

Sep-1

8

Oct-

18

No

v-1

8

De

c-1

8

Jan-1

9

Feb

-19

VN

D b

n

Foreign Monthly Net Buy/Sell val. Domestic Monthly Net Buy/Sell val.

Net profits quarterly growth (y-o-y) EBIT quarterly growth (y-o-y)

1


Do domestic investors bother with business fundamental factors?

▪ We try to test how the market momentum reacting with the earnings growth


Note: Data is NOT covered by listed banks and insurances

Quarterly VN-Index Change and NPAT Growth (y-o-y)

1

-3.4%

-11.9%

23.2%

64.3%

3.7%

58.3%

0.6%

-22.9%

-2.6%

-24.6%

7.5%

43.1%47.9%

19.7%16.2%

19.9%23.8%22.9%

25.9%

6.5%

17.2%

-2.3%

3.6%

-8.9%

1.0%

7.6%

-5.1%

2.9%

-3.1%

12.7%

8.5%

-3.0%

8.6%7.5%

3.6%

22.4%

19.3%

-18.2%

5.9%

-12.2%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

Q1/2

014

Q2/2

014

Q3/2

014

Q4/2

014

Q1/2

015

Q2/2

015

Q3/2

015

Q4/2

015

Q1/2

016

Q2/2

016

Q3/2

016

Q4/2

016

Q1/2

017

Q2/2

017

Q3/2

017

Q4/2

017

Q1/2

018

Q2/2

018

Q3/2

018

Q4/2

018

Vn

Ind

ex C

ha

nge

%

Ea

rnin

g G

row

th %

Net Profit Growth (y-o-y) VNI % (q-o-q)

Earnings reversal of GAS and KDC for Q4-2015 and

provision losses by TTF, HAG and HNG for Q2-2016

Earnings surging of banks after the downturn and

surged earnings by GAS and MSN for Q4-2014

and then the KDC’s sales of its confectionery


▪ Banking Stocks as example: Price is leading at normally 3-month’s time! Earnings Growth is

normally 1-quarter leading to the price performance. Is this the result of good forecasting

capability or an issue of inside information?

▪ Local was selling while foreign was buying since early 2017. Banking earnings is facing

headwinds actually (but not all banks)

Do domestic investors bother with business fundamental factors?1

Banking Earnings Growth vs Banking Sector Index (Quarterly)


30.5%

49.0%

35.3%

54.3% 55.9%

49.7%

15.6%12.7%

15.6%13.3%

-1.6%

34.5%40.1%

-25.5%

8.8%

-14.4%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

Q1

/201

7

Q2

/201

7

Q3

/201

7

Q4

/201

7

Q1

/201

8

Q2

/201

8

Q3

/201

8

Q4

/201

8

Net Profit Growth Banking Index %

Price started

escalating here

-4,000

-3,000

-2,000

-1,000

0

1,000

2,000

Q1

/201

7

Q2

/201

7

Q3

/201

7

Q4

/201

7

Q1

/201

8

Q2

/201

8

Q3

/201

8

Q4

/201

8

VN

D b

n

Local Net Buy/(Sell) Val. Foreign Net Buy/(Sell) Val.

Local was selling on the buy of foreignLead time is ~ 3 months

Earnings

Released

here


▪ The corporate earnings is weakening in Q4-2018 with both EBIT and NPAT growth lowering to

just 3.5%. Top earning decliners are VIC, GAS, SAB, MSN and HPG which cannot be

compensated for by top gainers: VHM and VNM and few real estate business

▪ So what sectors/companies to watch in 2019?


Note: Data is NOT covered by listed banks and insurance

Quarterly EBIT Growth and Net Profit Growth (y-o-y)

No Ticker Sector

Market Cap. Net Profit growth (y-o-y)

22-Feb-19 Q4/2018 Q3/2018

1 VIC Real Estate 373,420 -23.4% 56.0%

2 GAS Utilities 190,055 -12.2% 68.3%

3 SAB Food & Beverage 158,396 -26.3% -11.2%

4 MSN Food & Beverage 102,822 -39.8% -1.3%

5 HPG Basic Resources 72,000 -26.4% 12.3%

6 FPT Technology 27,733 -44.6% 24.4%

7 ROS Construction & Materials 19,838 -85.5% -75.3%

8 VCG Construction & Materials 12,147 -73.1% -41.8%

9 SDI Real Estate 6,733 -89.3% -76.6%

10 TVN Basic Resources 6,238 -156.0% -63.8%

No Ticker Sector

Market Cap. Net Profit growth (y-o-y)

22-Feb-19 Q4/2018 Q3/2018

1 VHM Real Estate 311,840 336.3% 175.7%

2 VNM Food & Beverage 259,296 31.8% -5.0%

3 VEA Industrial Goods & Services 64,234 51.5% 27.3%

4 NVL Real Estate 54,737 161.5% 34.7%

5 KDH Real Estate 12,835 203.4% 20.0%

6 DNH Utilities 11,489 134.3% 104.3%

7 ANV Food & Beverage 3,554 557.6% 244.0%

8 HDG Real Estate 3,512 114.2% 18707.8%

9 FTS Financial Services 1,842 414.3% 20.0%

10 NTC Real Estate 1,664 636.7% 139.1%


1.1%5.0%

23.7%

62.1%

3.2%

41.1%

-0.7%

-22.2%

2.1%

-22.3%

16.1%

24.6%

36.8% 27.4%

24.2%

26.0%24.3%

23.6%

11.5%

3.5%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

Q1

/201

4

Q2

/201

4

Q3

/201

4

Q4

/201

4

Q1

/201

5

Q2

/201

5

Q3

/201

5

Q4

/201

5

Q1

/201

6

Q2

/201

6

Q3

/201

6

Q4

/201

6

Q1

/201

7

Q2

/201

7

Q3

/201

7

Q4

/201

7

Q1

/201

8

Q2

/201

8

Q3

/201

8

Q4

/201

8

Net Profit Growth (y-o-y) EBIT Growth (y-o-y)


▪ While earnings growth slowing down in the last 3 quarters for both Banking and Real Estates,

investors now have a great concern about the headwind happening/expected for the real estate

sector.

▪ The earnings prospect is a big topic for the market in this year (among other factors of course)


24%18%

27%

66%

25%

73%

154%

38%

52%

68%

-3%

16%

6.6%3.4%

Q1/2

01

6

Q2/2

01

6

Q3/2

01

6

Q4/2

01

6

Q1/2

01

7

Q2/2

01

7

Q3/2

01

7

Q4/2

01

7

Q1/2

01

8

Q2/2

01

8

Q3/2

01

8

Q4/2

01

8

Real Estate HOSE + HNX + UPCOM

Quarter EBIT Growth (y-o-y)


Note: Data is NOT covered by listed banks and insurance


▪ But broker’s forecast still indicated an impressive earnings growth for 2019. Our database

produced Basic EPS Growth at 18.2% for 2019 (banks: 19.7% and non-banks: 17.4%). So we

believe the sellside brokers will have to watch closely in order to revise or update their

forecasting


Source: FiinPro. Note: The latest reports within 6 months from Brokers

Ticker Broker

Net Sales

2019F

(VNDbn)

NPAT 2019F

(VNDbn)

Net sales

growth

2019F

NPAT

Growth

2019F

Basic EPS

2019F Report date

CII VCI 6,786 1,069 64.40% 59.31% 2,910 12/10/2018

CTD VCI 33,042 1,411 15.70% -6.56% 17,551 1/31/2019

CTG VCI 30,797 6,989 6.83% 28.29% 1,449 12/12/2018

DHG VCI 3,822 659 -1.70% 1.07% 4,535 2/1/2019

DPM VCI 10,379 826 11.60% 16.01% 1,862 2/21/2019

EIB HCM 4,485 1,622 33.56% 25.15% 1,313 5/18/2018

FPT VCI 26,940 3,950 16.10% 22% 4,667 2/21/2019

GAS VCI 78,854 12,860 4.30% 4.15% 6,454 2/12/2019

GMD MBS 2,715 584 1.10% -68.10% 1,968 2/25/2019

HDB VCI 9,360 3,554 22.4% 11.0% 2,370 2/25/2019

HPG EPS 74,459 9,509 33.0% 13.0% 4,107 2/11/2019

MBB BSI 16,823 7,374 17.4% 22.8% 3,062 2/18/2019

MSN VCI 43,494 5,767 13.9% 46.0% 6,421 2/22/2019

MWG MBS 111,766 3,683 29.2% 27.9% 8,312 2/22/2019

VHM ACBS 46,446 15,927 19.7% 11.9% 4,755 2/20/2019

NVL VCI 23,492 3,582 36.5% 13.1% 3,616 12/11/2018

PNJ VNDIRECT 18,463 1,219 26.8% 27.0% 7,299 2/27/2019

REE VCI 6,169 2,040 20.9% 8.2% 6,700 2/15/2019

SAB ACBS 40,748 5,767 8.9% 21.9% 8,464 8/16/2018

SBT BVS 12,637 344 21.9% -37.1% 618 9/12/2018

SSI VCI 3,804 1,472 9.6% 5.7% n.a 12/20/2018

STB VCI 9,566 1,986 29.0% 34.1% 1,101 12/5/2018

TCB VCI 12,941 10,097 16.3% 19.2% 2,887 12/5/2018

VCB SSI 33,553 16,847 17.9% 14.4% 3,988 1/11/2019

VIC VCI 142,463 12,747 20.6% 43.6% 3,373 6/20/2018

VJC ACBS 61,962 6,620 18.3% 26.9% 10,186 2/20/2019

VNM HCM 55,196 11,014 5.0% 4.6% 5,518 2/19/2019

VPB VND 28,961 8,405 17.2% 14.3% 3,421 2/15/2019

VRE ACBS 9,478 3,002 4.7% 24.3% 1,224 2/13/2019

VN30 959,601 160,926 19.0% 18.2% 3,906

VN30 - EPS Growth 18.2%

VN30 Stocks: Earnings Forecast Consensus for 2019


Liquidity: M2 is also a driving factor for domestic investor sentiment 2

▪ Money Supply (M2) is a highly influential factor to Equity Market given the capital structure of

Vietnam.

▪ The current low levels of M2 have typically meant poor future returns in the very short time. Lagging

time is 2 months from our statistical test

VN-Index vs. M2

M2 is currently

below its

average – 1xStd

0

10

20

30

40

50

60

-100

-50

0

50

100

150

200

250

Ja

n-0

5

Ju

l-0

5

Ja

n-0

6

Ju

l-0

6

Ja

n-0

7

Ju

l-0

7

Ja

n-0

8

Ju

l-0

8

Ja

n-0

9

Ju

l-0

9

Ja

n-1

0

Ju

l-1

0

Ja

n-1

1

Ju

l-1

1

Ja

n-1

2

Ju

l-1

2

Ja

n-1

3

Ju

l-1

3

Ja

n-1

4

Ju

l-1

4

Ja

n-1

5

Ju

l-1

5

Ja

n-1

6

Ju

l-1

6

Ja

n-1

7

Ju

l-1

7

Ja

n-1

8

Ju

l-1

8

%%

VN-Index Growth yoy (%) M2 Growth yoy (%)

M2 Growth + 01 Std EV (%) M2 Growth - 01 Std EV (%)


Liquidity: VN-Index is lagging time is 2 months for M2 Changes2

▪ The positive correlation between M2 and VN-Index yielded the strongest impact after 2 months

when M2 changed 100 pts. The impact weakening and then disappeared

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1 2 3 4 5 6 7 8 9 10

Month

VNI change (%) when money supply up 1%


Liquidity: The Gap (M2 and Credit Growth) is more practical proxy2

▪ Because banks have to allocate the funding surplus to investments (g-bonds, interbank and financial

investments).

0

10

20

30

40

50

60

70

80

-20

-10

0

10

20

30

40

50

60

70

Ma

y-1

3

Jul-1

3

Sep-1

3

No

v-1

3

Jan-1

4

Ma

r-1

4

Ma

y-1

4

Jul-1

4

Sep-1

4

No

v-1

4

Jan-1

5

Ma

r-1

5

Ma

y-1

5

Jul-1

5

Sep-1

5

No

v-1

5

Jan-1

6

Ma

r-1

6

Ma

y-1

6

Jul-1

6

Sep-1

6

No

v-1

6

Jan-1

7

Ma

r-1

7

Ma

y-1

7

Jul-1

7

Sep-1

7

No

v-1

7

Jan-1

8

Ma

r-1

8

Ma

y-1

8

Jul-1

8

Sep-1

8

No

v-1

8

VN-Index Growth yoy (%) M2-Credit Growth yoy (%)

Gap (M2 – Credit) and Domestic Trading Value



Liquidity: But investors should be mindful with the quality of data2

▪ Banks tends to manipulate their credit growth at the end of reporting quarters and especially at the

year end.

▪ Why?

0.8%-0.1%

2.4%

1.0%

1.4%

2.6%

0.3%

1.0%

1.8%

0.9%

2.0%

2.9%

1.8%

0.0%

2.6%

1.2%1.3%

1.9%

0.5% 1.1%1.3%

1.3%1.8%

2.2%

-1.8%

0.4%

2.2%1.5%

1.0%

1.5%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2016 2017 2018

Vietnamese banks tend to overstate the quarterly credit growth



Liquidity: Margin Loan getting up recently3


Note: Trading value by Retail investors is the sum of Buy value and Sell value

How is the Margin Loan supporting the Local Retail Investors?

▪ Retail margin lending to marcap is a useful greed and fear proxy like in any markets but in Vietnam

it is far more important as approximately 75% of daily trading value made by retail investors and .

▪ Margin loan tends to increase recently and mostly from increased capital by new coming brokers

(Mirae Asset, KBSV etc.). Local brokers tends to cut down actually (Margin Loan/Owner’s Capital

down from 78.8% in 2017 to 69.6% in 2018 while the cap is 200%)

42,696

360,290

0

100000

200000

300000

400000

500000

600000

700000

800000

900000

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

50000

Reta

il tr

adin

g -

VN

Dbn

Marg

in L

oan -

VN

Dbn

Axis Title

Margin Loan Retail Trading Value


Liquidity: Margin Loan/Marcap (Free-float) says it “safe”!

▪ Margin Loan/Free-Float going up in Q4-2018 to 3.3% but it is closed to the 5-year historical

average

▪ Practically actual stock lending to local investors can be significantly higher in Vietnam. Why?

3

Margin Loan over Free-float Marcap

5.0%

3.4%

0%

1%

2%

3%

4%

5%

6%

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

Marg

in L

oan -

VN

Dbn

Margin Loans Margin Loans/Freefloat Market Cap.



Interest rates vs. Market Sentiment

▪ Statistically, we tested that when

average lending interest rate

increases by 1% it will make VN-

Index decline by 4.2% (assuming

other factors remain constant)

▪ In months when interest rate is 1

STVE higher than standard

deviation (26 times), VNINDEX

decreases 2.02% on average. In

case that interest rate is 0.5

STVE higher than the standard

deviation (36 times), VN-Index

decreases 2.01% in the month.

▪ In months when interest rate is 1

STVE below the standard

deviation (41 times), VNINDEX

rises 1.96% on average. In case

that interest rate is 0.5 STVE

under the standard deviation (51

times), VN-Index increase by

1.7% in the month.

4

0

5

10

15

20

25

0

200

400

600

800

1000

1200

1400

Jan-0

5

Jul-0

5

Jan-0

6

Jul-0

6

Jan-0

7

Jul-0

7

Jan-0

8

Jul-0

8

Jan-0

9

Jul-0

9

Jan-1

0

Jul-1

0

Jan-1

1

Jul-1

1

Jan-1

2

Jul-1

2

Jan-1

3

Jul-1

3

Jan-1

4

Jul-1

4

Jan-1

5

Jul-1

5

Jan-1

6

Jul-1

6

Jan-1

7

Jul-1

7

Jan-1

8

Jul-1

8

Lendin

g R

ate

%

Index P

oin

t

VnIndex Lending Rate

VN-Index vs. Average Lending Rate


▪ We believe that domestic money is shifting at some portion to the high-yield products including CDs by

both banks and non-banks i.e. finance companies and recently corporate bonds.


Psychological Factor5

Top Decliners after 6 months listed

Ticker Exchange Sector Market Cap % 6M

BSR UPCOM Oil & Gas 43,485 -45.1%

BCM UPCOM Real Estate 24,276 -39.2%

OIL UPCOM Oil & Gas 15,399 -43.4%

PGV UPCOM Utilities 12,219 -39.8%

VSN UPCOM Food & Beverage 3,014 -45.1%

SJG UPCOM Construction & Materials 2,115 -48.7%

RTB UPCOM Chemicals 1,170 -33.8%

BRR UPCOM Chemicals 990 -40.7%

SKH UPCOM Food & Beverage 759 -37.1%

BSG UPCOM Travel & Leisure 576 -41.5%

CHS UPCOM Utilities 280 -36.7%

▪ Major IPOs or State capital divestments: price tends to inflated for this purpose

▪ Our data indicated that 53% (41/77 over last 3 years) of IPOs is decliners in 6-month period post

IPO. Several exceptions are noted such as Viettel Post and Vietnam Airline.

Listed on Upcom

IPO

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Jan

-18

Jan

-18

Fe

b-1

8

Fe

b-1

8

Ma

r-18

Ma

r-18

Ap

r-18

Ap

r-18

Ma

y-1

8

Ma

y-1

8

Ju

n-1

8

Ju

l-18

Ju

l-18

Au

g-1

8

Au

g-1

8

Au

g-1

8

Se

p-1

8

Oct-

18

Oct-

18

No

v-1

8

No

v-1

8

Dec-1

8

Dec-1

8

Jan

-19

Jan

-19

Fe

b-1

9

BSR

Ministry of Industry and Trade divested

53,59%

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Dec-16

Jan-17

Feb-17

Mar-17

May-17

Jun-17

Jul-17

Aug-17

Sep-17

Oct-17

Dec-17

Jan-18

Feb-18

Mar-18

May-18

Jun-18

Jul-18

Aug-18

Sep-18

Oct-18

Dec-18

Jan-19

Feb-19

SAB


Listed on UpCom

IPO

0

5,000

10,000

15,000

20,000

25,000

30,000

Jan

-18

Fe

b-1

8

Ma

r-1

8

Ap

r-18

Ma

y-1

8

Jun

-18

Jul-

18

Au

g-1

8

Se

p-1

8

Oct-

18

Nov-1

8

Dec-1

8

Jan

-19

Fe

b-1

9

OIL


Insider Information…5

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Prepared for Vietnam Access Day: Drivers of Local Investor...

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