Download Vietnam Today: GAS leads market higher to break four-day

Vietnam Today: GAS leads market higher to break four-day slump


Sep 08, 2016
18 March 2011
VN Index
HN Index
Closing value
% 1D∆
% YTD
% YOY
666.1
0.7
15.0
17.5
84.7
0.6
5.9
9.6
Gainers (CE)
Laggards (FL)
Unchanged
129 (14)
82 (12)
102
113 (10)
64 (7)
214
140.7
23.6
32.0
1.6
35.8
3.5
59.95
7.07
16.08
10.77
Traded value,
USD mn
Foreign buy,
USD mn
Foreign sell,
USD mn
Mkt cap, USD
bn
P/E TMM
GAS leads market higher to break four-day slump
DGC: New projects should fuel bounce back in FY17 - Small Cap Research
GAS leads market higher to break four-day slump
The VN-Index shook off a week-long slide Thursday to enjoy a gain for the first time
this month. Stocks traded in positive territory for almost the entire session, peaking
above 668 before closing up 4.79 points, or 0.7%, to 666.07. GAS (+2.4%) was the
biggest contributor to the gain as Brent crude oil prices rose in Asian trading today,
extending a 7.4% rally over the last week. VNM (+0.7%), BID (+1.2%) and VIC
(+0.6%) were also among the top movers of the index, along with FPT (+3.4%),
which reached its highest level since November thanks to a 13% jump since August
4 and HPG (+2.1%), which hit a fresh record high on the back of a 21% surge over
the last month and is up 79% year to date.
Combined trading value in HCMC and Hanoi rose 11% to USD164 million while
foreigners net sold a combined USD5.7 million on both bourses.
----------------------------------------
VN INDEX MOVERS
GAS
VNM
FPT
KDC
HNG
STB
Pts to
Index
+1.47
+0.62
+0.35
-0.16
-0.08
-0.08
Price
Chg %
+2.4
+0.7
+3.4
-3.0
-2.9
-1.0
Impact
+
-
HN INDEX MOVERS
PLC
BCC
PHP
OCH
PTI
VCG
Pts to
Index
+0.09
+0.07
+0.05
-0.04
-0.04
-0.02
Price
Chg %
+7.2
+7.3
+1.5
-7.1
-2.7
-0.6
Impact
+
-
See important disclosure at the end of this document
www.vcsc.com.vn | VCSC<GO>
Viet Capital Securities | 1
DGC: New projects should fuel bounce back in FY17 - Small Cap Research
Report Date:
Current Price:
Dividend Yield:
September 8, 2016
VND46,700
6.4%
Industry:
Market Cap:
Foreign Room:
ADTV30D:
State Ownership:
Outstanding Shares:
Chemicals
$104.7 mn
$50.1 mn
$0.07 mn
16.8%
50 mn
Rev Growth
EPS Growth
GPM
NPM
EV/EBITDA
P/E (ttm)
P/B (curr)
Net D/E
ROE
ROA
2014
10.2%
-34.5%
17.8%
7.3%
4.7x
2015
19.6%
97.9%
19.3%
11.4%
4.3x
H1/2016
DGC
8.5x
2.5x
47.7%
22.4%
15.1%
Peers
11x
1.3x
58.9%
12.5%
7.7%
VNI
14.5x
1.8x
N/A
12.9%
2.2%
HOLD-2.9%
-9.4%
19.1%
10.7%
5.3x
* Duc Giang Chemicals and Detergent Powder JSC (DGC) group is the largest yellow
phosphorus manufacturer in Vietnam.
* DGC enjoys preferential tax breaks from the government.
* DGC plans to develop its detergent powder segment and enter the real estate business.
* Duc Giang Lao Cai Chemical (DGL) self-supplies raw material for yellow phosphorus
manufacturing.
* Bao Thang Chemicals (BTC) will go into operation in late 2016.
* DGC’s strong financial condition will allow for investment in new projects. Download full report.
News Highlights
PVX: Posts Audited Consolidated Net Profit of $6.65M in H1
PetroVietnam Construction Joint Stock Corporation (PVX), 54.54% held by state-run Vietnam Oil
and Gas Group (PetroVietnam), said its audited consolidated net profit jumped 21.4-fold year-onyear to VND148.2 billion ($6.65 million) in the first half of this year. Net revenue fell 9.55% on
year to VND4.88 trillion in the period, PVX said in the mid-term financial statement. Its cash and
cash equivalents came up 2.68% from end-2015 to VND896.7 billion as of June 30. Its inventory
increased 9.6% to VND5.06 trillion (pvc.vn Sept 07)
BCC: to Issue 14.3M New Shares for Dividend Payment
Vietnam’s Bim Son Cement JSC (BCC), listed on the Hanoi Stock Exchange, plans to issue over
14.3 million new shares to pay dividend for shareholders at a 20-for-3 ratio for 2015. The
issuance, which aims to help the company raise its registered capital to VND1.1 trillion ($49.3
million), will be made in the next quarter of this year. BCC made an audited consolidated net
profit of VND121.5 billion in the first six months of this year, decreasing 32.3% on year. Its net
revenue increased 13.8% on year to VND2.2 trillion in H1. (hnx.vn Sept 08)
See important disclosure at the end of this document
www.vcsc.com.vn | VCSC<GO>
Viet Capital Securities | 2
Ho Chi Minh Stock Exchange (HSX)
Hanoi Stock Exchange (HNX)
Closing value
Net ∆
%∆
VNI
666.1
4.8
0.7
VN 30
659.3
VN Mid
878.4
VN Small
805.9
Transactions
Closing value
Net ∆
HOLD% ∆
84.7
0.5
0.6
HNI
HN 30
4.5
1.5
Earlier, TMS approved
a plan0.7
to sell VND500
billion worth of 155.9
secured non-convertible
bonds in1.0
5.6
0.6
two tranches this year.
4.9
0.6
TMS earned a consolidated net profit of VND155.25 billion on net revenue of VND487.72 billion
in 2015, up 12.4%
and 10.26% on Val
year,
respectively.
Val (VND b)
% of Turnover
Transactions
(VND
b)
% of Turnover
Put-through
408.1
Foreign activity
714.7
13.0%
Put-through
Total Turnover
3,137.9
Top Gainers*
Net Chg
Pts to VNI
Price % ∆
DMC
6,500
0.1
6.9
BHS
1,100
0.1
BHS
1,100
ROS
VNS
56.9
10.8%
TMS shares22.8%
stayed flat at VND100,000
each at 9:35 local time77.0
on Mar 29. (Vietstock.vn
Mar 28,
Foreign activity
14.6%
NDH.vn Mar 28)
Total turnover
526.0
Net Chg
Pts to HNI
Price % ∆
BCC
1,300
0.1
7.3
6.7
HUT
500
0.0
4.0
0.1
6.7
NET
1,700
0.0
2.8
1,000
0.2
6.5
PGS
400
0.0
2.4
2,100
0.1
6.5
VND
300
0.0
2.4
Net Chg
Pts to VNI
Price % ∆
Net Chg
Pts to HNI
Price % ∆
ITC
-500
0.0
-4.2
PVX
-100
0.0
-4.0
VNE
-300
0.0
-3.5
SHN
-300
0.0
-2.4
KDC
-1,200
-0.2
-3.0
SCR
-200
0.0
-2.0
HNG
-200
-0.1
-2.9
LAS
-300
0.0
-2.0
RAL
-2,500
0.0
-2.5
VCG
-100
0.0
-0.6
Top Laggards*
Top Gainers*
Top Laggards*
(*) Market cap > VND500b, Traded value > VND1.5b
Volume
Leaders
FLC
8,785,790
Value
Leaders
VNM
335.2
Volume
Leaders
SCR
KBC
7,618,840
HPG
247.1
HPG
5,541,710
SBT
SBT
5,354,640
BHS
3,710,620
Volume Heat
Seekers*
CTI
Shares
4,116,400
Value
Leaders
PVS
HUT
2,794,500
SCR
41.0
179.8
PVX
2,477,900
HUT
35.5
FPT
147.2
PVS
2,224,600
BCC
20.6
KBC
138.4
VCG
1,632,600
SHN
15.3
Val (VND b)
Shares Traded
Today
1,524,390
Avg , Shares
Trade 10 Days
357,259
327%
Volume Heat
Seekers*
BCC
BHS
3,710,620
892,101
316%
VNS
630,480
176,811
Shares
Val (VND b)
47.0
Shares Traded
Today
1,100,600
Avg , Shares
Trade 10 Days
320,909
VND
590,500
215,699
174%
257%
PGS
354,300
130,148
172%
% Change
% Change
243%
EVE
886,700
294,820
201%
SVN
379,200
147,040
158%
SBT
5,354,640
1,878,380
185%
HHG
732,100
364,878
101%
PDR
1,218,230
454,442
168%
IVS
477,100
245,490
94%
HCM
793,690
333,751
138%
SHS
300,400
164,070
83%
FPT
3,243,480
1,411,320
130%
SDP
250,600
138,857
80%
CSM
2,007,530
896,760
124%
NDN
240,500
139,897
72%
PPC
209,650
94,624
122%
NET
134,300
80,500
67%
*Stocks with at least 50,000 shares traded today
See important disclosure at the end of this document
www.vcsc.com.vn | VCSC<GO>
Viet Capital Securities | 3
Top 5 market cap leaders for each sector
Consumer Discretionary
Ticker
Mkt Cap
Average
315.2
MWG
946.9
PNJ
TTF
HOLD
Consumer Staples
FOL Avail.
P/E
P/B
ROE
Ticker
Mkt Cap
16.1
3.6
0.5
Average
2,543.9
0.0
14.2
6.8
57.9
VNM
9,570.0
324.0
0.0
29.5
4.9
17.8
MSN
59.7
27.4
N/A
2.9
(105)
SBT
DRC
219.0
36.7
11.9
3.1
27.1
TSC
26.5
12.0
8.7
0.4
4.6
P/E
P/B
ROE
21.2
3.7
17.3
4103.8
26.1
9.3
37.1
2,323.0
439.1
23.8
3.3
13.8
302.3
113.0
19.2
2.4
13.1
KDC
355.1
127.8
24.0
1.5
4.5
VCF
169.3
33.2
12.7
2.1
17.8
Ticker
Mkt Cap
FOL Avail.
P/E
P/B
ROE
Ticker
Mkt Cap
FOL Avail.
P/E
P/B
ROE
Average
223.3
11.2
1.3
14.4
Average
2,509.2
17.9
1.9
10.9
PVD
416.8
67.4
19.6
0.7
5.6
VCB
6,036.5
539.8
21.4
2.8
13.4
Energy
FOL Avail.
Financials
PVT
186.8
42.6
10.8
1.2
11.9
CTG
2,872.5
0.0
10.5
1.1
10.7
PVS
424.8
80.2
7.4
0.9
13.1
BVH
1,831.3
437.5
34.5
3.2
9.5
CNG
50.9
11.8
10.1
2.8
28.3
MBB
1,090.1
0.0
8.6
1.0
12.2
PXS
37.4
13.6
8.3
1.0
13.1
ACB
715.6
0.0
14.2
1.2
8.7
FOL Avail.
Health Care
Industrials
Ticker
Mkt Cap
Average
147.3
DHG
401.7
DMC
157.3
FOL Avail.
P/E
P/B
ROE
Ticker
Mkt Cap
18.8
2.8
16.5
Average
352.3
P/E
P/B
ROE
15.0
2.2
17.8
0.0
15.8
3.7
24.4
REE
283.7
0.0
8.9
1.0
11.7
79.9
22.4
4.4
20.8
CTD
584.0
52.6
11.7
3.5
34.2
IMP
79.8
0.0
23.7
2.0
8.5
BMP
348.8
0.0
13.6
3.7
29.0
OPC
42.6
17.3
15.0
1.9
13.5
CII
315.8
0.0
26.2
1.8
6.7
DCL
55.1
24.4
17.0
2.0
15.2
GMD
229.4
0.0
14.6
1.0
7.6
Mkt Cap
FOL Avail.
P/E
P/B
ROE
Information Technology
Materials
Ticker
Mkt Cap
FOL Avail.
P/E
P/B
ROE
Ticker
Average
260.5
FPT
939.5
0.0
10.6
1.4
12.1
Average
651.0
8.8
1.7
25.3
10.9
2.3
21.8
HPG
1,697.3
199.2
8.2
2.2
30.4
CMG
47.5
21.2
10.0
1.2
12.8
DPM
505.5
127.2
8.0
1.3
15.9
ELC
49.6
13.6
10.8
1.6
14.8
HT1
400.7
152.5
12.3
1.9
16.6
TIE
5.2
2.3
N/A
0.5
(1.0)
DCM
263.6
114.3
N/A
0.9
N/A
HSG
387.9
81.6
6.9
2.3
38.3
FOL Avail.
P/E
P/B
ROE
Real Estate
Utilities
Ticker
Mkt Cap
FOL Avail.
P/E
P/B
ROE
Ticker
Mkt Cap
Average
1,103.3
VIC
4,616.5
807.9
18.4
1.6
11.2
Average
1,307.4
14.5
2.0
12.7
47.0
3.6
8.2
GAS
5,535.4
232.4
19.3
3.1
16.0
KBC
379.3
57.6
11.0
1.1
10.7
NT2
449.8
126.0
8.2
2.0
25.2
ASM
KDH
152.9
67.5
19.9
1.4
7.5
PPC
214.1
75.5
N/A
1.1
(4.9)
216.4
6.8
11.7
1.4
12.2
VSH
158.2
51.2
16.1
1.3
7.9
FLC
151.7
57.5
2.6
0.4
17.2
PGD
179.6
76.0
14.3
2.7
19.2
* Sector classification provided by the Ho Chi Minh Stock Exchange, Mkt Cap & FOL Available (USD million)
See important disclosure at the end of this document
www.vcsc.com.vn | VCSC<GO>
Viet Capital Securities | 4
Ho Chi Minh Stock Exchange (HSX)
Foreign
Activity
Hanoi Stock Exchange (HNX)
Buy value
Sell value
Net Inflows
Foreign
Activity
Buy value
Sell value
714.7
797.4
-82.7
VND billion
35.4
77.0
VND billion
Foreign flow (HSX+HNX)
60
-41.5
Top foreign buy and sell (HSX+HNX)
BUY
USD m
HOLD
Net Inflows
SELL
60
Net Inflow
USD m
40
20.00
40
15.00
20
20
10.00
0
0
5.00
-20
-20
-40
-40
(5.00)
(10.00)
-60
-60
8-Sep-16
(20.00)
VNM
VHC
HPG
VCB
HSG
MBB
VIC
NT1
CII
PVS
KDC
MBB
PVD
VCB
VIC
HPG
SCR
PVS
VHC
VNM
6-Sep-16
1-Sep-16
30-Aug-16
26-Aug-16
24-Aug-16
22-Aug-16
18-Aug-16
16-Aug-16
12-Aug-16
10-Aug-16
8-Aug-16
(15.00)
Daily Sector Performance
Ho Chi Minh Stock Exchange
Hanoi Stock Exchange
6.3%
Media
3.2%
Technologies
Chemicals
2.2%
Household Goods
1.6%
Travel & Leisure
2.4%
Health Care
2.2%
Financial Services
Utilities
2.1%
Auto & Parts
1.4%
Basic resources
Const & Materials
1.1%
Auto & Parts
1.0%
0.7%
Industrial G&S
1.6%
Media
1.2%
1.1%
0.9%
Oil&Gas
Utilities
0.7%
Industrial G&S
0.7%
Const & Materials
0.7%
Insurance
0.7%
F&B
0.6%
F&B
0.6%
Health Care
0.5%
Real Estate
0.4%
Banks
Retail
0.2%
Insurance
Banks
0.2%
Retail
Financial Services
0.1%
Real Estate
0.1%
Travel & Leisure
Chemicals
0.0%
Oil&Gas
Household Goods
-0.1%
See important disclosure at the end of this document
Basic resources
0.4%
0.3%
0.0%
-0.1%
-0.3%
-1.0%
Technologies -2.6%
www.vcsc.com.vn | VCSC<GO>
Viet Capital Securities | 5
Recommendation Table
Ticker
Current
Price
Upside
to target
Resist/
HOLD
Support
FY16
Div Yield
FY16 EPS
Growth
TTM
P/E
Sector
P/E
FY16
P/E
P/B
Sector
P/B
Foreign
Room
3-6 Mo
TA trend
Stocks with BUY recommendation
DAG
16,000
28.8%
6.3%
124.8%
7.8
14.8
7.0
1.3
2.0
36.7%
DOWN
12,700
DXG
15,000
54.7%
0.0%
-15.6%
6.8
38.6
6.9
1.0
2.8
5.0%
DOWN
14,400
FPT
45,600
18.4%
5.0%
9.4%
11.0
10.5
9.9
2.3
2.2
0.0%
UP
54,500
GTN
18,700
31.0%
0.0%
-2.9%
37.5
24.4
26.2
1.7
7.1
58.7%
UP
25,500
MSN
68,500
37.2%
0.0%
59.4%
23.8
24.4
21.9
3.3
7.1
18.9%
UP
80,000
MWG
144,000
43.1%
1.0%
71.0%
14.2
13.2
11.0
6.8
5.9
0.0%
UP
129,000
Stocks with O-PF recommendation
ACB
17,800
22.5%
0.0%
15.0%
14.2
17.3
13.2
1.2
1.9
0.0%
DOWN
17,900
CII
29,300
-1.7%
6.8%
-1.2%
26.1
14.0
10.0
1.8
2.4
0.0%
UP
26,800
DPM
28,800
4.9%
10.4%
-12.6%
8.1
10.8
10.0
1.3
1.8
25.2%
NEUTRAL
29,500
GMD
28,500
8.8%
5.3%
-20.1%
13.5
14.0
13.9
1.0
2.4
0.0%
UP
35,700
HT1
28,100
14.9%
0.0%
-3.8%
12.4
10.8
12.6
1.9
1.8
38.0%
DOWN
24,400
NLG
22,000
7.3%
2.3%
20.9%
11.1
38.6
12.7
1.3
2.8
0.0%
DOWN
19,500
NT2
35,200
8.0%
7.4%
-2.7%
8.2
17.5
8.1
2.0
2.8
28.0%
UP
36,000
PLC
29,700
11.1%
10.1%
-21.8%
9.6
10.8
9.9
1.9
1.8
41.7%
DOWN
28,600
PVS
21,200
3.8%
4.7%
-27.0%
7.4
14.8
9.7
0.9
1.0
18.9%
UP
20,000
VNM
147,000
8.2%
3.7%
31.0%
26.0
24.4
19.2
9.3
7.1
42.9%
UP
140,000
Stocks with M-PF recommendation
BID
16,300
4.3%
0.0%
15.7%
8.5
17.3
12.7
1.3
1.9
28.1%
DOWN
15,000
CSM
24,200
-12.8%
6.2%
-13.7%
9.9
10.5
10.9
1.7
2.2
42.0%
UP
33,700
CTD
265,000
-10.6%
2.1%
68.2%
11.7
14.8
10.7
3.5
2.0
9.0%
UP
N/A
CTG
17,200
8.7%
2.9%
-11.2%
10.5
17.3
12.7
1.1
1.9
0.0%
DOWN
15,800
DQC
79,000
-7.0%
3.8%
2.0%
12.7
14.8
12.1
2.1
2.0
22.3%
UP
73,500
DRC
41,100
-15.3%
4.9%
1.7%
12.0
10.5
12.6
3.1
2.2
16.8%
UP
49,800
GAS
64,500
-12.6%
4.7%
-13.8%
19.4
17.5
17.0
3.1
2.8
46.4%
UP
62,600
HPG
44,900
-8.0%
4.5%
-8.5%
8.2
10.8
9.9
2.2
1.8
11.7%
UP
35,900
KDH
26,800
-7.5%
0.0%
27.8%
11.5
38.6
11.6
1.4
2.8
3.1%
UP
24,200
MBB
14,900
4.0%
3.4%
-20.7%
8.6
17.3
10.4
1.0
1.9
0.0%
UP
15,900
PPC
15,000
-3.3%
9.3%
-52.1%
N/A
17.5
18.2
1.1
2.8
35.3%
UP
22,800
SSI
21,300
2.8%
4.7%
-29.4%
12.2
12.1
16.2
4.1
2.5
41.8%
NEUTRAL
22,500
TCM
20,900
-3.4%
4.8%
-31.1%
10.0
20.2
13.9
1.2
3.3
0.0%
DOWN
24,700
VCB
50,500
5.0%
2.0%
37.5%
21.4
17.3
30.3
2.8
1.9
8.9%
UP
49,500
VIC
47,800
-4.8%
0.0%
94.6%
33.6
38.6
40.5
3.6
2.8
17.5%
UP
54,500
Stocks with U-PF recommendation
DHG
103,000
-28.6%
3.4%
15.0%
16.0
18.1
15.0
3.7
3.5
0.0%
UP
92,500
PVD
26,700
-16.1%
0.0%
-90.0%
12.7
14.8
64.8
0.7
1.0
16.2%
UP
38,500
0.0%
-58.0%
76.5
17.3
18.2
0.8
1.9
19.3%
DOWN
9,000
Stocks with SELL recommendation
STB
9,900
-18.2%
Note: Sectors according to GICS classifications. EPS growth according to VCSC forecast.
See important disclosure at the end of this document
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Viet Capital Securities | 6
Neighbouring Markets – LTM performance
HOLD
Vietnam
Thailand
Indonesia
Philippines
Apr-16
Jun-16
40%
30%
20%
10%
0%
-10%
-20%
Sep-15
Vietnam
Oct-15
Thailand
Nov-15 Dec-15
Indonesia
Jan-16
Feb-16 Mar-16
May-16
Thailand
Philippines
Jul-16
Aug-16
Indonesia
Philippines
Vietnam
VNIndex
16.1
P/E
SET
Index
19.5
26.7
PCOMP
Index
21.7
25
P/B
1.8
2.5
2.5
1.9
20
ROE (%)
9.2
10.0
12.4
12.0
ROA (%)
2.3
2.5
2.9
2.0
413,455
443,713
191,001
59,948
3,366
2,875
872
(146)
74
(0)
(153)
(41)
2.15%
8.80%
4.10%
5.76%
30
15
10
5
0
P/E
P/B
ROE
See important disclosure at the end of this document
ROA
Market cap USDm
Foreign net inflow
-YTD USDm
Foreign net inflow
-5D USDm
5 yr Govt bond
yield
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JCI Index
Viet Capital Securities | 7
Disclaimer
VCSC and its officers, directors and employees may have positions in any securities mentioned in this document (or in any
related investment) and may from time to time add to or dispose of any such securities (or investment).VCSC may have, within the last
three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of,
any or all of the entities mentioned in this report or may be providing, or have provided within the previous 12 months, significant advice or
investment services in relation to the investment concerned or a related investment.
HOLD
Copyright 2013 Viet Capital Securities Company “VCSC”. All rights reserved. This report has been prepared on the basis of information
believed to be reliable at the time of publication. VCSC makes no representation or warranty regarding the completeness and accuracy of
such information. Opinions, estimates and projection expressed in this report represent the current views of the author at the date of
publication only. They do not necessarily reflect the opinions of VCSC and are subject to change without notice. This report is provided, for
information purposes only, to institutional investors and retail clients of VCSC in Vietnam and overseas in accordance to relevant laws and
regulations explicit to the country where this report is distributed, and does not constitute an offer or solicitation to buy or sell any securities
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and Markets Act 2000 (Financial Promotion) Order 2005 (all such persons being referred to as "relevant persons"). This document must
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The 1% ownership disclosure as of the previous month end satisfies the requirements under Paragraph 16.5(a) of the Hong Kong Code of
Conduct for Persons Licensed by or Registered with the Securities and Futures Commission. (For research published within the first ten
days of the month, the disclosure may be based on the month end data from two months prior.) Japan: There is a risk that a loss may
occur due to a change in the price of the shares in the case of share trading, and that a loss may occur due to the exchange rate in the
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calculated by multiplying the executed price by the commission rate which was individually agreed between VCSC and the customer in
advance. Korea: This report may have been edited or contributed to from time to time by affiliates of VCSC. Singapore: VCSC and/or its
affiliates may have a holding in any of the securities discussed in this report; for securities where the holding is 1% or greater, the specific
holding is disclosed in the Important Disclosures section above. India: For private circulation only, not for sale.Pakistan: For private
circulation only, not for sale.New Zealand: This material is issued and distributed by VCSC in New Zealand only to persons whose
principal business is the investment of money or who, in the course of and for the purposes of their business, habitually invest money.
VCSC does not issue or distribute this material to members of "the public" as determined in accordance with section 3 of the Securities Act
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VCSC. Canada: The information contained herein is not, and under no circumstances is to be construed as, a prospectus, an
advertisement, a public offering, an offer to sell securities described herein, or solicitation of an offer to buy securities described herein, in
Canada or any province or territory thereof. Any offer or sale of the securities described herein in Canada will be made only under an
exemption from the requirements to file a prospectus with the relevant Canadian securities regulators and only by a dealer properly
registered under applicable securities laws or, alternatively, pursuant to an exemption from the dealer registration requirement in the
relevant province or territory of Canada in which such offer or sale is made. The information contained herein is under no circumstances to
be construed as investment advice in any province or territory of Canada and is not tailored to the needs of the recipient. To the extent that
the information contained herein references securities of an issuer incorporated, formed or created under the laws of Canada or a province
or territory of Canada, any trades in such securities must be conducted through a dealer registered in Canada. No securities commission or
similar regulatory authority in Canada has reviewed or in any way passed judgment upon these materials, the information contained herein
or the merits of the securities described herein, and any representation to the contrary is an offence. Dubai: This report has been issued to
persons regarded as professional clients as defined under the DFSA rules. United States: This research report prepared by VCSC is
distributed in the United States to Major US Institutional Investors (as defined in Rule 15a-6 under the Securities Exchange Act of 1934, as
amended) only by Decker&Co, LLC, a broker-dealer registered in the US (registered under Section 15 of Securities Exchange Act of 1934,
as amended). All responsibility for the distribution of this report by Decker&Co, LLC in the US shall be borne by Decker&Co, LLC. All
resulting transactions by a US person or entity should be effected through a registered broker-dealer in the US. This report is not directed
at you if VCSC Broker or Decker&Co, LLC is prohibited or restricted by any legislation or regulation in any jurisdiction from making it
available to you. You should satisfy yourself before reading it that Decker&Co, LLC and VCSC is permitted to provide research material
concerning investment to you under relevant legislation and regulations.
See important disclosure at the end of this document
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Viet Capital Securities | 8
Contacts
Corporate
HOLD
www.vcsc.com.vn
Head Office
Hanoi Branch
Bitexco Financial Tower, 2 Hai Trieu Street
109 Tran Hung Dao
District 1, HCMC
Hoan Kiem District, Hanoi
+848 3914 3588
+844 6262 6999
Transaction Office
Transaction Office
10 Nguyen Hue Street
236-238 Nguyen Cong Tru Street
District 1, HCMC
District 1, HCMC
+848 3914 3588
+848 3914 3588
Research
Research Team
Barry Weisblatt, Head of Research ext 105
+848 3914 3588
[email protected]
[email protected]
Long Ngo, Senior Manager ext 145
Anirban Lahiri, Senior Manager ext 130
Banks, Securities, Insurance
Logistics and Agriculture
- Hoa Trinh, Senior Analyst ext 124
- Hai Hoang, Analyst ext 138
- Thuy Le, Analyst ext 116
- Nga Nguyen, Analyst ext 199
Construction Materials
Duong Dinh, Manager ext 140
- Dung Ly, Analyst ext 149
Oil & Gas, Power and Fertilizer
Macro
- Tram Ngo, Analyst ext 135
- Lam Truong, Senior Anlyst ext 139
- Hien Nguyen, Analyst ext 132
Hong Luu, Manager ext 120
Phap Dang, Manager ext 143
Real Estate and Construction
Consumer Goods, Autos and Tires
- Dao Nguyen, Senior Analyst ext 185
- Nghia Le, Analyst ext 181
Duc Vu, Manager ext 363
Retail Client Research
- Vy Nguyen, Analyst ext 147
- Thanh Nguyen, Analyst ext 173
- Ninh Chu, Analyst ext 196
Institutional Sales and Brokerage
& Foreign Individuals
Head of Institutional Sales
Vietnamese Sales
Michel Tosto, M. Sc.
Dung Nguyen
+848 3914 3588 ext 102
+848 3914 3588 ext 136
[email protected]
[email protected]
Retail & Corporate Brokerage
Ho Chi Minh City
Hanoi
Quynh Chau
Quang Nguyen
+848 3914 3588 ext 222
+844 6262 6999 ext 312
[email protected]
[email protected]
See important disclosure at the end of this document
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Viet Capital Securities | 9