BSC Stock Pitch 2021

BSC STOCK PICTH 2021
PROSPEROUS OUTLOOK
December , 2020
|2
INVESTMENT THEME FOR 2021
The robust economic recovery creates bright prospects
The stimulus package and aggressive public investment
The Covid-19 adds a momentum to production shiftment
The market upgrade is a strong catalyst for the foreign inflow
Source: BSC Research

|3
INVESTMENT THEME FOR 2021
(1) Vaccine – The dose for rebooting the global and (2) Aggressive disbursement in public investment will
Vietnam’s economy deal with the “Bottle-neck” in a few years recently
GDP’s growth forecast 450,000

8.0% 7.0%
6.3% 6.5% 6.5%
6.0% 400,000
6.0% 5.0% 5.3%
4.3% 4.0% 350,000
4.0%
2.5% 2.4%
300,000
2.0%
250,000
0.0%
200,000
-2.0% -1.0%
150,000
-4.0%
100,000
-6.0%
-6.0% 50,000
-8.0% -7.1% -7.3%
-10.0% 0
Q4/2017
Q3/2020
11T2020
Q1/2015
Q2/2015
Q3/2015
Q4/2015
Q1/2016
Q2/2016
Q3/2016
Q4/2016
Q1/2017
Q2/2017
Q3/2017
Q1/2018
Q2/2018
Q3/2018
Q4/2018
Q1/2019
Q2/2019
Q3/2019
Q4/2019
Q1/2020
Q2/2020
Việt Nam Indonesia Malaysia ThaiLand Philippines
2019 2020F 2021F
Stock recommendations: Stocks recommendation:

• Banking : VCB, TCB, CTG, VPB • Steel: HPG - Cement: HT1 - Asphalt: PLC
• Consumer & Retail: MWG, PNJ, VNM, • Construction: LCG & PC1.
• Oil & Gas – Utility : GAS, POW, PLX, PVT, REE • Aviation & Transportation: ACV, VTP
• Others: VHC, MSH, DGC • Property: VHM, NLG, DXG, KDH, VRE
INVESTMENT THEME FOR 2021 |4
(3) The Covid-19 adds momentum to the (4) Foreign cash flow thanks to the market upgrade will
deglobalization trend and the shifting production be the support for the market in 2021
50,000 25.00%
43,373
40,000
20.9%
20.00%
19.8%
18.7%
30,000 26,428
15.00%
20,000
10,000 5,505 6,701

10.00%
3,187 2,886 2,041
1,135
0
5.00%
-10,000 -7,729
-13,319
-20,000 0.00%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Net Forgein Trading Value (VND bn) % Forgein Owner
Stock recommendations:
Stock recommendations:
• Industrial Park : PHR, GVR, IDC, KBC
• MSCI’s list: VNM, VHM, HPG, VCB, VRE, PLX
• Seaport: GMD
Source: BSC Research, Aracana

|5
TOP STOCK PITCH: BLUECHIP
Closing
Market Cap PAT ROA ROE Target
Revenue 2020F % yoy PAT 2021 EPS 2020F P/E fw P/B fw price Upside
(bn VND) 2020F 2020F 2020F price
27/11/2020
VCB 350,489 51,355 12% 20,899 23,234 5,635 14.8 3.2 1.6% 22.9% 83,400 90,000 7.9%
TCB 82,953 24,958 18% 10,827 15,552 3,093 6.5 1.0 2.5% 16.0% 20,250 25,000 23.5%
CTG 126,782 41,402 2% 9,463 8,526 2,542 9.2 1.0 0.7% 11.8% 23,450 30,000 27.9%
VPB 65,819 40,747 12% 9,416 11,938 3,772 7.3 1.3 0.8% 13.1% 27,000 35,000 29.6%
VNM 229,443 60,228 7% 11,402 12,218 5,082 19.98 5.24 22.2% 30.0% 111,000 117,600 6.0%
MWG 52,276 108,084 6% 3,441 4,681 7,594 10.8 2.5 23.2% 8.9% 116,000 180,600 55.0%
PNJ 17,740 17,039 0.2% 1,055 1,223 4,635 12.86 2.7 12.1% 21.6% 73,600 90,250 23%
GAS 159,815 63,991 -15% 8,345 11,982 4,198 19.8 3.2 16.0% 22.0% 83,500 98,600 18.1%

|6
TOP STOCK PITCH: BLUECHIP
Closing
27/11/2020
PLX 62,525 146,008 -23% 1,238 3,918 951 52.9 2.6 2.1% 4.9% 51,300 72,400 41.1%
POW 24,004 29,776 -16% 2,296 3,149 811 12.4 0.8 4.1% 7.5% 10,250 12,000 17.1%
REE 14,758 5297 8% 1,557 1,850 4,674 9.8 1.3 8.2% 13.1% 47,600 58,600 23.1%
VHM 273,030 103,699 28% 28,901 30,393 9,572 9.7 3.5 11.3% 36.4% 83,000 102,400 23.3%
VRE 63,057 9,324 1% 2,392 3,564 1,053 25.4 2.0 6.2% 8.5% 27,750 36,730 32.4%
HPG 120,106 88,410 39% 11,615 15,178 3,506 8.9 1.8 5.5% 16.3% 35,700 41,600 16.5%
ACV 155,873 7,959 -57% 1,856 6,695 851 84.1 4.3 3.0% 5.0% 71,600 88,000 22.9%
FPT 44,055 30,146 9% 4,410 5,280 4,139 13.3 2.3 12.0% 24.0% 55,000 67,000 21.8%

|7
TOP STOCK PITCH: MID & SMALL CAP
Closing
27/11/2020
VTP 9,094 19,664 152% 431 534 5,232 20.7 9.6 9.0% 46.0% 108,400 136,000 25.5%
GMD 8,314 2,517 -5% 436 542 1,176 21.9 1.3 4.0% 7.0% 28,000 34,000 21.4%
PVT 4,159 7,393 -5% 483 524 1,556 8.1 0.7 4.3% 8.8% 12,850 14,300 11.3%
VHC 8,197 7,980 1% 763 1,266 4,150 8.9 1.5 14.0% 19.0% 45,250 55,700 23.1%
DGC 7,014 6,540 28% 936 1,100 5,913 8.9 1.8 17.0% 23.0% 48,300 56,000 15.9%
DCM 6,432 7,478 6% 697 704 1,073 11.3 1.0 7% 11% 12,150 15,120 29.4%
HT1 6,105 7,994 84% 622 837 1,631 10.0 1.1 6.6% 11.7% 16,000 19,750 23.4%
PC1 4,103 6,167 6% 507 497 2,520 9.9 1.2 5.8% 12.1% 21,460 25,000 16.5%
MSH 1,943 3,744 -15% 104 297 2,087 7.3 1.3 18.0% 42.0% 38,300 42,900 12.0%

|8
TOP STOCK PITCH: MID & SMALL CAP
Closing
Market Cap Revenue PAT ROA ROE Target
% yoy PAT 2021 EPS 2020F P/E fw P/B fw price Upside
(bn VND) 2020F 2020F 2020F 2020F price
27/11/2020
GVR 76,200 19,425 -1% 3,188 3,607 797 21.2 1.3 4.0% 6.0% 18,800 21,800 16.0%
PLC 2,044 5,317 -14% 178 216 2,210 11.7 1.5 3.8% 12.6% 25,300 34,700 37.2%
LCG 1,325 3,594 42% 250 293 2,374 4.9 0.7 5.0% 16.0% 11,800 13,615 15.9%
KDH 14,752 4,184 10% 1,180 1,463 2,058 13.0 1.7 13.4% 7.8% 26,400 31,400 18.9%
NLG 7,887 1,438 -44% 960 943 3,304 8.3 1.2 13.2% 7.9% 28,650 36,000 34.0%
DXG 7,360 4,870 -16% 302 1,278 552 24.3 0.9 1.3% 4.1% 11,800 17,000 24.4%
IDC 8,850 4,938 0% 357 404 1,189 23.1 1.8 2.4% 7.3% 27,500 32,350 17.6%
KBC 7,352 1,526 -53% 396 856 937 16.0 0.9 2.4% 4.7% 15,050 17,616 17.0%
PHR 8,604 1,710 4% 971 1,023 9,257 7.0 2.8 7.7% 17.3% 64,000 69,000 7.8%
DRC 2,512 3,239 -16% 213 375 1,795 11.6 1.5 8.0% 12.5% 20,850 24,282 16.5%

TOP STOCK PITCH:
BLUE-CHIP
VCB – Leader in the banking industry |10
TP: VND 120,000 - Upside +28.3%

Trading information
INVESTMENT THESIS
Current price VND 93,000
Leader in the banking industry in term of profit and asset quality. 1st profit among banking
Market capital (USD mn) 14,628
sector with high market share (~9.5% market share in terms of loans and deposit), the best
asset quality among banks with high provision buffer. ADTV 30D (USD mn) 0.37
Room left for foreigners 2.5%
High NPAT growth from (1) recovery of economy, (2) provision expenses reduction. 100,000 1,000
CATALYST 95,000
950
(1) Finding another financial buyers in 2021. 90,000
900
RISK 85,000
(1) High valuation 80,000 850
VCB VNI
STOCK PB
2020E 2021F 2022F Peer 2019 2020E 2021F 2022F 4.3
4
% TOI 16.4% 8.8% 10.5% 10.0% TTS 1,222,719 1,341,514 1,461,694 1,543,316 3.7
% PBT 26.6% -3.5% 30.1% 0.5% VCSH 80,883 96,979 117,923 143,210 3.4
3.1
ROAA 1.6% 1.4% 1.7% 1.5% TOI 45,730 49,736 54,951 59,441
2.8
ROAE 25.9% 20.1% 21.6% 17.5% PBT 23,122 22,321 29,042 35,066 2.5
P/E 14.4x 19.2x 14.7x 10.3x EPS 4,991 4,818 6,269 7,569
VCB -2x Std -1x Std
P/B 3.3x 3.5x 2.9x 1.2x BVPS 21,808 26,148 31,795 38,613 PX_TO_BOOK_RATIO +1x Std +2x Std

TCB – Good bank with low valuation |11
TP: VND 30,000 - Upside +27.1%

INVESTMENT THESIS Trading information
Sustainable growth even in COVID-19 period. We expect that this trend would remain in
the next year (PBT +24.7% yoy in 2022).
ADTV 30D (USD mn) 2.23
Average asset quality. However, the LTV of TCB is high (collateral value/loans > 3x) and we
think that it might help reducing risk of loans. Room left for foreigners 0.0%
Low valuation. P/B = 1.0x compared with median peers at 1.2x. 1,000
CATALYST 26,000
(1) Might IPO TCBS in the future (Equity value ~5,000 bil. VND). 24,000
950
(2) Might break the bancassurance deal with Manulife and sign another deal with the other. 900
22,000
RISK
(1) Concentration risk from big customers 20,000 850
TCB VNI
2020E 2021F 2022F Peer 2019 2020E 2021F 2022F STOCK PB
% TOI 28.2% 13.8% 9.1% 10.0% TTS 383,699 489,909 551,784 596,329 1.5
1.4
1.3
% PBT 21.4% 24.7% 13.8% 0.5% VCSH 62,073 74,456 89,896 107,463 1.2
1.1
1
ROAA 2.8% 2.9% 3.0% 1.5% TOI 21,068 27,007 30,742 33,543 0.9
0.8
ROAE 17.9% 18.6% 17.6% 17.5% PBT 12,838 15,592 19,440 22,118 0.7
P/E 6.8x 5.4x 4.8x 10.3x EPS 2,878 3,496 4,359 4,959
TCB -2x Std -1x Std

CTG – High growth from recovery |12
TP: VND 40,000 - Upside +21.2%

High growth from recovery because of: Market capital (USD mn) 5,344
- We expect that CTG would record high level of income in 2021 (PBT +30.6% yoy) by (1) ADTV 30D (USD mn) 1.23
higher growth in NII, (2) Lower provision expenses (fully solved the VAMC in 2020).
- Expectation to sign the exclusive deal of bancassurance in 2021. The upfront fee is
expected at 350 mil. USD. 33,000
1,000
Low valuation. P/B F 2021 = 1.2x compared with VCB ~3.2x, BID ~2.0x. 950
RISK: Average asset quality. CTG might have some hidden bad debts in loans G1. (~60,000 28,000
bil. VND of potential restructured loans might happen in the future.) 900
23,000
CATALYST: (1) Sign the exclusive deal of bancassurance with Manulife, (2) Increasing equity
by stock dividend in Q4/2020. 18,000 850
CTG VNI
STOCK PB
2020E 2021F 2022F Peer 2019 2020E 2021F 2022F
1.6
1.5
% TOI 4.5% 12.6% 7.2% 10.0% TTS 1,240,711 1,461,112 1,630,299 1,773,743 1.4
1.3
% PBT -10.0% 30.6% 22.4% 0.5% VCSH 77,355 85,056 95,044 107,356 1.2
1.1
1
ROAA 0.8% 0.6% 0.8% 1.5% TOI 40,519 42,363 47,680 51,104 0.9
0.8
ROAE 13.1% 10.5% 13.4% 17.5% PBT 11,781 10,599 13,841 16,944 0.7
P/E 7.6x 11x 9x 10.3x EPS 2,541 2,286 2,985 3,655

CTG -2x Std -1x Std

VPB – Rerate by IPO FE Credit |13
TP: VND 35,000 - Upside +29.6%

Good bank in terms of “high risk, high return”. We expect that VPB would record higher
growth in 2021 due to (1) higher growth of FE credit, (2) less pressure in terms of provisions.
Low asset quality. However, it might be reduced when the economy is recovered.
IPO FE Credit in Q3/2021. It might help to revaluate the VPB stock.
1,000
CATALYST 33,000
(1) IPO FE Credit in Q3/2021 (Equity value ~15,000 bil. VND). 950
28,000
RISK
900
(1) Low asset quality 23,000
18,000 850
VPB VNI
STOCK PB
2020E 2021F 2022F Peer 2019 2020E 2021F 2022F
1.7
1.6
% TOI 12.1% 12.8% 7.7% 10.0% TTS 377,204 410,064 484,001 534,172 1.5
1.4
% PBT 14.0% 26.8% 12.8% 0.5% VCSH 42,210 51,626 63,565 77,030 1.3
1.2
1.1
ROAA 2.4% 2.7% 2.6% 1.5% TOI 36,356 40,747 45,958 49,493 1
0.9
ROAE 20.1% 20.7% 19.2% 17.5% PBT 10,324 11,770 14,922 16,829 0.8
P/E 6.9x 5.4x 4.8x 10.3x EPS 3,265 3,722 4,719 5,322
VPB -2x Std -1x Std
P/B 1.3x 1x 0.8x 1.2x BVPS 16,684 20,406 25,125 30,447 PX_TO_BOOK_RATIO +1x Std +2x Std

VNM – New chapter for MCM |14
TP: VND 117,600 - Upside +6%

• Sustainable Growth of Revenue: (1) Domestic revenue growth will be expected to stable about 5-7%
YoY in 2021: the growth of parent company expect to 5-6% and GTN-MCM above 10% thank to more
distributors; (2) Direct exports recover to normal level, mainly concentrated in the Middle East; ADTV 30D (USD mn) 10.04
• Improving GPM: (1) Low raw milk`s price purchased in 1H2020 (-9%-12% YoY), (2) GTN`s GPM raised
1,100 120,000
up. (3) SGA/REV decreased to 24.1%,which Marketing and Advertising expenses decreased by 40% YoY.
1,000
• Restructuring GTN-MCM: Accumulated, net sales reached VND 2,144 billion (-5.5% YoY), net income 100,000
900
reached VND 176 billion (+ 174% YoY). GPM improves to 35%, thanks to MCM buying raw milk with
VNM and preferred income tax. 800
80,000
700
Catalysts: (i) VNM is Top 1 Stock in MSCI`s frontier market; (ii) MCM will be listed Upcom on Mar 30,2021.
600 60,000
11/2019 02/2020 05/2020 08/2020
Risks: (i) Uncertain raw milk material price in New Zealand (ii) 4Q20`s Sales in Middle Area can be affected
VNINDEX VNM
by Typhoons.
2019 2020E 2021F Peer 2018 2019 2020E 2021F
3,500 50%
PE 23.51 21.41 19.98 20.9 Revenue 52,562 56,318 60,228 64,176
3,000
48%
PB 7.54 5.96 5.24 6.7 Gross Margin 24,611 26,572 28,215 30,129 47.2%
2,500 46.5%
NPATMI 10,227 10,581 11,402 12,218 46%
PS 3.98 3.77 3.54 4.13 2,000
ROE (%) 37.8% 33.6% 30.0% 27.6% EPS 5,295 5,478 5,082 5,445 1,500
44%
ROA (%) 24.9% 22.6% 22.2% 23.2% EPS’s Growth -16.7% 3.5% -7.2% 7.2% 1,000 42%
Feb-18 Jul-18 Dec-18 May-19 Oct-19 Mar-20 Aug-20
EV/EBITDA 15.9 x 15.0 x 14.1 x 19.8 x Net debt / Equity 3.4% 11.6% 12.3% 11.8%
WMP SMP GPM Parent

MWG - The elephant in the room |15
TP: VND 180,600 - Upside +55%

Report Link
• DMX supermini’s concept will be a new catalyst of DMX, that can boost its revenue and Market capital (USD mn) 2,263
enhance its market share. ADTV 30D (USD mn) 0.51
• BSC believes that the new concept will help DMX approach suburban places with a Room left for foreigners 0%
higher net margin (4.6% compared with 3.6% of MWG’s net margin).
1100 140,000
• The total number of DMX ‘s stores in 2021: 1,150 stores (+150 stores YoY).). 1000 120,000
• BHX – MWG’s grocery in 2021 focuses on improving operation quality to decrease its 900 100,000
cost per revenue. 800 80,000
• We supposed that MWG would decelerate the opening new store, equivalent to 700 60,000
~30 stores per month (compare with 70- 90 stores/month) 600 40,000
• The BHX’s NPAT margin will be decreased from -9% in 2020 to -4.5% thanks to (1)
The improvement of rev per store (+10% Yoy) and (2) the optimization of operation. VNINDEX MWG
2019 2020E 2021F Peer Number of stores

2018 2019 2020E 2021F 22.4% 22.6%
2,850
3,000 21.7% 25.0%
19.1% 2,375
PE 13.4 13.7 10.3 12.7 Revenue 102,174 107,272 132,943 175,308 2,500 17.7% 2,184 20.0%
1,900
Gross Profit 2,000 1,680
PB 4.2 2.8 2.0 2.8 19,488 23,258 29,778 39,703 15.0%
1,500 1,200
1,032 1,008
996 1,018
PS 5.1 5.0 3.9 0.99 NPATMI 3,838 3,841 5,039 6,812 1,000 750 850 850 850 10.0%
405 5.0%
ROE (%) 50.8% 38.9% 32.3% 23.6% EPS 13,899 15,995 16,891 13,694 500
- 0.0%
ROA (%) 14.8% 16.7% 16.3% 14.1% EPS’s Growth 29% 15% 6% -19% 2018 2019 2020F 2021F 2022F
EV/EBITDA 9.9 9.2 7.1 10.2 Net debt / Equity 34% 30% 23% 23% Thế giới di động Điện Máy Xanh Bách Hóa Xanh
BLN Ròng BLN gộp
PNJ – Recovery of Jewelry Retail |16
TP: VND 90,250 - Upside +23%

Trading information
INVESTMENT THESIS
The trend of recovery in PNJ`s Jewelry Retail will be accelerated from Sep 2020 until 1Q2021. Market capital (USD mn) 750
• (1) Increasing the proportion of jewelry retail: up to 65.9% in Oct 2020 from 59.9% last year, an ADTV 30D (USD mn) 3.78
uptrend from Sep 2020 thanks to the rebound after COVID-19 second wave and launched marketing Room left for foreigners 0%
and advertising campaigns such as Vietnamese Women Day, Style by PNJ.
• (2) Restructuring of opening store: Restructuring will improve PNJ`s retail stores with more high- 1,100 100,000
traffic locations and low renting price. 10M20, PNJ had 341 st. (-6st.) opened 26st. and closed 30st. 1,000 90,000
• (3) Improving gross profit margin: GPM can reach to normal level of 19.9-20% (the lowest GPM of 900
80,000
8.4% on Apr 2020) thanks to increasing in jewelry retail segment; 70,000

800
• (4) Optimization of operating costs: PNJ has implemented (i) Digitization strategy and ERP to increase 60,000
the productivity of the manufacturing and logistics; (ii) R&D new collection of jewelry and marketing. 700 50,000
• (5) Attractive P/E target to 15-16x if earning growth can be reached again +20-25% YoY in 2021. 600 40,000
11/2019 02/2020 05/2020 08/2020
Risks: (i) Retails are sensitive with disposable income (ii) High volatility of gold price affects PNJ VNINDEX PNJ (RHS)
inventory.
2.2%
2019 2020E 2021F Peer 2018 2019 2020E 2021F
1.5%
PE 13.93 15.72 12.86 12.7 Net revenue 14,571 17,000 17,039 19,094 23.9% 17.3%
PB 4.24 3.18 2.74 2.8 Gross Margin 18.9% 20.2% 19.7% 19.8% Bán lẻ
PS 1.13 0.97 0.85 0.99 NPATMI 960 1,190 1,055 1,223 Bán sỉ
ROE (%) Vàng miếng

28.6% 21.6% 22.9% 23.6% EPS 6,481 5,285 4,635 5,347 55.6%
21.0% Khác (B2B+XK)
ROA (%) 15.8% 12.1% 13.7% 14.1% EPS’s Growth 32.9% 16.6% -11.4% 15.4%
15.5% 58.4%
EV/EBITDA 12.5 9.0 8.0 10.2 Net debt / Equity 0.42 0.57 0.51 0.42

GAS – RECOVERING FROM TROUGH |17
TP: VND 98,600 - Upside +21% Report Link

 Monopoly in exploitation and distribution of nature gas products, designated by Market capital (USD mn) 6,889
Petrovietnam (PVN). ADTV 30D (USD mn) 3.95
 Prices of natural gas products follow world oil price, therefore GAS directly benefits from Room left for foreigners 45.9%
the recovery of oil price (Brent oil price 2020: 41 USD/barrel, 2021: 55 USD/barrel, 2022:
60 USD/barrel) 1100 122,000
1000
 Sao Vang - Dai Nguyet field has been exploited since November 2020, providing 1,500 92,000
million m3 gas/ year (+15% output). 900

62,000
800
CATALYST: Weight of Vietnam in MSCI’s frontier market increases in 2021 (Link)
32,000
700
RISK: (1) Fluctuations in world oil prices (2) Unanticipated upstream incidents reduce output
600 2,000
10/2019 01/2020 04/2020 07/2020
VNINDEX GAS
2020E 2021F 2022F Peer 2019 2020E 2021F 2022F Natural gas production (million m3)
11,000
PE 18.3 13.4 12.2 12.7 Revenue 75,005 63,991 77,823 82,095 10,612
10,503 10,468 10,455
Gross Profit 10,500 10,263
PB 3.2 2.7 2.7 1.1 16,919 11,287 15,996 16,897 10,001
10,000 9,841
PS 3.4 2.0 1.8 0.9 NPATMI 11,902 8,178 11,439 12,112
EPS 9,500 9,217
ROE (%) 19.7% 21.0% 22.2% 6.3% 6,142 4,273 5,977 6,328
ROA (%) 14.6% 15.7% 16.5% 3.9% EPS’s Growth 4% -31% 40% 6%
9,000
EV/EBITDA 9.2 13.2 13.9 9.1 Net debt / Equity 25% 31% 33% 35%
8,500
2015 2016 2017 2018 2019 2020E 2021F 2022F
Source: BSC Research Note: LNG segment has not been taken into valuation
PLX – STRONG RECOVERY |18
TP: VND 62,400 - Upside +23.5%

 Economic recovery increases petroleum’s consumption volume and prices, helping PLX Market capital (USD mn) $2.63 bn
achieve high growth in 2021: ADTV 30D (USD mn) $0.94 mn
• Volume of petroleum sold would recover close to before-COVID level (13.5 million tons).
• Prices of RON95, E5RON92, Diesel (VND/liter) reach 19,200 (+21.5%), 19,900 (+30%), 13,850
(+7.6%), respectively. VNIndex vs PLX
1,100 60,000
 The wave of public investment helps the petrochemical business (PLC) to grow. The 1,000
North - South Expressway Project creates a growth driver of +28.3% CAGR in 2021-2023 50,000
900
period. 40,000
800
CATALYST: Sell all 75 million remaining treasury shares. 700
30,000
RISK: COVID continues to prolong, slowing economic recovery. 600

Nov-19 Feb-20 May-20 Aug-20
20,000
VNI PLX
2019 2020E 2021F Peer 2019 2020E 2021F 2022F Oil Price vs PLX P/E
PE 15.8 57.6 15.5 19.2 Revenue 189,604 146,008 182,510 191,636 100 80
80
PB 2.8 2.2 2.0 2.7 Gross Profit 14,169 9,957 12,776 13,798 60
60
PS 0.3 0.4 0.3 0.2 NPATMI 4,158 1,050 3,918 4,216 40
40
ROE (%) 17.0 3.9 12.7 3.9 EPS 3,468 876 3,268 3,517 20
20
ROA (%) 7.0 1.7 5.9 2.8 EPS’s Growth 10.0% -70.1% 210.7% 20.1% 0 0
Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19
EV/EBITDA 10.0 16.8 9.0 10.8 Net debt / Equity 59.4% 66.9% 59.8% 61.3% Oil Price (LHS) PLX P/E (RHS)

POW – RECOVERING FROM LOW-BASE |19

(1) POW accounts for more than 10% market share of electricity production, with total Market capital (USD mn) 995.3
power capacity of 4200MW. ADTV 30D (USD mn) 2.06
(2) As the economic recovery, the electricity consumption will increase to normal level in Room left for foreigners 39.8%
the coming years (CAGR 11%/year) 16,000 1,100
(3) Nhon Trach 3&4 power plants (total power capacity of 1500 MW) are expected to start 14,000 1,000
construction in Q2/2021, expected to increase POW total electricity output by 30-40% from
2023. 12,000 900
10,000 800
RISKS: (1) changes in exchange rate affects the POW’s earnings; (2) Rising gas and coal prices
due to limited domestic supply; (3) challenged by renewable energy; 8,000 700
6,000 600
11/2019 02/2020 05/2020 08/2020
POW VNINDEX
Electricity output of POW's thermal power plants

2019 2020E 2021F Peer 2019 2020E 2021F 2022F
9000
PE 10.7 12.4 9.4 14.7 Revenue 35,374 29,776 32,785 33,733

7000
PB 0.9 0.8 0.7 2.0 Gross Profit 5,138 3,545 4,304 4,457
PS 0.8 0.8 0.7 1.5 NPATMI 2,855 2,296 3,149 3,306 5000
ROE (%) 8.9 7.5 9.9 13.3 EPS 964 811 1,106 1,194 3000
ROA (%) 4.4 4.1 5.8 2.4 EPS’s Growth 30.6% -16.0% 36.4% 7.9% 1000
2015 2016 2017 2018 2019 2020E 2021F 2022F 2023F 2024F
Cà Mau 1&2 NT1 NT2

REE – MOTIVATION FROM ENERGY |20
TP: VND 58,600 - Upside +23.1%

(1) Owning portfolios in leading hydropower companies (total capacity of 1,200 MW), Market capital (USD mn) 617.89
which will benefit from the La Nina in 2021 ADTV 30D (USD mn) 0.8
(2) High-safety industry: consumption for electricity and water grows steadily every year Room left for foreigners 0.0%
(CAGR 11% and 8% respectively) 1,100 50,000
(3) Etown 6 to start operating in mid 2023, raising office leasing’s revenue by 25% (317 1,000 45,000
billion VND) 900 40,000
CATALYST: (1) Potential IPO and listing for REE Energy, when REE has no room left for 800 35,000
foreigners; (2) Expanding into the renewable energy sector (wind and solar rooftop) 700 30,000
RISK: (1) Cost is higher than expected in new projects; (2) Later-than-expected commercial 600
11/2019 01/2020 03/2020 05/2020 07/2020 09/2020 11/2020
25,000
operation of Thuong Kon Tum hydropower plant; VNINDEX REE
2019 2020E 2021F Peer 2019 2020E 2021F 2022F Profit breakdown in 9M2020
PE 6.9 9.8 8.5 14.7 Revenue 4,897 5,297 5,564 5,927 10%
18% M&E
PB 1.0 1.3 1.2 2.0 Gross Profit 1,246 1,426 1,464 1,614
PS 2.3 1.9 2.5 1.5 NPATMI 1,720 1,557 1,850 1,902 Real Estate & Office
Leasing
ROE (%) 15.6 13.1 13.7 13.3 EPS 5,286 4,674 5,554 5,710 Energy
ROA (%) 9.3 8.2 8.9 2.4 EPS’s Growth -8% -12% 19% 3% 27%
44% Water supply
EV/EBITDA 14.0 Net debt / Equity 51% 40% 29% 22%

VHM - Vietnam’s real-estate sector proxy |21
TP: VND 102,400 - Upside +23.3% Report Link

 VHM is the fastest proxy that allows foreign investors to invest in the appealing
Vietnam’s real estate sector.
 A proven business model with an unrivaled land bank that ensures developing and Room left for foreigners 27.1%
implementing projects in the next 15 years. The total net selling area of VHM reaches
155 million m2, higher than seven times the second player in the market. 1100 102,000
1000 82,000
 High operating efficiency - A robust financial structure thanks to the ability to sell 900 62,000
"wholesale“. ROE and the NPAT margin stand out in the market, which reach 31.2% and 800 42,000
700 22,000
42.1%, respectively. 600 2,000
 Attractive valuation with PE FW 2020 = 9.7 times, lower than 14.8 of average P/E peer.
 RISKS: (1) the delay on implement pipeline projects; (2) the cycle of RE industry and (3) VNINDEX VHM
The increase of land cost, construction cost. VHM's presales has a incredible resilience (trillion VND)
160 146.7
2019 2020E 2021F Peer (billion VND) 2018 2019 2020E 2022F
140
117.9
PE 12.9 9.7 9.2 14.8 Revenue 51,627 80,868 103,699 103,189 120
95.1 97.2
100 91.1
81.7
Gross profit 27,456 31,509 46,384 47,046 80 67.6 69.7
PB 5.0 3.5 2.7 1.8 48.2
NPATMI 60
21,747 28,736 32,060 32,621 35.8
ROE (%) 38.8% 36.4% 29.2% 17.8% 40
EPS (VND) 6,493 8,579 9,572 9,739 20
ROA (%) 11.0% 11.3% 9.8% 5.5% 0
EPS’s Growth 52% 32% 12% 2% 2018 2019 2020F 2021F 2022F
EV/EBITDA 20.4 20.1 21.5 13.8 Net debt / Equity 23% 18% 16% 0% Presales's value Handover's value
VRE – DOMINANT RETAIL LANDLORD |22

Prosperous long-term outlook
 VRE will benefit most from the huge potential of Vietnam retail sector even after Covid-19 ADTV 30D (USD mn) 0.67
as the dominant retail landlord in Vietnam (79 malls over 43/63 provinces, a total GFA of Room left for foreigners 18.36%
1.6 million square (triple that of AEON – the 2nd competitor) –
1100 40,000
 Aggressive expansion plan to 2026: total GFA = 5 mn m2 (CAGR = 19%) cover 63/63 1000
provinces – flagship malls and entertainment places of those provinces. 900

30,000
800
Strong recovery in 2021F thanks to (1) GFA + 200,000 sqm (+18% YoY) and (2) no more 20,000
support package if the pandemic is under control. 700
600 10,000
RISKS: (1) the drop of footfall and postpone of new mall’s opening due to outbreak of Covid-
19; (2) the flow of cash and profit among Vingroup’s members. VNINDEX VRE
2019 2020E 2021F Peer 2019 2020E 2021F 2022F PE (VRE)

40
PE 27.7 25.5 17.6 22.2 Revenue 9,259 8,806 11,947 14,881
30
PB 2.9 2.1 2.0 2.6 Gross Margin 47.6% 45.5% 47.9% 49.5% 20
10
PS 8.5 7.1 5.3 5.5 NPATMI 2,851 2,463 3,564 4,702 0
ROE (%) 10.3% 8.7% 11.8% 9.4% EPS 1,226 1,084 1,568 2,069 -10
ROA (%) 7.7% 6.4% 8.4% 4.2% EPS’s Growth -0.2% -11.6% 44.7% 31.9%
EV/EBITDA 15.5 14.2 10.8 15.3 Net debt / Equity 2.3% 0.5% -6.1% 0.5% VRE -1x Std Mean_PE
+1x Std -2x Std +2x Std

HPG – KING OF STEEL |23

Trading information
INVESTMENT THESIS
HPG affirms its leading position in steel segment with 8 mn tons crude steel (from 2021F)
 The ability to consume volume from Dung Quat Intergrated Complex has been proven ADTV 30D (USD mn) 3.2
(9M2020, vol + 75% YoY and the profit margin maintained at the 13.2% as of 9M2019). Room left for foreigners 15.8%
 Ambition to dominate in both long and flat steel segments with total 5mn tons HRC (2025F) 40,000
Strong earning growth in 2021F after a flourishing 2020 1000

30,000
 Strong demand for construction steel; favorable market condition for HRC in 2021 (surging 20,000
800
demand, high price): forecasted production at full capacity of 2mn ton, 50% for inside use. 10,000
 Lower iron ore price (F: 95 USD/ton, -9.5% YoY), coal is facing downside pressure. 600 0
 Dung Quat enjoys the favorable corporate tax scheme from 2020 (0% for 2020-23)
VNINDEX HPG
RISKS: (1) Material prices fluctuation; (2) The operation of the Dung Quat Project
Domestic construction steel consumption in Q3/2020
2019 2020E 2021F Peer 2019 2020E 2021F 2022F was 46% higher than that of Q3/19. Average monthly
billet sale was 150 thousand tons.
PE 8.6 10.2 8.2 11.1 Revenue 63,658 88,410 103,867 112,191 400
PB 1.4 2.0 1.9 0.8 Gross Margin 17.6% 19.4% 20.5% 20.2% 300
PS 1.0 1.3 1.1 0.3 NPATMI 7,527 11,615 15,178 15,897 200
ROE (%) 17.0% 21.8% 24.0% 6.8% EPS 2,726 3,506 4,363 4,362 100
ROA (%) 8.3% 10.4% 12.0% 3.1% EPS’s Growth -32.5% 28.6% 24.5% 0.0% -
T1 T2 T3 T4 T5 T6 T7 T8 T9 T10 T11 T12
EV/EBITDA 7.8 7.9 6.1 9.2 Net debt / Equity 64.4% 53.7% 24.8% -2.9% 2019 2020 Billet

ACV – PROSPECTS OF LONG THANH |24

 The leading position will allow ACV to benefit the most from the recovery of aviation Market capital (mn USD) 6,650
industry in 2021. The worst year of ACV has been already. In 2021, international
ADTV 30D 0.08
passenger throughput output is forecasted to reach 8 million (Equivalent to 30% of its
2019 level) thanks to “Air Bubbles” agreements and better-contained Covid-19 situation. Room left for foreigners 45.6%
Domestic output will reach 74 million, rallying back to its 2019 level. 1,050 100,000
 Valuation is underpriced relative to its scope and long-run potentials. ACV managed 950 80,000
22/25 airports and Vietnam aviation is still expected to grow positively in the long run. 850 60,000
 Long Thanh Airport (LTA) will be the ACV’s driver growth from 2025 onwards. (LTA’s 750 40,000
capacity = 25 million passenger pa, outlay = approx. VND 90,000 billion). 650 20,000
 CATALYSTS: (1) ACV will be qualified to shift to HSX exchange.

550 0
11/2019 04/2020 09/2020
 RISKS: (1) Construction of Long Thanh Airport can lag behind schedule. (2) NPAT margin
VNINDEX ACV
will decrease due to decreased interest income from deposits. The domestic passengers volume increase sharply in July
thanks to tourism stimulating packages and the opening of
2019 2020E 2021F Peer 2019 2020E 2021F 2022F additional routes
PE 19.8 84.1 28.7 54.9 Revenue 18,329 7,959 14,685 18,400 8,000
6,000
PB 4.4 4.3 4.6 1.4 Gross Profit 9,334 1,569 7,282 10,434
4,000
PS 8.9 19.6 13.1 4.2 NPATMI 8,214 1,856 6,695 9,255 2,000
ROE (%) 22% 5% 16% 5% EPS 3,767 851 3,070 4,245 -

T1 T2 T3 T4 T5 T6 T7 T8 T9 T10 T11 T12
ROA (%) 14% 3% 11% 6% EPS’s Growth 33% -77% 261% 38%
Năm 2020 Năm 2019
EV/EBITDA 12.0 - 15.2 20.3 Net debt / Equity 41% 43% 37% 31%
Source: BSC Research Note: Long Thanh Airport wasn’t taken into valuation
FPT – Fire proves gold |25

FY 2021 is expected to grow at the historical rate
 Foreign Technology segment‘s recovery is firm thanks to positive contract value. By ADTV 30D (USD mn) 0.58
October, sales of new contracts has grown by 25% YoY, reaching 466 million USD
Room left for foreigners 0%
Moreover, Corona virus is a big catalyst to encourage Digital Transformation Trend.
1100 62,000
 Telecom segment may face a high base from FY 2020. However, Vietnam still has room 52,000
for number of fixed broadband subscribers, supporting business growth (penetration 1000
42,000
ratio of fixed broadband in Vietnam is 14.2 compared to world ratio of 14.9) 900
32,000
 Cheap valuation (FPT’s PE fw 2020E is 10.9, compared to regional peers’ PE of 20.4)

800
22,000
700
12,000
Catalyst: Divestment from SCIC 600 2,000
Risk: (i) Uncertain business environment due to corona virus (ii) Pressure from the shortage
of IT workforce VNINDEX fpt
2019 2020E 2021F Peer 2019 2020E 2021F 2022F %YoY Revenue of new signed contracts
30.0%
PE 13.8 13.3 10.9 20.4 Revenue 27,717 30,146 36,049 41,994 25.4%
25.0% 22.0%
PB 2.1 2.3 2.0 2.2 Gross Profit 10,712 11,727 14,131 16,461
20.0%
16.0%
PS 1.1 1.3 1.1 2.7 NPATMI 3,912 4,410 5,280 6,324
15.0%
ROE (%) 23% 24% 24% 25% EPS 4,220 4,139 5,008 5,910 10.0%
ROA (%) 12% 12% 13% 13% EPS’s Growth 8% -2% 21% 18% 5.0%
Net debt / Equity 47% 47% 43% 45% 0.0%

6T.20 9T.20 10T.20

TOP STOCK PITCH:
MID & SMALL CAP
VTP – Transforming to first rate logistic company |27
TP: VND 136,000 - Upside +16%

VTP is determined to transform to a leading logistic company in 5 years ahead
Market capital (USD mn) 387
 In FY 21, BSC have an opinion that VTP may have challenges to maintain high historical ADTV 30D (USD mn) 0.05
growth when the company (i) invest on middle mile (Fulfillment, Warehouse,
Technology) (ii) do not have advantage of shipping price
 In long term, the vision of a first rate logistic company is achievable when considering 1100 122,000
high coverage of network, technology support from Viettel Group 1000

102,000
82,000
900
Catalyst: Issuance for strategic shareholders 62,000
800
42,000
Risk: Fierce competition with start-ups and foreign companies 700

22,000
600 2,000
VNINDEX vtp
2019 2020E 2021F Peer 2019 2020E 2021F 2022F VTP PE

40
PE 20.9 20.7 16.7 25.7 Revenue 7,811 19,664 22,002 25,751 35
30
PB 7.9 9.6 4.1 2.3 Gross Margin 775 865 1,085 1,467 25
20
PS 1.1 1.1 0.5 1.1 NPATMI 380 431 534 753 15

10
ROE (%) 48% 46% 39% 38% EPS 5,718 5,232 6,490 10,483 5
0
ROA (%) 12% 9% 10% 10% EPS’s Growth -8% -9% 24% 22% -5
-10
Net debt / Equity 84% 72% 72% 75% vtp -1x Std Mean_PE

GMD – PROSPECTS OF GEMALINK |28
TP: VND 34,000 - Upside +21.4%

 GMD is the largest seaport private corporation, owning advantageous ports, which Market capital (mn USD) 351
throughput container volumes account for 10% of total volume via Vietnam seaports in ADTV 30D 0.14
2020. BSC estimated the container volume through GMD seaports would reach approx.
2.1 million TEUS (-3.5% YoY) in 2020.
1,050 30,000
 Ownership structure with CJ Holding and Sumitomo allows GMD to increase customer
950
sources and operation efficiency in Logistics Segment.
20,000
850
 Gemalink will be the GMD’s growth driver of throughput container volumes, increasing
750
its market shares to 30%. GMD will record a loss of approx. 59 billion VND from 10,000
Gemalink in 2021, the port only contributing positively to profits from 2023 onwards. 650
550 0
 RISKS: (1) High competition in Hai Phong Ports can force GMD to lower its service 11/2019 04/2020 09/2020
charges and actual capacity. VNINDEX GMD
2019 2020E 2021F Peer 2019 2020E 2021F 2022F The throughput container volume of key seaports in
Vietnam increased back in July and August
PE 13.4 21.9 21.5 17.5 Revenue 2,643 2,517 3,059 3,348
19%
PB 1.0 1.3 1.5 1.4 Gross Profit 1,013 882 1,150 1,296 18.50% 18%
12.90%
9.90%
PS 2.6 3.3 3.3 3.3 NPATMI 614 436 542 673 7%
4% -0.20%
1%
ROE (%) 9% 7% 8% 7.2% EPS 1,741 1,277 1,587 1,971
ROA (%) 6% 4% 6% 3.8% EPS’s Growth -72% -27% 24% 24% Miền Bắc Miền Trung TP.HCM BRVT ĐBSCL
-9.90%
EV/EBITDA 7.2 - 7.0 9.6 Net debt / Equity 32% 27% 24% 20% %YoY 6T2020 %YoY 8T2020
Source: BSC Research Note: Nam Dinh Vu Phase 2 wasn’t taken into valuation
PVT – INCREASING TRANSPORTATION DEMAND |29
TP: VND 14,800 - Upside +17.5%

 PVT's transportation segment is expected to grow strongly when oil consumption Market capital (USD mn) $184.7 mn
recovers in 2021. Consumption of crude, finished oil is expected to recover to the ADTV 30D (USD mn) $1.9 mn
before-COVID level which leads to the increase in tanker rates. BSC expects PVT’s
revenue and NPATMI therefore would recover to reach VND 8,132 bn (+10% YoY) and Room left for foreigners 32.05 %
VND 613 bn (+24% YoY) in 2021, respectively. VNIndex vs PVT
1,100 20,000
 LPG consumption growth is PVT's long-term growth driver. With LPG consumption per
1,000
capita of only about 23k (Asian average: 30kg), it is expected that Vietnam will have to 15,000
increase LPG imports in the future (+7% CAGR) which will create growth for PVT. 900
10,000
800
CATALYST: Recovery in 2021; LNG demand from new LNG power plants. 5,000
700
RISK: COVID continues to prolong, slowing economic recovery. 600 0

Nov-19 Feb-20 May-20 Aug-20
VNI PVT
2019 2020E 2021F Peer 2019 2020E 2021F 2022F Oil Price vs PVT P/E
100 14
PE 6.37 8.0 6.5 11.2 Revenue 7,758 7,393 8,132 8,540 12
80
PB Gross Profit 1,190 1,035 1,220 1,280 10
0.96 0.66 0.6 0.6
60 8
PS NPATMI 690 510 613 663
0.54 0.55 0.5 0.8 6
40
ROE (%) 12.7 8.2 9.2 2.0 EPS 2,132 1,576 1,950 2,047 4
20
ROA (%) 6.51 4.3 4.6 1.7 EPS’s Growth 0.9% -26% 24% 5% 2
0 0
EV/EBITDA 3.83 2.4 2.2 5.9 Net debt / Equity 60.3% 62.2% 64.6% 64.9% Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
Oil Price (LHS) PVT P/E (RHS)
VHC – Expansion phase ahead |30

After two struggling years, FY 2021 is expected to be an expansionary year:
 BSC expects that increasing demand with limited supply encourages a strong recovery of ADTV 30D (USD mn) 0.1
pangasius industry. Both USA and China ’s export value is lower by 42% than average
latest cycle’s export value.
 Collagen and Gelatin expansion line (up 75% capacity to 3,500 tons of finished products 1100 52,000
/ year) after being completed by the end of August 2020, can contribute revenue and 1000 42,000
profit from FY 2021. Profit from C&G may take account of 21% of total profit in FY 2021. 900 32,000
800 22,000
Risks
700 12,000
 Exporting markets tighten paper process due to new corona virus cases related to frozen 600 2,000
fishery
 Delay of new Collagen and Gelatin line VNINDEX vhc
2019 2020E 2021F Peer 2019 2020E 2021F 2022F Inventory and monthly exported volume
PE 6.1 8.9 6.5 13.5 Revenue 7,867 7.980 10,522 12,773 400 120
350
100
PB 2.2 1.5 1.4 0.9 Gross Profit 1,533 1,258 1,945 2,479 300
80
250
PS 0.9 1.1 0.8 0.5 NPATMI 1,179 763 1,266 1,702 200 60
150
40
ROE (%) 26% 19% 23% 5% EPS 12,559 4,150 6,906 9,254 100
20
50
ROA (%) 18% 14% 17% 2% EPS’s Growth -19% 66% 34% 0 -
Net debt / Equity 18% 21% 21% 21%

Inventory Volume

DGC – Growth from cutting cost |31

Despite high base of FY 2020, DGC is expected to grow ~17% in FY 21 thanks to cutting expense:
 Demand of major products (Yellow phosphorus, Acid Phosphoric, Fertilizers) is expected to be
flat in FY 2021. Revenue from new products (Electrical HPO, Red Phosphorus) may take
account of 3%/6% in FY 2021/2022. Room left for foreigners 47%
 Apatite ore exploitation at mine site 25 is expected to decrease manufacturing expense by 250 1100 52,000
billion VND (~27% of forecast net income of FY 2020). 1000 42,000
Catalyst: Divestment from Vinachem 900 32,000
800 22,000
Risks
700 12,000
 High policy risk due to environmental concerns 600 2,000
 Risks related to Duc Giang – Nghi Son Chemical Complex

VNINDEX dgc
2019 2020E 2021F Peer 2019 2020E 2021F 2022F DGC's cost structure
PE 3.7 8.9 6.9 8.9 Revenue 5,090 6,540 6,781 6,391
Electricity
PB 1.6 1.8 1.2 1.8 Gross Profit 1,006 1,447 1,639 1,597
PS 0.5 1.1 0.9 0.8 NPATMI 572 936 1,100 1,147

Raw materials (apatite,
ROE (%) 17% 23% 22% 22% EPS 4,241 5,913 6,953 7,172 coke,..)
ROA (%) 12% 17% 17% 6% EPS’s Growth -44% 39% 18% 3% Others (salary, depreciation)
Net debt / Equity 37% 37% 34% 37%

DCM - Growth even the recovery of oil price |32
TP: 15,120 VND - Upside +29.4%

Trading information
INVESTMENT THESIS
Current price VND 12, 150
DCM is the largest manufacturer of urea in Vietnam (~40% domestic market share) and the leading urea’s Market capital (USD mn) 284
exporter which its sales volume accounted for ~25% of the fertilizer exports quantity in 9M2020.
Despite 2020 is high-base year of DCM, Revenue in 2021 is expected to continually growth thanks to the new Room left for foreigners 45%
NPK plant
VNIndex vs Stock PE
 NPK plant projected to operating with 40%, contribute to amount of 12% total Revenue and overcome BEP. 17 24
 Urea’s revenue expect to stay flat, derive from the slightly reducing in sales volume (-4%YoY) and High export 15 19
demand of fertilizers and the rising rice price boost the increasing urea’s price (+3%YoY).
13 14
Catalyst: (1) Expected to save ~VND250bn of input tax when National Assembly approved VAT law change. (2)
11 9
Divestment from PVN in 2021-2025
9 4
 RISKS: (1) Natural gas and fertilizer prices fluctuation; (2) lower-than-expected NPK plant utilization
VNINDEX (LHS) DCM (RHS)
450 900
2019 2020E 2021F Peer 2018 2019 2020E 2021F 400 800
PE Revenue 350 700
20.8 11.3 11.4 16 6,689 7,043 7,478 8,812
300 600
PB 1.1 1.0 1.0 1.2 Gross Margin 21.5% 13.6% 17.9% 15.1% 250 500
200 400
PS 0.9 0.7 0.7 1 NPATMI 656 426 697 704 150 300
100 200
ROE (%) 7% 11% 11% 5% EPS 992 599 1,073 1,064 50 100
ROA (%) EPS’s Growth - 0
4% 7% 7% 3% 2.9% -39.6% 80% -0.8%
2015 2016 2017 2018 2019 2020
EV/EBITDA 4.6 3.4 3.1 9 Net debt / Equity 43.1% 29.2% 19.5% 14.2% NPAT Urea Black sea FO Brent
HT1 – BIGGEST BROTHER IN VICEM |33

 Cement sector: consumption is expected to pose a strong growth in 2021 thanks to Market capital (USD mn) 278
public investment and export to China. ADTV 30D (USD mn) 0.07
 The leading position in cement sector and the grinding expansion plan (+14% capacity - 1100 20,000
2022F) will allow HT1 to enjoy the sector growth. Vol +10% YoY, ASP +3% to 2019 level. 1000
15,000
 Stable dividend yield (~10%) from 2017. HT1 faces dividend payout pressure from Vicem 900
10,000
>< capital expenditure for the new grinding. 800
5,000
700
 RISKS: (1) Material prices fluctuation; (2) The severe oversupply of cement industry.
600 0
VNINDEX HT1
Cement and clinker export surged in Aug and Sep,

2019 2020E 2021F Peer 2019 2020E 2021F 2022F 2020, acc 9T2020 +22% YoY, export to China +62% YoY
5,000
PE 7.7 10.6 8.8 15.5 Revenue 8,839 7,994 9,015 9,273

4,000
PB 1.1 1.2 1.2 2.0 Gross Margin 17.7% 16.9% 17.1% 17.5%
3,000
PS 0.7 0.8 0.7 1.5 NPATMI 740 622 837 924

2,000
ROE (%) 14.1% 13.8% 11.4% 3.1% EPS 1,940 1,631 1,974 2,179
1,000
ROA (%) 7.1% 7.2% 6.9% 1.4% EPS’s Growth 35.6% -16.0% 21.1% 10.4% -
T1 T2 T3 T4 T5 T6 T7 T8 T9 T10 T11 T12
EV/EBITDA 4.3 5.1 4.2 10.4 Net debt / Equity 43.8% 34.2% 15.0% -2.8% 2019 2020

PC1 – ROBUST POWER GENERATION SECTOR |34
TP: VND 25,000 - Upside +16.3%

• Power generation sector is expected to grow sharply in 2021 thanks to La Nina effects and additional
capacity from new hydropower plants (54 MW). BSC estimated that sector output and revenue in
2021 would reach 750 billion kWh (+23% YoY) and VND 715 billion (+29% YoY), respectively.
• The leading position of Power construction sector (35% market share) and increasing demand on
1100 32,000
electricity usage during 2020-2030 period (CAGR = 11%/year) let PC1 enjoy sector revenue growth in
1000
the long-term. 22,000
900
• CATALYST: PC1’s new wind power plants (144 MW) expected to complete in Oct 2021 to earn FITs (US 800
12,000
8.5 cents/kWh) for 20 years. 700
• RISKS: (1) Impact from unfavorable weather; (2) Customer concentration risk. 600 2,000
VNINDEX PC1
2020E 2021F 2022F Peer 2019 2020E 2021F 2022F

Power Generation becomes the largest contributor of
PC1's Gross Profits
PE 9.9 10.1 6.4 14.7 Revenue 5,845 6,167 6,131 7,169
1%
PB 1.2 1.1 0.9 2.0 Gross Profit 819 1,074 1,049 1,419 22%
Power Construction
PS 0.8 0.8 0.7 1.5 NPATMI 376 507 497 788 Goods & Equipments
ROE (%) 12% 11% 15% 13% EPS 2,246 2,520 2,471 3,916 Industrial Manufacturing
9% Power Generation
ROA (%) 6% 6% 8% 2.4% EPS’s Growth -36% 12% -2% 59% 57% Real Estate
4%
Others
7%

MSH – A good company in difficult time |35
TP: VND 42,900 - Upside +12%

In FY 2021, May Song Hong is expected to record an impressive growth from the low base
level of FY 2020: Market capital (USD mn) 83
 Demand of traditional orders is to recover in FY 2021. However, BSC do not have an
bullish view about the recovery as (i) traditional retailers are still struggling (as the right
chart shows) (ii) online retailers are interested in decreasing bidding price 1100 62,000
 We expect the result related to receivables of NY & Co will be released in FY 2021 1000
52,000
42,000
900
Catalyst: Reversal of provision of the receivables from NY & Co 32,000
800
22,000
Risks: 700
12,000
 Existing clients go bankrupt 600 2,000
 Customers tighten budget for clothing after the pandemic crisis VNINDEX msh
2019 2020E 2021F Peer 2019 2020E 2021F 2022F Clothing - Clothing Accessory Stores in USA (mn USD)
PE 4.0 7.3 6.4 7.5 Revenue 4,425 3,744 3,933 4,215 25,000
PB 2.1 1.4 1.3 0.9 Gross Profit 628 666 722 842 20,000
15,000
PS 0.5 0.5 0.5 0.2 NPATMI 452 104 297 361
10,000
ROE (%) 44% 42% 9% 24% EPS 9,113 2,087 5,943 7,209
5,000
ROA (%) 15% 18% 4% 11% EPS’s Growth -11% -74% 185% 21%
-
Net debt / Equity 40% 45% 53% 54%

GVR – Leading in the rubber industry |36
TP: VND 23,624 – Upside 18%

Trading information
INVESTMENT THESIS Current price VND 18,300
 Conversion of rubber land into industrial zones is the main direction, large land bank of about 407,800 ha (1) Market capital (USD mn) 73.2
6,361 ha of GVR industrial parks that have been and are about to develop by themselves, (2) 5,000 ha of land ADTV 30D (USD mn) 0.4
intended to develop industrial zones by themselves from 2025 onwards and (3) more 23,000 hectares of land are
converted for other developers or infrastructure projects.
1100 22,000
 The recovery of rubber prices supports the segment of rubber, BSC expects demand for natural rubber to increase
1000
as Chinese automakers boost production after the Covid-19. Assumption 2020/2021, rubber output -10%/+ 5% yoy, 17,000
900
rubber latex selling price + 8%/10% yoy, rubber industrial products + 20%/5% yoy and selling price + 10% yoy. 12,000
800
 CATALYST (1) GVR will hand over land to implement the project of Long Thanh International Airport and record 7,000
700
about VND 1,080 billion (contributing 22% of EBT). (2) Divest Plan. In 2020, it will divest from SIP, VRG by selling
600 2,000
directly on the exchange with epected profit VND 1,100 bil
11/2020
11/2019
12/2019
01/2020
02/2020
03/2020
04/2020
05/2020
06/2020
07/2020
08/2020
09/2020
10/2020
 RISK. Projects faces delayed legal approvals, extending the time to operate compared to our expectation
VNINDEX GVR
Revenue structure
35,000 24%
2019 2020F 2021F 2021F Peer 2018 2019 2020F 2021F 2022F 30,000 22%
PE (x) 13.0 17.5 18.3 18.7 10.4 Revenue 20,048 19,713 19,610 23,185 26,476 25,000 20%
Gross Margin 5,246 4,515 4,266 5,285 5,896 20,000 18%

PB (x) 0.9 1.3 1.3 1.3 1.8
15,000 16%
NPATMI 3,936 3,334 3,862 3,683 3,623
PS (x) 0.86 0.86 0.73 0.64 2.16 10,000 14%
EPS 984 834 966 921 906
5,000 12%
ROE (%) 7.0% 8.0% 7.0% 7.0% 16.5% EPS’s Growth 41% -15% 16% -5% -2%
0 10%
ROA (%) 4.0% 5.0% 5.0% 4.0% 6.5% Net debt / Equity 7% 4% -1% -1% 3% 2019 2020E 2021F 2022F 2023F
Natural Rubber Wooden Industrial Park Other Gross margin

PLC – Benefit from Road Public Investments |37

 25-30% market share of Vietnam asphalt market with a capacity of about 350,000 Market capital (USD mn) 91
tons/year and 7 factories covering all regions of Vietnam. ADTV 30D (USD mn) 0.54
 Public investments in roads create a growth driver PLC's asphalt segment: Room left for foreigners 47.9%
o Trung Luong - My Thuan Expressway Project accelerates progress, creating a short- 1100 32,000
term growth driver of +25% yoy (2020-2021).
1000
o The North - South Expressway Project creates a long-term growth driver of CAGR 22,000
+30% yoy in the 2021-2023 period. 900
CATALYST: The North - South Expressway Project 800

12,000
700
RISK: (1) Bad debts from public investment projects (2) Low demand of lubricants due to
limited transportation 600
11/2019 02/2020 05/2020 08/2020
2,000
11/2020
VNINDEX PLC
2020E 2021F 2022F Peer 2019 2020E 2021F 2022F Revenue of asphalt segment 9M2020 +26% yoy
800 40%
PE 11.8 9.7 7.7 14.7 Revenue 6,160 5,317 6,629 7,845 33%
30%
PB 1.4 1.2 1.4 2.0 Gross Profit 841 927 1,119 1,313 600 30%
PS 0.3 0.2 0.3 1.5 NPATMI 145 179 216 274 400 16% 20%
664 614
ROE (%) 12.6% 15.1% 18.7% 13.3% EPS 1,599 2,210 2,677 3,388 512 479 553 462
200 10%
ROA (%) 3.8% 5.6% 7.0% 2.4% EPS’s Growth -5% 23% 21% 27%
0 0%
EV/EBITDA 8.2 8.6 8.9 14.0 Net debt / Equity 130% 120% 143% 138% Q1/2019Q1/2020 Q2/2019Q2/2020 Q3/2019Q3/2020
Revenue from Asphalt segment Growth (%yoy)
LCG – Benefit from Solar – Wind Energy. |38
TP: VND 13,615 - Upside +15.9%

2020-2021 Outlook: LCG can take advantage of Solar – Wind Energy Momentum. LCG`s main growth
drivers: Market capital (USD mn) 57.8
(1) Solar energy segment can be recognized VND1,200 bn of revenue (+26.8% YoY): Van Ninh and Dam ADTV 30D (USD mn) 0.94
Tra O solar power plant revenue expect to recognize 1,107 and 52 bn respectively in 4Q20. 2021,
Solar Farm Chu Ngoc P.2 and Wind Power Plants Huong Hoa can be realized by 1,533 bn;
(2) PPP Water Projects: transfer ineffective projects including Can Tho and An Khe NP to focus on a new 1200
project in Southeast Quang Tri; 1000 12,000
(3) Infrastructure Construction: expect to recognize 1,570 bn (-28% YoY) from (i) Dong Dang highway; 800
(ii) Ninh Binh-Thanh Hoa highway; (iii) Binh Tien Bridge; 600 8,000
(4) Real Estate Projects: expect to book 473 bn (+22% YoY) thanks to (i) Hiep Thanh City, (ii) Vocational 400
4,000
Shool and (iii) Nam Phuong city. 200
• Optimizing operational expenses: In 3Q20, SG&A/Rev ratio reached 1.8%, lower than 4.5% in 3Q19. 0 0
Besides, financial expenses dropped to 74.3 billion (-20% YoY), NPAT increased by +88% YoY in 3Q20. 11/2019 02/2020 05/2020 08/2020
Risks: (i) Uncertain CFO (ii) Lack of capital to develop Real Estate Projects. VNINDEX LCG
12 STOCK PE
10
2019 2020E 2021F Peer 2018 2019 2020E 2021F 8
PE 4.5 4.9 4.2 5.3 Revenue 2,526 2,536 3,594 4,194 6
4
PB 0.5 0.7 0.7 0.5 Gross Margin 326 460 446 524 2
PS 0.34 0.34 0.63 1.58 NPATMI 164 191 250 293 0
ROE (%) 13.1% 16.0% 16.7% 12.7% EPS 1,638 1,813 2,374 2,774
ROA (%) 4.2% 5.0% 5.4% 5.4 EPS’s Growth 64.5% 10.7% 30.9% 16.9% LCG -1x Std Mean_PE
EV/EBITDA 3.67 3.45 3.18 13.8 Net debt / Equity 0.61 0.72 0.94 0.64 +1x Std -2x Std +2x Std

KDH – Ho Chi Minh’s landlord |39

 The only real-estate company has 100% of undervalue land-bank located at Hồ Chí
Market capital (USD mn) 14.8
Minh city, equivalent 611.8 ha in HCMC that plays a crucial role in the growth of KDH’s
earning in the next few years ADTV 30D (USD mn) 0.17
 Revenue is guaranteed to grow over 25% per year over the next three years thanks to
three projects that have completed pre-sales as (1) Verosa Park, (2) Sapphire, and (3) 1100 32,000
1000
Lovera Vista. The total pre-sales of 3 projects was estimated at VND 6,072 bn. 22,000
900
 KDH’s prospect in 2022-2024 depends on the implement of Clarita and Amerna’s 800
12,000
700
projects. The total revenue of its projects was estimated at VND 4,298bn with gross
600 2,000
margin of 50%
 RISKS: (1) the delay on implement pipeline projects; (2) the cycle of RE industry and (3) VNINDEX KDH
The increase of land cost, construction cost.

5,000 4,519 4,735
2019 2020E 2021F Peer 2019 2020E 2021F 2022F 4,184 4,288
4,000 3,493
PE 15.9 13.0 11.2 14.8 Revenue 2,815 4,184 4,488 4,288 2,920 2,815 2,694
3,000
Gross Margin 1,501 1,993 2,290 2,238
PB 1.9 1.7 1.4 1.8 1,664 1,784
2,000
NPATMI 915 1,180 1,463 1,468
ROE (%) 12.0% 13.4% 13.4% 17.8% EPS
1,000
1,597 2,058 2,553 2,561
ROA (%) 7.0% 7.8% 8.3% 5.5% EPS’s Growth
-
-14% 29% 24% 8% 2018 2019 2020F 2021F 2022F
EV/EBITDA 11.6 8.9 9.1 13.8 Net debt / Equity 10% 13% 13% 11% Presales Value (VNDbn) Handover Value (VNDbn)

NLG – Become the “Big City Boy” |40

 The transparent corporate governance framework and the largest listed land bank
owner in mid-cap stock. The total land bank of NLG (on-going) is 681ha, increased by
141.7 ha from 539.3ha (2019) ADTV 30D (USD mn) 0.10
 The aggressive expansion land bank in 2021. NLG informed that they complete the
negotiation step of key financial terms with 100ha of a new land bank at District 9 and 1100 32,000
Thủ Đức District. 1000

22,000
900
 The financial income from transfer of 35% ownership of Waterfront’s project and 100% 800
Paragon Đại Phước will boost NLG’s NPAT in 2020-2021. Moreover, VND 960bn of the 700
12,000
hand-over of Southgate and Akari will contribute to NPAT 2021. .

600 2,000
 RISKS: (1) the delay on implement pipeline projects; (2) the cycle of RE industry and (3)
The increase of land cost, construction cost. VNINDEX NLG
14,000 13,170
2019 2020E 2021F Peer 2018 2019 2020E 2021F
12,000
PE 7.7 8.3 6.4 14.8 Revenue 3,480 2,549 1,438 2,292
10,000
PB 1.8 Gross Margin 1,503 1,066 473 857
1.5 1.2 1.0 8,000 6,564
5,910
PS 17.8% NPATMI 763 960 943 1,229 6,000 5,202 5,140
29.1 51.6 32.4
3,251
ROE (%) 15.5% 13.2% 14.7% 5.5% EPS 3,193 3,697 3,633 4,731 4,000 2,549
1,732
2,000
ROA (%) 8.9% 7.9% 9.2% 13.8 EPS’s Growth 43% 26% -2% 30%
-
EV/EBITDA 9.8 36.2 12.1 14.8 Net debt / Equity 22% 17% 26% 27% 2019 2020F 2021F 2022F
Presales value Handover value

DXG – Rising from Ashes |41

 Low level of business result in 2020 is the premise for DXG to record a strong Market capital (USD mn) 7.4
recovery next year. In 2021, NPAT in 2021 are estimated at VND 1,315 billion (+335% ADTV 30D (USD mn) 0.40
YoY). EPS in 2021. PE 2021 FW = 5.4x. Room left for foreigners 12.5%
 Moving the project to the neighboring provinces of Ho Chi Minh, leading the 1100 22,000
resilience of presales. Pre-sales in 2020 recorded a significant improvement, estimated 1000
at VND 4,912 billion (+ 30% YoY). Pre-sales of 2021F = VND 5,955 billion (+ 21.2% YoY). 900
12,000
 A recovery of the real estate sector post-Covid-19 will lift brokerage in 2021. 800
700
 Catalyst: Expectations to accelerate legal progress in Ho Chi Minh from 2021, thereby 600 2,000
removing delayed projects (Gem Riverside).
 RISKS:(1) The delay on implement pipeline projects; (2) Cycle of RE industry and (3) VNINDEX DXG
The increase of land cost, construction cost.
7,000
5,955 6,119
2019 2020E 2021F Peer 2019 2020E 2021F 2022F 6,000 5,650
5,252
4,912
PE 3.8 23.4 5.5 14.8 Revenue 5,814 3,750 7,906 8,649 5,000
3,776
Gross Profit 3,084 2,057 3,527 3,881 4,000
PB 1.0 0.9 0.8 1.8 3,000
NPATMI 1,217 302 1,278 1,411
ROE (%) 17.4% 4.1% 14.9% 17.8% EPS 2,000 1,476
2,222 552 2,334 2,577
1,000 600
ROA (%) 6.1% 1.3% 5.3% 5.5% EPS’s Growth -31% -75% 323% 10%
-
EV/EBITDA 5.4 5.8 4.7 13.8 Net debt / Equity 63% 80% 70% 59% 2019 2020F 2021F 2022F
Source: BSC Research Presales value Handover value

IDC - Diversified locations and large land bank |42
TP: VND 32,350 - Upside +18%

 The 880ha large industrial park land fund located in the key economic area of the Market capital (USD mn) 8.3
country (Dong Nai, Ba Ria Vung Tau, Long An, Bac Ninh, Thai Binh, ...) ensures long-term ADTV 30D (USD mn) 0.03
growth. Room left for foreigners 48.79%
 Huu Thanh Industrial Park is the key development of IDC in the coming time: (1) good 1100 32,000
rental price (about 100 USD), competitive with the surrounding area of Long An province 1000 27,000
22,000
(average rental price 130 USD), (2) benefited from the relocation and expansion of 900
17,000
factories that have been operating for a long time in the HCMC area and neighboring. 800
12,000
700 7,000
 The BOT and hydropower sectors generate stable cash flows 600 2,000
 CATALYSTS: The Ministry of Construction divests 36% of its capital in November 2020
VNINDEX IDC
2019 2020F 2021F 2021F Peer 2018 2019 2020F 2021F 2022F 50
STOCK PE
Revenue 5,119 4,929 4,938 5,060 4,935 40
PE (x) 16.5 23.1 20.4 16.6 10.4
30
Gross Margin 3.2% 2.6% 2.7% 3.1% 3.6%
PB (x) 1.3 1.8 1.6 1.6 1.8 20
NPATMI 349 345 357 404 497
10
PS (x) 0.07 0.07 0.07 0.08 2.16
EPS 1,165 1,149 1,189 1,348 1,656 0
ROE (%) 8.26% 7.31% 6.77% 6.80% 16.50% EPS’s Growth 4% -1% 3% 13% 23% -10
IDC -1x Std Mean_PE +1x Std
ROA (%) 2.44% 2.38% 2.37% 2.62% 6.50% Debt / Equity 69% 62% 48% 44% 35% -2x Std +2x Std IDC -1x Std
Mean_PE +1x Std -2x Std +2x Std

KBC – Large Northern land bank |43
TP: VND 17,616 - Upside +17,4%

Trading information
INVESTMENT THESIS
 KBC benefits from the relocation of its Chinese factory, located in center locations in the
North: Bac Ninh, Hai Phong, and Hai Duong. Although the short-term outlook is still quite
weak, BSC still expects KBC to benefit greatly from China +1.
 Urban area: In the long term, Trang Due urban area will be the main contributing in
1100
2021, Trang Due's ASP decreased to VND10 mil/m2 (lower than BSC's expectation of VND 22,000
13-14 mil/m2) while Phuc Ninh urban area is still delayed by legal issues. 1000
17,000
900
 Outlook 2021: 100ha IP (30-40 ha NSHL, 30ha Quang Chau, 30 ha Tan Phu Trung), 4ha 12,000
800
urban area. BSC forecast NPAT 2021 will growth strongly with VND 856 bil (+122%). 7,000
700
 CATALYST. Nam Son Hap Linh has finished legal as a bright spot for businesses. 600 2,000
 RISKS: Approving for new projects is delayed, affecting the land fund in the future.
VNINDEX KBC
2018 2019 2020E 2021F 2022F Revenue structure
2019 2020F 2021 2022 Peer 4,000
Revenue 2,506 3,250 1,526 3,224 3,223
PE (x) 8.9 16.0 7.2 5.5 15.8 3,000
Gross Margin 59% 58% 54% 56% 64%
PB (x) 0.7 0.9 1.1 1.8 1.8 2,000
NPATMI 747 855 396 856 1,143
PS (x) 2 9.8 4.7 4.7 2.16 1,000
EPS 1,725 2,298 937 2,082 2,705
-
ROE (%) 11.5% 4.7% 9.9% 11.9% 16.5% 2017 2018 2019 2020F 2021F
EPS’s Growth 31% 33% -59% 122% 30%
Industrial Park Residental Warehouse sales
ROA (%) 6.5% 2.4% 5.7% 8.1% 6.5% Net debt / Equity 25% 14% 19% 10% 14%
Warehouse rent Services
PHR – Growth driven by converting land |44
TP: VND 69,000 - Upside +7%

 Profits from land compensation will continue to be the main growth driver of PHR :
2021 plan with VSIP area increased from 691ha to 1,000ha with expected profit of VND Market capital (USD mn) 8.8
898 bil. Other projects: Tan Lap 1 IP (140/200 ha commercial) is submitting to the Prime ADTV 30D (USD mn) 0.28
Minister for approval, expected to be put into operation in 2022, expanded Tan Lap 1 IP Room left for foreigners 36.32%
(126/180ha commercial) and expanded Tan Binh 1 (740/1056 ha commercial) has a plan
to develop the plan for the period 2021 - 2025 as the next land fund sources to ensure 1100 72,000
62,000
long-term growth space for businesses. 1000
52,000
900 42,000
 The recovery of rubber prices supports the rubber business. BSC expected that rubber 800 32,000
22,000
price in 2021 will +10% yoy, rubber output +15% yoy. 700 12,000
600 2,000
 CATALYST. Recognition of profits from land conversion to VSIP projects of VND 898 bil.
01/2020
11/2019
12/2019
02/2020
03/2020
04/2020
05/2020
06/2020
07/2020
08/2020
09/2020
10/2020
11/2020
 RISKS: Price fluctuations of rubber and wood prices and risk of delaying land transfer VNINDEX PHR
progress in VSIP. STOCK PE
20
2019 2020F 2021 2022 Peer 2018 2019 2020E 2021F 2022F
PE (x) 11.5 7.0 6.7 6.7 10.4 Revenue 1,561 1,640 1,710 2,021 2,046 15
Gross Margin 18% 22% 24% 23% 17% 10

PB (x) 1.9 2.8 3.1 2.9 1.8
NPATMI 628 450 971 1,023 1,019
5
PS (x) 24 39.6 37.9 32.1 2.16
EPS 5,988 4,287 9,257 9,750 9,713
ROE (%) 23.4% 17.3% 31.2% 35.7% 16.5% EPS’s Growth 29% -32% 126% 5% 0%
0
ROA (%) 12.4% 7.7% 15.3% 14.7% 6.5% Debt / Equity 19% 20% 13% 13% 12% PHR -1x Std Mean_PE

DRC - Export increased again |45
TP: VND 24,282 - Upside +16%

 Expected depreciation expense for phase 1 factory in 2021 will be terminated, decrease Market capital (USD mn) 2.4
by VND 130-150 bil/year, BSC forecasted NPAT 2021 will growth strongly about +76% yoy. ADTV 30D (USD mn) 0.08
 Exports to the US and Brazil rebounded thanks to a rebound in demand for automobile
1100 27,000
production from 2021 (2020 low base). 1000 22,000
900 17,000
 CATALYSTS: Divestment from Vinachem 800 12,000
700 7,000
 RISKS: Material prices fluctuation (rubber, black coal, chemistry). 600 2,000
VNINDEX DRC
STOCK PE
20
15
2019 2020F 2021 2022 Peer 2018 2019 2020E 2021F 2022F
PE (x) 11.05 11.6 6.6 12.2 Revenue

6.1 3,551 3,858 3,239 3,415 3,440 10
Gross Margin 12% 15% 15% 21% 22%
PB (x) 1.7 1.5 1.4 1.3 1.8 5
NPATMI 141 250 213 375 407
PS (x) 6.6 5.4 6.4 6.1 5.9 0
EPS 1,187 2,105 1,795 3,160 3,428
ROE (%) 15.3% 12.5% 20.4% 21.7% 16.5% EPS’s Growth -15% 77% -15% 76% 8%
DRC -1x Std Mean_PE +1x Std
ROA (%) 9.2% 8.0% 13.3% 14.5% 6.5% Net Debt / Equity 59% 39% 34% 32% 27% -2x Std
Mean_PE
+2x Std
+1x Std
DRC
-2x Std
-1x Std
+2x Std

Disclaimer
The information, statements, forecasts and projections contained herein, including any expression of
opinion, are based upon sources believed to be reliable but their accuracy completeness or correctness
are not guaranteed. Expressions of opinion herein were arrived at after due and careful consideration
and they were based upon the best information then known to us, and in our opinion are fair and
reasonable in the circumstances prevailing at the time. Expressions of opinion contained herein are
subject to change without notice. This document is not, and should not be construed as, an offer or the
solicitation of an offer to buy or sell any securities. BSC and other companies in the BSC and/or their
officers, directors and employees may have positions and may affect transactions in securities of
companies mentioned herein and may also perform or seek to perform investment banking services for
these companies. This document is for private circulation only and is not for publication in the press or
elsewhere. BSC accepts no liability whatsoever for any direct or consequential loss arising from any use
of this or its content. The use of any information, statements forecasts and projections contained herein
shall be at the sole discretion and risk of the user. No part of this material may be (i) copied,
photocopied or duplicated in any form by any mean or (ii) redistributed without the prior written
consent of BIDV Securities Company (BSC).
© 2019 BIDV Securities Company, All rights reserved. Unauthorized access is prohibited.
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BSC Stock Pitch 2021

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BSC STOCK PICTH 2021

INVESTMENT THEME FOR 2021

The robust economic recovery creates bright prospects

The stimulus package and aggressive public investment

The Covid-19 adds a momentum to production shiftment

The market upgrade is a strong catalyst for the foreign inflow

Source: BSC Research

GDP’s growth forecast 450,000

2019 2020F 2021F

Stock recommendations: Stocks recommendation:

10,000 5,505 6,701

Net Forgein Trading Value (VND bn) % Forgein Owner

Source: BSC Research, Aracana

Source: BSC Research

Source: BSC Research

Source: BSC Research

Source: BSC Research

TP: VND 120,000 - Upside +28.3%

(1) Finding another financial buyers in 2021. 90,000

(1) High valuation 80,000 850

2020E 2021F 2022F Peer 2019 2020E 2021F 2022F 4.3

Source: BSC Research

TP: VND 30,000 - Upside +27.1%

2020E 2021F 2022F Peer 2019 2020E 2021F 2022F STOCK PB

Source: BSC Research

TP: VND 40,000 - Upside +21.2%

P/E 7.6x 11x 9x 10.3x EPS 2,541 2,286 2,985 3,655

Source: BSC Research

TP: VND 35,000 - Upside +29.6%

Source: BSC Research

TP: VND 117,600 - Upside +6%

Source: BSC Research

TP: VND 180,600 - Upside +55%

cost per revenue. 800 80,000

2019 2020E 2021F Peer Number of stores

TP: VND 90,250 - Upside +23%

8.4% on Apr 2020) thanks to increasing in jewelry retail segment; 70,000

ROE (%) Vàng miếng

Source: BSC Research

TP: VND 98,600 - Upside +21% Report Link

million m3 gas/ year (+15% output). 900

TP: VND 62,400 - Upside +23.5%

RISK: COVID continues to prolong, slowing economic recovery. 600

Source: BSC Research

TP: VND 12,000 - Upside +20% Report Link

Electricity output of POW's thermal power plants

PE 10.7 12.4 9.4 14.7 Revenue 35,374 29,776 32,785 33,733

Cà Mau 1&2 NT1 NT2

Source: BSC Research

TP: VND 58,600 - Upside +23.1%

billion VND) 900 40,000

operation of Thuong Kon Tum hydropower plant; VNINDEX REE

Source: BSC Research

TP: VND 102,400 - Upside +23.3% Report Link

TP: VND 36,730 - Upside +32.4% Report Link

provinces – flagship malls and entertainment places of those provinces. 900

support package if the pandemic is under control. 700

2019 2020E 2021F Peer 2019 2020E 2021F 2022F PE (VRE)

PS 8.5 7.1 5.3 5.5 NPATMI 2,851 2,463 3,564 4,702 0

Source: BSC Research

TP: VND 41,600 - Upside +16.5% Report Link

Strong earning growth in 2021F after a flourishing 2020 1000

Source: BSC Research

TP: VND 88,000 - Upside +22.9% Report Link