SSI DAILY CALL

MACRO WRAP SSI - RESEARCH & ADVISORY CENTER

September 20, 2022

1. -

SUMMARY

Market wrap: Indices sank prior to next Fed rate hike decision

Macro wrap: Corporate bond legal framework updates

Equity wrap: AST VN (Outperform; TP VND 69,000): Earnings turnaround after eight consecutive quarters of losses

MARKET WRAP Global Market

DJI* 30,822 -0.45%

MARKET MOVEMENTS
• VNINDEX and HNXINDEX sank further to 1205.43 (-2.32% or -28.60p) and 264.25 (-3.16% or -8.63p), respectively. S&P500* 3,873 -0.72%
VIX* 26.30 0.00%
FTSE100* 7,236.7 -0.62%
• Vietnam market went through a quite bearish trading day. Despite of the approval of the Decree 153 over the weekend,
DAX* 12,741 -1.66%
retail investors pushed on selling out right in the morning due to the concerns that FED may increase interest rate
CAC40* 6,077 -1.31%
significantly in the meeting this week. Selling pressure increased gradually toward the end of the day and led to the drop of
Nikkei 27,568 -1.11%
stock prices across the board. The VN-Index gave up 2.32% while the HNX Index went down by 3.16%.
Shanghai 3,116 -0.35%
Kospi 2,356 -1.14%
• Market breath was quite negative. There were only 64 gainers vs. 399 losers. Noticeably, 70 stocks finished the day at
* previous trading session
limit down price, whereas 35% stocks retreated more than 5%.

Vietnam Stock Market Summary

• Liquidity inched up by 9% DoD to USD819m. This mainly came from the surge of selling value during the day. The buy VNIndex HNXIndex
side, on the other hand, was quite weak. There was almost no visible effort from buyers in the whole day. This is the key Index 1,205.43 264.25
reason for such a big drop yesterday we believe. 1D -2.3% -3.2%
YTD -19.5% -44.2%
• Not much to mention about stock performance. All key sectors decreased due to the strong outflows. The high beta Trading Value
sectors performed poorly as retail investors run away, including brokerage, fertilizer, property, commodity, etc. The released (USD mn) 705 85
of the Decree 153 did not really help real estate stocks. The other more stable sectors such as energy, retails, Net Foreign Buy/Sell
commodity...also faced a huge selling volume and tumbled. In the large cap universe, only EIB (rumor that Sumitomo shall (USD mn) 6.29 -0.40
exit at a high price), FPT (high expectation of Q3 earnings), and VIC (positive foreign buy) managed to go up in such a Weight % 4.6% 0.6%
Market Cap
negative day.
(USD mn) 4,821,523 312,064
P/E TTM 12.95 15.97
• Speaking about flows, we noticed that interest rates have been increasing quite steadily in the last few weeks due to
the constrain in the credit quota limit of banks. Many enterprises are hungry for funding as a result. This led to an outflows
Commodity 1D
from the equity market. We believe that such outflows could continue ahead given that the government is tightening its
Brent Crude oil price 89.9 -1.6%
policy to cope with currency and inflation issues. Gold price 1,664 -0.7%
Foreign Exchange 1D
• The Decree 153 regarding rules to issue corporate bond has been outed over the weekend. This is a move to better USD/VND 23,671 0.1%
govern the corporate bond issuance. The new rules look more relaxing than the market expectation. This would help many EUR/VND 23,609 -0.3%
companies to be able to issue bond given that the channel has been stuck in the last few months waiting for the new JPY/VND 165 -0.3%
guidance. Roll over and new issuance could be allowed as far as companies meet requirements. Of course, a list of CNY/VND 3,373 -0.4%
unqualified companies shall be not eligible for bond issuance and they may need to quickly find funding to payback bond Interests 1D
holders when the existing bonds expire. Overnight rate 4.100
G-bond 5 yr rate 2.543
• We believe that short-term risks to the market is high due to (1) weak sentiment of retail investors, (2) negative flows as
Source: Bloomberg
we mentioned, and (3) possible volatilities from FED’s meeting next week. Stick prices of many companies are still higher
than July's bottom regardless of the weakening in the last 3 weeks. Thus, selling pressure could still be substantial ahead.

MARKET SUMMARY (click here)

VIETNAM MACRO SUMMARY (click here)

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 MACRO WRAP SSI - RESEARCH & ADVISORY CENTER

Corporate bond legal framework updates

Trinh Thai, trinhttv@ssi.com.vn

The long-awaited Decree 65/2022/ND-CP on regulating private placement corporate bond issuance has finally released after almost a year of delay
since the first draft. Eight draft versions of this Decree had been in the works to create this final version in order to create a more healthy and
transparent corporate bond market. In the official Decree 65, the Vietnamese government has taken comments and considerations of the public
into mind. The decree permits a relatively accommodative set of issuance conditions for issuers, while also requiring issuers to undergo careful
post-issuance assessment and information disclosure. At the same time, the definition of what constitutes a retail professional investor has been
tightened, and additional regulations have been put into place in order to enhance transparency and legal compliance of bond-service providers.
Some key takeaways from the newly issued Decree 65 are as below:

Decree 65
Issuers Rule out the issuance bonds for ‘general purposes’ to raise working capital
Extra documents on bond issuance file: Rating certificate (if needed), Contract with
bond holder representative (if issuance to retail investors) and bank's written
confirmation on opening an account to receive bond issuance money
Information disclosure on issuers' solvency status, financial position and the use of
capital according to the issuance purpose is required before and after issuance
Issuers must repurchase the bonds if violating the issuance plan, including the capital
use plan or law violating
Disclosure of the legal status of the collateral, valuation, and order of payment when
disposing of collateral
Investors Minimum face value of VND 100 billion
Retail professional investors: Minimum NAV threshold of VND 2 bn for at least 180
consecutive days
Shorten the validity period for the professional certificate to 3 months
Bondholders must sign a document certifying that they have complied with the
provisions of their responsibilities and are responsible by themselves for their decision
to buy bonds.
Bondholders are not allowed to sell/contribute capital with non-professional investors
in any form
Bond service providers Commercial banks are only allowed to provide issuance agency services (not the
bidding and underwritting services)
Bond service provider must not be related to the issuer
Responsibilities of service providers organizations and penalties are specifically added
Comments
Issuers should provide thorough details on bond issuance purposes (i.e details on the
projects or plans), rather just making a broad-based mention that bond proceeds are
to raise working capital.
The additional conditions for bond issuance to retail investors (a public company that
has been profitable in the previous year, and that which possesses collateral and/or a
form of payment guarantee) as stated in Draft 7 and 8 have been removed. Instead, a
bond holder representative is required for bond issuance to retail investors. The
purpose of this representative is to monitor the issuer when it comes to disbursement
and other commitments. The duty of this representative is to regularly report to
exchanges and the SSC.
Penalties applied in post-issuance check.
To ensure the validity of collateral.
To avoid bond split situation.
To ensure that investors have necessary knowledge in corporate bond risks and
rewards.
Non-professional investors are not allowed to buy/sell/contribute capital in both
primary and secondary bond market.
To avoid conflict of interests, in which service providers try to distribute bonds to
investors as much as possible

Trading related clauses Private placement bonds must register in VSD All to prepare for the long-awaited establishment of a centralized secondary market.
The transfer of bond ownership is carried out via Stock Exchange and within investors
registered in bond issuance plan. Further guidelines will be provided by MoF

Source: SSI

The Vietnamese government duly taken the utmost of consideration of all stakeholders into mind in this newly issued regulation, and has crafted
this legislation with the interest of balancing the benefits of both issuers and bondholders alike. This legislative act shows the government does not
wish to impose overly onerous restrictions upon corporate issuers (especially for real estate developers), and wants to provide a reasonably
adequate funding channel mechanism through the bond market to help fulfill companies’ need for capital, while helping to avoid potential default
risks of enterprises during 2023-2025 (years in which there is a high amount of bonds that reach maturation). At the same time, supporting such
a channel for funding via this revised corporate bond framework could be a more efficient medium for long-term funding of the economy in order
to not too heavily depend on bank credit.

It’s also important to understand that the new Decree 65 should be seen as a work in progress. Further amendments to better refine the situation
in the corporate bond market should be expected, with the current purpose of Decree 65 being primarily to clear the systemic stasis in the corporate
bond issuance environment, which has been in a bottleneck since April this year. To improve circulation, the government has signaled for further
amendments in the Law on Enterprises and the Law on Securities, that more definitively pin down issuance requirements, further sculpt the definition
of retail professional investors, and illuminate regarding the process of bond supervision post-issuance.

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EQUITY WRAP SSI - RESEARCH & ADVISORY CENTER

.
Taseco Air Services JSC (AST: HOSE): Earnings turnaround after eight consecutive quarters of losses

Outstanding shares: 45.0 mil; Market Cap: $ 107.2 mil USD; Average 3M value: $ 0.1 mil USD, Market price: VND 56,300; and Foreign ownership:
42.92%.

Port & logistics Analyst: Trang Le, tranglh@ssi.com.vn

Investment Summary

AST posted a positive turnaround PBT of VND 16.6 bn in 2Q22, the first time after eight consecutive quarters of losses, which marks an important
turning point for AST. The earnings recovery path will be largely dependent on the international market, especially for the main markets of both
inbound and outbound Vietnamese tourism such as East Asian countries, therefore we do not expect strong earnings recovery over the short term
of 3-6 months. However, we believe that recovery is well ongoing now, supported by improving passenger volume, optimized business operations
post-Covid, and the expanded points of sales (115 stores vs 92 stores in 2019).

We maintain an OUTPERFORM rating for AST (as stated in previous report), with a 1Y-TP of VND 69,000/share (based on 2023F P/E of 20x),
implying 22.5% upside and reflecting our positive view on the Company’s strong turnaround in 2023 along with the general recovery of the aviation
industry. We note that the primary risk is that international recovery might be slower than expectations in the scenario if China were to prolong its
zero-COVID policy, and if global travel demand were to deteriorate more rapidly due to economic recession.

Financial Summary

(VND bn) 2019 2020 2021 2022F 2023F 2024F

Net revenue 1,141 359 154 723 1,212 1,622
YoY growth 31.9% -68.5% -57.1% 369.1% 67.6% 33.9%
Pretax income 263 -49 -128 38 230 331
Net income 212 -52 -129 31 184 265
YoY growth 30.1% -124.3% -149.3% 123.8% 501.6% 44.0%
EPS (VND) 4,114 -1,057 -2,545 593 3,531 5,029
BVPS (VND) 13,107 10,896 8,289 8,882 12,413 17,442
ROA 27.6% -6.9% -22.8% 5.4% 24.7% 26.1%
ROE 35.4% -8.7% -27.0% 7.0% 33.1% 34.2%
Debt/Equity 0.01 0.08 0.12 0.10 0.07 0.05
P/E 20.66 -54.33 -20.75 97.57 16.40 11.51
P/B 6.49 5.27 6.37 6.52 4.66 3.32
EV/EBITDA 11.68 -307.18 -25.71 33.22 9.25 6.68

Source: AST, SSI Research forecast

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TRADING STATISTICS SSI - RESEARCH & ADVISORY CENTER

TOP 5-Index Leading

HOSE HNX UPCOM

Ticker Price Index % T-1 Ticker Price Index % T-1 Ticker Price Index % T-1
VIC 62.9 0.39 0.64% HUT 25.5 0.17 2.00% SIP 126.0 0.02 -3.28%
EIB 34.9 0.25 2.35% PLC 29.7 0.06 6.83% SZG 35.0 0.02 12.14%
FPT 83.1 0.17 0.73% DNP 24.8 0.04 1.22% BRR 22.5 0.02 7.14%
HAG 13.9 0.06 1.84% LHC 66.8 0.03 2.93% HPW 18.5 0.01 -14.75%
HHV 15.7 0.05 5.02% HTC 25.7 0.03 9.83% TTD 52.2 0.01 10.20%

TOP 5-Index Lagging

HOSE HNX UPCOM

Ticker Price Index % T-1 Ticker Price Index % T-1 Ticker Price Index % T-1
GVR 22.9 -1.72 -6.91% IDC 51.9 -2.31 -9.90% VGI 27.6 -0.44 -3.87%
BID 34.2 -1.66 -3.66% SHS 10.8 -0.72 -5.26% MVN 26.0 -0.42 -4.41%
GAS 108.0 -1.45 -2.70% PVS 25.0 -0.71 -6.72% BSR 22.3 -0.38 -3.54%
VCB 78.8 -1.44 -1.50% NVB 21.9 -0.55 -3.10% SNZ 36.0 -0.15 -6.40%
VHM 58.4 -1.32 -2.01% THD 47.7 -0.40 -1.45% ACV 83.9 -0.14 -0.79%

Winners, Average 5 days Trading

HOSE HNX UPCOM

Ticker Price Index % T-1 Ticker Price Index % T-1 Ticker Price Index % T-1
HHV 15.7 4.13 5.02% PLC 29.7 6.10 6.83% VCP 23.5 17.58 1.03%
BMC 20.3 3.30 4.65% MKV 11.5 3.30 1.77% CDO 3.4 3.36 6.63%
EIB 34.9 2.23 2.35% DNP 24.8 1.34 1.22% PFL 5.7 1.66 4.24%
HAG 13.9 0.86 1.84% PVB 18.8 0.51 1.08% LCM 3.6 0.84 11.72%
CTF 18.7 0.07 1.36% HUT 25.5 0.29 2.00%

Losers, Average 5 days Trading

HOSE HNX UPCOM

Ticker Price Index % T-1 Ticker Price Index % T-1 Ticker Price Index % T-1
DGW 70.2 1.48 -6.90% NSH 7.5 2.67 -9.64% DTE 12.8 17.51 -14.67%
VCG 25.0 1.22 -1.19% VGS 18.0 1.21 -8.63% DNW 25.6 1.79 -12.40%
ITC 14.7 1.13 -1.01% THT 11.6 0.88 -7.20% PBC 16.3 0.87 -1.11%
IBC 19.1 1.03 -1.04% CSC 68.4 0.88 -10.00% BIG 14.0 0.52 -4.78%
DPG 45.6 0.96 -6.94% IDC 51.9 0.85 -9.90% MCM 41.8 0.44 -1.83%

Top Tickers by Volume (Bn VND)

HOSE HNX UPCOM

Ticker Price Index % T-1 Ticker Price Index % T-1 Ticker Price Index % T-1
HPG 22.7 628.16 -1.52% IDC 51.9 491.60 -9.90% BSR 22.3 214.71 -3.54%
TCB 35.1 619.17 -2.64% PVS 25.0 304.23 -6.72% C4G 13.8 41.02 -1.38%
HAG 13.9 502.47 1.84% CEO 25.8 129.38 -3.37% DDV 16.7 29.07 -5.03%
NVL 85.0 466.49 -1.62% HUT 25.5 109.55 2.00% SSH 79.6 27.99 -1.65%
SSI 19.9 462.82 -5.91% SHS 10.8 109.30 -5.26% VCP 23.5 24.24 1.03%

Top net foreign buys (Bn VND)

HOSE HNX UPCOM

Ticker Price Index % T-1 Ticker Price Index % T-1 Ticker Price Index % T-1
HPG 167.0 -45.36 12162.68% MBS 1.0 0.00 99.92% QNS 0.8 0.00 82.40%
DGC 44.4 -5.63 3876.91% PLC 1.4 -0.46 97.76% ACV 0.7 -0.30 35.57%
VNM 46.2 -16.75 2942.37% NET 0.6 -0.01 58.05% VTP 0.4 -0.05 34.37%
VCB 41.1 -18.89 2224.80% PVS 0.8 -0.23 57.90% CSI 0.9 -0.63 26.96%
VRE 31.2 -9.22 2196.36% NTP 0.2 0.00 21.11% FOC 0.2 0.00 18.15%

TOP net foreign sell (Bn VND)

HOSE HNX UPCOM

Ticker Price Index % T-1 Ticker Price Index % T-1 Ticker Price Index % T-1
VND 5.4 -26.96 -2155.79% IDC 0.4 -11.88 -1147.86% BSR 0.1 -4.60 -452.62%
DGW 1.6 -21.57 -2000.82% SHS 0.2 -1.46 -128.50% SIP 0.4 -3.03 -260.93%
SSI 8.9 -19.76 -1086.99% NSH 0.1 -0.74 -67.92% GE2 0.0 -0.26 -25.93%
KDH 6.3 -16.13 -981.31% DL1 0.0 -0.27 -27.00% WSB 0.0 -0.10 -9.69%
E1VFVN30 2.4 -11.68 -926.11% VNR 0.0 -0.12 -11.76% FRC 0.0 -0.10 -9.52%

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 PUT THROUGH TRANSACTION SSI - RESEARCH & ADVISORY CENTER

HOSE HNX UPCOM

Ticker Vol. (share) Val. (bn VND) Ticker Vol. (share) Val. (bn VND) Ticker Vol. (share) Val. (bn VND)
59,554,194 1800.0 6,915,958 173.1 12,370,690 613.0
TCB 13,279,300 486.1 VTL 1,943,918 41.4 VKD 3,975,947 308.1
ACB 8,008,700 186.9 NRC 2,000,000 30.0 VCP 5,000,000 212.3
MSB 8,397,000 151.7 HHC 334,200 29.5 MPC 633,000 21.9
NVL 1,750,000 149.9 VC3 680,000 27.0 NAB 1,000,000 20.0
PDR 2,403,158 127.4 HUT 513,400 11.6 NAB 1,000,000 20.0
HDB 3,766,819 94.8 IDC 181,000 10.0 CTR 146,000 12.8
MSN 605,500 69.0 RCL 626,340 9.2 ACV 100,000 6.1
TPB 2,111,900 54.7 GKM 166,000 6.0 ILA 800,000 3.8
MWG 674,000 50.0 TNG 180,000 4.8 VTP 50,000 3.5
KBC 1,500,000 48.2 PVS 60,000 1.7 FOX 20,000 2.1
SSB 1,513,302 46.9 DST 126,100 1.0 BSR 100,000 1.8
SHI 2,600,000 39.0 HDA 50,000 0.6 VWS 17,760 0.2
AGG 868,000 32.4 BTS 50,000 0.4 CE1 23,908 0.2
MBB 1,153,000 25.3 SHS 5,000 0.1 NJC 2,875 0.0
HVN 1,635,000 24.5 GHC 1,200 0.0
DBC 894,000 23.2
FPT 250,000 19.2
SAB 85,000 16.0
STB 630,000 14.0
ORS 1,000,000 13.5
DGC 130,000 13.5
LPB 913,500 12.7
DXG 470,000 11.6
DHM 1,044,000 11.2
POW 700,000 10.0
OGC 650,000 9.3
HPX 322,000 8.4
SKG 400,000 7.5
VCB 92,000 7.4
VIX 590,000 7.1
GMD 119,000 6.2
ACL 266,015 4.7
CTG 140,000 3.8
SAM 300,000 3.3
DBD 60,000 2.6
EIB 68,000 2.3
IJC 80,000 1.8
THG 30,000 1.4
DPM 25,000 1.3
NLG 30,000 1.2

Source: SSI, HNX, HSX

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ANALYST CERTIFICATION

The research analyst(s) on this report certifies that (1) the views expressed in this research report accurately reflect his/her/our own personal views about the securities and/or the issuers
and (2) no part of the research analyst(s)’ compensation was, is, or will be directly or indirectly related to the specific recommendation or views contained in this research report.

RATING

Buy: Expected to provide price gains of at least 10 percentage points greater than the market over next 12 months

Outperform: Expected to provide price gains of up to 10 percentage points greater than the market over next 12 months.

Market Perform: Expected to provide price gains similar to the market over next 12 months.

Underperform: Expected to provide price gains of up to 10 percentage points less than the market over next 12 months.

Sell: Expected to provide price gains of at least 10 percentage points less than the market over next 12 months

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, and no unpublished price sensitive information would be included in the report. 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, SSI and
other companies in the SSI 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. SSI accepts no liability whatsoever for any direct or consequential loss arising from any use
of this document 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.

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CONTACT INFORMATION

SSI Research & Advisory Center SSI Institutional Sales

Phuong Hoang Duc Nguyen
Head of Research Head of Institutional Sales
phuonghv@ssi.com.vn ducna1@ssi.com.vn
Tel: (+84 – 24) 3936 6321 ext. 8729 Tel: (+84 – 28) 3636 3688 ext. 3003

Macro Financials Oil&Gas

Hung Pham Ha Nguyen, CFA Trang Pham
Chief Economist Associate Director Director
hungpl@ssi.com.vn hant4@ssi.com.vn trangph@ssi.com.vn
Tel: (+84 – 24) 3936 6321 ext. 8711 Tel: (+84 – 24) 3936 6321 ext. 8708 Tel: (+84 – 24) 3936 6321 ext. 8712

Trinh Thai Duy Truong Chau Dao, CFA

Analyst Analyst Associate Director
trinhttv@ssi.com.vn duytmp@ssi.com.vn chaudm@ssi.com.vn
Tel: (+84 – 24) 3936 6321 ext. 8720 Tel: (+84 – 28) 3636 3688 ext. 3046 Tel: (+84 – 28) 3636 3688 ext. 3052

Consumer Real Estate Industrials

Trang Pham Anh Dinh Giang Hoang Nguyen, CFA
Director Research Manager Research Manager
trangph@ssi.com.vn anhdtm@ssi.com.vn giangnh@ssi.com.vn
Tel: (+84 – 24) 3936 6321 ext. 8712 Tel: (+84 – 24) 3936 6321 ext. 8701 Tel: (+84 – 24) 3936 6321 ext. 8703

Trang Tran, ACA Quang Vu Chau Dao, CFA

Senior Analyst Senior Analyst Associate Director
trangtt2@ssi.com.vn quangvn@ssi.com.vn chaudm@ssi.com.vn
Tel: (+84 – 24) 3936 6321 ext. 8705 Tel: (+84 – 24) 3936 6321 ext. 8706 Tel: (+84 – 28) 3636 3688 ext. 3052

Nga Nguyen Thanh Ngo Trang Le

Senior Analyst Senior Analyst Senior Analyst
ngantp@ssi.com.vn thanhntk@ssi.com.vn tranglh@ssi.com.vn
Tel: (+84 – 28) 3636 3688 ext. 3050 Tel: (+84 – 28) 3636 3688 ext. 3053 Tel: (+84 – 24) 3936 6321 ext. 8717

Tuan Hoang Materials Utilities

Analyst Chau Dao, CFA Hao Thai
tuanha2@ssi.com.vn Associate Director Senior Analyst
Tel: (+84 – 28) 3636 3688 ext. 3089 chaudm@ssi.com.vn haotg@ssi.com.vn
Tel: (+84 – 28) 3636 3688 ext. 3052 Tel: (+84 – 28) 3636 3688 ext. 3055
Information Technology
Hao Thai Nga Nguyen Thanh Ngo
Senior Analyst Senior Analyst Senior Analyst
haotg@ssi.com.vn ngantp@ssi.com.vn thanhntk@ssi.com.vn
Tel: (+84 – 28) 3636 3688 ext. 3055 Tel: (+84 – 28) 3636 3688 ext. 3050 Tel: (+84 – 28) 3636 3688 ext. 3053

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