Vietnam Today

Update Report
VN-Index declines 0.4% on Monday
Report Date June 17, 2024
Market wrap Market data
VNI HNI UPCOM
VN-Index declines 0.4% on Monday
Research Department
research@vietcap.com.vn The VN-Index declined 0.4% (-5.1 pts) on Index 1274.8 243.2 98.1
+8428 3914 3588 - 1 Day ch. -0.4% -0.3% 0.0%
Monday to close the trading day at 1,274.8.
Banks put the most downward pressure on - 1 Week ch. -1.2% -1.0% -1.5%
- YTD ch. 12.8% 5.2% 12.7%
the market, with five of the top ten stocks
- YOY ch. 14.3% 6.4% 15.9%
negatively affecting the index originating
from the sector. Throughout the index,
Turnover
there were 169 gainers, 275 laggards, and - Today (mn) $902.5 $61.3 $49.1
60 stocks that were unchanged. Total - 1M Avg (mn) $949.0 $77.0 $66.9
trading volume decreased compared to - 1Y Avg (mn) $779.2 $75.9 $35.8
the previous trading day to USD899.7mn.
Foreigners
 The five banks referenced above were - Buy (mn) $65.0 $1.5 $0.6
BID (-2.1%), VCB (-0.5%), TCB (- - Sell (mn) $96.0 $2.5 $1.8
1.02%), HDB (-1.7%), and VIB (-2.0%). - Net (mn) -$31.0 -$1.0 -$1.2
VPB (+0.3%) and MBB (+0.7%) gained.
 The real estate sector saw a mix of Breadth
Gainers 145 91 122
performances. VHM (+0.3%) and KDH
Laggards 204 96 209
(+0.1%) were the only large-cap
Unchanged 64 133 574
gainers, while BCM (-1.4%), VRE (-
1.4%), and NVL (-0.4%) fell. VIC (0.0%) Key Metrics
was unchanged. Notable large-cap Mkt cap (bn) 204.9 13.3 65.1
decliners in other sectors were utility P/E TTM 14.3 18.4 27.6
company GAS (-1.8%), technology Div Yield 3.6% 6.4% 5.3%
company FPT (-1.7%), retailer MWG (-
Futures Price OI Turnover
1.6%), oil & gas company PLX (-1.5%),
contract Volume USD mn
and securities company SSI (-0.6%).
VN30F2406 1,309.2 49,879 1123.9
 Stocks that saw gains of note included
VN30F2407 1,312.0 9,110 23.7
steel makers HPG (+1.2%) and HSG VN30F2409 1,312.1 638 0.5
(+6.8%), rubber producer GVR (+1.1%), VN30F24012 1,307.0 171 0.3
beer maker SAB (+0.3%), airline HVN
(+2.6%), and retailer FRT (+0.6%). USD/VND 25,450

Source: Fiinpro, HSX, HNX. P/E figure using Diluted

earnings from Cont Ops in the aggregation.

See important disclosure at the end of this document www.vietcap.com.vn June 17, 2024 | 1
 Update Report

News & Flash Notes

 MoIT decides to launch anti-dumping (AD) investigation into galvanized steel imported from
China & South Korea
 MoIT confirms that HPG, Formosa’s filings for anti-dumping (AD) tariff on imported hot rolled
coil (HRC) from China & India are complete, valid
 MBB EGM highlights: Electing new BOD and BOS member for 2024-2029 term; positive
expectations for H1 2024 results
 GVR: Management optimistic about rubber price trend; IP project legal processes ongoing -
AGM Note
 PVS: Potential significant earnings growth by 2025 due to substantial M&C backlog - AGM
Note
 TV2: Positive outlook for Song Hau 2 Project, conservative 2024 guidance - AGM Note

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MoIT decides to launch anti-dumping (AD) investigation into galvanized steel

imported from China & South Korea

* On June 14, 2024, the Ministry of Industry and Trade (MoIT) issued Decision No. 1535/QD-BCT
to launch an official investigation into galvanized steel (42 HS codes) imported from China and
South Korea under a new case number, AD19.

* The periods of investigation (POIs) are as follows:

- For determining the existence of dumping behavior: April 1, 2023, to March 31, 2024.

- For determining damage to local industries: April 1, 2018, to March 31, 2024.

* The decision shows that the complainants have provided sufficient data showing a dumping
margin of 69.23% for Chinese imports and 3.41% for South Korea imports, and their proposals for
equivalent AD tariff rates. We note that these rates are proposed by the complainants, not the
MoIT’s decision.

* Next steps:

- Any organization or individual interested in the investigation will have 60 working days to
register and be approved by the investigating authority to become an “interested party” (defined
in Article 74 in the Law on Foreign Trade Management). An interested party will have access to
public information related to the case, and submit comments, data, and evidence for the
investigation.

- Within 15 days from the date of issuing the investigation decision, the MoIT will send out a
dumping investigation questionnaire to relevant parties, including complainants, domestic
producers, foreign producers, and importers of products under investigation, Chinese and South
Korean diplomatic missions in Vietnam, and other related parties.

- As the investigation process typically takes between 12 to 18 months, we expect the earliest
timeline for the application of AD19 would be in mid-2025.

* If an AD tariff is applied on imported galvanized steel, domestic galvanized steel producers,

including HSG, NKG, Dong A (UpCOM: GDA), and HPG, are expected to benefit, especially HSG,
the largest producer of galvanized steel in Vietnam. During 4M 2024, HSG held the highest
market share of 28.7%, NKG ranked 2nd with 17.5%, GDA ranked 3rd with 15.9%, and HPG ranked
fifth with 8.1% in total galvanized steel sales volume.

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See important disclosure at the end of this document www.vietcap.com.vn June 17, 2024 | 2
 Update Report

MoIT confirms that HPG, Formosa’s filings for anti-dumping (AD) tariff on imported
hot rolled coil (HRC) from China & India are complete, valid

* On June 14, 2024, the MoIT confirmed that the filings of HPG and Formosa regarding their
proposal for an AD tariff on HRC imported from China and India are complete and valid.

* For the next step, within the next 45 days, the MoIT will appraise the filings and announce
whether to launch an official AD investigation on imported HRC from China and India.

* The appraisal process includes:

- Determine the legal representative status for the domestic manufacturing industry of the
organizations or individuals submitting the filings, in accordance with the Law on Foreign Trade
Management.

- Identification of evidence of dumping of imported HRC from China and India that causes or
threatens to cause significant damage to the local industry.

* We emphasize that this is just the MoIT's confirmation that the filings by HPG and Formosa are
complete, and the decision to launch an AD investigation will be announced within the next 45
days. The MoIT has officially decided to initiate an anti-dumping investigation on imported
galvanized steel.

If an AD tariff is applied on imported HRC, it would be positive for HPG (producer of HRC) and
negative for NKG, HSG, and Dong A (who use HRC as an input material).

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MBB EGM highlights: Electing new BOD and BOS member for 2024-2029 term;
positive expectations for H1 2024 results

On Jun 15, MBB held an EGM in Hanoi with the following key highlights:

- BOD for 2024-2029 term (11 members including 7 new members); BOS for 2024-2029 term (5
members including 2 new members). All new BOD and BOS members have had many years
working at MBB, Viettel Group, and other major shareholders of MBB.

- Management’s current expectations for H1 2024 results: consolidated PBT of more than
VND13tn (~+5% YoY; completing 45% of our full-year forecast; in-line with our expectations for
2024F PBT growth of 11% YoY), credit growth of 5-6% (vs expected system-wide credit growth
of 4%-5%); NPL ratio < 2% (vs Q1 2024 NPL ratio of 2.5%). The bank is confident in achieving its
NPL ratio expectation. Additionally, profit results could vary depending on the provisioning level
at the bank on the reporting day.

* We currently have a BUY rating for MBB with a target price of VND30,000/share.

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GVR: Management optimistic about rubber price trend; IP project legal processes
ongoing - AGM Note

* GVR held its annual general meeting on June 17, 2024, primarily to dismiss and appoint members
of the Board of Directors (BoD) and Supervisory Board, and to approve the amendments of the
company’s charter. Management’s 2024 guidance for earnings and dividends, which was
approved at the EGM on March 29, remains unchanged.

* There was no proposed amendment to the 2024/25G PBT guidance of VND4.1tn (USD161mn;
flat YoY) and VND5.1tn (USD198mn; +23% YoY), equivalent to 85% and 84% of our respective
forecasts. We attribute the difference between the 2024/25G PBT guidance and our forecasts
mainly to our expectations for a stronger recovery in rubber consumption and ASP vs the
company’s guidance.

See important disclosure at the end of this document www.vietcap.com.vn June 17, 2024 | 3
 Update Report
* Shareholders approved a FY2023 dividend of 3% on par value, which is yet to be paid. There was
no proposed amendment to the approved FY2024 dividend of 3% on par value. GVR has paid all
dividends in cash in the past. We currently assume FY2023/24 dividends at VND300/share (0.9%
yield) each.

* Shareholders approved the appointment of Mr. Do Huu Phuoc as a member of the BoD and Mr.
Nguyen Dong Phong as an independent member of the BoD.

* Shareholders approved the dismissal of a member of the Supervisory Board for the 2021- 2026
period, Mr. Do Khac Thang, and the appointment of a new nember to the Supervisory Board, Mr.
Pham Van Hoi Em.

* Shareholders also approved amendments and/or supplements to the operating regulations of

the Supervisory Boards, the Board of Directors, and GVR’s charter. See more on Vietcap IQ.

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PVS: Potential significant earnings growth by 2025 due to substantial M&C

backlog - AGM Note

* We attended PVS’s analyst meeting on June 14 and PVS’s AGM on June 17.

* Overall, PVS expects a significant breakthrough in revenue and profit by 2025, driven by a
substantial M&C backlog (USD1.5bn for wind power including signed & publicly announced
contracts, signed & NDA contracts, high potential contracts, and USD1.0bn for Block B). These
are supported by increased productivity from the upgraded Vung Tau supply base and bases
across the country. Additionally, the company is confident in its offshore wind power business,
noting robust demand from Taiwan and Japan, and as such, an almost guaranteed workload for
PVS until at least 2030. Regarding the Block B O Mon project, PVS mentioned that it expects
insignificant delays in the Final Investment Decision (FID) of PetroVietnam Group and
emphasized continued work as a contractor, with timely disbursements and full payments from
the operators. These factors broadly confirm our forecast.

* Shareholders approved conservative 2024 guidance for revenue of VND15.5tn (USD608mn; -

20% vs actual 2023), and NPAT before MI of VND660bn (USD26mn; -38% vs actual 2023), which
are equivalent to 54% and 51% of our respective forecasts. We attribute this to management
caution, as historically, PVS’s actual NPAT before MI was higher than its initial guidance by 2x on
average, in 2022-2023.

* Shareholders approved a 2023 cash dividend of VND700/share (in line with our expectation).
PVS guides for a 2024 cash dividend of VND700/share (in line with our expectation). For the long
term, PVS proposes not to pay cash dividends until 2030 (vs our projection of VND700/share p.a.)
to retain profits to meet its huge capex requirements.

* PVS may raise its share capital to VND17.0tn (USD680mn) by 2030, 3.5x vs VND4.8tn as of end
Q1 2024) by issuing new shares and paying stock dividends to fund its significant capex of
VND70.6tn (USD2.8bn) for the 2024-2030 period.

* Our view: We foresee slight potential upside to our long-term earnings forecast due to (1) the
potential for the floating oil storage (FSO) leasing contract for the Yellow Camel and Block B
projects, (2) the potential contract extensions for FSO Ruby II and FPSO Lam Son, and (3)
potential higher-than-expected topline growth from the ship segment to capitalize on rising
global E&P activities. These factors might outweigh the potential higher depreciation expense
from higher- than- expected capex (based on PVS’s announced investment plan). See more on
Vietcap IQ.

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See important disclosure at the end of this document www.vietcap.com.vn June 17, 2024 | 4
 Update Report

TV2: Positive outlook for Song Hau 2 Project, conservative 2024 guidance - AGM
Note

* We attended TV2’s annual general meeting (AGM) on June 14, 2024, along with 96 shareholders
(representing 74.4% total voting rights). Overall, TV2’s management shares its strong belief in
meeting the Song Hau 2 project’s (SH2P) financing deadline by June 30, 2024. Additionally, TV2
emphasized its proactive strategy in seeking more opportunities across all business segments.

* TV2 set conservative 2024 guidance, which does not include SH2P, with revenue of VND1,272bn
(USD50.4mn; +20% YoY) and PBT of VND66bn (USD2.6mn; +0% YoY). These fulfill 82% and 66%
of our respective 2024 forecasts in the scenario excluding SH2P. Per management, preliminary
H1 2024 revenue is VND400bn (USD15.7mn; 31% 2024G), completing 26% of our full-year
forecast without SH2P, in line with our expectation.

* Shareholders approved the cash dividends for 2023 & 2024 at 10% par value (VND1,000/share),
in line with our expectations.

* Potential issuance of the financing closure for SH2P by the deadline. According to Mr. Nguyen
Chon Hung, TV2’s Chairman, in order to meet the financing closure deadline by June 30, 2024,
the project needs to receive (1) the facility agreement (financial terms & conditions), (2) letter
of offer by the financial sponsors, and (3) the first drawdown payment (FDP). He shared that the
first two criteria are met and Toyo Group is waiting for the last one – FDP.

* Overall, we currently see insignificant changes to our earnings forecasts for TV2 in 2024,
pending a more comprehensive review. From 2026 onwards, we see potential slight upside in
NPAT and valuation, coming from potential higher-than-expected O&M segment revenue and
other pronounced renewable power investment projects such as the Tan Thuan 3 and An Dong 1
wind power projects. See more on Vietcap IQ.

See important disclosure at the end of this document www.vietcap.com.vn June 17, 2024 | 5
 Update Report

Target Prices & Ratings – Vietcap Coverage

Ticker Sector Foreign Market 30 Last Target Upside Div TSR Analyst Date of FY24 FY25 Sector P/B
Room Cap ADTV price price to Yield rating last P/E P/E TTM
USDm USDm target update P/E

VRE Real Estate 23% 1,922 7.1 21,150 31,200 48% 0.0% 48% BUY 22/05/24 10.9 11.4 21.3 1.2

VHM Real Estate 34% 6,671 15.0 38,300 54,200 42% 0.0% 42% BUY 17/05/24 5.0 5.7 21.3 0.9

VPB Banks 3% 5,950 20.3 18,750 24,500 31% 5.3% 36% BUY 27/05/24 13.6 11.1 12.7 1.1

MSN Consumer 20% 4,361 22.2 76,200 102,800 35% 1.0% 36% BUY 29/05/24 259.5 102.6 13.8 4.1

MBB Banks 0% 4,935 17.7 23,250 30,000 29% 2.2% 31% BUY 10/05/24 5.9 5.3 12.7 1.3

KBC Industrial Parks 28% 927 8.1 30,200 39,400 30% 0.0% 30% BUY 22/05/24 11.4 13.1 21.3 1.3

ACB Banks 0% 4,386 14.0 24,550 32,000 30% 0.0% 30% BUY 21/05/24 6.0 5.3 12.7 1.5

PHR Industrial Parks 31% 322 1.3 59,400 73,700 24% 5.1% 29% BUY 21/03/24 14.4 22.3 18.2 2.2

QTP Power & Water 48% 299 0.4 16,700 19,400 16% 10.8% 27% BUY 16/05/24 12.9 9.4 16.0 1.4

VCB Banks 7% 19,472 6.8 87,100 110,000 26% 0.0% 26% BUY 23/05/24 16.4 14.8 12.7 2.8

PNJ Consumer 0% 1,285 6.4 96,000 118,500 23% 2.1% 26% BUY 06/05/24 17.7 15.5 13.7 3.1

STB Banks 7% 2,300 17.4 30,500 38,100 25% 0.0% 25% BUY 15/05/24 8.7 7.3 12.7 1.2

BMP Materials 16% 346 1.0 105,800 119,100 13% 10.9% 23% O-PF 08/03/24 8.4 8.8 19.1 3.0

HDB Banks 2% 2,744 9.8 23,550 28,000 19% 4.2% 23% BUY 31/05/24 6.8 5.6 12.7 1.4

DHC Industrials 10% 132 1.2 40,900 48,600 19% 4.2% 23% O-PF 31/05/24 10.9 10.4 16.1 1.7

VIB Banks 0% 2,237 12.4 22,050 26,000 18% 4.5% 22% M-PF 29/03/24 6.6 5.8 12.7 1.5

CTG Banks 4% 7,035 14.2 32,750 40,000 22% 0.0% 22% BUY 05/06/24 10.4 9.2 12.7 1.4

BSR Oil & Gas 48% 2,864 10.1 23,300 27,700 19% 3.0% 22% BUY 07/06/24 8.5 11.8 15.7 1.2

VNM Consumer 50% 5,517 11.9 66,000 76,500 16% 5.8% 22% BUY 03/06/24 17.7 16.2 16.2 4.3

IDC Industrial Parks 25% 818 6.2 62,000 71,400 15% 6.5% 22% BUY 09/05/24 14.8 10.9 21.3 4.0

FRT Consumer 13% 954 5.5 175,000 211,900 21% 0.0% 21% BUY 13/05/24 -69.0 215.8 14.3 14.6

NLG Real Estate 1% 631 5.3 41,000 48,700 19% 1.8% 21% O-PF 17/05/24 34.5 32.6 21.3 1.7

HPG Materials 24% 7,535 34.0 29,450 35,450 20% 0.0% 20% BUY 17/05/24 28.6 12.9 16.1 1.8

TV2 Power & Water 6% 134 2.1 49,700 58,300 17% 2.0% 19% BUY 13/03/24 63.3 39.5 13.8 2.5

SIP Industrial Parks 48% 650 1.7 89,400 104,000 16% 2.2% 19% O-PF 15/03/24 18.5 19.3 21.3 4.3

PPC Power & Water 37% 197 0.6 15,350 16,700 9% 9.8% 19% O-PF 16/05/24 13.5 7.4 16.0 1.1

See important disclosure at the end of this document www.vietcap.com.vn June 17, 2024 | 6
 Update Report

PVS Oil & Gas 28% 824 10.1 43,100 50,400 17% 1.6% 19% BUY 06/05/24 22.8 19.2 15.7 1.6

BID Banks 13% 10,603 3.8 46,500 55,000 18% 0.0% 18% O-PF 07/06/24 14.2 12.2 12.7 2.1

SCS Transport & 5% 325 0.7 85,500 95,100 11% 7.0% 18% O-PF 22/05/24 18.5 13.9 19.3 5.7
Logistics

KDH Real Estate 11% 1,201 5.8 37,550 44,400 18% 0.0% 18% BUY 17/05/24 45.1 40.3 21.3 2.2

TPB Banks 2% 1,634 7.0 18,550 21,700 17% 0.0% 17% O-PF 05/02/24 9.2 7.0 12.7 1.2

PLX Oil & Gas 2% 2,028 4.4 39,900 44,500 12% 5.0% 17% BUY 08/05/24 19.7 15.3 15.7 1.9

BMI Insurance 18% 123 0.6 25,600 28,800 13% 3.9% 16% BUY 12/04/24 10.9 10.5 12.9 1.1

FPT Consumer 1% 7,524 33.3 128,800 147,900 15% 1.6% 16% BUY 08/05/24 31.9 25.6 27.8 7.0

PVD Oil & Gas 32% 690 7.2 31,050 36,000 16% 0.0% 16% O-PF 14/05/24 33.8 20.6 15.7 1.2

SAB Consumer 39% 3,263 4.5 63,600 70,000 10% 5.5% 16% BUY 10/05/24 20.2 18.6 16.2 3.2

DXG Real Estate 30% 467 5.4 16,200 18,700 15% 0.0% 15% M-PF 17/05/24 59.3 53.5 21.3 1.1

PC1 Power & Water 42% 351 6.5 28,200 32,400 15% 0.0% 15% O-PF 22/05/24 67.6 18.0 19.1 1.7

GEX Power & Water 41% 811 14.5 23,800 26,200 10% 4.2% 14% O-PF 07/06/24 62.0 24.0 13.8 1.6

VIC Real Estate 37% 6,424 6.3 42,000 47,800 14% 0.0% 14% M-PF 31/05/24 74.4 57.9 21.3 1.2

TLG Consumer 77% 165 0.2 52,600 55,800 6% 6.7% 13% O-PF 25/03/24 12.8 11.4 13.7 1.9

QNS Consumer 34% 702 2.4 49,100 51,300 4% 8.1% 13% O-PF 07/03/24 6.8 7.0 16.2 2.0

AST Transport & 6% 112 0.1 62,000 68,100 10% 2.4% 12% BUY 13/03/24 24.9 13.3 14.3 5.2
Logistics

SSI Brokerage 57% 2,167 23.3 35,900 38,700 8% 2.8% 11% M-PF 10/06/24 24.3 18.9 20.4 2.3

TCB Banks 0% 6,848 23.1 48,600 52,000 7% 3.1% 10% O-PF 14/05/24 9.5 8.0 12.7 1.3

GAS Oil & Gas 47% 7,129 5.7 77,600 82,000 6% 3.9% 10% O-PF 07/05/24 15.7 16.4 16.0 2.7

VHC Consumer 69% 678 3.9 75,500 80,200 6% 2.6% 9% M-PF 24/05/24 21.7 12.6 16.2 2.1

VJC Transport & 13% 2,270 4.4 104,800 114,000 9% 0.0% 9% O-PF 15/03/24 165.6 24.1 19.3 3.5
Logistics

TDM Power & Water 47% 217 0.2 49,300 51,500 4% 3.0% 8% M-PF 06/05/24 18.9 29.5 16.0 2.3

DXS Real Estate 31% 175 1.2 7,550 8,100 7% 0.0% 7% O-PF 17/05/24 -25.8 25.5 21.3 0.7

DRC Industrials 36% 158 2.2 33,300 34,200 3% 4.5% 7% M-PF 20/05/24 16.1 14.7 18.1 2.1

MWG Consumer 1% 3,626 26.2 62,000 65,700 6% 0.8% 7% O-PF 20/05/24 541.1 28.3 14.3 3.6

DGC Industrials 30% 1,846 16.2 121,500 126,000 4% 2.1% 6% M-PF 23/05/24 15.8 14.7 18.2 3.8

REE Power & Water 0% 1,158 2.9 61,600 63,300 3% 1.6% 4% O-PF 12/04/24 13.3 12.6 13.8 1.7

See important disclosure at the end of this document www.vietcap.com.vn June 17, 2024 | 7
 Update Report

PTB Industrials 0% 194 1.1 72,600 72,900 0% 3.3% 4% BUY 13/03/24 18.5 10.0 16.1 1.8

DCM Oil & Gas 40% 800 10.0 37,800 36,000 -5% 7.9% 3% O-PF 10/05/24 19.7 15.1 18.2 2.0

PVT Oil & Gas 35% 429 7.7 30,150 30,100 0% 2.7% 2% BUY 25/04/24 11.5 9.1 13.8 1.5

BWE Power & Water 38% 400 1.4 45,450 44,700 -2% 3.1% 1% BUY 06/05/24 17.9 16.2 16.0 2.1

STK Industrials 82% 122 0.3 31,500 31,300 -1% 1.3% 1% M-PF 11/03/24 33.9 14.7 18.2 1.9

DGW Consumer 25% 414 5.7 62,000 61,300 -1% 1.6% 0% M-PF 07/05/24 28.9 22.5 14.3 3.9

SZC Industrial Parks 17% 301 3.9 41,800 42,000 0% 0.0% 0% M-PF 25/03/24 29.7 27.6 21.3 2.5

NT2 Power & Water 36% 259 1.1 22,450 21,300 -5% 4.5% -1% M-PF 16/05/24 14.5 -57.9 16.0 1.6

BVH Insurance 23% 1,315 2.1 44,300 42,600 -4% 2.0% -2% M-PF 26/03/24 19.6 18.4 12.9 1.5

GMD Transport & 2% 1,041 6.2 83,800 81,000 -3% 1.4% -2% M-PF 23/05/24 12.5 18.4 13.8 2.9
Logistics

VEA Consumer 47% 2,515 6.4 47,300 40,500 -14% 10.6% -4% BUY 23/02/24 10.2 9.4 13.8 2.3

POW Power & Water 45% 1,307 9.9 13,950 13,200 -5% 0.0% -5% BUY 16/05/24 33.2 24.3 16.0 1.0

DPM Oil & Gas 41% 584 7.1 37,300 31,900 -14% 8.0% -6% M-PF 10/05/24 35.1 25.0 18.2 1.3

HDG Power & Water 33% 401 11.3 32,750 30,200 -8% 0.0% -8% O-PF 19/02/24 14.5 12.4 21.3 1.6

GVR Industrial Parks 12% 5,336 7.0 33,350 29,900 -10% 0.9% -9% M-PF 29/03/24 51.6 43.0 18.2 2.6

CTR Consumer 39% 711 3.3 155,500 138,000 -11% 1.7% -10% M-PF 07/05/24 45.9 39.2 19.1 9.4

ACG Industrials 11% 312 0.1 51,800 43,100 -17% 4.2% -13% O-PF 26/03/24 18.8 15.4 16.1 1.8

VTP Transport & 42% 422 4.9 86,600 72,000 -17% 1.7% -15% M-PF 23/05/24 44.5 33.5 13.8 6.5
Logistics

ACV Transport & 45% 11,354 2.5 131,600 99,400 -24% 0.0% -24% M-PF 08/05/24 36.5 27.1 13.8 5.4
Logistics

NKG Materials 35% 282 7.8 26,800 19,900 -26% 0.0% -26% U-PF 10/05/24 70.2 17.7 16.1 1.3

HSG Materials 29% 620 11.3 25,150 17,400 -31% 0.0% -31% U-PF 10/05/24 558.9 18.0 16.1 1.4

LPB Banks 4% 2,783 36.0 27,200 16,800 -38% 0.0% -38% SELL 31/05/24 13.3 9.5 12.7 1.9

HVN Transport & 23% 2,781 6.4 31,400 14,700 -53% 0.0% -53% M-PF 25/03/24 -12.0 -52.5 19.3 -5.3
Logistics

Source: Fiinpro, Vietcap (Vietcap sector classifications; analyst's ratings as published in our last update
reports)

See important disclosure at the end of this document www.vietcap.com.vn June 17, 2024 | 8
 Update Report

Vietcap Coverage Statistics

Aggregate basis Simple average basis

Total Avg
# Market Marke # of TP/
FY23 FY24 FY25 Curr FY23 FY24 FY25 Curr Avg Div
of Cap t Cap VN30 FY24
P/E P/E P/E P/B P/E P/E P/E P/B Yield
Cos (USD (USD Cos EPS
mn) mn)
BUY 32 100,353 3,136 15 12.3 11.0 9.1 13.6 1.8 22.8 23.7 12.4 2.6 2.7%
OUTPERFORM 22 39,957 1,816 6 15.5 12.6 10.4 13.9 1.9 49.2 15.9 12.5 2.2 3.5%
MKT PERFORM 20 38,834 1,942 5 34.9 25.5 19.4 23.2 2.6 28.9 18.3 29.5 2.5 2.1%
UNDERPERFORM 2 902 451 0 175.8 17.9 12.5 12.7 1.4 314.5 17.8 12.4 1.3 0.0%
SELL 1 2,783 2,783 0 13.3 9.5 13.1 5.9 1.9 13.3 9.5 13.1 1.9 0.0%

TOTAL 77 182,828 2,374 26 15.1 12.9 10.7 14.5 2.0 39.4 19.7 16.9 2.4 2.7%

Aggregate basis Simple average basis

Total Avg
Market Market # of TP/
# of FY23 FY24 FY25 Curr FY23 FY24 FY25 Curr Avg Div
Cap Cap VN30 FY24
Cos P/E P/E P/E P/B P/E P/E P/E P/B Yield
(USD (USD Cos EPS
mn) mn)
Banks 12 70,927 5,911 10 10.5 9.1 7.6 10.9 1.6 10.0 8.4 7.4 1.5 1.6%
Insurance 2 1,439 719 1 18.4 17.2 15.5 16.8 1.5 15.3 14.4 13.0 1.3 3.0%

Brokerage 1 2,167 2,167 1 24.3 18.9 16.0 20.4 2.3 24.3 18.9 16.0 2.3 2.8%

Consumer 13 31,717 2,440 5 26.1 20.6 16.6 23.3 4.0 72.7 40.4 18.7 4.7 3.7%

Real Estate 7 17,491 2,499 3 10.6 11.5 10.7 14.8 1.1 29.1 32.4 25.5 1.3 0.3%

Materials 4 8,783 2,196 1 28.3 13.1 10.0 15.0 1.8 166.5 14.4 10.9 1.9 2.7%
Power & Water 11 5,532 503 1 20.9 17.3 11.0 17.7 1.5 30.1 12.3 12.1 1.7 3.5%
Oil & Gas 8 15,349 1,919 2 14.7 15.2 12.9 16.5 1.8 20.8 16.6 11.9 1.7 4.0%

Industrials 6 2,764 461 0 16.3 14.0 9.6 14.3 2.8 19.0 13.3 10.6 2.2 3.3%

Industrial parks 6 8,355 1,392 1 27.2 25.4 18.8 25.5 2.5 23.4 22.7 16.7 2.8 2.4%

Transport & Logistics 7 18,304 2,615 1 88.3 32.6 23.4 25.3 6.7 41.5 11.1 44.9 3.4 1.8%

TOTAL 77 182,828 2,374 26 15.1 12.9 10.7 14.5 2.0 39.4 19.7 16.9 2.4 2.7%

Source: Fiinpro, Vietcap. Note: Forward P/E ratios based on Vietcap’s forecasts

See important disclosure at the end of this document www.vietcap.com.vn June 17, 2024 | 9
 Update Report

Q1 2024 Earnings Results – Vietcap Coverage

Ticker Q1 2024 2024F Rating Rating Analyst's comment

YoY EPS EPS Before After
Growth Growth Results Results
Forecast
Banks
ACB -6% 13% BUY BUY NIM to remain nearly flat in 2024F, asset quality under control
BID 6% 16% M-PF O-PF NIM headwinds but credit costs to improve in 2024
CTG 3% 13% O-PF BUY PPOP growth to outweigh higher credit costs in 2024F
HDB 49% 22% O-PF BUY Robust ROE outlook with strong NIM expansion in 2024F
Credit growth much higher than system-wide level, lower
LPB 85% 14% U-PF SELL
provision expenses than our expectations
MBB -10% 10% BUY BUY Attractive valuation; asset quality to improve
STB 11% 9% BUY BUY Legacy collateral disposals to ramp up in 2024-2026F
TCB 38% 19% O-PF O-PF Strong credit growth & NIM expansion support strong earnings
TPB 4% 30% O-PF NIM improves despite weak credit growth in Q1 2024
VCB -5% 15% O-PF Q1 2024’s results weaker than expectation
VIB -2% 14% M-PF Strong NOII counteracts surge in credit costs
VPB 19% 22% BUY BUY NIM, earnings to recover from 2024 onwards
Non-Bank FI
BMI -3% 4% BUY Strong premium growth supports earnings
Stronger-than-expected financial income drives earnings
BVH 11% 7% M-PF
growth
SSI 52% 28% M-PF O-PF Capital raising plans in 2024-2025F to bolster margin lending
Consumer
CTR 7% 17% BUY M-PF Q1 results slightly behind our forecasts
DGW 16% 29% M-PF M-PF Earnings miss projection due to weaker-than-expected GPM
DRC 94% 9% M-PF M-PF Profitability improves YoY yet export demand remains weak
FPT 22% 24% BUY BUY 20% YoY earnings growth momentum continues
NPAT-MI turns positive in Q1 2024; LC’s margins continue
FRT N.M. N.M. BUY BUY
improving
Solid growth from consumer-centric businesses; Earnings
MSN (2) -51% 128% BUY
dragged by MHT
MWG 42.4x 1811% BUY O-PF Earnings beat forecast due to better-than-expected margins
PNJ -1% 14% BUY BUY Strong retail sales growth of 12% YoY, NPAT declines 1% YoY
QNS 68% -3% O-PF O-PF Robust sugar earnings growth spearheads profitability
SAB 3% 9% BUY BUY Management confident in achieving 2024 targets
VEA 5% 8% BUY Q1 earnings grow 5% YoY, in line with our expectations
VHC 70% O-PF
VNM 18% 5% O-PF Strong Q1 earnings growth fueled by GPM improvement
Weak Q1 earnings due to lower-than-expected GPM despite
VTP -23% 33% U-PF M-PF
improvement in revenue of core businesses
Aviation

See important disclosure at the end of this document www.vietcap.com.vn June 17, 2024 | 10
 Update Report

International passengers continued strongly recovering, on

AST 35% 87% BUY
track to exceed ACV’s target of 41 million passengers for 2024.
Cost control helps core earnings beat projections; bottom-line
HVN N.M. N.M. M-PF
boosted by one-off incomes
Results meet our expectations on continued recovery of
VJC 212% 584% O-PF
transportation business
Real Estate
VHM -93% -12% BUY BUY New mega project presales to bolster medium-term outlook
VRE 6% -5% BUY BUY Robust retail leasing profit outlook in medium term
VIC 642% 29% O-PF M-PF High funding demands for VinFast continue
KDH -68% 12% BUY BUY New project launches to drive upbeat presales outlook
Property backlog and Paragon stake sales to support 2024
NLG N.M. 6% O-PF O-PF
earnings
DXG N.M. 11% M-PF M-PF Project relaunches to support presales outlook
DXS N.M. N.M. M-PF O-PF Earnings to recover from improving property transactions
Industrial Real Estate
KBC N.M. -13% BUY BUY Attractive valuation; solid medium-term profit outlook
IDC 370% 36% BUY BUY Strong backlog to drive 2024F profit; resilient IP land sales
SIP 48% -4% O-PF Strong YoY growth in Q1 earnings, IP land sales, & cash inflows
PHR -68% -35% BUY Q1 2024 net profit declines YoY, in line with our expectation
Profit declines YoY in Q1 mainly from lower compensation
GVR -14% 20% M-PF
income despite improved core earnings
Net profit jumps 5.5x YoY in Q1 2024, in line with our
SZC 454% 8% M-PF
expectation
Infrastructure
GMD (2) 50% 60% M-PF M-PF Strong Q1 2024 driven by robust throughput growth
SCS 29% 33% O-PF O-PF Earnings rebound with strong throughput, offset by lower ASP
ACV 99% 39% M-PF M-PF International traffic surges, bad debt provisions decline
Materials & Industrials
HPG 621% 121% BUY BUY Earnings surge YoY from low base
Robust earnings, margins recovery from low base while
HSG (1) 25% 3004% U-PF U-PF
valuation outpaces fundamental progress
Earnings to rebound on sales & EBIT recovery, valuation runs
NKG N.M. 335% U-PF U-PF
ahead of fundamental progress
BMP -32% -5% O-PF Q1 2024 earnings trended down despite near-record high GPM
Operating leverage, cooled expansion lift earnings from low
ACG 102% 22% O-PF
base
PTB 42% 84% BUY Bright short-term outlook; expanding real estate portfolio
NPAT-MI in Q1 2024 dropped 14% due to Photpho plant and
DGC -16% 8% O-PF M-PF
WPA plant maintenance. Maintenance completed.
STK -56% 131% M-PF Minimal Q1 2024 earnings
TLG -12% 13% O-PF Weak Q1 2024 demand, expecting sales to surge YoY from May
DHC -35% 8% BUY O-PF Price spread compresses
Utilities
Strong Q1 results due to water supply, trading & other
BWE (2) 27% 9% O-PF BUY
segments

See important disclosure at the end of this document www.vietcap.com.vn June 17, 2024 | 11
 Update Report

HDG -27% 17% O-PF AGM set 5-year strategy, Q1 result in line with our forecasts
NT2 N.M. N.M. U-PF M-PF Q1 suffered VND158bn loss
AGM set more focus on industrial real estate business, Q1 core
PC1 449% 275% M-PF O-PF
NPAT in line with expectation
Q1 NPAT completed 23% of our full year projection despite
POW -48% 37% O-PF BUY
huge loss from NT2, slight upside potential evident
Consultancy, EPC, O&M segment to boost Q1 revenue and
TV2 33% 60% BUY
earnings
S6 generator re-operation, higher YoY dividend income to
PPC 295% 82% O-PF O-PF
drive NPAT 4x YoY
QTP 57% 38% O-PF BUY Q1 NPAT jumps 57% YoY, ahead our forecast
Lower earnings from power & water outweighed the jump in
REE -36% 5% O-PF O-PF
M&E earnings, in line with our forecasts
Recurring NPAT completed 18% of full year projection, in line
GEX N.M. 204% M-PF O-PF
with expectation
TDM (2) -70% 7% M-PF M-PF Q1 2024 NPAT from water generation grew 11% YoY
Oil & Gas
Robust volume, but reduced profitability from lower crack
BSR -30% -28% M-PF BUY
spreads, trailing expectations
DCM 51% 53% O-PF O-PF Q1 results slightly trail our forecast
Robust urea sales volume and lower-than-expected input gas
DPM 2% 24% M-PF M-PF
price to drive NPAT-MI ahead of our forecast
GAS -38% -5% M-PF O-PF Weak Q1 result, in line with our forecast
Resilient volume, increased regulated cost drives NPAT-MI up
PLX 73% 29% O-PF BUY
73% YoY in Q1 2024
Strong drilling segment but weak shared profit, leading to
PVD (2) 94% 78% BUY O-PF
lower-than-expected recurring NPAT
Strong Q1 NPAT-MI with 41% YoY growth despite traditionally
PVS (2) 41% 19% BUY BUY
weak season, beating our expectation
New vessels acquired in 2023 drive Q1 2024 recurring 44% YoY
PVT 27% 27% BUY BUY
jump in NPAT-MI

(*) Note: We will update the earnings for each company when they are published. (1) FY of HSG is Oct 1 to
Sept 30. Therefore the above results is Q1 FY2024 vs Q1 FY2023 (2) Based on core earnings, i.e., excluding
one-offs.

See important disclosure at the end of this document www.vietcap.com.vn June 17, 2024 | 12
 Update Report
Ho Chi Minh Stock Exchange (HSX) Hanoi Stock Exchange (HNX) UpCom market (HNX)
Closing Closing Closing
Net ∆ Net ∆ Net ∆
value value value
VNIndex 1,274.8 -5.1 HNXINDEX 243.2 -0.8 UpCom 98.1 0.0
VN 30 1,309.7 -6.8 HNX30 538.2 -2.3
VN Mid 1,975.3 -4.5 VNX Allshare 2,119.8 -8.4
VNSmall 1,542.7 -0.2

Value % of Value % of Value % of

Transactions Transactions Transactions
VND bn Turnover VND bn Turnover VND bn Turnover
Put-through 2,797.7 12.2% Put-through 107.3 6.9% Put-through 58.7 4.7%
Foreign buy 1,654.8 7.2% Foreign buy 38.0 2.4% Foreign buy 14.3 1.1%
Foreign sell 2,442.8 10.6% Foreign sell 63.8 4.1% Foreign sell 44.6 3.6%
Total Turnover 22,967.6 Total turnover 1,559.2 Total turnover 1,248.4

Top Gainers* Net Chg Price % ∆ Top Gainers* Net Chg Price % ∆ Top Gainers* Net Chg Price % ∆
HSG 1,600 6.8% API 500 6.3% CNT 2,072 9.7%
SMC 950 6.8% NVB 400 4.0% FOC 5,442 5.3%
VOS 1,200 6.5% LHC 2,300 4.0% BWS 1,605 4.8%
SGR 1,800 6.2% VGS 1,000 2.7% GDA 1,172 3.5%
BIC 1,750 5.2% TIG 300 2.0% FOX 2,882 2.6%

Top Laggards* Net Chg Price % ∆ Top Laggards* Net Chg Price % ∆ Top Laggards* Net Chg Price % ∆
EVG -490 -6.9% NTP -2,700 -4.2% GCF -1,929 -8.8%
QCG -950 -6.7% PVB -1,000 -3.3% DGT -489 -6.5%
HPX -300 -4.6% VC7 -400 -3.3% DRI -565 -4.1%
SAM -310 -4.1% DTD -800 -2.8% BMS -400 -3.5%
ITC -350 -3.2% PLC -700 -2.5% AAS -258 -3.0%
(*) Market cap > VND500b, Traded value >
VND1.5b
Value Value Value Value Value Value
Leaders VND bn Leaders VND bn Leaders VND bn
HSG 1,082 SHS 236 BSR 196
HPG 1,016 PVS 204 VGI 121
VPB 1,001 MBS 141 VEA 93
LPB 851 IDC 101 ACV 76
TCB 672 HUT 83 MCH 59

Avg Avg Avg

Shares Shares Shares
Volume Heat Shares Volume Heat Shares Volume Heat Shares
Traded Traded Traded
Seekers* Traded 30 Seekers* Traded Seekers* Traded
Today Today Today
Days 30 Days 30 Days
MHC 1,705,200 134,102 HBS 174,102 68,875 GCF 2,182,943 355,303
SAM 10,301,703 2,760,394 NTP 722,865 402,996 DSC 1,766,382 541,157
HCD 3,576,200 973,850 NVB 439,528 250,671 GDA 1,047,087 350,530
HSG 43,647,100 12,345,228 NAG 353,709 207,539 FOC 320,365 111,672
DBD 562,300 161,099 VGS 1,664,946 990,055 GPC 252,000 128,914
TVS 1,741,800 642,372 SD9 190,611 121,323 HSV 447,139 305,012
TCL 171,000 73,325 MST 1,473,407 1,027,846 FOX 471,951 356,750
HTN 2,288,400 1,006,487 CMS 367,866 259,684 AMS 137,545 109,093
SHI 2,700,100 1,206,555 VTZ 373,434 271,439 BMS 287,005 227,691
HCM 18,234,600 8,244,112 L14 265,509 194,920 BIG 170,402 147,893
*Stocks with at least 50,000 shares traded
today

See important disclosure at the end of this document www.vietcap.com.vn June 17, 2024 | 13
 Update Report
Top 5 market cap leaders for each sector

Financial Services ** Real Estate

Ticker Mkt Cap FOL Avail. P/E P/B ROE Ticker Mkt Cap FOL Avail. P/E P/B ROE
Average 1,078.0 20.2 2.0 10.7 Average 3,689.6 22.8 1.8 10.1
SSI 2,128.8 56.8 21.1 2.3 11.2 VHM 6,552.9 33.5 7.6 0.9 12.7
VND 1,046.8 84.5 9.0 1.6 15.6 VIC 6,310.2 36.6 18.2 1.2 7.3
VCI 836.3 81.1 34.5 2.6 8.2 BCM 2,517.3 47.6 26.0 3.4 13.9
HCM 787.0 3.6 19.3 2.3 10.0 VRE 1,888.4 22.8 10.8 1.2 12.0
SHS 591.1 39.4 17.2 1.4 8.6 KDH 1,179.3 11.0 51.4 2.2 4.4
Insurance Banks
Ticker Mkt Cap FOL Avail. P/E P/B ROE Ticker Mkt Cap FOL Avail. P/E P/B ROE
Average 459.0 13.0 1.5 12.6 Average 9,805.1 11.3 1.7 15.9
BVH 1,292.1 22.6 18.5 1.5 8.3 VCB 19,128.1 6.7 14.9 2.8 20.0
PVI 520.9 40.4 12.2 1.6 13.7 BID 10,415.3 12.9 12.1 2.1 18.8
VNR 169.4 21.2 12.1 1.1 9.7 CTG 6,910.3 3.7 8.7 1.4 16.3
BIC 163.6 3.9 9.0 1.5 17.1 TCB 6,726.7 0.4 8.7 1.3 15.4
MIG 148.9 83.9 13.1 1.8 14.2 VPB 5,845.2 3.0 12.3 1.1 9.2
Industrials Consumer Services
Ticker Mkt Cap FOL Avail. P/E P/B ROE Ticker Mkt Cap FOL Avail. P/E P/B ROE
Average 3,515.7 21.8 3.6 19.8 Average 2,171.1 23.4 5.5 3.0
ACV 11,153.2 45.4 28.8 5.4 19.8 MWG 3,562.2 1.2 86.5 3.6 4.4
VEA 2,470.9 47.2 10.0 2.3 22.9 HVN 2,732.1 22.8 -48.9 -5.3 9.8
MVN 1,971.9 0.0 40.6 4.5 11.6 VJC 2,230.3 13.3 74.7 3.5 4.9
GMD 1,022.3 1.6 9.9 2.9 29.6 VEF 1,394.2 49.0 83.7 11.2 14.0
VGC 960.1 43.8 19.8 3.1 15.4 FRT 936.8 13.3 -79.0 14.6 -18.1
Consumer Goods Basic Materials
Ticker Mkt Cap FOL Avail. P/E P/B ROE Ticker Mkt Cap FOL Avail. P/E P/B ROE
Average 4,055.5 85.6 4.1 19.2 Average 4,055.5 85.6 4.1 19.2
MCH 6,106.5 48.0 21.1 5.7 28.9 HPG 6,106.5 24.1 21.1 5.7 28.9
VNM 5,419.9 49.7 15.0 4.3 28.9 GVR 5,419.9 12.5 15.0 4.3 28.9
MSN 4,284.1 20.1 356.2 4.1 1.2 DGC 4,284.1 29.9 356.2 4.1 1.2
SAB 3,205.1 39.3 19.7 3.2 16.8 DCM 3,205.1 40.5 19.7 3.2 16.8
PNJ 1,262.0 0.0 16.1 3.1 20.2 MSR 1,262.0 99.9 16.1 3.1 20.2
Oil & Gas Health Care
Ticker Mkt Cap FOL Avail. P/E P/B ROE Ticker Mkt Cap FOL Avail. P/E P/B ROE
Average 1,347.9 18.5 1.4 8.9 Average 1,347.9 18.5 1.4 8.9
BSR 2,813.1 48.3 8.9 1.2 14.5 DHG 2,813.1 46.1 8.9 1.2 14.5
PLX 1,992.0 2.4 15.5 1.9 12.7 DVN 1,992.0 0.0 15.5 1.9 12.7
PVS 809.4 27.9 21.6 1.6 7.5 IMP 809.4 25.3 21.6 1.6 7.5
PVD 678.2 32.3 25.9 1.2 4.6 DBD 678.2 86.6 25.9 1.2 4.6
OIL 446.6 1.1 20.5 1.1 5.3 TRA 446.6 2.4 20.5 1.1 5.3
Utilities Technology
Ticker Mkt Cap FOL Avail. P/E P/B ROE Ticker Mkt Cap FOL Avail. P/E P/B ROE
Average 2,268.0 116.0 5.9 9.1 Average 2,268.0 116.0 5.9 9.1
GAS 7,003.0 47.0 16.6 2.7 16.7 FPT 7,003.0 1.0 16.6 2.7 16.7
POW 1,283.7 44.8 39.9 1.0 2.6 CMG 1,283.7 5.8 39.9 1.0 2.6
REE 1,137.6 0.0 15.1 1.7 11.3 SAM 1,137.6 48.2 15.1 1.7 11.3
PGV 1,010.9 50.0 479.7 1.7 0.3 ELC 1,010.9 45.4 479.7 1.7 0.3
DNH 904.6 0.0 28.6 22.4 14.7 SGT 904.6 -5.6 28.6 22.4 14.7

Source: Fiinpro, Vietcap

* ICB Sector classification, Mkt Cap (USD million), FOL Available (%)

**excluding banks

See important disclosure at the end of this document www.vietcap.com.vn June 17, 2024 | 14
 Update Report

Daily Sector Performance

Ho Chi Minh and Hanoi Stock Exchange

Ho Chi Minh Stock Exchange (HSX) Hanoi Stock Exchange (HNX)
combined (HSX+HNX)

Insurance 2.1% Technology 1.7% Insurance 1.0%

Basic Materials 1.3% Banks 1.6% Basic Materials 0.4%

Industrials 0.2% Consumer Goods 0.8% Industrials 0.2%

Utilities 0.0% Industrials 0.5% Utilities 0.0%

Health Care -0.1% Utilities 0.2% Consumer Goods -0.1%

Financial Services** -0.2% Real Estate -0.1% Consumer Services -0.2%

Consumer Services -0.3% Consumer Services -0.2% Banks -0.3%

Consumer Goods -0.3% Insurance -0.4% Financial Services** -0.4%

Banks -0.5% Basic Materials -0.4% Real Estate -0.4%

Real Estate -0.6% Financial Services** -0.5% Health Care -0.5%

Oil & Gas -1.0% Health Care -1.2% Technology -0.9%

Technology -2.7% Oil & Gas -1.6% Oil & Gas -1.3%

20 days cumulative foreign flow (HSX, HNX, UPCOM) Daily Top foreign net buy and sell (HSX, HNX, UPCOM)

USD m 6.0
USD m Cumulative net inflow
0 4.0
-100
2.0
-200
0.0
-300

-400 -2.0
-500
-4.0
-600

-700 -6.0

-800 -8.0
21-May-24

23-May-24

27-May-24

29-May-24

31-May-24

4-Jun-24

6-Jun-24

10-Jun-24

12-Jun-24

14-Jun-24

HPG
FPT
VHM
VNM
HDB
MSN
CMG
HCM
VRE
VND
VOS
HAH
DGC
MWG
DPM
CTR
EVF
NKG
SAB
HSG

Source: HSX, HNX, Fiinpro

**excluding banks

See important disclosure at the end of this document www.vietcap.com.vn June 17, 2024 | 15
 Update Report

Futures Trading
OI *Trading
Contract Price Net ∆ %∆ Basis Contract %∆ %∆
Volume Volume
VN30F2406 1,309.2 -7.8 -0.6% -0.5 VN30F2406 49,879 -6.0% 212.57 4.2%
VN30F2407 1,312.0 -7.9 -0.6% 2.3 VN30F2407 9,110 6.6% 4.55 166.1%
VN30F2409 1,312.1 -9.9 -0.7% 2.4 VN30F2409 638 13.9% 0.10 -28.6%
VN30F24012 1,307.0 -13.5 -1.0% -2.7 VN30F24012 171 -1.7% 0.05 150.0%
*vol: thousand shares

1400

1350

1300

1250

1200

1150

1100

1050

1000
Jun-23 Jul-23 Aug-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24
VN30 VN30F1M VN30F2M VN30F1Q VN30F2Q

Source: Fiinpro, Vietcap

Note: VN30F1M = contract settle within one month

VN30F2M = contract settle within two months

VN30F1Q = contract settle within one quarter

VN30F2Q = contract settle within two quarters

See important disclosure at the end of this document www.vietcap.com.vn June 17, 2024 | 16
 Update Report

Year-to-date sector market weighted performance

across 3 exchanges
Top 6 Sectors*

70%

60%

50%

40%

30%

20%

10%

0%

-10%
29-Dec 29-Jan 29-Feb 31-Mar 30-Apr 31-May
Technology Consumer Services Industrials

Basic Materials Consumer Goods Oil & Gas

Bottom 6 Sectors*

25%

20%

15%

10%

5%

0%

-5%

-10%
29-Dec 29-Jan 29-Feb 31-Mar 30-Apr 31-May
Banks Insurance Financial Services**

Health Care Utilities Real Estate

Source: Fiinpro, Vietcap

* ICB sector classification

**excluding banks

See important disclosure at the end of this document www.vietcap.com.vn June 17, 2024 | 17
 Update Report

Neighbouring Markets – LTM performance

15%

10%

5%

0%

-5%

-10%

-15%

-20%

-25%

SET Index JCI Index PCOMP Index VNINDEX Index

Note: Index local currency return

Thailand Indonesia Philippines Vietnam

Vietnam Thailand Indonesia Philippines
SET Index JCI Index PCOMP VN- Index
Index
25
P/E 15.6 20.8 11.7 16.1
P/B 1.1 1.9 1.5 1.8
20 ROE (%) 6.8 7.8 12.2 12.1
ROA (%) 1.9 2.1 2.7 1.9
15 Market Cap,
440.7 714.8 150.8 208.9
USDb
10 Average daily trading
1,148.6 605.4 68.2 724.6
value USDm
Foreign net inflow
5 -2,701.7 -423.2 -480.7 -1,692.8
-YTD USDm
Foreign net inflow
0 (211.7) 74.3 (19.2) (173.6)
- 5D USDm
P/E P/B ROE ROA
5 yr Govt bond yield 2.50% 7.10% 6.36% 1.97%

Source: Bloomberg, Vietcap

Note: if P/E ratio, ROE, ROA is N/A, the P/E, ROE, ROA column will be blank

See important disclosure at the end of this document www.vietcap.com.vn June 17, 2024 | 18
 Update Report

Vietcap Rating System

Stock ratings are set based on projected total shareholder return (TSR), defined as (target price – current
price)/current price + dividend yield, and are not related to market performance.

Equity rating key Definition

BUY If the projected TSR is 20% or higher

OUTPERFORM If the projected TSR is between 10% and 20%

MARKET PERFORM If the projected TSR is between -10% and 10%

UNDERPERFORM If the projected TSR is between -10% and -20%

SELL If the projected TSR is -20% or lower

NOT RATED The company is or may be covered by the Research Department but no
rating or target price is assigned either voluntarily or to comply with
applicable regulation and/or firm policies in certain circumstances,
including when Vietcap is acting in an advisory capacity in a merger or
strategic transaction involving the company.

RATING SUSPENDED, A rating may be suspended, or coverage terminated, if fundamental

COVERAGE TERMINATED information is deemed insufficient to determine a target price or
investment rating or due to a reallocation of research resources. Any
previous investment rating and target price are no longer in effect.

Unless otherwise specified, these performance parameters are set with a 12-month horizon. Movement in
share prices may cause a temporary mismatch between the latest published rating and projected TSR for a
stock based on its market price and the latest published target price.

Target prices are generally based on the analyst's assessment of the stock’s fair value over a 12-month
horizon. However, the target price may differ from the analyst’s fair value if the analyst believes that the
market will not price the stock in line with assessed fair value over the specified time horizon.

Risks: Past performance is not necessarily indicative of future results. Foreign currency rates of exchange
may adversely affect the value, price or income of any security or related instrument mentioned in this report.
For investment advice, trade execution or other enquiries, clients should contact their local sales
representative.

See important disclosure at the end of this document www.vietcap.com.vn June 17, 2024 | 19
 Update Report

Disclaimer
Vietcap 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). Vietcap 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.

Copyright 2024 Vietcap Securities Company “Vietcap”. All rights reserved. This report has been prepared on the basis of information believed to
be reliable at the time of publication. Vietcap 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 Vietcap and are subject to change without notice. This report is provided, for information purposes only, to
institutional investors and retail clients of Vietcap 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 discussed herein in any jurisdiction.
Investors must make their investment decisions based upon independent advice subject to their particular financial situation and investment
objectives. This report may not be copied, reproduced, published or redistributed by any person for any purpose without the written permission
of an authorized representative of Vietcap. Please cite sources when quoting.

U.K. and European Economic Area (EEA): Unless specified to the contrary, issued and approved for distribution in the U.K. and the EEA by
Vietcap issued by Vietcap has been prepared in accordance with Vietcap’s policies for managing conflicts of interest arising as a result of
publication and distribution of investment research. Many European regulators require a firm to establish, implement and maintain such a policy.
This report has been issued in the U.K. only to persons of a kind described in Article 19 (5), 38, 47 and 49 of the Financial Services and Markets Act
2000 (Financial Promotion) Order 2005 (all such persons being referred to as "relevant persons"). This document must not be acted on or relied
on by persons who are not relevant persons. Any investment or investment activity to which this document relates is only available to relevant
persons and will be engaged in only with relevant persons. In other EEA countries, the report has been issued to persons regarded as professional
investors (or equivalent) in their home jurisdiction. Australia: This material is issued and distributed by Vietcap in Australia to "wholesale clients"
only. Vietcap does not issue or distribute this material to "retail clients". The recipient of this material must not distribute it to any third party or
outside Australia without the prior written consent of Vietcap. For the purposes of this paragraph the terms "wholesale client" and "retail client"
have the meanings given to them in section 761G of the Corporations Act 2001. Hong Kong: 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 case of foreign share trading. In the case of share trading, Vietcap will be
receiving a brokerage fee and consumption tax (shouhizei) calculated by multiplying the executed price by the commission rate which was
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by affiliates of Vietcap. Singapore: Vietcap 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 Vietcap in New Zealand
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of Vietcap. 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
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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 Vietcap 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 Vietcap 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 Vietcap is permitted to
provide research material concerning investment to you under relevant legislation and regulations.

See important disclosure at the end of this document www.vietcap.com.vn June 17, 2024 | 20
 Update Report
Contacts
Corporate
www.vietcap.com.vn
Head Office
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Research
Research Team: +84 28 3914 3588
research@vietcap.com.vn
Banks, Securities and Insurance
Duy Nguyen, Senior Manager, ext 123
- Ngoc Huynh, Senior Analyst, ext 138
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Nam Hoang, Associate Director, ext 124
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Real Estate
Hong Luu, Senior Manager, ext 120
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Retail Client Research
Duc Vu, Associate Director, ext 363
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- Ngoc Vu, Analyst, ext 365
Brokerage and Institutional Sales & Trading
Tuan Nhan
Managing Director, Brokerage
& Institutional Sales & Trading
+84 28 3914 3588, ext 107
tuan.nhan@vietcap.com.vn
See important disclosure at the end of this document
Hanoi Branch
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Alastair Macdonald, Head of Research, ext 105
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Macro
Luong Hoang, Senior Manager, ext 368
- Quang Dao, Analyst, ext 368
Oil & Gas, Power and Water
Duong Dinh, Associate Director, ext 140
- Phuoc Duong, Analyst, ext 135
- Thu Vo, Analyst, ext 529
- Tuan Do, Analyst, ext 181
Industrials and Infrastructure
Vy Nguyen, Senior Manager, ext 147
- Han Nguyen, Analyst, ext 191
- Huy Hoang, Analyst, ext 526
Quynh Chau Dung Nguyen
Managing Director Director
Brokerage Institutional Sales & Trading
+84 28 3914 3588, ext 222 +84 28 3914 3588, ext 136
quynh.chau@vietcap.com.vn dung.nguyen@vietcap.com.vn
www.vietcap.com.vn June 17, 2024 | 21