Vietnam Today

Update Report
VN-Index closes almost unchanged
Report Date June 19, 2024
Market wrap Market data
VNI HNI UPCOM
VN-Index closes almost unchanged
Research Department
research@vietcap.com.vn On Wednesday, the VN-Index posted a Index 1279.8 243.6 98.4
+8428 3914 3588 - 1 Day ch. 0.0% -0.4% 0.1%
miniscule increase of 0.02% (+0.3 pts) to
close the trading day at 1,279.8. The - 1 Week ch. -1.6% -1.9% -0.8%
- YTD ch. 13.3% 5.4% 13.0%
consumer services sector had the most
- YOY ch. 15.1% 6.5% 16.0%
positive impact on the index while real
estate had the most negative. Throughout
Turnover
the index, there were 184 gainers, 246 - Today (mn) $1,018.8 $56.3 $57.3
laggards, and 71 stocks that were - 1M Avg (mn) $949.1 $74.8 $66.5
unchanged. Total trading volume surged - 1Y Avg (mn) $781.3 $75.7 $36.1
to USD1.0bn compared to the previous
trading day. Foreigners
- Buy (mn) $56.8 $2.3 $3.0
 Airline HVN (+6.9%), and retailers MWG - Sell (mn) $116.5 $2.5 $1.3
(+1.8%), FRT (+0.6%), and DGW - Net (mn) -$59.8 -$0.2 $1.7
(+0.6%) led the consumer services
sector. Breadth
Gainers 146 86 163
 Technology stocks were strong as FPT
Laggards 193 94 174
(+2.7%), CMG (+2.2%), ELC (+2.2%),
Unchanged 74 140 567
and ICT (+7.0%) surged.
 Real estate stocks VIC (-1.4%), VHM (- Key Metrics
0.8%), VRE (-2.1%), and KBC (-1.6%) Mkt cap (bn) 205.7 13.4 66.0
fell while BCM (+0.2%) gained. P/E TTM 14.4 18.5 28.0
 Some notable gainers in other sectors Div Yield 3.6% 6.4% 5.3%
were banks VPB (+2.2%) and ACB
Futures Price OI Turnover
(+0.4%), oil & gas company PLX
contract Volume USD mn
(+1.2%), logistics company VTP
VN30F2406 1,317.0 45,567 1429.7
(+6.9%), and utility company GAS
VN30F2407 1,316.5 15,267 110.3
(+0.3%). Noteworthy laggards were VN30F2409 1,318.3 644 0.6
beer maker SAB (-2.5%), milk producer VN30F24012 1,318.8 178 0.9
VNM (-0.9%), rubber producers GVR (-
1.03%) and DGC (-1.4%), and steel USD/VND 25,453
maker HPG (-0.2%). Source: Fiinpro, HSX, HNX. P/E figure using Diluted
earnings from Cont Ops in the aggregation.

Published reports

 GEX: GEX completes divestment of 196

MW renewable power portfolio to
Sembcorp
 KBC: Management views private
placement necessary for development
of the upcoming projects - AGM Note

See important disclosure at the end of this document www.vietcap.com.vn June 19, 2024 | 1
 Update Report

News & Flash Notes

GEX: GEX completes divestment of 196 MW renewable power portfolio to
Sembcorp

* Sembcorp Solar Vietnam Pte Ltd, a wholly-owned subsidiary of Sembcorp, announced the
completion of its acquisition of a 196 MW renewable power portfolio from GEX. This includes 58
MW in the Gelex Ninh Thuan solar & rooftop solar projects (with an 80% ownership from GEX), 88
MW from the Gelex wind farm, and 50 MW from the Huong Phung wind farm (GEX’s 100% stake).
Additionally, Sembcorp plans to acquire a 49 MW stake in Song Bung hydropower, in which GEX
will completely divest its 73% ownership, pending approval in H2 2024.

* This is in line with our current expectation for GEX’s divestment in its 245-MW power portfolio,
in which the remaining 49 MW hydropower is expected to be sold in H2 2024. We estimate a total
divestment gain of VND950bn.

* GEX expects to book this divestment gain in its Q2 results. We currently have a target price of
VND26,200/share for GEX.

----------------------------------------

KBC: Management views private placement necessary for development of the

upcoming projects - AGM Note

* KBC held its annual general meeting on June 19, 2024, mainly to seek approval for its 2024G
profit guidance (remains unchanged from the plan approved by shareholders at the March 2024
EGM) and a private placement plan (expected to be executed in 2024-2025).

* Shareholders approved maintaining the 2024G guidance for total income (including revenue,
financial income, and other income) of VND9tn (USD353mn; +48% YoY) and NPAT of VND4tn
(USD157mn; +78% YoY), which is similar to the plan that shareholders approved at the March
2024 EGM.

* Our 2024F NPAT forecast is equivalent to 48% of the approved 2024G guidance. The company
does not disclose the breakdown for its 2024G guidance; however, we attribute the gap between
our forecast and KBC’s guidance mainly to our lower IP land sales/handovers projection of 111 ha
(compared to the guidance for 150 ha), and a potentially lower profit contribution from the
residential segment vs the company’s expectations.

* Shareholders approved the private placement plan to issue up to 250 million shares (33% of
current O/S) to fewer than 100 investors. The issue price is proposed at (1) 80% of the average
closing price over the 30 trading days as of the SSC approval date and (2) not lower than LQ BVPS
at the time of execution. The private placement plan is expected to be executed in 2024-2025,
with a specific date determined by the Board of Management after the SSC’s approval. The
private placement shares will be restricted from trading for one year from the completion date of
the private placement. KBC plans to use the expected proceeds for supplementing/expanding
working capital, debt restructuring, investing in subsidiaries / joint ventures / affiliated
companies, and conducting M&A activities. We have not yet factored this issuance plan into our
forecast and valuation. See more on Vietcap IQ.

See important disclosure at the end of this document www.vietcap.com.vn June 19, 2024 | 2
 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% 1,877 7.1 20,650 31,200 51% 0.0% 51% BUY 22/05/24 10.6 11.2 21.4 1.2

VHM Real Estate 34% 6,619 14.6 38,000 54,200 43% 0.0% 43% BUY 17/05/24 5.0 5.6 21.4 0.9

MSN Consumer 20% 4,350 22.1 75,600 102,800 36% 1.1% 37% BUY 29/05/24 257.4 101.7 14.2 4.1

VPB Banks 3% 6,030 22.4 19,000 24,500 29% 5.3% 34% BUY 27/05/24 13.8 11.3 12.7 1.1

KBC Industrial Parks 28% 918 7.9 29,900 39,400 32% 0.0% 32% BUY 22/05/24 11.3 13.0 21.4 1.3

MBB Banks 0% 4,945 17.0 23,300 30,000 29% 2.1% 31% BUY 10/05/24 5.9 5.4 12.7 1.3

ACB Banks 0% 4,404 12.7 24,650 32,000 30% 0.0% 30% BUY 21/05/24 6.0 5.3 12.7 1.5

VCB Banks 7% 19,361 7.1 86,600 110,000 27% 0.0% 27% BUY 23/05/24 16.3 14.7 12.7 2.8

PHR Industrial Parks 31% 329 1.3 60,700 73,700 21% 4.9% 26% BUY 21/03/24 14.7 22.8 18.3 2.2

QTP Power & Water 48% 300 0.4 16,800 19,400 15% 10.7% 26% BUY 16/05/24 13.0 9.4 16.2 1.4

PNJ Consumer 0% 1,295 5.9 96,800 118,500 22% 2.1% 24% BUY 06/05/24 17.8 15.7 14.0 3.1

STB Banks 7% 2,330 17.9 30,900 38,100 23% 0.0% 23% BUY 15/05/24 8.8 7.4 12.7 1.2

CTG Banks 4% 6,981 14.1 32,500 40,000 23% 0.0% 23% BUY 05/06/24 10.3 9.2 12.7 1.4

VNM Consumer 50% 5,459 11.8 65,300 76,500 17% 5.9% 23% BUY 03/06/24 17.5 16.0 16.2 4.3

VIB Banks 0% 2,232 12.7 22,000 26,000 18% 4.5% 23% M-PF 29/03/24 6.6 5.8 12.7 1.5

HDB Banks 2% 2,761 9.6 23,700 28,000 18% 4.2% 22% BUY 31/05/24 6.8 5.6 12.7 1.5

FRT Consumer 13% 948 5.6 174,000 211,900 22% 0.0% 22% BUY 13/05/24 -68.6 214.6 14.5 14.5

IDC Industrial Parks 25% 824 5.8 62,400 71,400 14% 6.4% 21% BUY 09/05/24 14.9 11.0 21.4 4.0

HPG Materials 24% 7,509 32.7 29,350 35,450 21% 0.0% 21% BUY 17/05/24 28.5 12.9 16.3 1.8

BMP Materials 16% 355 0.8 108,500 119,100 10% 10.6% 20% O-PF 08/03/24 8.6 9.0 19.1 3.1

BID Banks 13% 10,512 3.7 46,100 55,000 19% 0.0% 19% O-PF 07/06/24 14.0 12.1 12.7 2.1

TV2 Power & Water 7% 135 2.1 49,800 58,300 17% 2.0% 19% BUY 13/03/24 63.4 39.6 14.2 2.5

SAB Consumer 39% 3,181 4.8 62,000 70,000 13% 5.6% 19% BUY 10/05/24 19.7 18.2 16.2 3.2

DHC Industrials 10% 137 1.1 42,500 48,600 14% 4.0% 18% O-PF 31/05/24 11.3 10.9 16.3 1.8

NLG Real Estate 1% 643 5.1 41,800 48,700 17% 1.8% 18% O-PF 17/05/24 35.2 33.2 21.4 1.7

KDH Real Estate 11% 1,205 5.6 37,700 44,400 18% 0.0% 18% BUY 17/05/24 45.3 40.5 21.4 2.2

See important disclosure at the end of this document www.vietcap.com.vn June 19, 2024 | 3
 Update Report

SCS Transport & 5% 326 0.7 86,000 95,100 11% 7.0% 18% O-PF 22/05/24 18.6 14.0 17.6 5.7
Logistics

PVS Oil & Gas 28% 834 9.7 43,600 50,400 16% 1.6% 17% BUY 06/05/24 23.1 19.5 15.9 1.6

TPB Banks 2% 1,634 6.9 18,550 21,700 17% 0.0% 17% O-PF 05/02/24 9.2 7.0 12.7 1.2

DXG Real Estate 30% 463 5.1 16,050 18,700 17% 0.0% 17% M-PF 17/05/24 58.8 53.0 21.4 1.1

SIP Industrial Parks 48% 662 1.7 91,000 104,000 14% 2.2% 16% O-PF 15/03/24 18.8 19.6 21.4 4.3

BSR Oil & Gas 48% 2,993 11.1 24,400 27,700 14% 2.9% 16% BUY 07/06/24 8.9 12.4 15.9 1.3

BMI Insurance 18% 124 0.7 25,650 28,800 12% 3.9% 16% BUY 12/04/24 11.0 10.5 13.0 1.1

PPC Power & Water 37% 203 0.6 15,800 16,700 6% 9.5% 15% O-PF 16/05/24 13.9 7.6 16.2 1.1

VIC Real Estate 37% 6,347 7.6 41,500 47,800 15% 0.0% 15% M-PF 31/05/24 73.5 57.2 21.4 1.2

PVD Oil & Gas 32% 699 6.7 31,450 36,000 14% 0.0% 14% O-PF 14/05/24 34.3 20.9 15.9 1.2

GEX Power & Water 41% 812 14.9 23,850 26,200 10% 4.2% 14% O-PF 07/06/24 62.1 24.0 14.2 1.6

FPT Consumer 2% 7,682 34.7 131,500 147,900 12% 1.5% 14% BUY 08/05/24 32.5 26.1 30.4 7.2

TLG Consumer 77% 165 0.2 52,600 55,800 6% 6.7% 13% O-PF 25/03/24 12.8 11.4 14.0 1.9

QNS Consumer 34% 703 2.4 49,300 51,300 4% 8.1% 12% O-PF 07/03/24 6.9 7.1 16.2 2.0

PLX Oil & Gas 2% 2,109 4.5 41,500 44,500 7% 4.8% 12% BUY 08/05/24 20.5 15.9 15.9 2.0

PC1 Power & Water 42% 361 6.7 29,000 32,400 12% 0.0% 12% O-PF 22/05/24 69.5 18.5 19.1 1.7

TCB Banks 0% 6,805 25.8 48,300 52,000 8% 3.1% 11% O-PF 14/05/24 9.5 7.9 12.7 1.3

VJC Transport & 13% 2,238 4.1 103,300 114,000 10% 0.0% 10% O-PF 15/03/24 163.2 23.8 17.6 3.5
Logistics

SSI Brokerage 57% 2,185 22.5 36,200 38,700 7% 2.8% 10% M-PF 10/06/24 24.5 19.1 20.3 2.3

TDM Power & Water 47% 213 0.2 48,500 51,500 6% 3.1% 9% M-PF 06/05/24 18.6 29.0 16.2 2.3

GAS Oil & Gas 47% 7,184 5.8 78,200 82,000 5% 3.8% 9% O-PF 07/05/24 15.8 16.6 16.2 2.7

VHC Consumer 70% 681 3.8 75,800 80,200 6% 2.6% 8% M-PF 24/05/24 21.8 12.6 16.2 2.1

AST Transport & 6% 116 0.1 64,400 68,100 6% 2.3% 8% BUY 13/03/24 25.8 13.8 14.5 5.4
Logistics

DXS Real Estate 31% 175 1.3 7,560 8,100 7% 0.0% 7% O-PF 17/05/24 -25.8 25.5 21.4 0.7

DRC Industrials 36% 161 2.0 33,800 34,200 1% 4.4% 6% M-PF 20/05/24 16.3 14.9 18.3 2.1

MWG Consumer 1% 3,702 24.9 63,300 65,700 4% 0.8% 5% O-PF 20/05/24 552.5 28.9 14.5 3.7

BWE Power & Water 38% 397 1.2 45,150 44,700 -1% 3.1% 2% BUY 06/05/24 17.7 16.1 16.2 2.0

PVT Oil & Gas 35% 431 7.3 30,300 30,100 -1% 2.6% 2% BUY 25/04/24 11.6 9.1 14.2 1.5

See important disclosure at the end of this document www.vietcap.com.vn June 19, 2024 | 4
 Update Report

PTB Industrials 0% 198 1.1 74,000 72,900 -1% 3.2% 2% BUY 13/03/24 18.8 10.2 16.3 1.8

REE Power & Water 0% 1,198 2.4 63,700 63,300 -1% 1.6% 1% O-PF 12/04/24 13.7 13.0 14.2 1.7

SZC Industrial Parks 17% 301 3.9 41,800 42,000 0% 0.0% 0% M-PF 25/03/24 29.7 27.6 21.4 2.5

DGC Industrials 30% 1,948 18.6 128,200 126,000 -2% 2.0% 0% M-PF 23/05/24 16.7 15.5 18.3 4.0

DGW Consumer 25% 418 5.4 62,500 61,300 -2% 1.6% 0% M-PF 07/05/24 29.2 22.7 14.5 3.9

DCM Oil & Gas 41% 832 9.4 39,300 36,000 -8% 7.6% -1% O-PF 10/05/24 20.4 15.7 18.3 2.0

NT2 Power & Water 36% 259 1.1 22,500 21,300 -5% 4.4% -1% M-PF 16/05/24 14.6 -58.0 16.2 1.6

GMD Transport & 2% 1,037 6.0 83,500 81,000 -3% 1.4% -2% M-PF 23/05/24 12.4 18.4 14.2 2.8
Logistics

STK Industrials 82% 125 0.3 32,350 31,300 -3% 1.2% -2% M-PF 11/03/24 34.9 15.1 18.3 1.9

VEA Consumer 47% 2,516 6.9 47,300 40,500 -14% 10.6% -4% BUY 23/02/24 10.2 9.4 14.2 2.3

BVH Insurance 23% 1,360 2.2 45,800 42,600 -7% 2.0% -5% M-PF 26/03/24 20.3 19.0 13.0 1.6

HDG Power & Water 34% 392 12.0 32,050 30,200 -6% 0.0% -6% O-PF 19/02/24 14.2 12.2 21.4 1.6

DPM Oil & Gas 40% 591 7.4 37,750 31,900 -15% 7.9% -8% M-PF 10/05/24 35.5 25.3 18.3 1.3

GVR Industrial Parks 12% 5,376 6.9 33,600 29,900 -11% 0.9% -10% M-PF 29/03/24 52.0 43.3 18.3 2.7

CTR Consumer 39% 725 3.3 158,500 138,000 -13% 1.7% -11% M-PF 07/05/24 46.8 40.0 19.1 9.6

ACG Industrials 11% 309 0.1 51,300 43,100 -16% 4.3% -12% O-PF 26/03/24 18.6 15.3 16.3 1.8

POW Power & Water 45% 1,400 11.2 14,950 13,200 -12% 0.0% -12% BUY 16/05/24 35.6 26.0 16.2 1.1

VTP Transport & 42% 455 5.1 93,400 72,000 -23% 1.6% -21% M-PF 23/05/24 48.0 36.2 14.2 7.0
Logistics

ACV Transport & 45% 11,287 2.5 131,900 99,400 -25% 0.0% -25% M-PF 08/05/24 36.6 27.1 14.2 5.3
Logistics

NKG Materials 35% 279 8.3 26,500 19,900 -25% 0.0% -25% U-PF 10/05/24 69.4 17.5 16.3 1.3

HSG Materials 27% 621 13.1 25,200 17,400 -31% 0.0% -31% U-PF 10/05/24 560.0 18.0 16.3 1.4

LPB Banks 4% 2,767 36.3 27,050 16,800 -38% 0.0% -38% SELL 31/05/24 13.3 9.5 12.7 1.9

HVN Transport & 23% 3,078 6.7 34,750 14,700 -58% 0.0% -58% M-PF 25/03/24 -13.2 -58.1 17.6 -5.8
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 19, 2024 | 5
 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 32 100,561 3,143 15 12.3 11.0 9.1 13.6 1.8 22.9 23.8 12.5 2.6 2.7%
OUTPERFORM 22 40,049 1,820 6 15.5 12.6 10.5 13.9 1.9 49.9 16.1 12.6 2.2 3.4%
MKT PERFORM 20 39,242 1,962 5 35.4 25.8 19.7 23.2 2.6 29.2 18.3 30.8 2.5 2.1%
UNDERPERFORM 2 900 450 0 175.4 17.9 12.5 12.7 1.3 314.7 17.8 12.3 1.3 0.0%
SELL 1 2,767 2,767 0 13.3 9.5 13.1 5.9 1.9 13.3 9.5 13.1 1.9 0.0%

TOTAL 77 183,519 2,383 26 15.2 13.0 10.7 14.5 2.0 39.7 19.8 17.3 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 70,763 5,897 10 10.5 9.1 7.6 10.9 1.6 10.0 8.4 7.3 1.5 1.6%
Insurance 2 1,484 742 1 18.9 17.8 15.9 16.8 1.5 15.6 14.7 13.2 1.3 2.9%

Brokerage 1 2,185 2,185 1 24.5 19.1 16.2 20.4 2.3 24.5 19.1 16.2 2.3 2.8%

Consumer 13 31,825 2,448 5 26.2 20.7 16.7 23.3 4.0 73.6 40.3 18.7 4.7 3.7%

Real Estate 7 17,329 2,476 3 10.5 11.4 10.6 14.8 1.1 28.9 32.3 25.4 1.3 0.3%

Materials 4 8,764 2,191 1 28.3 13.0 10.0 15.0 1.8 166.6 14.4 10.9 1.9 2.6%
Power & Water 11 5,670 515 1 21.5 17.7 11.3 17.7 1.5 30.6 12.5 12.2 1.7 3.5%
Oil & Gas 8 15,674 1,959 2 15.0 15.5 13.2 16.5 1.9 21.3 16.9 12.1 1.7 3.9%

Industrials 6 2,878 480 0 17.0 14.6 10.0 14.3 2.9 19.4 13.6 10.8 2.2 3.2%

Industrial parks 6 8,409 1,402 1 27.4 25.6 18.9 25.5 2.5 23.6 22.9 16.9 2.8 2.4%

Transport & Logistics 7 18,538 2,648 1 90.5 33.2 23.8 25.3 6.8 41.6 10.7 48.4 3.4 1.8%

TOTAL 77 183,519 2,383 26 15.2 13.0 10.7 14.5 2.0 39.7 19.8 17.3 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 19, 2024 | 6
 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 19, 2024 | 7
 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 19, 2024 | 8
 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 19, 2024 | 9
 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 1,279.8 0.3 HNXINDEX 243.6 -0.9 UpCom 98.4 0.1
VN 30 1,314.2 4.3 HNX30 539.8 -2.1
VN Mid 1,980.2 -3.4 VNX Allshare 2,127.1 2.9
VNSmall 1,558.0 2.5

Value % of Value % of Value % of

Transactions Transactions Transactions
VND bn Turnover VND bn Turnover VND bn Turnover
Put-through 5,235.8 20.2% Put-through 284.6 19.9% Put-through 182.3 12.5%
Foreign buy 1,445.3 5.6% Foreign buy 58.5 4.1% Foreign buy 75.2 5.2%
Foreign sell 2,966.5 11.4% Foreign sell 63.6 4.4% Foreign sell 33.0 2.3%
Total Turnover 25,932.9 Total turnover 1,433.5 Total turnover 1,459.6

Top Gainers* Net Chg Price % ∆ Top Gainers* Net Chg Price % ∆ Top Gainers* Net Chg Price % ∆
ICT 1,150 7.0% KSV 3,500 9.9% GEE 1,551 4.6%
VTP 6,100 7.0% DHT 4,000 8.3% DDV 730 3.8%
VDP 3,000 7.0% SJE 1,200 4.7% AMS 393 3.5%
DC4 800 6.9% DTD 800 2.9% CST 591 2.5%
HVN 2,250 6.9% GKM 900 2.7% DSC 311 1.2%

Top Laggards* Net Chg Price % ∆ Top Laggards* Net Chg Price % ∆ Top Laggards* Net Chg Price % ∆
HAG -800 -5.9% LHC -3,500 -5.5% HPP -5,864 -8.2%
CCL -450 -4.0% API -400 -4.8% CNT -1,361 -5.2%
GSP -400 -2.9% DNP -1,000 -4.7% DGT -274 -3.8%
SAB -1,600 -2.5% NVB -300 -2.9% FOC -4,085 -3.7%
VRE -450 -2.1% APS -200 -2.6% BMS -321 -3.0%
(*) Market cap > VND500b, Traded value >
VND1.5b
Value Value Value Value Value Value
Leaders VND bn Leaders VND bn Leaders VND bn
VPB 1,763 SHS 191 BSR 261
EIB 1,645 GKM 144 VGI 184
TCB 1,537 PVS 129 MCH 97
FPT 1,321 MBS 99 BMF 92
LPB 834 CEO 88 VEA 71

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 1,920,500 271,625 DNP 2,758,381 788,282 BMF 5,601,256 56,401
TEG 763,600 111,307 SJE 196,380 81,553 AMS 873,538 125,089
EIB 89,449,100 20,493,798 HMR 323,937 140,432 CST 241,464 106,527
ICT 599,100 139,421 GKM 3,881,500 1,798,870 FOC 216,016 135,520
CMX 4,281,200 1,050,502 DL1 2,549,797 1,244,189 DDV 3,565,260 2,660,445
DHM 569,700 154,276 NAG 350,310 221,853 DGT 1,922,555 1,519,187
VHC 4,324,300 1,261,777 CMS 475,580 306,608 DVN 219,370 185,104
BFC 1,888,800 563,025 HOM 92,800 62,975 HU4 90,908 77,127
DC4 690,300 219,952 LAS 1,548,233 1,092,794 DSC 686,907 645,150
SAM 10,722,996 3,427,840 TDN 325,442 239,038 GPC 147,715 143,715
*Stocks with at least 50,000 shares traded
today

See important disclosure at the end of this document www.vietcap.com.vn June 19, 2024 | 10
 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 1,074.8 21.5 2.3 11.6 Average 3,662.3 22.8 1.8 10.1
SSI 2,146.3 56.9 21.3 2.3 11.2 VHM 6,500.6 33.6 7.5 0.9 12.7
VND 1,010.7 84.9 8.7 1.5 15.6 VIC 6,234.1 36.7 18.0 1.2 7.3
VCI 843.1 81.3 34.8 2.6 8.2 BCM 2,549.5 47.6 26.3 3.5 13.9
HCM 784.1 3.6 19.3 2.3 10.0 VRE 1,843.5 23.1 10.5 1.2 12.0
MBS 589.7 46.6 23.3 2.9 13.0 KDH 1,183.9 11.0 51.6 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 471.4 13.2 1.5 12.6 Average 9,760.4 11.3 1.7 15.9
BVH 1,335.7 22.6 19.1 1.6 8.3 VCB 19,015.3 6.7 14.8 2.8 20.0
PVI 540.2 40.4 12.7 1.7 13.7 BID 10,324.1 12.9 12.0 2.1 18.8
VNR 170.0 21.2 12.2 1.1 9.7 CTG 6,856.5 3.7 8.7 1.4 16.3
BIC 159.9 3.9 8.8 1.4 17.1 TCB 6,684.1 0.4 8.6 1.3 15.4
MIG 151.3 83.8 13.3 1.8 14.2 VPB 5,922.2 3.1 12.5 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 3,619.5 24.2 3.9 19.8 Average 2,233.6 22.4 5.4 3.0
ACV 11,085.9 45.4 28.7 5.3 19.8 MWG 3,636.4 1.4 88.3 3.7 4.4
MVN 2,560.5 0.0 52.8 5.9 11.6 HVN 3,023.1 22.8 -54.1 -5.8 9.8
VEA 2,470.7 47.3 10.0 2.3 22.9 VJC 2,198.0 13.3 73.6 3.5 4.9
GMD 1,018.5 1.5 9.9 2.8 29.6 VEF 1,379.3 49.0 82.8 11.1 14.0
VGC 961.7 43.8 19.9 3.1 15.4 FRT 931.3 13.2 -78.6 14.5 -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 4,027.9 85.0 4.1 19.2 Average 4,027.9 85.0 4.1 19.2
MCH 6,109.6 47.9 21.1 5.7 28.9 HPG 6,109.6 24.2 21.1 5.7 28.9
VNM 5,361.6 49.7 14.8 4.3 28.9 GVR 5,361.6 12.5 14.8 4.3 28.9
MSN 4,272.0 20.1 353.5 4.1 1.2 DGC 4,272.0 29.9 353.5 4.1 1.2
SAB 3,124.0 39.2 19.2 3.2 16.8 DCM 3,124.0 40.6 19.2 3.2 16.8
PNJ 1,272.3 0.0 16.3 3.1 20.2 MSR 1,272.3 99.9 16.3 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 1,399.5 19.1 1.4 8.9 Average 1,399.5 19.1 1.4 8.9
BSR 2,940.1 48.3 9.3 1.3 14.5 DHG 2,940.1 46.1 9.3 1.3 14.5
PLX 2,071.6 2.4 16.2 2.0 12.7 DVN 2,071.6 0.0 16.2 2.0 12.7
PVS 818.7 28.1 21.9 1.6 7.5 IMP 818.7 25.3 21.9 1.6 7.5
PVD 686.8 32.4 26.2 1.2 4.6 DBD 686.8 86.6 26.2 1.2 4.6
OIL 480.1 1.1 22.0 1.2 5.3 TRA 480.1 2.4 22.0 1.2 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 2,310.3 120.0 5.9 9.1 Average 2,310.3 120.0 5.9 9.1
GAS 7,056.1 47.0 16.7 2.7 16.7 FPT 7,056.1 1.5 16.7 2.7 16.7
POW 1,375.5 44.7 42.8 1.1 2.6 CMG 1,375.5 5.8 42.8 1.1 2.6
REE 1,176.2 0.0 15.6 1.7 11.3 SAM 1,176.2 48.3 15.6 1.7 11.3
PGV 1,046.1 50.0 496.5 1.8 0.3 ELC 1,046.1 45.7 496.5 1.8 0.3
DNH 897.8 0.0 28.4 22.2 14.7 SGT 897.8 -5.6 28.4 22.2 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 19, 2024 | 11
 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)

Technology 2.0% Technology 9.4% Technology 2.8%

Health Care 0.8% Consumer Services 2.2% Consumer Services 0.6%

Consumer Services 0.8% Utilities 1.7% Utilities 0.5%

Oil & Gas 0.7% Consumer Goods 1.1% Consumer Goods 0.4%

Insurance 0.4% Insurance 0.2% Oil & Gas 0.3%

Industrials 0.3% Oil & Gas 0.1% Insurance 0.3%

Consumer Goods 0.3% Basic Materials 0.1% Health Care 0.3%

Basic Materials 0.1% Industrials 0.1% Industrials 0.1%

Utilities 0.1% Health Care -0.3% Basic Materials 0.0%

Financial Services** 0.1% Financial Services** -0.3% Financial Services** 0.0%

Banks 0.1% Real Estate -0.7% Banks -0.1%

Real Estate -0.1% Banks -1.9% Real Estate -0.2%

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

USD m 4.0
USD m Cumulative net inflow
0 2.0
-100
0.0
-200
-300 -2.0
-400
-4.0
-500
-600 -6.0
-700
-8.0
-800
-900 -10.0
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

18-Jun-24

FPT
VNM
VPB
VHM
VND
VCB
FUEVFVND
TCB
HPG
VIC
FUESSVFL
E1VFVN30
DCM
CTD
CTR
PC1
MCH
VTP
MWG
HAH

Source: HSX, HNX, Fiinpro

**excluding banks

See important disclosure at the end of this document www.vietcap.com.vn June 19, 2024 | 12
 Update Report

Futures Trading
OI *Trading
Contract Price Net ∆ %∆ Basis Contract %∆ %∆
Volume Volume
VN30F2406 1,317.0 8.5 0.6% 2.8 VN30F2406 45,567 -5.6% 278.03 25.7%
VN30F2407 1,316.5 7.5 0.6% 2.3 VN30F2407 15,267 35.3% 21.46 197.6%
VN30F2409 1,318.3 8.8 0.7% 4.1 VN30F2409 644 -0.3% 0.12 71.4%
VN30F24012 1,318.8 10.6 0.8% 4.6 VN30F24012 178 2.9% 0.39 875.0%
*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 19, 2024 | 13
 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 Industrials Consumer Services

Basic Materials Oil & Gas Consumer Goods

Bottom 6 Sectors*

25%

20%

15%

10%

5%

0%

-5%

-10%
29-Dec 29-Jan 29-Feb 31-Mar 30-Apr 31-May
Insurance Banks Utilities

Health Care Financial Services** Real Estate

Source: Fiinpro, Vietcap

* ICB sector classification

**excluding banks

See important disclosure at the end of this document www.vietcap.com.vn June 19, 2024 | 14
 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 20.9 11.7 16.1
P/B 1.1 1.9 1.5 1.8
20 ROE (%) 6.7 7.8 12.2 12.1
ROA (%) 1.9 2.1 2.7 1.9
15 Market Cap,
434.6 699.3 150.6 204.5
USDb
10 Average daily trading
1,148.7 606.2 68.1 725.5
value USDm
Foreign net inflow
5 -2,822.6 -423.2 -495.4 -1,749.6
-YTD USDm
Foreign net inflow
0 (195.5) 138.6 (21.2) (134.8)
- 5D USDm
P/E P/B ROE ROA
5 yr Govt bond yield 2.51% 7.03% 6.37% 1.96%

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 19, 2024 | 15
 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 19, 2024 | 16
 Update Report

Disclaimer
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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
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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.

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 Update Report
Contacts
Corporate
www.vietcap.com.vn
Head Office
Bitexco Financial Tower, 15th Floor
2 Hai Trieu Street, District 1, HCMC
+84 28 3914 3588
Nguyen Hue Transaction Office
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+84 28 3914 3588 (417)
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+84 24 6262 6999
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
- Nga Ho, Analyst, ext 516
- Hoai Trinh, Analyst, ext 116
Consumer
Nam Hoang, Associate Director, ext 124
- Ha Huynh, Senior Analyst, ext 185
- Han Mai, Analyst, ext 538
- Ngan Ly, Analyst, ext 532
Real Estate
Hong Luu, Senior Manager, ext 120
- Anh Pham, Analyst, ext 149
- Thuc Than, Analyst, ext 174
Retail Client Research
Duc Vu, Associate Director, ext 363
- Trung Nguyen, Senior Analyst, ext 129
- Anh Tong, Senior Analyst, ext 366
- Ngoc Vu, Analyst, ext 365
Brokerage and Institutional Sales & Trading
Tuan Nhan
Managing Director, Brokerage
& Institutional Sales & Trading
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