Equities | Vietnam

Equities Strategy
Strategy Report 07 July 2021

Vietnam Markets:
HSX HNX UPCoM Market review for June – steady as she goes
Index
1 month chg (%) 5.9% 2.3% 1.8%
YTD chg (%) 28.4% 60.4% 21.5%
 The VN-Index prevailed over COVID-19 headwinds to rise 5.93% m/m, reaching
1 year chg (%) 68.0% 191.6% 61.3% 1408.6 as of end-June. Total monthly average volume was at around 684mn
Turnover shares.
Shares (mm) 520 104 60
Value (US$mm) 766 100 44  VHM was this month’s most bought stock by institutional investors at USD59.5mn,
Market Cap (US$mm) 229,809 16,945 50,312 while HPG was retail’s most bought stock at USD216.2mn.
Foreign Trading
Buy (USDmm) 1,627 38  June’s ETF outflows totaled USD9.94mn, with the Fubon ETF and the VFM
Sell (USDmm) 1,797 81 VNDiamond ETF contributing the vast majority at USD6.53mn and USD4.44mn,
Net (USDmm) (170) (43)
respectively.
Foreign turnover (%) 0 0
ETF Fund flows 1 week YTD 1 year
Net flows (USD) 0.7 17.3 121.9 Research highlights for the month of June
Flows/ assets 0.0% 0.8% 5.5%
Valuations (HSC Coverages)
2021 2022 2023
Nguyen Manh Dung remained steadfast on our Buy call on Vietin Bank (CTG), raising
P/E 16.70 13.70 11.40 our target price by 27% to VND65,800, as supported by an upward earnings revision
P/B 2.70 2.40 2.00 and the rolling forward of the valuation basis to end FY22.
ROE 16.4% 17.3% 17.8%
Sectors (composite): Likewise, Le Khanh Tung’s Company Focus on Orient Commercial Bank (OCB)
1 month (% ) YTD (% ) 1 year (% ) reiterated our Buy rating, while also raising our TP to VND38,700, as backed by strong
Financials 9.2% 49.7% 122.7% earnings, cheap valuations, and the possibility of the stock being eligible for margin
Real Estate 4.8% 38.3% 76.7%
trading in July.
Consumer Staples 2.1% -1.2% 31.0%
Materials 11.0% 47.7% 189.3%
Ho Thi Kieu Trang’s Vingroup (VIC) Company Focus also deserves a mention,
Industrials 3.4% 13.7% 58.5%
Utilities 13.8% 8.7% 35.5%
reiterating our Add rating in the face off FY21 and FY22 earnings cuts by 4.5% and
Consumer Discretionary 0.9% 29.6% 93.6%
10.2%, respectively, reflecting the estimated hospitality losses due to COVID-19.
Energy 5.4% 12.8% 45.8% Nonetheless, stronger property development earnings help cushion the declines and
Information Technology 4.3% 62.6% 120.1% many potential upside risks to earnings remain.
Health Care 6.0% 13.9% 35.5%
Communication Service 4.0% 70.1% 95.8% Welcoming a new name to our pack, Tran Thi Thu Nga initiated coverage of Viettel
Regional Markets: Post (VTP) with a Buy rating, supported by vigorous anticipated growth in the B2C e-
1 month (% ) YTD (% ) 1 year (% )
commerce sector which the company can capitalize on as the 2nd largest delivery
Vietnam
VN Index 5.93% 28.37% 68.00%
service in Vietnam.
ASEAN:
Looking at the chemicals sector, Truong Hong Kim issued a Sector Fous on how urea
Singapore -1.88% 9.97% 19.82%
Malaysia -3.26% -5.71% 1.31%
producers could benefit from global rising fertilizer prices. Vietnam urea producers
Thailand -1.47% 10.03% 18.18% include PetroVietnam Ca Mau Fertilizer (DCM; Buy) and PetroVietnam Fertilizer and
Indonesia 0.98% 0.45% 22.21% Chemicals corp. (DPM; Add). Minimally influenced by subsidies, Vietnam’s fertilizer
Philippines 5.08% -2.46% 12.15% market should follow global trends, thus benefiting DCM and DPM.
International:
US -0.21% 12.73% 34.07% VN-Index and daily trading volume from 2020 to date
UK 0.52% 10.17% 15.58% The VN-index continues its upward trajectory despite the 4th wave of COVID-19
Japan -0.37% 4.60% 29.77%
Germany 0.68% 14.25% 27.84%
Total Volumes (million shares, LHS) VN Index (RHS)
Korea 1.87% 14.22% 55.79%
Taiwan 0.82% 16.93% 55.52% 1,200 1,600
HK -2.17% 5.86% 18.02%
1,400
China (Shng-A) -0.99% 3.33% 18.60% 1,000
Australia 1.72% 10.30% 22.43% 1,200
India 0.81% 12.30% 50.54% 800
Benchmarks: 1,000
MSCI EM -1.17% 6.46% 37.32%
600 800
MSCI Frontier 1.90% 13.10% 34.26%
MSCI Asia-Pac -1.14% 4.02% 31.74% 600
400
Hugo Bosch 400
Research Editor 200
200
hugo.bosch@hsc.com.vn
+84 28 3823 3299 Ext. 229 0 0
Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21
Nguyen Tuan Anh
Analyst, Database Source: Bloomberg, HSC Research
anh.nguyen@hsc.com.vn
+84 28 3823-3299 Ext.160

Chris Hunt
Managing Director, Head of Research
chris.hunt@hsc.com.vn
+84 28 3823 3299 Ext. 350
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 Strategy Report 07 July 2021

Contents
Market events in June .......................................................................................................................................................................3
HSC top calls in the month/quarter..................................................................................................................................................4
Top performers and underperformers in June ...............................................................................................................................5
Monthly new accounts ......................................................................................................................................................................6
Volumes ..............................................................................................................................................................................................7
Sector insights ...................................................................................................................................................................................8
Breakdown by activity – foreign & domestic ................................................................................................................................10
Bond market & money markets ......................................................................................................................................................11
Regional markets .............................................................................................................................................................................13
Global markets .................................................................................................................................................................................15
ETF charts ........................................................................................................................................................................................16
Currencies ........................................................................................................................................................................................17
Commodities ....................................................................................................................................................................................18
HSC universe and sector ratios......................................................................................................................................................20
HSC macroeconomics forecasts....................................................................................................................................................22
Valuation...........................................................................................................................................................................................23

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 Strategy Report 07 July 2021

Market events in June

HSX shut down for the first time (1 June) – The HSX was taken offline for the first time after the morning session due to a trading surge which overloaded its systems.
The exchange is still in the process of updating its system and has switched to a temporary system designed by FPT in the meantime.
VN-Index best performing index in Asia for 5M21 (2 June) – Vietnam’s VN-Index has advanced 20% in the first five months of 2021, the highest growth seen
amongst Asia’s major benchmark indexes during the same period.
Vietjet secures USD43.6mn from bonds (5 June) – The COVID-embattled airline has raised VND1.0tn from a local company in order to expand operations during
the pandemic.
Novaland (NVL) announces bonus share issuance (7 June) – NVL reached to out to shareholders regarding the issuance of bonus shares, with an expected ratio
of 1:0.29. This would result in a 29% boost in charter capital.
Vingroup (VIC) launches pharmaceutical company (8 June) – Vietnam’s largest private company has established Vinbiocare, a pharmaceutical company with an
initial charter capital of VND200bn (USD8.6mn). It will specialise in medicine and vaccines.
The Ministry of Finance orders audit of HSX (11 June) – Following multiple system failures and overloads over the past few months, the MoF has announced it will
audit the exchange. To compensate for the overloads, leading brokerages have had to limit trading features such as canceling and modifying orders.
Thuduc House goes on a divestment spree (17 June) – Housing development corporation Thuduc House has sold stakes in three companies, and registered to
divest from two others over the last six months. The HCMC-based firm announced that it would sell over 16 million shares, or 43% of the stake it currently holds in
the Foreign Trade Development & Investment Corporation of Ho Chi Minh City (Fideco).
Vietnam to trial cryptocurrency (30 June) – The Vietnamese gov’t has tasked its central bank to study virtual money using blockchain technology. Although
cryptocurrencies remain an illegal means of transaction in Vietnam, the country has the 2nd highest usage rating among 74 economies.
Vietnam’s 1H GDP growth tripled despite COVID-19 headwind (30 June) – Thanks in part to a low base effect, 1H GDP growth tripled to 5.64%, a robust rebound
from last years doldrums.

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 Strategy Report 07 July 2021

HSC top calls in the month/quarter

Changes in the last 30 days: CTG added, MBB, ACB, DXG, DPM, DCM, VNM, and MPC removed.
HSC Closing Target Upside / Mkt Cap EPS Growth (%, y/y) P/E (x) Div Yield (%)
Ticker Rating Price Price Downside USDmn 20A 21F 22F 20A 21F 22F 20A 21F 22F
Financials: Banks
CTG Buy 52,700 65,800 25% 8,523 +45% +51% +13% 14.3 9.5 8.4 0.9% 0.9% 0.9%
TCB Buy 52,700 61,800 17% 8,012 +22% +34% +23% 15.0 11.2 9.1 0.0% 0.0% 0.0%
Real Estate: Developers
KBC Buy 38,400 45,800 19% 784 -76% +664% +20% 80.5 10.5 8.8 0.0% 0.0% 0.0%
KDH Add 37,550 38,364 2% 1,017 +30% -1% +35% 19.7 19.9 14.7 1.2% 0.0% 0.0%
VRE Buy 31,750 38,600 22% 3,134 -14% +5% +25% 30.3 29.0 23.2 - - 3.1%
Industrials: Transportation
GMD Buy 43,000 53,000 23% 555 -28% +48% +38% 34.4 23.3 16.8 2.7% 3.5% 4.7%
DRC Buy 30,250 36,700 21% 156 +2% +40% +13% 14.0 10.0 8.9 5.0% 5.0% 5.0%
VEA Buy 48,500 60,700 25% 2,799 -23% +2% +19% 11.4 11.2 9.4 10.4% 8.5% 9.7%
ACV Buy 75,300 95,900 27% 7,121 -79% -29% +238% 95.4 134.4 39.8 0.0% 1.2% 1.2%
VSC Buy 60,000 66,700 11% 144 -2% +19% +18% 13.8 11.6 9.8 3.3% 3.3% 3.3%
Industrials: Materials - Chemicals
LTG Buy 38,700 49,200 27% 135 +10% +28% +11% 8.5 6.7 6.0 2.6% 3.9% 3.9%
Industrials: Metals and Capital Goods
BMP Add 59,300 70,800 19% 211 +24% -9% +11% 9.3 10.2 9.2 8.4% 8.4% 9.3%
HPG Buy 51,500 65,400 27% 10,006 +49% +70% +4% 12.7 7.5 7.2 1.0% 1.9% 1.9%
HSG Add 41,900 46,200 10% 890 +209% +215% -28% 15.9 5.1 7.0 0.0% 2.4% 3.6%
NKG Add 35,500 37,300 5% 265 +543% +406% -42% 21.2 4.2 7.3 0.8% 2.7% 2.8%
Consumer Staples - F&B, Tobacco
SAB Buy 169,100 232,500 37% 4,708 -7% +14% +17% 22.9 20.1 17.2 2.1% 2.1% 2.1%
MSN Buy 111,400 134,000 20% 5,684 -78% +109% +95% 106.0 50.8 26.0 1.3% - -
QNS Add 40,900 47,000 15% 535 -19% +19% +10% 11.9 10.0 9.1 6.1% 6.1% 6.1%
Consumer Discretionary
MWG Buy 152,000 172,700 14% 3,078 -0% +24% +25% 17.6 14.1 11.3 1.0% 1.0% 1.0%
PNJ Buy 100,100 125,500 25% 989 -12% +35% +23% 23.2 17.1 13.9 1.6% 1.8% 1.8%
STK Buy 40,000 44,700 12% 118 -34% +87% +25% 18.9 10.1 8.1 3.8% 3.8% 3.8%
Utilities
GEG Buy 17,300 22,000 27% 204 -10% -5% +21% 16.8 17.7 14.6 2.3% 4.6% 5.8%
PLX Buy 54,800 66,300 21% 2,961 -77% +275% +7% 67.7 18.1 16.9 5.5% 2.2% 5.5%
GAS Buy 93,000 121,700 31% 7,731 -34% +36% +5% 22.8 16.8 16.0 3.8% 3.2% 4.3%

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 Strategy Report 07 July 2021

Top performers and underperformers in June

HSX HNX

Top 10 gainers Top 10 losers Top 10 gainers Top 10 losers

Ticker Price Change % Ticker Price Change % Ticker Price Change % Ticker Price Change %
VOS 7,430 3,420 85.3% TSC 11,200 -5,400 -32.5% ART 9,900 4,800 94.1% S99 27,700 -4,900 -15.0%
FTS 36,900 10,810 41.4% ABS 30,300 -13,050 -30.1% L18 12,900 5,819 82.2% DL1 16,100 -1,900 -10.6%
VCI 52,200 14,950 40.1% APH 58,600 -11,900 -16.9% SHB 25,700 9,800 61.6% SEB 46,000 -4,000 -8.0%
ANV 34,200 9,500 38.5% PSH 26,600 -5,197 -16.3% KLF 4,100 1,500 57.7% VIF 17,000 -1,300 -7.1%
HCM 51,100 13,650 36.5% HAX 23,400 -4,350 -15.7% MST 11,500 3,000 35.3% TNG 22,600 -1,200 -5.0%
SSI 55,000 13,990 34.1% SHI 25,650 -4,100 -13.8% BTS 5,800 1,500 34.9% INN 30,000 -1,500 -4.8%
VDS 25,000 6,050 31.9% SVC 69,000 -10,400 -13.1% APS 9,700 2,500 34.7% LHC 83,000 -3,500 -4.1%
CTS 23,200 5,350 30.0% SGR 23,600 -3,100 -11.6% HUT 6,600 1,600 32.0% VNT 75,100 -3,000 -3.8%
SCR 11,900 2,660 28.8% DXG 24,000 -3,100 -11.4% DTD 36,700 8,800 31.5% IDC 37,600 -1,200 -3.1%
HDC 51,900 11,180 27.5% RAL 202,600 -24,300 -10.7% BCC 11,600 2,700 30.3% PSD 16,500 -500 -2.9%
* ex-rights date ** Newly listed * ex-rights date ** Newly listed

Top 10 active (by volume) Top 10 active (by value) Top 10 active (by volume) Top 10 active (by value)
Ticker Volume % of Total Ticker USDmn % of Total Ticker Volume % of Total Ticker USDmn % of Total
VPB 721,040,841 4.4% VPB 50,035,258 9.6% SHB 646,520,800 17.7% SHB 18,893,499 21.8%
FLC 695,232,100 4.3% HPG 33,602,133 6.4% PVS 372,638,155 10.2% PVS 10,757,789 12.4%
STB 686,578,241 4.2% MBB 22,033,611 4.2% SHS 228,325,795 6.2% SHS 9,114,049 10.5%
HPG 640,510,682 3.9% TCB 21,720,980 4.1% NVB 185,365,968 5.1% VND 7,899,196 9.1%
MBB 545,900,627 3.4% STB 21,008,063 4.0% IDC 180,214,436 4.9% IDC 6,504,967 7.5%
TCB 417,474,560 2.6% CTG 19,611,651 3.7% HUT 174,759,138 4.8% THD 4,122,603 4.7%
ROS 383,429,400 2.4% SSI 16,418,693 3.1% VND 168,827,322 4.6% NVB 3,611,526 4.2%
CTG 375,141,800 2.3% VHM 10,867,630 2.1% KLF 151,996,385 4.2% MBS 1,769,882 2.0%
LPB 355,649,000 2.2% LPB 10,716,848 2.0% ART 140,292,600 3.8% TNG 1,638,207 1.9%
HNG 363,918,855 2.2% HSG 10,527,253 2.0% CEO 105,680,612 2.9% ART 1,540,625 1.8%
* ex-rights date ** Newly listed * ex-rights date ** Newly listed

Top 10 active by foreigners (Buy) Top 10 active by foreigners (sell) Top 10 active by foreigners (Buy) Top 10 active by foreigners (sell)
Ticker USD % Ticker USD % Ticker USD % Ticker USD %
NVL 2,936,189 31.7% HPG 7,532,502 22.4% VND 355,820 4.5% VND 637,414 8.1%
VHM 2,608,400 24.0% MBB 2,547,827 PVS 81,536 0.8% PVI 513,221 80.4%
HPG 2,538,021 7.6% NVL 2,238,810 24.2% VCS 74,546 7.1% PVS 195,278 1.8%
VNM 2,171,104 27.9% VNM 2,094,507 26.9% THD 71,078 1.7% PAN 123,370 9.6%
VCB 1,896,267 29.9% VIC 2,023,720 32.7% PVI 57,878 9.1% VCS 84,788 8.1%
VRE 1,598,160 39.1% VPB 2,008,443 4.0% SHB 55,163 0.3% SHB 42,427 0.2%
FPT 1,355,740 21.4% DXG 1,442,375 20.4% SHS 25,548 0.3% BVS 33,281 3.9%
SSI 1,151,650 7.0% FPT 1,361,761 21.4% PAN 25,450 2.0% PVC 28,664 5.5%
VIC 1,092,004 17.6% VHM 1,233,239 11.4% BVS 8,569 1.0% SHS 16,577 0.2%
STB 1,065,391 5.1% CTG 1,011,168 5.2% NSC 7,759 11.1% APS 15,316 1.9%
% : As percentage of trading volume (value) % : As percentage of trading volume (value)
Source: Fiinpro, HSC Research

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 Strategy Report 07 July 2021

Monthly new accounts

Source: VSD, FiinPro, HSC Research

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 Strategy Report 07 July 2021

Volumes
Average daily turnover and compound annual growth rate (CAGR) Daily HSX net foreign buying as a % of the total

Source: Bloomberg, HSC Research Source: Fiinpro, HSC Research

Monthly HSX & HNX foreign net buying (selling) of equities Forward P/E VN-Index from 2017 to date

Source: Fiinpro, HSC Research Source: Bloomberg, HSC Research

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 Strategy Report 07 July 2021

Sector insights
Average monthly traded value (VNDbn)

Source: Bloomberg, HSC Research

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 Strategy Report 07 July 2021

Monthly contribution to VN Index (points)

Source: Bloomberg, HSC Research

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 Strategy Report 07 July 2021

Breakdown by activity – foreign & domestic

Monthly trading activities of retail and institutional investors Monthly HSX & HNX foreign net buying of equities

Source: Bloomberg, HSC Research Source: Bloomberg, HSC Research

Top 20 stocks and ETFs actively bought by institutional investors in June Top 20 stocks actively bought by retail investors in June

Source: Fiinpro, HSC Research Source: Fiinpro, HSC Research

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 Strategy Report 07 July 2021

Bond market & money markets

Government bond trading in the secondary market

Source: HNX, HSC Research

Foreign investors government bond trading

VNDbn

Source: HNX, HSC Research

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 Strategy Report 07 July 2021

Interbank liquidity Vietnam financial markets liquidity

VNDbn

Source: Various sources, HSC Research Source:SBV, IMF, CEIC, HNX, HSC Research

Money market rates Money market and interbank liquidity

% VNDbn

Source: Bloomberg, HSC Research Source: Various sources, HSC Research

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 Strategy Report 07 July 2021

Regional markets
2020 P/E, EPS growth

Source: Bloomberg, HSC Research

2021 forward P/E, EPS growth

Source: Bloomberg, HSC Research

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 Strategy Report 07 July 2021

2022 forward P/E, EPS growth

Source: Bloomberg, HSC Research

2023 forward P/E, EPS growth

Source: Bloomberg, HSC Research

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 Strategy Report 07 July 2021

Global markets
Compared absolute of VN Index vs.MSCI FM, MSCI EM (Jan-17 = 100)

Source: HNX, HSC Research

Compared ROE of VN-Index vs. MSCI FM, MSCI EM Compared forward P/E of VN-index vs. MSCI FM, MSCI EM

%
Unit: x

Source: Bloomberg, HSC Research Source: Bloomberg, HSC Research

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 Strategy Report 07 July 2021

ETF charts
Vietnam ETF fund flows Relative ETF price vs. VN index in 12 months
VN Index FTSE Vietnam Index
VanEck Vectors Vietnam Index iShare MSCI Frontier 100 Index
USDmn
Premia MSCI Vietnam Index E1VFVN30 ETF
VFMVN Diamond ETF SSIAM VNFIN Lead ETF
USDmn
280
260
240
220
200
180
160
140
120
100
80
60
Jun-20 Sep-20 Dec-20 Mar-21 Jun-21
Source: Bloomberg, HSC Research Source: Bloomberg, HSC Research

1 month ETF flows YTD ETF flows

USDmn USDmn

Source: Bloomberg, HSC Research Source: Bloomberg, HSC Research

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 Strategy Report 07 July 2021

Currencies
DXY EUR/VND GBP/VND

VND
34,000
33,000
32,000
31,000
30,000
29,000
28,000
27,000

Se 17
De -17
M -17
Ju 18
Se 18
De -18
M -18
Ju 19
Se 19
De -19
M -19
Ju 20
Se 20
De -20
M -20
Ju 21
21
n-

-
n-

-
n-

-
n-

-
n-
p
c
ar

p
c
ar

p
c
ar

p
c
ar
Ju
Source: Bloomberg Source: Bloomberg Source: Bloomberg

USD/VND CNY/VND KRW/VND

VND VND

Source: Bloomberg Source: Bloomberg Source: Bloomberg

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 Strategy Report 07 July 2021

Commodities
Gold Steel (hot-rolled coil) Sugar
USD/ t oz USD/mt USD/ Ibs

Source: Bloomberg Source: Bloomberg Source: Bloomberg

Rubber Petrol Brent oil

USD/ Ibs USD/ gal USD/ bbl.

Source: Bloomberg Source: Bloomberg Source: Bloomberg

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 Strategy Report 07 July 2021

Copper Lumber Rice

USD/ Ibs
USD/ 1000 board feet USD/cwt
1800
1600
1400
1200
1000
800
600
400
200

Se -17
D -17
M -17
Ju -18
Se -18
D -18
M -18
Ju -19
Se -19
D -19
M -19
Ju -20
Se -20
D -20
M -20
Ju -21
21
n-
n
p
ec
ar
n
p
ec
ar
n
p
ec
ar
n
p
ec
ar
Ju
Source: Bloomberg Source: Bloomberg Source: Bloomberg

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 Strategy Report 07 July 2021

HSC universe and sector ratios

HSC Universe Upside: 9.40%

Valuation Unit: 19A 20A 21F 22F 23F

EPS Growth % -5.0% 25.0% 18.2% 19.1%
PER x 21.2 22.6 16.7 13.7 11.4
PBR x 3.6 3.3 2.7 2.4 2.0
ROE % 17.2% 14.7% 16.4% 17.3% 17.8%
Yield % 1.1% 1.1% 1.1% 1.3% 1.3%

Financials: Banks Upside: 3% Energy & Utilities: Energy - Oil & Gas Upside: 16% Industrials: Capital Goods Upside: 18%

Unit: 19A 20A 21F 22F 23F Unit: 19A 20A 21F 22F 23F Unit: 19A 20A 21F 22F 23F
EPS Growth % 12.8% 31.3% 21.2% 20.5% EPS Growth % -70.0% 206.7% 26.2% 7.5% EPS Growth % 23.6% -8.7% 10.8% 10.3%
PER x 19.6 18.1 13.8 11.3 9.4 PER x 20.8 49.9 23.6 19.5 17.4 PER x 11.5 9.4 10.3 9.3 8.3
PBR x 3.7 3.1 2.5 2.1 1.7 PBR x 2.2 2.5 2.1 2.1 2.0 PBR x 2.0 2.0 2.0 1.9 1.9
ROE % 20.7% 19.1% 20.0% 20.1% 20.1% ROE % 14.1% 3.9% 12.0% 12.1% 12.8% ROE % 17.2% 21.2% 19.2% 21.1% 22.9%
Yield % 0.2% 0.3% 0.3% 0.3% 0.3% Yield % 3.9% 3.7% 1.9% 3.8% 4.0% Yield % 8.4% 8.3% 8.3% 9.2% 10.1%

Financials: Insurance Upside: 11% Energy & Utilities: Utilities - Electricity Upside: 30% Consumer: Consumer Staples - F&B, Tobacco Upside: 21%

Unit: 19A 20A 21F 22F 23F Unit: 19A 20A 21F 22F 23F Unit: 19A 20A 21F 22F 23F
EPS Growth % 23.0% 14.0% 12.4% 16.7% EPS Growth % -13.5% -3.1% -0.7% -1.3% EPS Growth % -21.7% 35.7% 32.3% 15.7%
PER x 34.5 28.8 25.3 22.5 18.8 PER x 10.7 12.4 12.7 12.8 12.9 PER x 24.7 43.9 27.6 19.9 17.3
PBR x 2.3 2.2 2.1 2.0 1.8 PBR x 1.2 1.1 1.1 1.0 1.0 PBR x 4.7 6.1 4.8 4.4 4.0
ROE % 7.0% 7.9% 8.6% 9.1% 10.0% ROE % 12.3% 9.8% 8.7% 8.4% 8.0% ROE % 28.5% 23.0% 24.1% 25.4% 25.8%
Yield % 1.7% 1.3% 1.3% 1.7% 1.7% Yield % 2.4% 3.5% 4.0% 4.1% 4.2% Yield % 2.4% 2.9% 2.8% 2.7% 2.7%

Real Estate: Real Estate Development Upside: -1% Energy & Utilities: Utilities - Gas Upside: 28% Consumer: Discretionary - Durables & Apparel Upside 7%

Unit: 19A 20A 21F 22F 23F Unit: 19A 20A 21F 22F 23F Unit: 19A 20A 21F 22F 23F
EPS Growth % 15.2% 33.2% 13.6% 21.3% EPS Growth % -34.4% 35.9% 4.8% 19.2% EPS Growth % -6.3% 33.6% 17.3% 19.4%
PER x 25.5 23.6 20.8 17.9 15.0 PER x 15.0 23.3 17.1 16.3 13.4 PER x 21.3 22.4 17.2 15.1 12.7
PBR x 6.0 4.4 3.5 2.9 2.4 PBR x 3.7 3.8 3.4 3.2 2.9 PBR x 4.6 4.0 3.4 2.9 2.5
ROE % 30.7% 27.4% 23.4% 20.5% 20.4% ROE % 25.4% 16.1% 20.9% 20.3% 22.3% ROE % 25.5% 20.3% 23.2% 23.1% 23.3%
Yield % 0.6% 0.1% 0.1% 0.4% 0.5% Yield % 4.6% 3.7% 3.2% 4.2% 4.3% Yield % 1.1% 1.6% 1.8% 1.8% 1.8%

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 Strategy Report 07 July 2021

Real Estate: Construction & Con. Materials Upside: -1% Industrials: Transportation Upside: 20% Consumer: Consumer Discretionary - Retailing Upside: 18%

Unit: 19A 20A 21F 22F 23F Unit: 19A 20A 21F 22F 23F Unit: 19A 20A 21F 22F 23F
EPS Growth % -31.0% 11.5% 33.4% 4.0% EPS Growth % -122.6% -14.3% 150.4% 49.2% EPS Growth % -2.8% 37.2% 25.0% 12.7%
PER x 13.6 19.4 17.3 13.0 12.4 PER x 17.5 59.6 81.3 26.2 21.7 PER x 17.3 19.1 13.6 10.9 10.1
PBR x 1.7 1.7 1.7 1.6 1.4 PBR x 3.6 4.1 16.9 0.8 -3.8 PBR x 5.4 4.2 3.4 2.7 2.3
ROE % 12.0% 8.5% 9.5% 12.4% 12.0% ROE % 23.4% -2.5% -43.3% 50.9% 1.2% ROE % 35.7% 27.6% 28.0% 28.0% 25.5%
Yield % 3.7% 3.9% 3.1% 3.1% 3.1% Yield % 2.6% 2.5% 2.8% 3.1% 3.2% Yield % 1.1% 1.1% 1.1% 1.1% 1.5%

Infrastructure Upside: 26% Industrials: Materials - Chemicals Upside: -1% Technology, Communications & Internet: IT Upside: 18%

Unit: 19A 20A 21F 22F 23F Unit: 19A 20A 21F 22F 23F Unit: 19A 20A 21F 22F 23F
EPS Growth % 34.5% 20.8% 90.9% 18.5% EPS Growth % 35.0% 8.4% 0.4% 9.9% EPS Growth % 50.1% 51.8% 34.2% 25.6%
PER x 24.2 18.1 14.9 7.8 6.6 PER x 19.5 14.0 13.1 13.1 12.2 PER x 51.8 39.5 31.8 27.2 25.1
PBR x 1.1 1.1 1.1 1.0 0.9 PBR x 1.4 1.4 1.3 1.3 1.3 PBR x 10.2 8.9 8.1 7.4 7.1
ROE % 3.9% 5.1% 6.4% 11.6% 12.6% ROE % 9.0% 9.8% 10.5% 10.3% 11.1% ROE % 43.7% 49.0% 55.7% 56.7% 57.8%
Yield % 0.0% 5.2% 5.2% 4.2% 4.2% Yield % 4.3% 4.2% 5.0% 5.0% 5.0% Yield % 1.7% 2.0% 2.6% 2.7% 2.8%

Conglomerates Upside: 11% Industrials: Materials - Industrial Metals Upside: 23% Health Care: Pharma, Biotech. & Life Science Upside 8%

Unit: 19A 20A 21F 22F 23F Unit: 19A 20A 21F 22F 23F Unit: 19A 20A 21F 22F 23F
EPS Growth % -29.1% 2.5% 29.4% 36.5% EPS Growth % 73.6% 89.1% 0.6% 9.3% EPS Growth % 16.6% 0.9% 5.9% 6.7%
PER x 48.1 67.7 66.4 51.0 37.8 PER x 24.1 13.4 7.3 7.3 6.6 PER x 20.5 17.6 17.4 16.4 15.4
PBR x 4.9 4.7 4.3 3.9 3.6 PBR x 3.0 2.9 2.6 2.0 1.6 PBR x 3.7 3.5 3.2 2.9 2.7
ROE % 11.8% 7.4% 7.2% 8.3% 10.2% ROE % 15.9% 24.4% 42.7% 31.4% 27.1% ROE % 19.5% 21.3% 19.9% 19.3% 18.8%
Yield % 0.1% 0.2% 0.0% 0.1% 0.1% Yield % 0.9% 0.9% 2.0% 2.1% 2.2% Yield % 2.6% 4.2% 3.1% 3.1% 3.1%

Note: The upside is calculated based on the upside of each individual stock in that sector and its market cap.

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 Strategy Report 07 July 2021

HSC macroeconomics forecasts

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 Strategy Report 07 July 2021

Valuation
HSC HSC Closing Target Upside / Mkt cap 3M avg daily FOL FOL room EPS EPS growth P/E (x) P/B (x) Div Yield ROAE
Exch
Ticker Company rating analyst price price downside (USDmn) vol (USDmn) limit (%) (USDmn) 20A 21F 22F 20A 21F 22F 20A 21F 22F 20A 21F 22F 20A 21F 22F 20A 21F 22F Ticker
Financials: Banks 0.57% 5,932 22.4 16.0% 28.6% 21.5% 16.0 12.4 10.2 2.85 2.26 1.88 0.55% 0.55% 0.55% 20.2% 20.5% 20.4% Financials: Banks
ACB Asia Commercial Bank Buy Nguyen Manh Dung 37,950 34,240 (9.78%) 4,458 16.5 HSX 30.0% 0% 0 2,843 3,695 4,416 27.8% 29.9% 19.5% 13.3 10.3 8.59 2.89 2.25 1.78 - - - 24.3% 24.6% 23.2% ACB
BID Bank for Inv't & Dev't of VN Hold Nguyen Manh Dung 46,650 42,100 (9.75%) 8,157 8.14 HSX 30.0% 13.4% 1,090 1,740 2,436 3,171 (26.9%) 40.1% 30.1% 26.8 19.1 14.7 2.46 2.23 2.06 - - - 9.26% 12.2% 14.5% BID
CTG VietinBank Buy Nguyen Manh Dung 52,100 65,800 26.3% 8,434 36.5 HSX 30.0% 4.93% 416 3,678 5,553 6,254 44.7% 51.0% 12.6% 14.2 9.38 8.33 2.29 1.96 1.68 0.96% 0.96% 0.96% 16.9% 22.5% 21.7% CTG
HDB HD Bank Add Pham Lien Ha, CFA 37,400 39,400 5.35% 2,587 8.27 HSX 21.5% 3.95% 102 2,666 3,627 3,997 17.9% 36.0% 10.2% 14.0 10.3 9.36 2.59 2.02 1.67 - - - 20.2% 20.9% 19.6% HDB
LPB LienViet Post Bank Hold Le Khanh Tung 30,100 31,900 5.98% 1,406 18.2 HSX 5.00% 1.79% 25.2 1,733 2,445 3,341 13.2% 41.1% 36.7% 17.4 12.3 9.01 2.27 1.90 1.72 - - - 13.9% 16.5% 19.9% LPB
MBB Military Commercial Bank Buy Nguyen Manh Dung 43,100 40,000 (7.19%) 5,196 35.7 HSX 23.0% 2.16% 112 3,054 4,077 4,914 4.42% 33.5% 20.5% 14.1 10.6 8.77 2.52 2.03 1.70 - - - 19.2% 21.3% 21.1% MBB
OCB Orient Commercial JSB Buy Le Khanh Tung 31,750 38,700 21.9% 1,513 5.97 HSX 22.0% 0.01% 0.15 3,898 3,762 4,538 5.92% (3.50%) 20.6% 8.14 8.44 7.00 2.00 1.61 1.31 - - - 24.4% 21.1% 20.6% OCB
TCB TechcomBank Buy Pham Lien Ha, CFA 58,000 61,800 6.55% 8,826 36.9 HSX 22.5% 0.01% 0.88 3,521 4,715 5,801 22.2% 33.9% 23.0% 16.5 12.3 10.00 2.74 2.24 1.83 0% 0% 0% 18.1% 20.1% 20.2% TCB
TPB Tien Phong Comm. Bank Add Nguyen Manh Dung 39,300 33,000 (16.0%) 1,763 9.30 HSX 30.0% 0% 0 3,496 3,925 4,694 15.3% 12.3% 19.6% 11.2 10.0 8.37 2.42 1.95 1.58 - - - 23.5% 21.6% 20.9% TPB
VCB VietcomBank Add Pham Lien Ha, CFA 113,600 115,000 1.23% 18,318 10.3 HSX 30.0% 6.43% 1,178 4,974 6,364 7,683 (0.68%) 28.0% 20.7% 22.8 17.8 14.8 4.27 3.56 2.98 0.70% 0.70% 0.70% 20.5% 21.0% 22.0% VCB
VIB Vietnam International Bank Hold Le Khanh Tung 50,200 40,857 (18.6%) 2,825 5.95 HSX 20.5% 0.12% 3.39 2,988 3,761 4,442 42.1% 25.9% 18.1% 16.8 13.3 11.3 4.34 3.29 2.56 - - - 29.6% 27.7% 25.5% VIB
VPB Vietnam Prosperity Bank Add Pham Lien Ha, CFA 72,700 73,400 0.96% 7,705 76.9 HSX 23.0% 0.02% 1.54 4,271 4,896 6,157 26.5% 14.6% 25.8% 17.0 14.8 11.8 3.38 2.04 1.70 - - - 21.9% 17.0% 15.6% VPB
Financials: Insurance 13.7% 1,882 2.79 23.0% 14.0% 12.4% 28.0 24.6 21.9 2.16 2.06 1.94 1.37% 1.37% 1.72% 7.88% 8.58% 9.15% Financials: Insurance
BVH Bao Viet Holdings Buy Pham Lien Ha, CFA 58,300 66,300 13.7% 1,882 2.79 HSX 49.0% 22.0% 414 2,081 2,372 2,666 23.0% 14.0% 12.4% 28.0 24.6 21.9 2.16 2.06 1.94 1.37% 1.37% 1.72% 7.88% 8.58% 9.15% BVH
Real Estate: Real Estate
Real Estate: Real Estate Development 6.90% 3,300 9.76 (8.98%) 129% 13.9% 27.3 16.3 14.2 2.87 2.40 2.10 2.23% 2.50% 2.68% 15.4% 18.8% 17.1%
Development
CRE Century Land JSC Reduce Ho Thi Kieu Trang, CFA 46,600 29,000 (37.8%) 194 2.45 HSX 49.0% 45.3% 88.1 3,060 3,685 4,555 (24.4%) 20.4% 23.6% 15.2 12.6 10.2 2.22 1.90 1.66 2.15% - - 15.3% 16.2% 17.3% CRE
DXG Dat Xanh Group JSC Buy Ho Thi Kieu Trang, CFA 22,900 30,000 31.0% 517 10.9 HSX 49.0% 22.7% 117 (943) 2,861 3,303 (135%) 403% 15.5% N/a 8.01 6.93 1.93 1.55 1.31 - - - (7.60%) 21.9% 20.9% DXG
KBC Kinh Bac City Development Buy Ho Thi Kieu Trang, CFA 38,350 45,800 19.4% 783 11.8 HSX 49.0% 29.7% 233 477 3,643 4,358 (75.6%) 664% 19.6% 80.4 10.5 8.80 1.86 1.58 1.34 0% 0% 0% 2.34% 16.2% 16.5% KBC
KDH Khang Dien House Add Ho Thi Kieu Trang, CFA 36,800 38,364 4.25% 998 6.45 HSX 49.0% 17.1% 171 1,908 1,889 2,548 30.4% (1.03%) 34.9% 19.3 19.5 14.4 2.78 2.53 2.18 1.24% 0% 0% 15.0% 13.6% 16.2% KDH
NLG Nam Long Investment Corp Add Ho Thi Kieu Trang, CFA 38,850 38,100 (1.93%) 449 4.83 HSX 49.0% 3.63% 16.3 2,643 4,218 5,331 (44.6%) 59.6% 26.4% 14.7 9.21 7.29 1.98 1.74 1.50 2.04% 2.57% 2.57% 12.2% 17.3% 19.0% NLG
NVL Novaland Group Hold Ho Thi Kieu Trang, CFA 115,000 93,458 (18.7%) 6,577 17.4 HSX 49.0% 29.6% 1,945 2,910 2,876 3,484 12.5% (1.18%) 21.2% 39.5 40.0 33.0 5.95 4.65 4.08 - - - 16.2% 13.7% 13.2% NVL
PHR Phuoc Hoa Rubber JSC Add Ho Thi Kieu Trang, CFA 53,800 73,200 36.1% 317 1.85 HSX 49.0% 37.2% 118 7,985 7,677 3,981 140% (3.85%) (48.1%) 6.74 7.01 13.5 2.28 2.03 2.06 5.74% 7.43% 7.43% 37.8% 30.6% 15.1% PHR
VHM Vinhomes Add Ho Thi Kieu Trang, CFA 118,500 117,300 (1.01%) 16,947 23.0 HSX 49.0% 26.1% 4,415 8,459 9,438 10,143 30.1% 11.6% 7.47% 14.0 12.6 11.7 4.55 3.49 2.75 - - - 39.2% 31.4% 26.3% VHM
VRE Vincom Retail Buy Ho Thi Kieu Trang, CFA 29,500 38,600 30.8% 2,914 9.13 HSX 49.0% 18.5% 538 1,048 1,096 1,369 (14.4%) 4.56% 24.9% 28.1 26.9 21.5 2.29 2.11 2.05 - - 3.39% 8.47% 8.15% 9.66% VRE
Real Estate: Construction
Real Estate: Construction & Construction Materials (2.36%) 390 1.19 (37.8%) 7.75% 27.3% 17.4 16.0 12.6 1.33 1.28 1.21 4.24% 2.65% 2.65% 7.03% 7.69% 9.82%
& Construction Materials
CTD Coteccons Construction JSC Reduce Ho Thi Kieu Trang, CFA 62,800 55,500 (11.6%) 203 1.43 HSX 49.0% 4.96% 10.1 4,439 4,423 5,053 (52.4%) (0.34%) 14.2% 14.1 14.2 12.4 0.57 0.54 0.53 4.78% 1.59% 1.59% 3.99% 3.89% 4.32% CTD
VGC Viglacera Reduce Ho Thi Kieu Trang, CFA 29,650 31,700 6.91% 578 0.95 HSX 49.0% 43.3% 250 1,433 1,660 2,330 (23.3%) 15.8% 40.4% 20.7 17.9 12.7 2.09 2.02 1.88 3.71% 3.71% 3.71% 10.1% 11.5% 15.3% VGC
Infrastructure 31.9% 191 2.66 34.5% 20.8% 90.9% 17.3 14.3 7.49 1.08 1.07 0.99 5.45% 5.45% 4.36% 5.12% 6.36% 11.6% Infrastructure
CII HCMC Infrastructure Inv. Add Ho Thi Kieu Trang, CFA 18,350 24,200 31.9% 191 2.66 HSX 49.0% 47.9% 91.3 1,063 1,284 2,451 34.5% 20.8% 90.9% 17.3 14.3 7.49 1.08 1.07 0.99 5.45% 5.45% 4.36% 5.12% 6.36% 11.6% CII
Conglomerates 14.4% 8,258 7.55 (15.6%) 9.58% 17.5% 39.9 38.5 30.4 3.13 2.80 2.57 3.56% 0% 2.92% 11.0% 11.1% 11.0% Conglomerates
REE Refrigeration Electrical Eng. Add Ho Thi Kieu Trang, CFA 54,800 63,700 16.2% 739 1.69 HSX 49.0% 0% 0 5,251 6,163 6,440 (0.66%) 17.4% 4.49% 10.4 8.89 8.51 1.48 1.27 1.14 3.56% 0% 2.92% 14.9% 15.4% 14.1% REE
VIC Vingroup Add Ho Thi Kieu Trang, CFA 115,000 129,500 12.6% 15,777 13.4 HSX 49.0% 20.5% 3,229 1,658 1,687 2,203 (30.4%) 1.78% 30.6% 69.4 68.2 52.2 4.78 4.34 4.01 - - - 7.02% 6.79% 7.98% VIC
Energy & Utilities: Energy -
Energy & Utilities: Energy - Oil & Gas 26.8% 967 6.61 (52.5%) 122% 46.6% 36.6 24.1 17.5 1.56 1.38 1.33 2.47% 2.18% 2.84% 4.43% 8.64% 9.59%
Oil & Gas
OIL PetroVietnam Oil Corp. Buy Truong Thu My 14,400 16,000 11.1% 647 1.46 UPCoM 6.62% 0.57% 3.69 (213) 349 379 (147%) 264% 8.50% N/a 41.3 38.0 1.57 1.52 1.47 0% 0% 0% (2.30%) 3.74% 3.93% OIL
PLX VN National Petroleum Gp. Buy Truong Thu My 54,500 66,300 21.7% 2,947 6.60 HSX 20.0% 2.74% 80.8 810 3,033 3,243 (76.8%) 275% 6.90% 67.3 18.0 16.8 3.14 2.58 2.58 5.50% 2.20% 5.50% 4.47% 16.2% 15.4% PLX
PVD PetroVietnam Drill. & Well Buy Nguyen Vinh 21,550 33,200 54.1% 395 7.53 HSX 49.0% 41.7% 165 437 614 1,437 (0.10%) 40.6% 134% 49.3 35.1 15.0 0.66 0.57 0.55 0% 0% 0% 1.34% 1.73% 3.71% PVD
PVS PetroVietnam Tech'l Services Buy Nguyen Vinh 27,000 34,700 28.5% 561 13.9 HNX 49.0% 41.1% 230 1,357 1,493 2,656 (21.0%) 10.1% 77.9% 19.9 18.1 10.2 1.06 0.99 0.94 4.08% 3.70% 3.70% 5.35% 5.65% 9.48% PVS
PVT PetroVietnam Transport Buy Nguyen Vinh 20,100 23,900 18.9% 283 3.59 HSX 49.0% 36.1% 102 2,028 2,475 2,627 (17.2%) 22.1% 6.12% 9.91 8.12 7.65 1.34 1.24 1.13 2.77% 4.98% 4.98% 13.3% 15.9% 15.5% PVT
Energy & Utilities: Utilities -
Energy & Utilities: Utilities - Electricity 22.6% 583 2.62 (14.1%) (9.00%) 5.84% 12.3 13.4 12.5 1.24 1.22 1.20 4.13% 5.45% 5.72% 11.3% 9.38% 9.69%
Electricity
GEG Gialai Electricity Buy Truong Thu My 16,750 22,000 31.3% 197 0.42 HSX 49.0% 12.8% 25.3 1,029 978 1,185 (10.2%) (4.97%) 21.2% 16.3 17.1 14.1 1.49 1.42 1.37 2.39% 4.78% 5.97% 9.57% 8.62% 9.88% GEG
POW PetroVietnam Power Buy Truong Thu My 11,700 17,300 47.9% 1,191 6.95 HSX 49.0% 46.1% 549 937 972 926 (12.3%) 3.76% (4.78%) 12.5 12.0 12.6 0.97 0.92 0.88 2.56% 2.56% 2.56% 7.94% 7.83% 7.11% POW
PPC Pha Lai Thermal Power Reduce Truong Thu My 25,500 22,580 (11.5%) 362 0.50 HSX 49.0% 34.3% 124 3,153 2,340 2,365 (19.8%) (25.8%) 1.09% 8.09 10.9 10.8 1.28 1.31 1.33 7.45% 9.02% 8.63% 16.2% 11.7% 12.1% PPC
Energy & Utilities: Utilities -
Energy & Utilities: Utilities - Gas 32.3% 7,655 3.77 (34.4%) 35.9% 4.80% 22.5 16.6 15.8 3.64 3.32 3.11 3.87% 3.26% 4.35% 16.1% 20.9% 20.3%
Gas
GAS PetroVietnam Gas Buy Nguyen Vinh 92,000 121,700 32.3% 7,655 3.77 HSX 49.0% 46.3% 3,546 4,081 5,548 5,814 (34.4%) 35.9% 4.80% 22.5 16.6 15.8 3.64 3.32 3.11 3.87% 3.26% 4.35% 16.1% 20.9% 20.3% GAS

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 Strategy Report 07 July 2021

HSC HSC Closing Target Upside / Mkt cap Avg daily FOL FOL room EPS EPS growth P/E (x) P/B (x) Div Yield ROAE
Exch
Ticker Company rating analyst price price downside (USDmn) vol (USDmn) limit (%) (USDmn) 20A 21F 22F 20A 21F 22F 20A 21F 22F 20A 21F 22F 20A 21F 22F 20A 21F 22F Ticker
Industrials: Transportation 11.4% 1,634 1.53 (87.6%) 12.2% 55.3% 29.6 31.9 15.8 3.43 15.7 0.06 3.38% 3.38% 3.68% 3.70% (34.4%) 53.9% Industrials: Transportation
ACV Airports Corp. of Vietnam Buy Vo Thi Ngoc Han, CFA 77,000 95,900 24.5% 7,288 0.96 UPCoM 49.0% 45.4% 3,311 789 560 1,891 (79.0%) (29.0%) 238% 97.6 137 40.7 4.46 4.56 4.35 0% 1.17% 1.17% 4.63% 3.28% 10.9% ACV
DRC Da Nang Rubber JSC Buy Tran Thi Thu Nga 31,650 36,700 16.0% 163 2.08 HSX 49.0% 42.2% 69.0 2,160 3,017 3,412 2.40% 39.7% 13.1% 14.7 10.5 9.27 2.23 2.01 1.79 4.74% 4.74% 4.74% 15.5% 20.2% 20.5% DRC
GMD Gemadept Buy Che Thi Mai Trang 44,500 53,000 19.1% 574 4.82 HSX 49.0% 7.62% 43.8 1,251 1,846 2,553 (28.2%) 47.6% 38.3% 35.6 24.1 17.4 2.27 2.23 2.18 2.64% 3.37% 4.49% 6.31% 9.33% 12.6% GMD

HVN Vietnam Airlines Reduce Che Thi Mai Trang 27,000 23,600 (12.6%) 1,665 1.67 HSX 30.0% 20.8% 347 (7,634) (8,817) (1,730) (562%) (15.5%) 80.4% N/a N/a N/a 6.05 104 (18.4) 0% 0% 0% (88.5%) (403%) 286% HVN

PAC Dry Cell and Storage Battery Hold Tran Thi Thu Nga 37,100 30,800 (17.0%) 75.0 0.26 HSX 49.0% 35.7% 26.7 3,197 3,446 3,695 (10.9%) 7.78% 7.21% 11.6 10.8 10.0 2.36 2.14 1.94 4.04% 4.04% 4.04% 21.2% 20.9% 20.3% PAC
VEA VN Engine & Agri. Machinery Buy Tran Thi Thu Nga 48,300 60,700 25.7% 2,790 0.58 UPCoM 49.0% 43.3% 1,209 4,239 4,325 5,156 (22.6%) 2.02% 19.2% 11.4 11.2 9.37 2.53 2.63 2.50 10.4% 8.51% 9.79% 21.6% 23.1% 27.4% VEA
VSC Vietnam Container Shipping Buy Che Thi Mai Trang 59,000 66,700 13.1% 141 0.70 HSX 49.0% 42.0% 59.4 4,349 5,180 6,097 (2.21%) 19.1% 17.7% 13.6 11.4 9.68 1.81 1.64 1.50 3.39% 3.39% 3.39% 13.6% 15.1% 16.2% VSC
VTP Viettel Post Buy Tran Thi Thu Nga 83,800 102,500 22.3% 377 1.19 UPCoM 49.0% 27.9% 105 3,705 4,663 6,018 0.98% 25.8% 29.1% 22.6 18.0 13.9 5.76 5.87 4.64 1.79% 1.79% 1.79% 35.3% 35.9% 37.2% VTP
Industrials: Materials - Chemicals 11.9% 264 2.38 0.98% 25.8% 29.1% 22.6 18.0 13.9 5.76 5.87 4.64 1.79% 1.79% 1.79% 35.3% 35.9% 37.2% VTP
AAA An Phat Bioplastics JSC Hold Che Thi Mai Trang 18,550 17,900 (3.50%) 239 5.84 HSX 100% 96.9% 232 1,389 1,545 1,607 (48.3%) 11.2% 4.02% 13.4 12.0 11.5 1.14 1.16 1.12 5.39% 5.39% 5.39% 8.04% 9.82% 9.87% AAA

DCM PetroVietnam Ca Mau Fert. Buy Truong Hong Kim 19,500 25,400 30.3% 449 2.77 HSX 49.0% 46.8% 210 1,254 1,569 1,397 55.8% 25.1% (11.0%) 15.6 12.4 14.0 1.64 1.58 1.55 3.08% 5.13% 5.13% 10.7% 13.0% 11.2% DCM

DPM PetroVietnam Fert. & Chem. Add Truong Hong Kim 22,450 26,900 19.8% 382 1.65 HSX 49.0% 34.8% 133 1,767 2,512 1,742 83.0% 42.2% (30.6%) 12.7 8.94 12.9 1.07 1.01 0.99 6.24% 6.24% 6.24% 8.43% 11.6% 7.76% DPM
DPR Dong Phu Rubber JSC Add Truong Hong Kim 66,200 54,900 (17.1%) 115 0.33 HSX 49.0% 38.6% 44.5 4,425 4,764 5,363 (2.95%) 7.66% 12.6% 15.0 13.9 12.3 1.48 1.50 1.50 6.04% 6.04% 6.04% 9.95% 10.7% 12.2% DPR
LTG Loc Troi Group Buy Truong Hong Kim 37,800 49,200 30.2% 132 1.29 UPCoM 49.0% 10.8% 14.3 4,543 5,809 6,454 10.5% 27.9% 11.1% 8.32 6.51 5.86 1.09 0.97 0.86 2.65% 3.97% 3.97% 13.6% 15.8% 15.6% LTG
Industrials: Materials - Industrial Metals 13.4% 3,705 31.7 10.5% 27.9% 11.1% 8.32 6.51 5.86 1.09 0.97 0.86 2.65% 3.97% 3.97% 13.6% 15.8% 15.6% LTG
HPG Hoa Phat Group Buy Vo Thi Ngoc Han, CFA 51,200 65,400 27.7% 9,957 68.6 HSX 49.0% 22.7% 2,261 4,060 6,888 7,179 49.3% 69.7% 4.21% 12.6 7.43 7.13 2.87 2.64 2.03 0.98% 1.95% 1.95% 25.2% 42.3% 32.2% HPG

HSG Hoa Sen Group Add Vo Thi Ngoc Han, CFA 41,600 46,200 11.1% 885 19.9 HSX 49.0% 39.8% 352 2,636 8,296 5,986 209% 215% (27.8%) 15.8 5.01 6.95 2.81 2.06 1.65 0% 2.40% 3.61% 19.2% 49.3% 26.4% HSG

NKG Nam Kim Steel Add Vo Thi Ngoc Han, CFA 36,800 37,300 1.36% 275 6.51 HSX 100% 84.8% 233 1,672 8,456 4,874 543% 406% (42.4%) 22.0 4.35 7.55 1.99 1.43 1.26 0.82% 2.64% 2.72% 9.53% 38.0% 17.7% NKG
Industrials: Capital Goods 22.9% 205 0.31 543% 406% (42.4%) 22.0 4.35 7.55 1.99 1.43 1.26 0.82% 2.64% 2.72% 9.53% 38.0% 17.7% NKG
BMP Binh Minh Plastics JSC Add Vo Thi Ngoc Han, CFA 57,600 70,800 22.9% 205 0.31 HSX 100% 16.9% 34.6 6,385 5,829 6,461 23.6% (8.70%) 10.8% 9.02 9.88 8.92 1.91 1.90 1.87 8.68% 8.68% 9.55% 21.2% 19.2% 21.1% BMP
Consumer: Consumer Staples - F&B, Tobacco 14.4% 2,886 5.38 23.6% (8.70%) 10.8% 9.02 9.88 8.92 1.91 1.90 1.87 8.68% 8.68% 9.55% 21.2% 19.2% 21.1% BMP
KDC KIDO Group Add Tran Huong My 61,600 56,000 (9.09%) 553 3.65 HSX 100% 78.0% 432 987 1,766 1,952 247% 79.0% 10.5% 62.4 34.9 31.6 2.46 2.39 2.30 1.62% 1.62% 1.62% 3.51% 6.95% 7.43% KDC
MPC Minh Phu Seafood Corp. Add Truong Hong Kim 38,600 47,700 23.6% 335 0.40 UPCoM 49.0% 11.4% 38.2 3,360 3,979 4,511 46.3% 18.4% 13.4% 11.5 9.70 8.56 1.50 1.59 1.44 5.18% 13.0% 5.18% 13.3% 15.9% 17.7% MPC
MSN Masan Group Buy Bui Nguyen Cam Giang, CFA 111,600 134,000 20.1% 5,700 10.9 HSX 49.0% 67.1% 3,823 1,050 2,195 4,281 (78.0%) 109% 95.0% 106 50.8 26.1 8.23 4.68 3.97 1.34% - - 4.20% 11.7% 16.5% MSN
QNS Quang Ngai Sugar Add Bui Nguyen Cam Giang, CFA 40,400 47,000 16.3% 529 1.31 UPCoM 49.0% 32.3% 171 3,450 4,091 4,512 (19.3%) 18.6% 10.3% 11.7 9.87 8.95 1.84 1.72 1.58 6.19% 6.19% 6.19% 16.1% 18.2% 18.6% QNS
SAB Sabeco Buy Tran Huong My 166,500 232,500 39.6% 4,639 1.94 HSX 100% 37.2% 1,724 7,370 8,403 9,828 (6.53%) 14.0% 17.0% 22.6 19.8 16.9 5.35 4.69 4.04 2.10% 2.10% 2.10% 24.4% 25.2% 25.6% SAB
VHC Vinh Hoan Corp. Reduce Bui Nguyen Cam Giang, CFA 43,400 41,100 (5.30%) 343 2.41 HSX 100% 77.5% 266 3,953 3,905 4,395 (35.8%) (1.23%) 12.6% 11.0 11.1 9.88 1.53 1.42 1.31 4.61% 4.61% 4.61% 14.3% 13.9% 14.5% VHC

VNM Viet Nam Dairy Products Add Tran Huong My 89,200 102,900 15.4% 8,104 17.0 HSX 100% 45.1% 3,654 4,780 4,724 4,855 (12.7%) (1.19%) 2.78% 18.7 18.9 18.4 5.96 5.72 5.45 4.25% 4.60% 4.60% 37.8% 34.3% 33.8% VNM

Consumer: Consumer Discretionary - Durables & Apparel (10.2%) 461 1.34 (12.7%) (1.19%) 2.78% 18.7 18.9 18.4 5.96 5.72 5.45 4.25% 4.60% 4.60% 37.8% 34.3% 33.8% VNM
PNJ Phu Nhuan Jewelry Buy Bui Nguyen Cam Giang, CFA 99,300 125,500 26.4% 982 2.99 HSX 49.0% 0% 0 4,319 5,843 7,181 (11.8%) 35.3% 22.9% 23.0 17.0 13.8 4.27 3.58 3.01 1.61% 1.81% 1.81% 21.8% 24.9% 25.3% PNJ
STK Century Synthetic Fiber Buy Che Thi Mai Trang 40,200 44,700 11.2% 119 0.12 HSX 49.0% 37.6% 44.8 2,120 3,962 4,951 (33.6%) 86.9% 25.0% 19.0 10.1 8.12 2.53 2.19 1.84 3.73% 3.73% 3.73% 13.4% 23.1% 24.6% STK

TCM Thanh Cong Text. Garment Sell Che Thi Mai Trang 91,000 29,086 (68.0%) 282 0.93 HSX 49.0% 4.76% 13.4 4,015 4,240 4,016 24.0% 5.58% (5.28%) 22.7 21.5 22.7 3.98 3.54 3.20 0.48% 0.67% 0.67% 18.1% 17.5% 14.8% TCM

Consumer: Consumer Discretionary - Retailing (0.01%) 1,738 4.86 24.0% 5.58% (5.28%) 22.7 21.5 22.7 3.98 3.54 3.20 0.48% 0.67% 0.67% 18.1% 17.5% 14.8% TCM
FRT FPT Retail Hold Tran Huong My 29,400 28,300 (3.74%) 101 1.44 HSX 49.0% 34.2% 34.5 304 1,621 1,998 (88.4%) 434% 23.2% 96.8 18.1 14.7 1.91 1.84 1.73 3.40% 3.40% 3.40% 1.99% 10.7% 12.5% FRT

MWG Mobile World Inv't Corp. Buy Tran Huong My 166,500 172,700 3.72% 3,375 8.27 HSX 49.0% 0% 0 8,654 10,766 13,466 (0.03%) 24.4% 25.1% 19.2 15.5 12.4 4.87 3.94 3.13 0.90% 0.90% 0.90% 28.4% 28.6% 28.5% MWG

Technology, Communications & Internet: Information Technology 0.95% 1,957 6.57 (0.03%) 24.4% 25.1% 19.2 15.5 12.4 4.87 3.94 3.13 0.90% 0.90% 0.90% 28.4% 28.6% 28.5% MWG
DGW Digiworld Corp Hold Tran Huong My 137,000 130,300 (4.89%) 256 1.67 HSX 49.0% 22.6% 57.9 6,038 8,610 10,175 52.4% 42.6% 18.2% 22.7 15.9 13.5 5.15 4.09 3.27 0.73% 0.73% 0.73% 25.2% 28.9% 27.1% DGW

FPT FPT Corp Add Truong Thu My 92,700 99,000 6.80% 3,657 11.5 HSX 49.0% 0% 0 4,513 4,927 5,716 (2.36%) 9.19% 16.0% 20.5 18.8 16.2 4.62 4.77 4.84 1.08% 1.62% 1.73% 23.8% 26.8% 29.7% FPT

Health Care: Pharmaceuticals, Biotech. & Life Sciences 9.21% 537 0.16 16.6% 0.95% 5.90% 17.4 17.2 16.2 3.47 3.18 2.90 4.23% 3.17% 3.17% 21.3% 19.9% 19.3% DHG

DHG DHG Pharmaceutical JSC Hold Bui Nguyen Cam Giang, CFA 94,500 103,200 9.21% 537 0.16 HSX 100% 45.4% 244 5,443 5,495 5,819 16.6% 0.95% 5.90% 17.4 17.2 16.2 3.47 3.18 2.90 4.23% 3.17% 3.17% 21.3% 19.9% 19.3% DHG

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 Strategy Report 07 July 2021

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