1.

The average return of each individual stock

Before we set up some portfolios, we have calculated the average return on

each VIC, FPT, BID, MSN, VJC

Using the 500 data sets, we will look at the closing prices of the 5 stocks: VIC,
FPT, BID, MSN, VJC from April 1, 2020 to March 31, 2022, using the excel
software we aggregate the table values of the securities as follows:

AVERAGE RETURN OF EACH INDIVIDUAL STOCK

Stock Average return ( date) Average return ( annual)

VIC 0,007% 1,842%

FPT 0,201% 65,783%

BID 0,088% 24,825%

MSN 0,240% 82,745%

VJC 0,083% 23,202%

After calculating the annual average return on equity, all the stocks we
recommended have a positive return, showing high growth prospects. As seen in the
table, in those 500 days, MSN shares have the highest average return with 0,249%
per day and 82,745% per year, while VIC shares have the lowest interest rates with
0,007% per day and 1,842% per year.

According to the data, FPT and MSN have the highest average return per year
despite being affected by the Covid 19 epidemic.

About FPT

1-year statistics show that the market price of HPG shares (after adjustment)
of Hoa Phat Group Joint Stock Company has 2,5 times despite the Covid-19
epidemic. In the fourth quarter of 2021, FPT maintained a positive growth with
revenue of VND 10,704 billion, up 23.5% over the same period last year; profit after
tax (NPAT) in the fourth quarter of 2021 reached VND 1,560 billion, up 24.5% over
the same period last year. Accumulated in the whole year of 2021, revenue reached
VND 35,657 billion, up 19.5% over the same period last year; EAT reached 5,345
billion dong, up 20.8% over the same period last year.

The company's profit mainly comes from the profits of export software and
telecommunications. Foreign information technology services brought in revenue of
14,541 billion dong, up 21.2%, profit before tax of 2,423 billion dong, up 23%,
accounting for 38% of the Group's profit before tax. Telecommunication services
brought in revenue of 12,079 billion dong, up 11.2%, profit before tax of 2,119
billion dong, up 16.5%, accounting for 33%.

In 2021, FPT has signed a framework cooperation agreement with 19

provinces out of 40 that have access to digital transformation along with large
contracts with reputable enterprises such as Dat Xanh, Thaco, Stavian. The story is
mixed for Broadband and Pay TV.

For the broadband segment, FPT expects subscriber growth of only about 15%
because internet coverage per household in Vietnam is already at a high level of 60%.
Besides, this segment's profit margin will also gradually decrease because new
subscribers apply low rates in the provinces. Meanwhile, the PayTV segment is
expected to grow by over 20% in the coming years based on the high demand for
digital television in households, especially from young families.

FPT plans to increase EBT of the education-others segment by about 30%

based on: firstly, the demand for information technology training increases sharply.
In 2021, FPT's new enrollment target will increase sharply by over 50%, the
university sector alone will increase by 70%; second, FPT promotes the expansion
of the education system. In 2021, FPT has signed a memorandum of understanding
with 20 provinces to open 1-2-3 local schools.

Growth expectations in 2022

 For the domestic information technology segment, FPT expects a 3-year
CAGR of not lower than 30%, of which, in 2022, PBT is expected to grow by 50%
with the motivation from digital transformation. FPT will focus on developing
Madeby-FPT products, powerful AI applications targeting corporate customers in
banking, finance, manufacturing, real estate and public administration, with the goal
of completing the suite after 3 years. solutions for businesses with 80% of FPT and
20% of foreign countries.

According to the analysis of KB Securities Vietnam (KBSV) experts, the

revenue in 2022 is estimated at 42,970 billion VND, up 20.5% over the same period
last year, up 5% compared to the old forecast based on the following factors:

Firstly, technology revenue grew by 26% YoY, reaching VND26,124 billion

with higher growth expectations than the old forecast of the domestic information
technology segment.

Second, telecommunications revenue is estimated at 14,052 billion dong, up

10.8% over the same period last year, of which telecommunications services
increased by 11% YoY with the motivation from PayTV segment.

Third, G&A expenses/revenue are forecast at 12.7%, down 13 basis points

from the same period last year, reflecting the effectiveness of digital transformation
and efforts to reduce costs on the part of businesses. Pre-tax profit in 2022 is forecast
to reach VND 6,399 billion, up 19.7% over the same period last year. EAT of parent
company is expected to reach VND 5,187 billion, up 19.7% over the same period
last year, EPS is expected to reach VND 5,716/share.

About MSN

MSN's share price has grown significantly in recent times from 49,200
VND/share to 142,200 VND/share, nearly 3 times higher. Last year, Masan achieved
VND 88,629 billion in revenue, up 14.8%. Net profit after tax allocated to
shareholders increased by 593.9%, reaching VND8,563 billion, 7 times higher.
 Also in 2021, Masan raised up to 2.3 billion USD from big funds such as SK
Group or Alibaba investment group and Baring Private Equity Asia, to other world
leading investment funds such as TPG, ADIA , SeaTown (belonging to Temasek) is
mainly thanks to its methodical strategy and execution capacity, reflected in its
business results.

The above promising business results are consolidated from the positive
growth results of all business segments of Masan. In particular, WinCommerce
(WCM) achieved net revenue of VND 30.9 trillion in 2021, relatively stable
compared to the same period last year, although there are 618 fewer points of sale
from the beginning of 2021 compared to the beginning of 2020. Although the impact
of the COVID-19 pandemic limited the expansion of the system, WCM still opened
388 WinMart+ stores in 2021.

Growth expectations in 2022

In 2022, Masan will digitize the platform from production, logistics to

distribution to serve 100 million Vietnamese consumers. This step not only helps to
optimize 10% of operating costs, but also effectively uses AI (artificial intelligence)
and machine learning (machine learning) technologies to improve customer
understanding to serve products. best service.

Masan's revenue in 2022 is estimated at 90 to 100 trillion VND. The growth

driver mainly comes from The CrownX (TCX). TCX achieves net revenue of VND
58 trillion in 2021, contributing more than 65% of Masan's consolidated net revenue
in 2021. It is expected that net revenue in 2022 will be in the range of VND 68,000
- 76 trillion, up from 17 - 31% compared to 2021.

About BID

BID announced the profit before tax in 2021 reached VND 13.6 trillion. With
better safety indicators expectations, bad debt ratio and the rate of bad debt covering
at the best history is 0.98% and 219%, the CAR coefficient improves nearly 9%. We
believe that high provisioning in 2021 will reduce bad debts and create a land growth
for credit growth in 2022. We estimate that profit before tax in 2022 reached VND
19.4 trillion (+ 42.4% over the same period), mainly due to credit growth and deposit
10% and 10.4% respectively, NIM decreased by 12 BPS compared to the same
period and lower credit costs at 1.76%. The capital increase plan in 2020 may be
more favorable this year, when the impact of Covid-19 pandemic is at a lighter level.
We maintain neutral recommendations for stocks.

About VIC

In Vingroup's financial statements, for the whole year of 2021, Vingroup

reached 125,306 Ratio of resistant revenue, up 13% over the same period last year.
Profit before tax reached VND 3,346 billion, loss after tax was VND 7,523 billion.
The main source of revenue is still from the real estate segment, earning 78,800
billion VND, accounting for 63% of total revenue. Production and related services
(Vinfast, technology) achieved revenue of VND 17,263 billion, accounting for 14%
of total revenue, and recorded a pre-tax loss of VND 23,948 billion. Vingroup
chairman Pham Nhat Vuong once answered the press that Vinfast expects to suffer
a loss in the first 5 years.

As such, the array is more than half way there. According to the plan, in the
next 2 years, there will be payment in the international market, while the Vietnamese
market will still make up for losses because of the investment costs to build
infrastructure for electric vehicles.

Thus, in general, Vingroup is still an optimistic stock with "nice" financial

statements, maintaining a high level. However, the investment in the auto segment
could cause this business to continue to lose money, not ruling out prolonging the
growth of the consolidated report.

In the long run, after completing the eco-system for electric vehicles in
Vietnam and selling well in the world, it is completely possible to believe that VIC
investors will collect dividends as a good buying / selling price difference.

About VJC
 Aviation stocks have increased strongly in recent years, VJC on March 31 had
a market price of 140,500 VND/share, up 41.5% compared to the beginning of April
2020. The average return with 0,083% per day and 23,202%per year. In the fourth
quarter of 2021, Vietjet's revenue from air transport reached VND 2,789 billion,
down compared to the same period last year. However, for the whole year of 2021,
Vietjet achieved consolidated revenue of 12,998 billion VND, consolidated profit
after tax reached 100 billion VND, up 46% compared to 2020.

Growth expectations in 2022

In 2022, thanks to an effective vaccination strategy, the number of domestic

and international passengers is forecast to reach 30 million and 5 million passengers,
up 89.9% and 4,661% respectively over the previous year. Low-cost airlines like
VJC will have better resilience due to their young fuel-efficient fleets and their
dominant position in the domestic and international markets in short distances.
Besides, with the plan to continue to expand the fleet by about 8 aircraft this year,
VJC will capture the recovery of the industry in the post-pandemic period.