March 20th 2019

The Vietnam Daily HO CHI MINH CITY SECURITIES CORPORATION

Markets at a Glance HSX HNX MARKET COMMENTARY

1 day chg (%) -0.43% -0.40%
Close 1002.30 109.62 Both the VN Index and HN Index started and closed down, however, after-
Volume (share) 299,014,177 49,393,895 noon rallies on both bourses saw losses pared to less than half a percent,
Value (USDmn) 340.25 32.10 with both closing significantly higher than intraday lows. Turnover soared
today in Ho Chi Minh, as a result of trades in VRE, while Hanoi remained at
Gainers 121 94
higher but unremarkable levels. Market breadth today was marginally wider,
Losers 186 81 as we saw 36 stocks hit the ceiling, while 23 stocks fell to the floor. Foreign
Unchanged 74 203 trading activity rose significantly today in both percentage terms and higher
in absolute terms. Today foreigners were net buyers in Ho Chi Minh but
Foreign Activity turned net sellers in Hanoi. The put through market was markedly higher due
Foreign Buy (USDmn) 137.18 to the trades mentioned above, being dominated by an extraordinary deal in
Foreign Sell (USDmn) 134.52 VRE. However, we also saw massive deals in MSN and TCB, as well as very
large deals in GTN and ACB, as well as large deals in EIB and VCG going
Foreign Net (USDmn) 2.66
through.
Foreign Turnover (%) 36.48%
Foreigners were active buyers and sellers of VRE; VCB; NVM; HPG and
Industry Movers (composite) 1D chg Weight
MSN, being net buyers of VCB and HPG, and net sellers of the rest.
Materials +0.48% 3.96%
Consumer Staples +0.16% 18.13% • Bank shares extended losses today, led by BID; EIB and ACB. STB and
Consumer Discretion -0.16% 2.94% MBB were the lone stocks to advance.
Financials -0.20% 26.19%
• Non-banks shares again fared poorly overall, despite gains by BVH and
Health Care +0.68% 1.04% VND. Insurer PVI as well as brokers SSI; HCM and VCI all fell.
Industrials +0.06% 7.03%
• Consumer and retail names were mixed to lower, as losers led by MSN;
Energy -0.68% 2.88%
KDC and PNJ outnumbered gainers led by VNM. QNS marked time.
Information Technology -0.60% 0.96%
Utilities -0.31% 8.58% • Tech stocks continued on a downward trajectory.
Real Estate -1.32% 27.99%
• Manufacturing names, on the other hand, recovered well as losers AAA
and STK were outnumbered by gainers led by DRC; RAL and HHS by
more than five to one. EVE was unchanged.

• Resource names fell back today, led by PVD and GAS, as PVS failed to
trouble the scorers.

• Real estate and construction stocks accelerated losses today, as

losers led by VRE; VHM and KBC outnumbered gainers led by CII by
around four to one. CTI marked time.

Head Office • Agriproducts and aquaculture stocks were also weaker, as GTN led
Level 5 & 6, AB Tower the stocks in retreat, which outnumbered gainers led by PAN by two to
76 Le Lai St., District 1, HCMC one. BFC; CFG and HNG all trod water.
T: (+84 28) 3 823 3299
F: (+84 28) 3 823 3301 • Pharmaceutical stocks were again higher, led again by TRA.
Hanoi Office
Level 2, Cornerstone building
• Utilities, transport and logistics stocks were mixed to lower, as trans-
16 Phan Chu Trinh, port names suffered, while PPC and other utilities gained on news of
Hoan Kiem District higher electricity prices. VJC marked time.
T: (+84 24) 3 9334693
F: (+84 24) 3 9334822 Vietnamese stocks extend their decline – The VN Index was sharply
down in the morning session, but rallied in the afternoon to pare losses to
http://www.hsc.com.vn around 40 bps. Hanoi followed a similar pattern, albeit trading in a narrower
HCMS <GO> band. Despite firmer oil prices and little movement in the US dollar, regional
bourses were weaker in general, in line with our domestic markets.
Please read the important disclaimer at
the end of the document.
Page 1 (Continued overleaf)
 March 20th 2019

The Vietnam Daily HO CHI MINH CITY SECURITIES CORPORATION

BANKS Closing
price
% change MARKET COMMENTARY
VCB 66,700 -0.1%
The recovery in the afternoon supports our view that a significant market cor-
CTG 23,000 -0.4%
rection is less likely than a period of consolidation, before the market is ready to
BID 36,100 -1.4%
breakout above 1,010pts.
EIB 17,400 -1.1%
ACB 31,000 -1.0% The shortest of the four futures contracts today outperformed the VN30 Index
STB 12,800 0.8% cash equities market, returning to a premium of 1.08 index points ahead of its
MBB 22,950 1.3% maturity date, while the three longer dated contracts saw discounts expand again
VPB 21,750 -0.7% to 11.42-13.62 index points, although there was a shift in order with the longest
HDB 31,750 -0.5%
dated contract now the most discounted. Selective large cap selling today no
doubt exacerbated declines in the morning session, however, we see little change
TCB 26,600 -0.6%
in the overall narrative.
NON-BANKS Closing price % change
BVH 97,600 2.4% In terms of sectors, apart from manufacturing and pharma names, which per-
PVI 36,000 -0.8% formed well, banks continued their decline, with real estate and construction
SSI 28,550 -1.2%
stocks, as well as resource names, being particularly out of favor. In Ho Chi Minh
today there were no contributors of any note, while Vingoup stablemates VHM;
HCM 30,400 -0.3%
VRE and VIC, in that order, as well as GAS and MSN were providing the head-
VND 17,350 0.3%
wind. In Hanoi the pattern was repeated, with no significant contributors, while
VCI 40,500 -1.2% ACB; VCS and SHB stood out for their negative contributions.
CONSUMER Closing % change
AND RETAIL price In local macro and general news - After their rebalancing dates, the fund certifi-
VNM 138,500 1.2% cates of the two largest ETFs (FTSE & VNM ETFs) continue to show a premium
MCH 97,500 0.1% and cash inflows. Today the VNM ETF is buying shares in the domestic market,
MSN 85,000 -2.3% which may be providing some partial support. E1VFVN30 cash inflows continue.
KDC 22,250 -1.1%
Large demand for the E1VFVN30 may be judged from the strong demand from
foreign investors, mainly Korean and Thai. From the beginning of 2019 to date,
KDF 27,300 -0.4%
foreign investors have net bought VND 1,121 billion in this fund.
SAB 249,500 0.6%
BHN 82,000 -0.6%
Monthly fund flow FTSE VNM ETF E1VFVN30 i-shares ETF Total
QNS 43,000 0.0% (US$ million) Vietnam Index
PNJ 101,500 -0.8% Mar-19 5.2 8.4 20.2 - 33.8
MWG 88,500 -0.7% Feb-19 20.8 45.8 22.9 - 89.5
TECHNOL- Closing price % change Jan-19 (0.4) - 4.4 4.2 8.2
OGY Dec-18 - 0.8 17.0 (6.7) 11.2
FPT 45,450 -0.5%
Nov-18 (6.0) (3.9) 0.1 (5.5) (15.3)
YEG 95,700 -6.9% Oct-18 (16.3) (12.1) (3.4) (4.0) (35.8)
MANUFACTUR- Closing % change Sep-18 (6.9) 3.3 3.9 (7.1) (6.8)
ING price
Aug-18 1.0 (0.8) 10.2 (17.2) (6.8)
AAA 15,950 -0.3%
Jul-18 (9.5) (1.6) 2.4 4.4 (4.3)
BMP 51,800 1.2%
Jun-18 4.5 0.8 (11.6) (21.9) (28.1)
DQC 28,700 1.1%
May-18 13.2 (18.3) 10.7 (66.3) (60.7)
DRC 24,200 2.1%
Apr-18 3.2 13.7 (5.5) (31.3) (19.9)
EVE 15,650 0.0%
Mar-18 - (5.5) (31.5) 19.2 (17.8)
HHS 4,160 1.5%
Feb-18 (12.5) 3.5 (3.5) 12.1 (0.4)
HPG 32,300 1.3%
Jan-18 4.2 42.0 85.2 4.5 135.9
HSG 9,150 0.4%
PAC 39,000 0.8%
ETF’s name Fund Flow YTD in Size in US$ Million Weighting of
NKG 7,310 1.0%
US$ Millions Vietnamese stocks
RAL 86,500 1.8%
FTSE Vietnam ETF 25.5 - 100.0%
STK 22,200 -0.4%
VNM ETF 54.2 417.0 72.3%
TCM 32,400 0.6%
E1VFVN30 ETF 47.6 245.5 100.0%
TMT 8,420 0.2%
iShare MSCI Frontier 4.2 509.2 18.2%
100 ETF
Page 2 (Continued overleaf)
 March 20th 2019

The Vietnam Daily HO CHI MINH CITY SECURITIES CORPORATION

RESOURCE Closing % change

price
GAS 102,200 -1.3% MARKET COMMENTARY
PVD 18,600 -1.6%
PVS 22,100 0.0% According to Mr. Hoang Quoc Vuong, Deputy Minister of Industry and Trade, the
PXS 4,600 -1.1% retail price of electricity will increase by 8.36% from today (March 20). Under
PLX 61,700 -0.6% plans by the Ministry of Industry and Trade, an electricity price increase 8.36% will
REAL ESTATE & Closing % change see the average retail price of electricity increase from VND 1,720.65/kWh cur-
CONSTRUCTION price rently to over VND1,864/kWh. Utility stocks all appeared to react positively, with
CII 25,500 2.4% PPC and BTP hitting the ceiling, while other stocks, such as NT2; PGV; CHP et
CTD 141,900 -0.3% all also made strong gains.
CTI 25,200 0.0%
The Ministry of Industry and Trade said that it has coordinated with the General
DIG 16,200 0.3%
Department of Statistics, Ministry of Planning and Investment to assess the im-
DXG 23,450 -0.2%
pact of electricity price adjustment plans on CPI, PPI and GDP growth. It would
HBC 19,700 -1.3% appear that these plans to adjust electricity prices may lead to increases in CPI
KBC 15,200 -1.9% in the order of 0.26-0.31%, increases in PPI in the order of 0.15-0.19%, a reduce
KDH 31,600 0.3% GDP by around 0.22-0.25%. We note that our initial CPI forecast of 3.5% made
NLG 27,650 -0.2% earlier this year already included an estimated 7.5% increase of electricity prices.
NVL 58,300 -0.2% While a higher hike of 8.36% will add somewhat to our initial forecast, at around
SJS 23,350 -2.1%
0.05% we feel it is insignificant. Therefore, we maintain our guidance on CPI for
this year at 3.5%.
VIC 120,200 -0.7%
VRE 36,150 -4.1%
VHM 92,200 -1.9%
TDH 12,250 -1.6% Edward Alexander Gordon
AGRIPROD- Closing % change
UCTS & price
AQUACULTURE
BFC 25,100 0.0%
DPM 20,200 0.7%
GTN 19,100 -4.7%
PAN 39,000 1.6%
SBT 18,600 -0.5%
VHC 90,000 -0.3%
VFG 39,500 0.0%
HAG 5,520 -0.5%
HNG 15,000 0.0%
PHARMACEUTI- Closing % change
CAL price
DHG 117,200 0.2%
DMC 76,500 0.0%
IMP 52,000 0.0%
TRA 81,500 5.4%

Utilities; Closing % change

logistics and price
transportation

GMD 27,700 -0.5%

NT2 28,000 3.3%
NCT 72,000 0.7%
PPC 25,850 6.8%
VSH 17,150 0.3%
VNS 14,400 -1.4%
VSC 43,100 -0.5%
ACV 86,600 -1.8%
HVN 42,300 -0.7%
VJC 119,800 0.0%

Page 3
 March 20th 2019

The Vietnam Daily HO CHI MINH CITY SECURITIES CORPORATION

Today’s HCMC Market

HSX - Intraday Movement
HCMC - The VN index fell today as turnover expanded to VND 7,927.9 billion or
US$ 340.25 million. The index lost 0.43% and closed at 1002.3. 121 stocks up
1,004

1,002

1,000
while 186 stocks down. And 14 stocks went to the ceiling while 10 stocks dropped
998 to the floor. Foreigners accounted for 40.29% of the buying value and 39.42% of
996 the selling value.
994

Foreign buying rose in actual terms and also in percentage terms. While foreign
992

990

988
selling also rose in actual terms and also in percentage terms. Foreigners turned
986 net buyers to the tune of VND 69.29 billion worth of shares in HCMC. And we saw
thirty two transactions in the put through market today.
9:15
9:25
9:35
9:45
9:55
10:05
10:15
10:25
10:35
10:45
10:55
11:05
11:15
11:25
13:00
13:10
13:20
13:30
13:40
13:50
14:00
14:10
14:20
14:30
14:40
14:50

Foreigners were active buyers of VRE; VCB; VNM; HPG and MSN. They also
actively sold VRE; VNM; VCB; MSN and HPG. The put through market was more
active today with four enormous; one super jumbo; five jumbo; eight large and
some medium sized & smaller deals accounting for 50.47% of total turnover.

We saw 66,565,860 shares of VRE; 6,445,800 shares of MSN; 19,248,800 shares

of TCB; 9,041,960 shares of GTN and 4,780,000 shares of EIB going through.
Foreigners were less active in the put through session in the VRE & MSN deals
and then twelve other smaller deals today in the market.

E1VFVN30 was down 0.39% today closing at VND 15,240.

Page 4
 March 20th 2019

The Vietnam Daily HO CHI MINH CITY SECURITIES CORPORATION

Today’s hanoi Market

HNX - Intraday Movement
Hanoi – The Hanoi market went down today while turnover came to VND 747.95
110 billion or US$ 32.10 million. The HN index was down 0.40% to close at 109.62.
110
94 stocks up while 81 stocks down. And 22 stocks went to the ceiling while 13
110

109
stocks dropped to the floor. Foreigners accounted for 0.27% of the buying value
109 and 1.23% of the selling value.
109

Foreigners were net sellers to the tune of VND 7.25 billion worth of shares. And
109

109

108 we saw eleven medium and small sized deals today during more active put
108
through session in Hanoi accounting for 33.93% of total turnover.
108
9:00
9:10
9:20
9:30
9:40
9:50
10:00
10:10
10:20
10:30
10:40
10:50
11:00
11:10
11:20
12:55
13:05
13:15
13:25
13:35
13:45
13:55
14:05
14:15
14:25
14:45
14:55

We saw 4,033,500 shares of ACB; 1,700,034 shares of VCG and 2,077,900

shares of VC3 along with some smaller transactions in the put through market
today.

Page 5
 March 20th 2019

The Vietnam Daily HO CHI MINH CITY SECURITIES CORPORATION

Recommendation Tracking Table

Positions closed
Stock Date buy Entry price Date sell Exit price Profit/Loss (%)
1 MBB 23-Dec-16 11 9-May-18 31.2 174%
2 VPB 6-Dec-17 40 16-May-18 48.3 20.8%
3 HDG 20-Dec-17 33 25-May-18 39.55 19.9%

Short-term Portfolio (1-4 months horizon)

No existing long position

Medium-term Portfolio (4-8 months horizon)

No existing long position

Markets overview
Trend Trend Momentum Resistance Support Brief comments
6 months 1 month status
VN-index Down Up Negative 1010-1015 ** 990 ** The market retreated again at 1002 and
1025-1030 ** 965 ** has remained in a narrow range. A recovery
attempt likely be seen. The next resistance
level at 1025-1030 if the VN-index can break
above 1010-1015. The support at 990.
VN-30 Down Up Negative 945 ** 915 ** VN30 retreated to 924 and it has consolidat-
965-970 ** 875-880 ** ed in a narrow range for 5 days. A recovery
attempt may be seen. The resistance at 940-
945 while the nearest support is at 915.
HNX-index Down Up Negative 112 ** 102 ** Resistance at 112, support at 102.
115 ** 95 ***

Note: The tables rank importance of levels by stars: * (Weak), ** (Moderate), *** (Strong)

Page 6
 March 20th 2019

The Vietnam Daily HO CHI MINH CITY SECURITIES CORPORATION

VN30 Index Rebalancing

Technical Comment
• HOSE’s semi-annual review of the VN30 Index has been completed, and the VN30 will add EIB, TCB, HDB, and VHM as
constituents as of 4 Feb, dropping BMP, PLX, HSG, KDC. Please note that the index will not actually trade in this configu-
ration until 11 Feb due to the Tet holiday market closure.

• HSC’s analysis of the last 6 semi-annual rebalances shows that buying -10 and -5 trading days before index inclusion is
a strong trade on both an absolute and relative basis, with absolute returns of +6.4%/+4.1% respectively and only 1 down
observation.

• On a relative basis versus the VN30 buying the adds -10 and -5 trading days before inclusion produces average returns of
+6.0% and +3.2% vs VN30 with 1 and 0 down observations, respectively.

• 10 trading days before the official rebalance date would be Jan 21, and 5 days Jan 28, so we are currently in a sweet spot
for the rebalancing trade.

• EIB (Hold, PT14,700) and TCB (Buy, PT35,800) have little or no foreign share availability, but HDB (Outperform, PT39,700)
and VHM (Not Rated) can be traded.

• There appear to be no consistent trades around companies being dropped from the index.

Relative Performance, Index Adds, versus Rebalance Date

Trading Days around Rebalance Date

- 20 - 10 -5 -3 -2 -1 +1 +2 +3 +5 +10 +20

1H16 10.7% 5.0% 1.1% 0.9% (0.4%) (1.5%) 0.0% (0.5%) 2.2% 2.2% (2.1%) (0.7%) 3.0%
2H16 (3.1%) (0.8%) 0.5% 2.2% 2.9% 1.4% 0.0% (2.1%) (2.4%) (4.8%) (2.4%) (4.2%) 2.0%
1H17 2.7% 6.5% 3.5% 3.3% 1.3% 0.1% 0.0% (0.1%) 0.1% (0.8%) (0.2%) 0.1% (0.4%)
2H17 12.8% 9.5% 5.7% 2.5% 1.9% 0.0% 0.0% (1.0%) (1.9%) (1.7%) (2.8%) (1.4%) (0.4%)
1H18 14.7% 8.9% 6.1% (1.2%) (3.3%) (0.1%) 0.0% (0.0%) (0.8%) (0.2%) (1.1%) 0.0% (0.6%)
2H18 (1.6%) 6.8% 2.6% (3.3%) (1.6%) (2.6%) 0.0% (1.2%) (1.8%) (4.0%) (2.5%) (3.3%) (5.2%)
Average 6.0% 6.0% 3.2% 0.7% 0.1% (0.4%) 0.0% (0.8%) (0.8%) (1.5%) (1.8%) (1.6%) (0.3%)

Relative Performance, Index Drops, versus Rebalance Date

Trading Days around Rebalance Date

- 20 - 10 -5 -3 -2 -1 +1 +2 +3 +5 +10 +20

1H16 3.2% 1.7% (1.6%) (0.4%) (0.5%) (1.5%) 0.0% 0.2% 0.3% 1.4% 3.6% 4.6% 9.0%
2H16 (2.5%) (1.0%) (1.1%) (1.5%) (0.4%) 1.9% 0.0% 2.6% 1.9% 0.2% (0.7%) (3.9%) (6.4%)
1H17 (2.0%) (1.3%) (0.8%) (2.5%) (1.5%) (0.6%) 0.0% 1.5% 0.9% (0.4%) 3.7% 6.5% 20.6%
2H17 2.1% 0.1% (3.8%) (2.8%) (2.4%) (1.4%) 0.0% (0.3%) 1.0% 0.6% 0.4% (3.0%) (5.3%)
1H18 4.9% (1.6%) 4.5% 5.5% 1.1% 3.2% 0.0% (1.3%) (7.9%) (13.4%) (11.8%) (17.7%) (21.2%)
2H18 (7.0%) (5.0%) (2.4%) (1.2%) (0.7%) 1.2% 0.0% 0.1% (0.3%) (0.4%) 1.9% 3.1% 11.3%
Average (0.2%) (1.2%) (0.9%) (0.5%) (0.7%) 0.5% 0.0% 0.5% (0.7%) (2.0%) (0.5%) (1.7%) 1.3%

Page 7
 March 20th 2019

The Vietnam Daily HO CHI MINH CITY SECURITIES CORPORATION

VN30 Index Rebalancing

Absolute Performance, Index Adds, versus Rebalance Date

Trading Days around Rebalance Date

- 20 - 10 -5 -3 -2 -1 +1 +2 +3 +5 +10 +20

1H16 7.1% 3.0% 5.0% 4.2% 4.0% 2.8% 0.0% (1.9%) 1.6% 1.2% (2.8%) (1.3%) 4.5%
2H16 (0.1%) (1.2%) (3.9%) 0.4% 1.3% 1.2% 0.0% (1.9%) (1.4%) (3.0%) (2.1%) (7.1%) 4.3%
1H17 5.0% 6.1% 3.9% 3.6% 2.0% 0.2% 0.0% 0.5% 1.6% 2.0% 2.8% 4.4% 4.4%
2H17 8.7% 6.6% 3.5% 1.4% 0.9% 0.2% 0.0% 0.2% 0.3% 0.3% 0.9% 3.2% 1.6%
1H18 29.2% 13.6% 10.7% 0.1% (3.2%) (0.8%) 0.0% 0.2% (0.9%) (1.1%) (6.7%) (5.6%) (0.3%)
2H18 (6.7%) 10.4% 5.6% (3.7%) (2.7%) (2.1%) 0.0% (2.0%) (3.5%) (5.1%) (1.6%) (2.4%) (3.7%)
Average 7.2% 6.4% 4.1% 1.0% 0.4% 0.3% 0.0% (0.8%) (0.4%) (0.9%) (1.6%) (1.5%) 1.8%

Relative Performance, Index Adds, versus Rebalance Date

Trading Days around Rebalance Date

- 20 - 10 -5 -3 -2 -1 +1 +2 +3 +5 +10 +20

1H16 (0.4%) (0.3%) 2.3% 2.9% 3.9% 2.7% 0.0% (1.2%) (0.3%) 0.4% 2.9% 4.0% 10.5%
2H16 0.5% (1.5%) (5.5%) (3.4%) (1.9%) 1.8% 0.0% 2.8% 2.9% 2.0% (0.4%) (6.8%) (4.1%)
1H17 0.2% (1.8%) (0.4%) (2.1%) (0.8%) (0.4%) 0.0% 2.1% 2.4% 2.4% 6.7% 10.8% 25.5%
2H17 (2.0%) (2.7%) (5.9%) (3.9%) (3.4%) (1.2%) 0.0% 0.8% 3.2% 2.5% 4.0% 1.6% (3.4%)
1H18 19.3% 3.1% 9.1% 6.8% 1.2% 2.5% 0.0% (1.1%) (8.0%) (14.3%) (17.4%) (23.3%) (20.9%)
2H18 (12.2%) (1.4%) 0.6% (1.6%) (1.7%) 1.7% 0.0% (0.7%) (2.0%) (1.5%) 2.8% 4.0% 12.8%
Average 0.9% (0.8%) 0.0% (0.2%) (0.4%) 1.2% 0.0% 0.5% (0.3%) (1.4%) (0.2%) (1.6%) 3.4%

Page 8
 March 20th 2019

The Vietnam Daily HO CHI MINH CITY SECURITIES CORPORATION

Market activity
HSX HNX

Top 5 Gainers Top 5 Losers Top 5 Gainers Top 5 Losers

Ticker Price Chg % Ticker Price Chg % Ticker Price Chg % Ticker Price Chg %

NVT 9.3 0.6 7.0 OGC 5.2 -0.4 -7.0 CSC 17.7 1.6 9.9 TTZ 8.3 -0.9 -9.8
TDW 29.9 2.0 7.0 TLD 6.5 -0.5 -7.0 SAF 58.7 5.3 9.9 CTB 31.5 -3.4 -9.7
LAF 6.29 0.4 7.0 UDC 4.6 -0.3 -6.9 PPP 10 0.9 9.9 MSC 14.9 -1.6 -9.7
CMT 8.75 0.6 7.0 YEG 95.7 -7.1 -6.9 VE4 6.7 0.6 9.8 SDA 3.8 -0.4 -9.5
VNL 16.95 1.1 6.9 MCP 25.2 -1.9 -6.9 SGH 59.3 5.3 9.8 KMT 6.7 -0.7 -9.5

* The ex-right date ** New listed * The ex-right date ** New listed

Top 5 Active (by Volume) Top 5 Active (by Value) Top 5 Active (by Volume) Top 5 Active (by Value)

Ticker Volume % of Total Ticker USDMln % of Total Ticker Volume % of Total Ticker USDMln % of Total

OGC 9,205,280 5.1 ROS 9.5 5.6 SHB 6,551,630 17.2 ACB 4.2 19.7
CTG 9,015,900 5.0 CTG 8.9 5.3 PVS 3,563,934 9.4 PVS 3.3 15.7
MBB 7,979,570 4.4 MBB 7.8 4.6 ACB 3,143,264 8.3 VCG 2.2 10.4
FLC 6,871,690 3.8 HPG 7.8 4.6 HUT 2,074,225 5.5 SHB 2.2 10.3

ROS 6,825,400 3.8 VRE 7.6 4.5 VCG 1,823,000 4.8 VGC 1.4 6.6

* The ex-right date ** New listed * The ex-right date ** New listed

Top 5 Active by Foreigners

Top 5 Active by Foreigners (BUY) Top 5Active by Foreigners (BUY) Top 5 Active by Foreigners (SELL)
(SELL)

Ticker Value % Ticker Value % Ticker Value % Ticker Value %

VRE 2,368,619,733 94.3% VRE 2,449,449,948 97.5% DGC 559,780 9.9% VGC 4,620,132 14.1%
VCB 147,903,983 81.6% VNM 111,672,148 58.9% AMV 343,010 78.7% VMC 2,576,530 57.2%
VNM 93,630,346 49.3% VCB 83,827,007 46.3% ART 213,200 6.5% SGC 440,000 97.9%
HPG 86,648,305 46.3% MSN 77,387,710 12.7% GDW 147,840 64.1% NTP 352,160 43.0%
MSN 60,284,020 9.9% HPG 56,398,850 30.1% PHP 138,240 100.0% NDN 348,150 4.6%

* The ex-right date ** New listed * The ex-right date ** New listed

Foreign net buy/sell daily (VNDbillion)

1,600
1,468
HoSE HNX
1,400

1,200

1,000

800
595

600

400 258
162 237
173 250
140 171 190
116 215 154
200 63 81 142
32 64 71 62 127 93 125
73 32
39 26 53 69
23 6 29
10 6 25 1 4 5 6 11 5 11 41 24 17 21 15 5 11 8 8 10 10 1 13 23 9 30 15 6 48 12 20 13
0
-2 -2 -5 -1 -9 -16 -12 -2 -6 -14 -18 -8 -9 -12 -15 -9 -7
-45 -24 -30 -24 -100 -23
-79
-200 -32
-119
-124 -136 -185

-320
-400
-348

-600 -530

-800
01/07/19

01/08/19

01/09/19

01/10/19

01/11/19

01/12/19

01/13/19

01/14/19

01/15/19

01/16/19

01/17/19

01/18/19

01/19/19

01/20/19

01/21/19

01/22/19

01/23/19

01/24/19

01/25/19

01/26/19

01/27/19

01/28/19

01/29/19

01/30/19

01/31/19

02/01/19

02/02/19

02/03/19

02/04/19

02/05/19

02/06/19

02/07/19

02/08/19

02/09/19

02/10/19

02/11/19

02/12/19

02/13/19

02/14/19

02/15/19

02/16/19

02/17/19

02/18/19

02/19/19

02/20/19

02/21/19

02/22/19

02/23/19

02/24/19

02/25/19

02/26/19

02/27/19

02/28/19

03/01/19

03/02/19

03/03/19

03/04/19

03/05/19

03/06/19

03/07/19

03/08/19

03/09/19

03/10/19

03/11/19

03/12/19

03/13/19

03/14/19

03/15/19

03/16/19

03/17/19

03/18/19

03/19/19

03/20/19

Page 9
 March 20th 2019

The Vietnam Daily HO CHI MINH CITY SECURITIES CORPORATION

Market activity

HSX HNX

Block deals (put-through) Block deals (put-through)

Ticker Volume (shares) Value (VND1,000) Ticker Volume (shares) Value (VND1,000)
VRE 66,565,860 2,336,701,939 ACB 4,033,500 125,961,960
MSN 6,445,800 559,617,786 VCG 1,700,034 49,300,881
TCB 19,248,800 514,905,400
VC3 2,077,900 45,713,800
GTN 9,041,960 169,536,750
VIX 3,443,092 31,332,137
EIB 4,780,000 86,040,000
MBB 1,847,000 40,929,520 VCM 26,000 735,800
NVL 641,790 37,601,615 SHB 84,000 652,400
E1VFVN30 2,432,000 37,369,590 DST 30,000 48,000
CII 1,000,000 24,909,000 VC2 80 1,008
VHM 218,400 20,143,008 MST 168 756
VCB 268,330 17,943,764 LIG 50 215
NBB 930,000 17,205,000 HUT 35 130
VNM 123,760 16,940,802
Total 11,394,859 253,747,086
GEX 700,000 16,100,000
Total % of market value 33.93%
SAB 60,000 15,480,000
SCS 90,712 13,842,651
HDB 400,000 12,677,200
TCD 851,620 11,922,680
SAM 1,155,000 8,577,750
CSM 431,690 6,648,026
HPG 200,000 6,404,400
VIC 45,400 5,449,453
IMP 100,000 5,090,000
HAH 311,265 4,451,090
PLX 65,000 4,290,000
SSI 98,160 2,803,842
PHR 48,000 2,640,000
TTF 568,000 2,061,840
SBT 50,000 1,000,000
LDG 70,000 980,000
SJF 150,000 590,000
HAI 30,000 51,300
Total 118,968,547 4,000,904,405
Total % of market value 50.47%

Page 10
 March 20th 2019

The Vietnam Daily HO CHI MINH CITY SECURITIES CORPORATION

Markets at a glance
Key indicators
HSX HNX Top 70 stocks by market capitalisation

# of stocks in index 381 379 FY2018A FY2019F %y/y

Total Market Cap (mn USD) 142.933,37 8.842,63 Aggregate sales 1,758,880,361 1,972,126,912 12.1%
Weighted P/E 2019 16,9 9,0 Aggregate net profit 171,740,787 190,208,020 10.8%
Weighted P/B 2,6 1,0 EPS 2,900 3,211 10.8%

Top 25 stocks by market capitalization

Outstanding Market cap Market cap EPS P/E EPS P/E P/B EPS P/E P/B
Ticker Price P/B 2017
Shares (VNDbn) (USDmn) 2017 2017 2018 2018 2018 2019(*) 2019(*) 2019(*)
VIC 120,200 3,191,621,230 383,633 16,465 1,816 66.2 9.3 1,111 108.2 7.4 1,604 74.9 6.2
VHM 92,200 3,349,513,918 308,825 13,254 7,048 13.1 2.7 5,052 18.3 5.6 5,907 15.6 4.1
VCB 66,700 3,708,877,448 247,382 10,617 2,110 31.6 4.6 3,459 19.3 3.8 3,817 17.5 3.2
VNM 138,500 1,741,407,855 241,185 10,351 6,385 21.7 8.4 5,295 26.2 9.2 5,518 25.1 8.9
GAS 102,200 1,913,950,000 195,606 8,395 4,993 20.5 4.5 6,179 16.5 4.1 4,650 22.0 3.9
SAB 249,500 641,281,186 160,000 6,867 6,825 36.6 10.8 6,424 38.8 9.8 7,089 35.2 8.8
BID 36,100 3,418,715,334 123,416 5,297 1,463 24.7 2.7 1,585 22.8 2.4 1,514 23.8 1.9
MSN 85,000 1,163,149,548 98,868 4,243 2,732 31.1 6.0 4,498 18.9 3.0 4,561 18.6 2.7
TCB 26,600 3,496,592,160 93,009 3,992 2,573 10.3 2.9 2,495 10.7 1.7 2,770 9.6 1.4
CTG 23,000 3,723,404,556 85,638 3,675 1,617 14.2 1.3 1,162 19.8 1.3 1,276 18.0 1.2
PLX 61,700 1,158,813,235 71,499 3,069 3,013 20.5 3.1 3,069 20.1 3.2 3,103 19.9 2.9
HPG 32,300 2,123,907,166 68,602 2,944 5,846 5.5 1.5 3,952 8.2 1.7 4,245 7.6 1.4
BVH 97,600 700,886,434 68,407 2,936 2,153 45.3 4.6 1,584 61.6 4.4 2,243 43.5 4.2
VJC 119,800 541,611,334 64,885 2,785 11,241 10.7 5.4 10,545 11.4 5.0 11,401 10.5 3.7
NVL 58,300 930,446,674 54,245 2,328 3,187 18.3 2.9 2,261 25.8 3.5 2,625 22.2 2.9
MBB 22,950 2,113,398,401 48,502 2,082 1,810 12.7 1.5 2,694 8.5 1.5 3,379 6.8 1.3
MWG 88,500 443,126,893 39,217 1,683 7,162 12.4 4.8 7,323 12.1 5.0 7,762 11.4 4.2
ACB 31,000 1,247,165,130 38,662 1,659 2,135 14.5 1.9 4,483 6.9 1.8 4,658 6.7 1.4
FPT 45,450 613,554,396 27,886 1,197 5,129 8.9 2.1 3,776 12.0 2.2 4,620 10 2.0
STB 12,800 1,803,653,429 23,087 991 627 20.4 1.0 950 13.5 0.9 1,125 11.4 0.9
EIB 17,400 1,229,432,904 21,392 918 633 27.5 1.5 503 34.6 1.4 683 25.5 1.4
ROS 32,550 567,598,121 18,475 793
PNJ 101,500 167,002,273 16,951 727 6,288 16.1 3.7 5,749 17.7 4.4 7,333 13.8 3.6
DHG 117,200 130,746,071 15,323 658 4,367 26.8 5.6 4,903 23.9 4.9 4,847 24.2 4.5
KDH 31,600 414,023,353 13,083 562 1,839 17.2 2.0 1,760 18.0 2.0 1,787 17.7 1.9
We use an exchange rate of 23,300 for the US$/VND; (*): HSC forecasts

HoSE - 3mo HNX - 3mo

USD 250 650 USD 35 120

600 USD 30 100

USD 200

550 USD 25
80
USD 150
500 USD 20
60
USD 100
450 USD 15
40
400 USD 10
USD 50
350 USD 5 20

USD - 300 USD - -

13-Jan

19-Jan

25-Jan

29-Jan

04-Feb

17-Feb

23-Feb

29-Feb

04-Mar

10-Mar

16-Mar

22-Mar

28-Mar

20-Mar
01-Apr

07-Apr

11-Jan
13-Jan
15-Jan
19-Jan
21-Jan
25-Jan
27-Jan
29-Jan
02-Feb
04-Feb
15-Feb
17-Feb
19-Feb
23-Feb
25-Feb
29-Feb
02-Mar
04-Mar
08-Mar
10-Mar
14-Mar
16-Mar
18-Mar
22-Mar
24-Mar
28-Mar
30-Mar

20-Mar
01-Apr
05-Apr
07-Apr
11-Apr

Page 11
 March 20th 2019

The Vietnam Daily HO CHI MINH CITY SECURITIES CORPORATION

Global Disclaimer
Copyright 2019 Ho Chi Minh Securities Corporation (HSC). All rights reserved. This report has been prepared and
issued by HSC or one of its affiliates for distribution in Vietnam and overseas. Opinions, estimates and projection ex-
pressed in this report represent the current views of the author at the date of publication only. They do not necessarily
reflect the opinions of HSC and are subject to change without notice. HSC has no obligation to update, amend or in
any way modify this report or otherwise notify a reader thereof in the event that any of the subject matter or opinion,
projection or estimate contained within it changes or becomes inaccurate. The information herein was obtained from
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are also subject to change without notice. This published research may be considered by HSC when buying or selling
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tor should note that the prices of securities fluctuate and may rise and fall. Past performance, if any, is no guide to the
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Page 12