External broker reports(aggregated public sources), Rong Viet Securities

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Equity Bottom-Up

<ul><li>The main market (Laptop, tablet, mobile phone) come to the mature landscape with 1- 5% YoY sales growth (supported by a replacing cycle and a price-class premiumization). </li><li>Based on their brand list, DGW’s market share in distributing these products, has already reached the limited level (20-30%) in the cauldron postion with FPT Synnex, PSD, Viettel distribution.</li><li>DGW has implemented its aggressive plans of penetrating in non-ICT market such as office equipment, home appliance, FMCG,… by adding new brands/ product category/ M&amp;A transactions, but still not creating the significant impact on its business results.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The main market (Laptop, tablet, mobile phone) come to the mature landscape with 1- 5% YoY sales growth (supported by a replacing cycle and a price-class premiumization). Based on their brand list, DGW’s market share in distributing these products, has already reached the limited level (20-30%) in the cauldron postion with FPT Synnex, PSD, Viettel distribution.DGW has implemented its aggressive plans of penetrating in non-ICT market such as office equipment, home appliance, FMCG,… by adding new brands/ product category/ M&amp;A transactions, but still not creating the significant impact on its business results.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Digiworld Jsc  - Aggressive Plan Needs to Be Proven

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Regional rebalance occurring among active EM funds. Out of EMEA and the major Asian nations and in to ASEAN, MENA and South America.</li>
<li>ASEAN reversal shows EM investors moving from underweight to overweight since late 2021, driven by a record ownership and a rising number of funds positioned overweight the benchmark.</li>
<li>Indonesia and Thailand the key drivers and to a lesser extent Malaysia.   The Philippines has been notably absent from the move higher, whilst Singapore allocations fell over the same period.</li>
</ul>


Regional rebalance occurring among active EM funds. Out of EMEA and the major Asian nations and in to ASEAN, MENA and South America.
ASEAN reversal shows EM investors moving from underweight to overweight since late 2021, driven by a record ownership and a rising number of funds positioned overweight the benchmark.
Indonesia and Thailand the key drivers and to a lesser extent Malaysia.   The Philippines has been notably absent from the move higher, whilst Singapore allocations fell over the same period.


Viet Capital Securities Joint Stock Company

Luan Nguyen

Independent Insight Provider

Thematic (Sector/Industry)

Thanks to higher disposable income, higher living standards, aging population and higher awareness in general medical knowledge, more people are willing to buy vitamins and dietary supplements to ameliorate their health and immune system. Besides, higher polluted environment and more stressful lifestyle are factors contributing to the sale growth of the category, with current value growth of 10%, reaching VND9.9 trillion in 2016.

Thanks to higher disposable income, higher living standards, aging population and higher awareness in general medical knowledge, more people are willing to buy vitamins and dietary supplements to ameliorate their health and immune system. Besides, higher polluted environment and more stressful lifestyle are factors contributing to the sale growth of the category, with current value growth of 10%, reaching VND9.9 trillion in 2016.

Huge Need for Vitamins, Dietary Supplements and Digestive Remedies in Vietnam

With a huge population of more than 90 million and a stable economy which is on the rise, Vietnam has become one of the most attractive retail markets in the world. Consumer electronics is one of the compelling segments in the market. Sales of consumer electronics have grown at double digit during the period 2011 – 2016 in both volume (11.5% CAGR) and value (12.1% CAGR), of which portable devices accounts for more than 50% of total sales and experience the strongest growth. In 2015, sales of consumer electronics reached VND93,015.9 billion, of which VND52,283.8 billion came from sales of portable devices.

With a huge population of more than 90 million and a stable economy which is on the rise, Vietnam has become one of the most attractive retail markets in the world. Consumer electronics is one of the compelling segments in the market. Sales of consumer electronics have grown at double digit during the period 2011 – 2016 in both volume (11.5% CAGR) and value (12.1% CAGR), of which portable devices accounts for more than 50% of total sales and experience the strongest growth. In 2015, sales of consumer electronics reached VND93,015.9 billion, of which VND52,283.8 billion came from sales of portable devices.

Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

Pakistan's Exports at a 6 Year Low Pakistan's exports have been on a strong and consistent decline, and most recently declined by 7.3% YoY in August.  This has resulted in Pakistan's exports dropping to a new six-year low, and GDP growth only reaching 4.24% in 2015.  Pakistan's GDP growth is significantly lagging behind other frontier markets in Asia such as Vietnam, Laos, Cambodia, and Bangladesh.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/013/822/original/pakistan%20exports.png?1474957024" class="editor-image img-responsive" data-smartkarma-image-id="13822"></figure>Textile exports declined by <a href="http://res.bmacapital.com/dailyreports/SOD/PDFS/9232016.PDF" target="_blank">2% YoY</a> last month, which included an 11% YoY decline in non-value…

Pakistan's Exports at a 6 Year Low  Pakistan's exports have been on a strong and consistent decline, and most recently declined by 7.3% YoY in August.  This has resulted in Pakistan's exports dropping to a new six-year low, and GDP growth only reaching 4.24% in 2015.  Pakistan's GDP growth is significantly lagging behind other frontier markets in Asia such as Vietnam, Laos, Cambodia, and Bangladesh.Textile exports declined by 2% YoY last month, which included an 11% YoY decline in non-value…

Pakistan's Textile Industry: Coping with Threats from Bangladesh and Vietnam

Vietnam

Digiworld Corporation distributes information technology products. The Company offers laptops, desktops, projectors, printers, monitors, mouse, and speakers. Digiworld also provides maintenance services with the support of vendors.

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Digiworld Corporation (DGW VN)

Digiworld Jsc - Aggressive Plan Needs to Be Proven

The main market (Laptop, tablet, mobile phone) come to the mature landscape with 1- 5% YoY sales growth (supported by a replacing cycle and a price...

Rong Viet Securities

EM Funds Raise ASEAN Allocations

Regional rebalance occurring among active EM funds. Out of EMEA and the major Asian nations and in to ASEAN, MENA and South America.

Steven Holden

Huge Need for Vitamins, Dietary Supplements and Digestive Remedies in Vietnam

Thanks to higher disposable income, higher living standards, aging population and higher awareness in general medical knowledge, more people are...

Luan Nguyen

Consumer Electronics Is Growing Strongly

With a huge population of more than 90 million and a stable economy which is on the rise, Vietnam has become one of the most attractive retail...

Luan Nguyen

Pakistan's Textile Industry: Coping with Threats from Bangladesh and Vietnam

Pakistan's Exports at a 6 Year LowPakistan's exports have been on a strong and consistent decline, and most recently declined by 7.3% YoY in...

Nomadic Equity

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