External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

<ul><li>FPT to issue a 15% stock dividend: FPT plans to issue an additional 190.5mn shares at 20:3 ratio.</li><li>The registration and completion dates are June 13th and 20th, respectively.</li><li>This issuance will increase FPT's charter capital from VND12,700bn to VND14,605bn.</li></ul><div class="content-highlight"><em>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.</em></div>

FPT to issue a 15% stock dividend: FPT plans to issue an additional 190.5mn shares at 20:3 ratio.The registration and completion dates are June 13th and 20th, respectively.This issuance will increase FPT's charter capital from VND12,700bn to VND14,605bn.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.

FPT Corporation (FPT VN / HOLD) - 4M24 update - Stock surge amid strong earnings

<ul><li>In 11M23, FPT recorded net revenue of VND47,201bn (+20.3% YoY). Within the technology segment, global IT emerged as the key driving force, achieving revenue of VND22,075bn (+29% YoY).</li><li>Meanwhile, domestic IT maintained a lower growth rate, with revenue reaching VND5,905bn (+5% YoY).</li><li>The Telecommunications segment experienced slower growth, with net revenue of VND14,379bn (+7.5% YoY), while Education, Investment, and other segments saw accelerated growth, with net revenue VND4,842bn (+52.6% YoY).</li></ul><div class="content-highlight"><em>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.</em></div>

In 11M23, FPT recorded net revenue of VND47,201bn (+20.3% YoY). Within the technology segment, global IT emerged as the key driving force, achieving revenue of VND22,075bn (+29% YoY).Meanwhile, domestic IT maintained a lower growth rate, with revenue reaching VND5,905bn (+5% YoY).The Telecommunications segment experienced slower growth, with net revenue of VND14,379bn (+7.5% YoY), while Education, Investment, and other segments saw accelerated growth, with net revenue VND4,842bn (+52.6% YoY).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.

FPT Corporation (FPT VN / TRADING BUY) - 11M23 Update - Solid Market Penetration

<ul><li>In 1H23, FPT recorded net revenue of VND24,166bn (+21.9% YoY), driven by the Global IT segment’s strong growth of 30.2% YoY, reaching VND11,227bn (in detail: Japan: +25.1% YoY; US: +15.2% YoY; EU: +21.5% YoY; and APAC: +67.0% YoY).</li><li>New orders saw stable growth of 44.1% YoY, reaching VND15,017bn.</li><li>Nevertheless, the domestic IT segment’s net revenue declined by 8.9% YoY to VND2,975bn, due to the short-term decline in demand for IT investment. </li></ul><div class="content-highlight"><em>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.</em></div>

In 1H23, FPT recorded net revenue of VND24,166bn (+21.9% YoY), driven by the Global IT segment’s strong growth of 30.2% YoY, reaching VND11,227bn (in detail: Japan: +25.1% YoY; US: +15.2% YoY; EU: +21.5% YoY; and APAC: +67.0% YoY).New orders saw stable growth of 44.1% YoY, reaching VND15,017bn.Nevertheless, the domestic IT segment’s net revenue declined by 8.9% YoY to VND2,975bn, due to the short-term decline in demand for IT investment. 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.

FPT Corporation (FPT VN / BUY) - Riding a Wave of Transformation

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

US Treasury (10 Yr Generic) / Technical Analysis

<ul>
<li>We continue to see more and more global indexes and Sectors breaking out to new highs. This is classic bull market behavior. The latest breakouts: Israel, Germany, and Sweden</li>
<li>Our bullish outlook (since early November 2023) on global equities (MSCI ACWI) remains intact; continue to ride this trend higher, and treat pullbacks as buying opportunities.</li>
<li>We continue to get more evidence suggesting the US Dollar (DXY) is rolling over, and quite likely that global sovereign 10-year yields are rolling over as well. Risk-on.</li>
</ul>


We continue to see more and more global indexes and Sectors breaking out to new highs. This is classic bull market behavior. The latest breakouts: Israel, Germany, and Sweden
Our bullish outlook (since early November 2023) on global equities (MSCI ACWI) remains intact; continue to ride this trend higher, and treat pullbacks as buying opportunities.
We continue to get more evidence suggesting the US Dollar (DXY) is rolling over, and quite likely that global sovereign 10-year yields are rolling over as well. Risk-on.


Bullish Outlook Intact; DXY Rolling Over; More Global Breakouts. Buys in Discretionary, Tech

Thematic (Sector/Industry)

<ul><li>The HSX recently announced updates to the component securities (including changes in component stocks and calculation factors) in the VN30 Index, VNDiamond Index, and VNFin Lead Index baskets. In detail, these changes will affect component weighting in specific baskets.</li><li>Thus, ETFs that replicate the respective indexes will also undergo similar structural changes in their baskets of component securities on the rebalancing date.</li><li>For the VN30 Index and VNDiamond Index, there are no changes in any component stocks, only changes in their calculation factors. </li></ul><div class="content-highlight"><em>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.</em></div>

The HSX recently announced updates to the component securities (including changes in component stocks and calculation factors) in the VN30 Index, VNDiamond Index, and VNFin Lead Index baskets. In detail, these changes will affect component weighting in specific baskets.Thus, ETFs that replicate the respective indexes will also undergo similar structural changes in their baskets of component securities on the rebalancing date.For the VN30 Index and VNDiamond Index, there are no changes in any component stocks, only changes in their calculation factors. 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.

Vietnam

CMC Corporation manufactures computers.  The Company produces desktop and laptop computers and servers.  CMC also offers systems integration services.

Electronics Communications Technology Investment Development Joint Stock Company provides software and system integration products for telecommunications service providers, and solutions and engineering services for telecommunications and security fields. The company offers ITV products, including video conferencing and video on demand solutions; call center, content, and monitoring services; mobile VAS, gateway, and mobile 3G solutions; informatics applications; and electronic and automation solutions, as well as transmission and access network solutions. It also provides advisory, administration and direct assessment, system integration, and support services. In addition, the company offers telecommunication solutions, such as datacenter solutions, network solutions and optimize solutions, access network solutions, information security solutions, process control systems, solution monitoring centre, and video conferencing solutions for government blocks and enterprises; and enterprise, security and defense, education, transport, and network system and data solutions. Further, it distributes system integration products. The company was founded in 1995 and is based in Hanoi, Vietnam.

Van Lang Technology Development and Investment JSC develops computer software. The Company develops software for the accounting, warehousing, publishing, and supermarket industries.

Van Lang Technology Development And Investment Jsc (VLA VN)

Van Lang Technology Development And Investment Jsc

Samsung Electro-Mechanics Co., Ltd. manufactures a variety of electronic components used in computers, audio and video products, industrial electronics, and telecommunication equipment. The Company's products include multi-layer boards and capacitors, optical Pick Ups, deflection yokes (DY), keyboards, speakers, and light emitting diode (LED) products.

Samsung Electro Mechanics Co, Ltd. (009150 KS)

Zhejiang Dahua Technology Co., Ltd. researches, designs and manufactures security and surveillance equipments. It also modular-designs both hardware and software with flexibility for different configurations, various scales of applications and future expansion.

Jentech Precision Industrial Company Ltd. provides tooling, precision metal stamping, custom insert molding, injection molding, and assembly solutions for medical, consumer electronics, semiconductor, automotive, appliance, and micro electronic markets to a wide variety of industries.

YASKAWA Electric Corporation manufactures and markets servomotors, controllers, inverters, and industrial robots.  The Company's products include spindle controllers, computerized numerical control (CNC) systems, and system engineering.

Insight Enterprises, Inc. offers information technology hardware, software, and services to large enterprises, small to medium sized businesses, and public sector institutions in North America, Europe, the Middle East, Africa, and Asia-Pacific.

Dolby Laboratories Inc. develops audio signal processing systems for the motion picture, broadcasting, and music recording industries, as well as the consumer market.

WUS Printed Circuit (Kunshan) Co., Ltd produces and sells electrical equipments and related products.  The Company's products include double-side circuit board, multi-layers circuit board, and connector for electrical equipments.

Wus Printed Circuit (Kunshan) Co,Ltd. (002463 CH)

Innolux Corporation manufactures TFT-LCD, LCD models and LCD monitors. The company also provides research, development, manufacturing and retails business.

LOTES Co., Ltd specialize in design and manufacture of connectors, CPU Socket, Coolers and Antenna for Notebook Computer, Personal Computer, Mobile electronic device and Ditial Video.

Arrow Electronics, Inc. distributes electronic components and computer products to industrial and commercial customers.  The Company distributes a variety of products including computer systems, peripherals, software, and mass storage products to original equipment manufacturers and commercial customers worldwide.

FPT Corp is an information and communication technology company. The Company provides services in mobile distribution, systems integration, software outsourcing and development, Internet and e-media content, and computer assembly.

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FPT Corp (FPT VN)

FPT Corporation (FPT VN / HOLD) - 4M24 update - Stock surge amid strong earnings

FPT to issue a 15% stock dividend: FPT plans to issue an additional 190.5mn shares at 20:3 ratio. The registration and completion dates are June...

Mirae Asset Securities

FPT Corporation (FPT VN / TRADING BUY) - 11M23 Update - Solid Market Penetration

In 11M23, FPT recorded net revenue of VND47,201bn (+20.3% YoY). Within the technology segment, global IT emerged as the key driving force,...

Mirae Asset Securities

FPT Corporation (FPT VN / BUY) - Riding a Wave of Transformation

In 1H23, FPT recorded net revenue of VND24,166bn (+21.9% YoY), driven by the Global IT segment’s strong growth of 30.2% YoY, reaching VND11,227bn

Mirae Asset Securities

Bullish Outlook Intact; DXY Rolling Over; More Global Breakouts. Buys in Discretionary, Tech

Bullish Outlook Intact; $DXY Rolling Over, 10-Yr Treasury Yield $TNX Rolling Over; More Global Indexes Breaking Out (Israel, Germany, Sweden). Buys...

Vermilion Research

ETFs Monitor in 1Q24

he HSX recently announced updates to the component securities (including changes in component stocks and calculation factors) in the VN30 Index

Mirae Asset Securities

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