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. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>In 2022, FPT continued to maintain double-digit growth in revenue (VND44,017bn; +23.4% YoY) and pre-tax profit (VND7,654bn; +20.8% YoY), fulfilling 104% and 100% of its targets, respectively.</li><li>Gross margin improved to 39.5% (+1.3p% YoY).</li><li>Global IT services grew strongly, as FPT’s key foreign markets maintained high double-digit growth rates, driven by increasing demand for digital transformation</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 2022, FPT continued to maintain double-digit growth in revenue (VND44,017bn; +23.4% YoY) and pre-tax profit (VND7,654bn; +20.8% YoY), fulfilling 104% and 100% of its targets, respectively.Gross margin improved to 39.5% (+1.3p% YoY).Global IT services grew strongly, as FPT’s key foreign markets maintained high double-digit growth rates, driven by increasing demand for digital transformationContent 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) Sustaining double-digit growth 

Mirae Asset Securities (Vietnam) JSC Hoa Tran hoa.ttn@miraeasset.com.vn<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>

Mirae Asset Securities (Vietnam) JSC Hoa Tran hoa.ttn@miraeasset.com.vnContent 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) - 1H22 update - Sustaining solid growth

OP (21F, VNDbn) 5,956 Share outstanding (mn shares) 907<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>

OP (21F, VNDbn) 5,956 Share outstanding (mn shares) 907Content 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) Sustaining solid growth

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

<p>Broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) were able to shrug off recent news of a more contagious Covid variant that popped-up in the UK. Additionally, Covid fears have done nothing to derail ongoing positive market dynamics. As long as support levels hold and market dynamics remain positive, our outlook remains bullish and we continue to view any weakness as a buying opportunity. Actionable Themes in today's report: Services, Technology, Manufacturing, and Materials.</p>

Broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) were able to shrug off recent news of a more contagious Covid variant that popped-up in the UK. Additionally, Covid fears have done nothing to derail ongoing positive market dynamics. As long as support levels hold and market dynamics remain positive, our outlook remains bullish and we continue to view any weakness as a buying opportunity. Actionable Themes in today's report: Services, Technology, Manufacturing, and Materials.

Global Equity Strategy: Support Levels Holding; Bullish Outlook Intact

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

Rong Viet Securities

RongViet is proud to have a research team of experienced and trustworthy people whose works are at all time governed by the codes of objectivity, integrity and client's best interest.

Looking at relevant, up-to-date information from multiple perspectives with the support of intensive data and analyses, RongViet's research is effective, practical and widely used for investing purposes.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<p>We remain optimistic on the stable growth achieved by FPT’s two core businesses, Technology and Telecom. The large cash flow from the divestments have make ways for aggressive capex to develop its telecom service quality and to improve its software engineering capacity. We maintain our optimistic view on FPT’s outsourcing business growth thanks to the abundant new jobs from Japan and other Asia Pacific markets. We also expect that its telecom’s profitability will rise in the long-term owing to…</p>

We remain optimistic on the stable growth achieved by FPT’s two core businesses, Technology and Telecom. The large cash flow from the divestments have make ways for aggressive capex to develop its telecom service quality and to improve its software engineering capacity. We maintain our optimistic view on FPT’s outsourcing business growth thanks to the abundant new jobs from Japan and other Asia Pacific markets. We also expect that its telecom’s profitability will rise in the long-term owing to…

FPT - Steady Core Operations but Underestimated Financials

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/BUY) Sustaining double-digit growth

In 2022, FPT continued to maintain double-digit growth in revenue (VND44,017bn; +23.4% YoY) and pre-tax profit (VND7,654bn; +20.8% YoY)

Mirae Asset Securities

FPT Corporation (FPT VN/BUY) - 1H22 update - Sustaining solid growth

Mirae Asset Securities (Vietnam) JSC Hoa Tran [email protected]

Mirae Asset Securities

FPT Corporation (FPT VN/HOLD) Sustaining solid growth

OP (21F, VNDbn) 5,956 Share outstanding (mn shares) 907

Mirae Asset Securities

Global Equity Strategy: Support Levels Holding; Bullish Outlook Intact

As long as support levels hold and market dynamics remain positive, our outlook remains bullish and we continue to view any weakness as a buying...

Vermilion Research

FPT - Steady Core Operations but Underestimated Financials

We remain optimistic on the stable growth achieved by FPT’s two core businesses, Technology and Telecom. The large cash flow from the divestments...

Rong Viet Securities

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