External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

Equity Bottom-Up

<ul><li>We maintain our BUY rating for HPG and raise our target price (TP) by 11% to VND35,700/share. </li><li>Our higher TP is driven by (1) rolling our TP forward to end-2025 and (2) 4%/2%/3%/3%/3% higher 2025/26/27/28/29F NPAT-MI projections, outweighing our lower target P/E of 15.0x. </li><li>We keep our 2024F NPAT-MI forecast broadly unchanged. Following strong 9M 2024 results, we increase (1) steel revenue by 5% (driven by higher ASP, partially offset by lower sales volume), (2) the real estate segment NPAT-MI by 5%, and (3) reduce financial expenses by 5%. These are offset by (1) 45 bps lower steel GPM, (2) an 11% drop in agriculture segment NPAT-MI, and (3) an 11% reduction in financial income forecasts due to weaker-than-expected 9M performance.</li></ul><p><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></p>

We maintain our BUY rating for HPG and raise our target price (TP) by 11% to VND35,700/share. Our higher TP is driven by (1) rolling our TP forward to end-2025 and (2) 4%/2%/3%/3%/3% higher 2025/26/27/28/29F NPAT-MI projections, outweighing our lower target P/E of 15.0x. We keep our 2024F NPAT-MI forecast broadly unchanged. Following strong 9M 2024 results, we increase (1) steel revenue by 5% (driven by higher ASP, partially offset by lower sales volume), (2) the real estate segment NPAT-MI by 5%, and (3) reduce financial expenses by 5%. These are offset by (1) 45 bps lower steel GPM, (2) an 11% drop in agriculture segment NPAT-MI, and (3) an 11% reduction in financial income forecasts due to weaker-than-expected 9M performance.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.

HPG VN - Domestic Demand & Capacity Expansion to Drive 2025F Growth

Thematic (Sector/Industry)

<ul><li><p>Construction contributed 6-7% of Vietnam’s GDP in 2013-23, showing high beta characteristics.</p></li><li><p>Vietnam’s construction sector is comprised of three main segments – residential, industrial &amp; commercial, and infrastructure.</p></li><li>In 2013-2023, residential construction contributed 41% of the total construction value, followed by industrial &amp; commercial (32%) and infrastructure (27%). </li></ul><p><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></p>

Construction contributed 6-7% of Vietnam’s GDP in 2013-23, showing high beta characteristics.Vietnam’s construction sector is comprised of three main segments – residential, industrial &amp; commercial, and infrastructure.In 2013-2023, residential construction contributed 41% of the total construction value, followed by industrial &amp; commercial (32%) and infrastructure (27%). 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.

Construction Sector - Industrial, Infrastructure Projects Leading Sector Recovery

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

Mirae Asset Securities

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.

<ul><li>Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.</li><li>Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO. VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.</li><li>In 2Q24, VCB's assets began to rebound, growing by 7.4% QoQ and 3.6% YTD, totalling VND1,906tr (US$74.7bn), making it the third largest listed bank.</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>

Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO. VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.In 2Q24, VCB's assets began to rebound, growing by 7.4% QoQ and 3.6% YTD, totalling VND1,906tr (US$74.7bn), making it the third largest listed bank.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.

Stock Recommendations (Vietnam Market - October 2024)

Metals, Ores, and Mining Firms, Mint Finance

Pranay Yadav

Metals, Ores, and Mining Firms

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Cross Asset Strategy

<ul>
<li>Vietnam is streamlining transactions for foreign investors through market reforms as it seeks reclassification from frontier to emerging market status, a change that could drive substantial inflows into its equities.</li>
<li>Vietnam's strategic location, low labor costs, and "China Plus One" strategy make it a key player in global manufacturing. Strong domestic growth suggests equity upside.</li>
<li>The iEdge Vietnam 30 Sector Cap Index provides exposure to Real Estate, Financial Services, and Manufacturing. The index’s forward P/E of 13.65 suggests strong earnings growth ahead.</li>
</ul>


Vietnam is streamlining transactions for foreign investors through market reforms as it seeks reclassification from frontier to emerging market status, a change that could drive substantial inflows into its equities.
Vietnam's strategic location, low labor costs, and "China Plus One" strategy make it a key player in global manufacturing. Strong domestic growth suggests equity upside.
The iEdge Vietnam 30 Sector Cap Index provides exposure to Real Estate, Financial Services, and Manufacturing. The index’s forward P/E of 13.65 suggests strong earnings growth ahead.


Vietnam's Equities Poised To Recover On The Back Of Potential Market Upgrade And Easing Overhang

<ul><li>Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.</li><li>Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO.</li><li>VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.</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>

Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO.VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.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

Hoa Phat Group JSC is a multi-disciplinary manufacturing company. The Company manufactures a wide range of products, including steel, steel pipe, furniture, and refrigeration equipment.

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Hoa Phat Group Jsc (HPG VN)

HPG VN - Domestic Demand & Capacity Expansion to Drive 2025F Growth

Our higher TP is driven by (1) rolling our TP forward to end-2025 and (2) 4%/2%/3%/3%/3% higher 2025/26/27/28/29F NPAT-MI projections, outweighing...

Vietcap

Construction Sector - Industrial, Infrastructure Projects Leading Sector Recovery

Vietnam’s construction sector is comprised of three main segments – residential, industrial & commercial, and infrastructure.

Vietcap

Stock Recommendations (Vietnam Market - October 2024)

Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.

Mirae Asset Securities

Vietnam's Equities Poised To Recover On The Back Of Potential Market Upgrade And Easing Overhang

Vietnam’s investment case is bolstered by its global manufacturing appeal, concentrated sector opportunities with promising growth, and early signs...

Mint Finance

Vietnam Market - Stock Recommendations

Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.

Mirae Asset Securities

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