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 target price (TP) at VND102,800/share and reiterate our BUY rating. </li><li>In this Update Report, we reduce the projected net debt in our SoTP valuation for MSN by 20% to VND24tn (USD932mn) due to the full receipt of USD250mn of equity raised from Bain Capital in April 2024 and USD134.5mn from selling 100% of H.C. Starck (HCS) to Mitsubishi Materials Corporation (MMC) by YE 2024.</li><li>We also increase our valuation for Masan Consumer Corporation (‘MCH UpCOM’) by 2% to reflect its better-than-expected results in H1 2024. </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.

We maintain our target price (TP) at VND102,800/share and reiterate our BUY rating. In this Update Report, we reduce the projected net debt in our SoTP valuation for MSN by 20% to VND24tn (USD932mn) due to the full receipt of USD250mn of equity raised from Bain Capital in April 2024 and USD134.5mn from selling 100% of H.C. Starck (HCS) to Mitsubishi Materials Corporation (MMC) by YE 2024.We also increase our valuation for Masan Consumer Corporation (‘MCH UpCOM’) by 2% to reflect its better-than-expected results in H1 2024. 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.

MSN [BUY +36.7%] - Upbeat Consumer Earnings; Downscaling Non-Core Business - Update

Thematic (Sector/Industry)

<ul><li>In this report, we review the prospects of Vietnam’s modern grocery market.</li><li>We currently have a BUY rating for MSN (target price of VND102,800) and an OUTPERFORM rating for MWG (target price of VND78,100), which are the two companies under our coverage that have material exposure to the modern grocery sector.</li><li>Fresh food is central to Vietnamese diets. </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.

In this report, we review the prospects of Vietnam’s modern grocery market.We currently have a BUY rating for MSN (target price of VND102,800) and an OUTPERFORM rating for MWG (target price of VND78,100), which are the two companies under our coverage that have material exposure to the modern grocery sector.Fresh food is central to Vietnamese diets. 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.

Modern Grocery Retail Sector - Minimarts to dominate modern grocery retailing in Vietnam

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>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">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.</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.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/saigon-thuong-tin-commercial" target="_blank" data-smartkarma-citation="entities:650:1" rel="noopener">Saigon Thuong Tin Commercial (STB VN)</a> will be deleted from the MVIS Vietnam Index at the close of trading on 17 March.</li>
<li>One-Way turnover is 4.2% and the one-way trade is US$21m. There are two stocks where passive trackers need to buy over 1 day of ADV.</li>
<li>There have been big inflows to the <a href="https://www.smartkarma.com/entities/market-vectors-vietnam-etf" target="_blank" data-smartkarma-citation="entities:648:1" rel="noopener">Market Vectors Vietnam ETF (VNM US)</a> over the last three months as the index has traded near its lows.</li>
</ul>



Saigon Thuong Tin Commercial (STB VN) will be deleted from the MVIS Vietnam Index at the close of trading on 17 March.
One-Way turnover is 4.2% and the one-way trade is US$21m. There are two stocks where passive trackers need to buy over 1 day of ADV.
There have been big inflows to the Market Vectors Vietnam ETF (VNM US) over the last three months as the index has traded near its lows.


MVIS Vietnam Index Rebalance: One Deletion; Float & Capping Changes

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hagl-jsc" target="_blank" data-smartkarma-citation="entities:6632:1" rel="noopener">Hagl Jsc (HAG VN)</a> is an inclusion while An Phat Holdings (APH VN) and CEO Group (CEO VN) are deletes from the MVIS Vietnam Index at the September rebalance.</li>
<li>There are a lot of float and capping changes that will result in one-way turnover of 12% and a one-way trade of US$45m.</li>
<li>There are a lot of stocks that have over 1 day of ADV to trade and there could be opportunities to enter/exit positions on a move in the stocks.</li>
</ul>



Hagl Jsc (HAG VN) is an inclusion while An Phat Holdings (APH VN) and CEO Group (CEO VN) are deletes from the MVIS Vietnam Index at the September rebalance.
There are a lot of float and capping changes that will result in one-way turnover of 12% and a one-way trade of US$45m.
There are a lot of stocks that have over 1 day of ADV to trade and there could be opportunities to enter/exit positions on a move in the stocks.


MVIS Vietnam Index Rebalance: One Add, Two Deletes

Vietnam

Masan Group Corp. is a diversified private sector group. The Company's principal lines of business include food and beverage, consumer-agri, financial services and natural resources.

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Masan Group (MSN VN)

MSN [BUY +36.7%] - Upbeat Consumer Earnings; Downscaling Non-Core Business - Update

We also increase our valuation for Masan Consumer Corporation (‘MCH UpCOM’) by 2% to reflect its better-than-expected results in H1 2024.

Vietcap

Modern Grocery Retail Sector - Minimarts to dominate modern grocery retailing in Vietnam

In this report, we review the prospects of Vietnam’s modern grocery market. We currently have a BUY rating for MSN (target price of VND102,800) and...

Vietcap

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

MVIS Vietnam Index Rebalance: One Deletion; Float & Capping Changes

There is one deletion from the index, plus a bunch of changes to float and capping factors. One-way turnover is 4.2% and passives need to buy over...

Brian Freitas

MVIS Vietnam Index Rebalance: One Add, Two Deletes

There is 1 addition and 2 deletions for the MVIS Vietnam Index. There are a lot of float and capping changes that will result in one-way turnover...

Brian Freitas

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