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

Rong Viet Securities

External broker reports(aggregated public sources)

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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

Mobile World Investment / Equity Bottom-Up

<ul><li>Thegioididong (TGDD) &amp; Dienmayxanh (DMX):</li><li>The core markets (ICT and consumer electronics) have entered a saturation phase, with annual sales growth ranging from 1-5%, expected to reach VND 263 trillion by 2028.</li><li>The market share of the 2 chains has reached its limited level (~25% for TGDD &amp; ~60% for DMX), amid fierce competition with young retail chains and the rising dominance of e-commerce platforms, which have no service differentiation, but owns a pricing advantage</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.

Thegioididong (TGDD) &amp; Dienmayxanh (DMX):The core markets (ICT and consumer electronics) have entered a saturation phase, with annual sales growth ranging from 1-5%, expected to reach VND 263 trillion by 2028.The market share of the 2 chains has reached its limited level (~25% for TGDD &amp; ~60% for DMX), amid fierce competition with young retail chains and the rising dominance of e-commerce platforms, which have no service differentiation, but owns a pricing advantageContent 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.

MWG - Back on the Growth Race in the Medium Term by Bach Hoa Xanh

<ul><li>MWG recorded a significant decline in Q1/23 net revenue, plummeting by 26% YoY and 11% QoQ.</li><li>NPAT-MI exhibited a drastic drop of 99% YoY, resulting in minimal profits.</li><li>TGDD and DMX saw a significant decline in net revenue, with a YoY drop of 34% and a QoQ decrease of 11%.</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.

MWG recorded a significant decline in Q1/23 net revenue, plummeting by 26% YoY and 11% QoQ.NPAT-MI exhibited a drastic drop of 99% YoY, resulting in minimal profits.TGDD and DMX saw a significant decline in net revenue, with a YoY drop of 34% and a QoQ decrease of 11%.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.

MWG - On Track to Sales Recovery, yet a Bumpy Road for Full Profit Restoration

<ul><li>MWG recorded a significant decline in Q1/23 net revenue, plummeting by 26% YoY and 11% QoQ.</li><li>NPAT-MI exhibited a drastic drop of 99% YoY, resulting in minimal profits. </li><li>TGDD and DMX saw a significant decline in net revenue, with a YoY drop of 34% and a QoQ decrease of 11%.</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.

MWG recorded a significant decline in Q1/23 net revenue, plummeting by 26% YoY and 11% QoQ.NPAT-MI exhibited a drastic drop of 99% YoY, resulting in minimal profits. TGDD and DMX saw a significant decline in net revenue, with a YoY drop of 34% and a QoQ decrease of 11%.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.

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.

Thematic (Sector/Industry)

<ul><li>HSX recently announced updates to VN30 Index, VNDiamond Index, and VNFin Lead Index components, including changes in stocks and calculation factors.</li><li>The new indexes will take effect on November 4, 2024, with rebalancing set for November 1.</li><li>ETFs tracking these indexes will adjust their portfolios from October 28 to November 1.</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>

HSX recently announced updates to VN30 Index, VNDiamond Index, and VNFin Lead Index components, including changes in stocks and calculation factors.The new indexes will take effect on November 4, 2024, with rebalancing set for November 1.ETFs tracking these indexes will adjust their portfolios from October 28 to November 1.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.

External broker reports(aggregated public sources), Vietcap

Vietcap

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

<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

Vietnam

Mobile World Investment Corporation is a mobile retailer in Vietnam. The company specializes in mobile phones, tablets, laptops, accessories and other related products through its Thegiodidong store network.

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Mobile World Investment (MWG VN)

MWG - Back on the Growth Race in the Medium Term by Bach Hoa Xanh

The core markets (ICT and consumer electronics) have entered a saturation phase, with annual sales growth ranging from 1-5%, expected to reach VND...

Rong Viet Securities

MWG - On Track to Sales Recovery, yet a Bumpy Road for Full Profit Restoration

MWG recorded a significant decline in Q1/23 net revenue, plummeting by 26% YoY and 11% QoQ. NPAT-MI exhibited a drastic drop of 99% YoY, resulting...

Rong Viet Securities

MWG - On Track to Sales Recovery, yet a Bumpy Road for Full Profit Restoration

MWG recorded a significant decline in Q1/23 net revenue, plummeting by 26% YoY and 11% QoQ. NPAT-MI exhibited a drastic drop of 99% YoY, resulting...

Rong Viet Securities

ETFs Monitor in 4Q24

HSX recently announced updates to VN30 Index, VNDiamond Index, and VNFin Lead Index components, including changes in stocks and calculation factors.

Mirae Asset Securities

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

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