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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Thematic (Sector/Industry)

<ul><li>Ho Chi Minh City Development Joint Stock Commercial Bank (HDB), formerly known as HCMC Housing Development Bank, was established in 1989.</li><li>HDB was listed on the Ho Chi Minh Stock Exchange (HOSE) in late-2017 and began trading in early-2018.</li><li>By end-2Q23, HDB's total loan portfolio had surged by 8.7% YTD, reaching VND284tr (US$11.8bn). </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>

Ho Chi Minh City Development Joint Stock Commercial Bank (HDB), formerly known as HCMC Housing Development Bank, was established in 1989.HDB was listed on the Ho Chi Minh Stock Exchange (HOSE) in late-2017 and began trading in early-2018.By end-2Q23, HDB's total loan portfolio had surged by 8.7% YTD, reaching VND284tr (US$11.8bn). 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) - September 2023

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

Rong Viet Securities

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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

<ul><li>Total sales volume in Q1/2023 was below 200,000 tons, down 24% yoy.</li><li>GI/GL sales decreased more than that of steel pipes (-28% vs -8%), mainly because GI/GL exports decreased by 33 % yoy. </li><li>HRC price increase throughout Q1 helped stabilising ASP, which was down by 5% compared to Q4/2022 ASP. </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>

Total sales volume in Q1/2023 was below 200,000 tons, down 24% yoy.GI/GL sales decreased more than that of steel pipes (-28% vs -8%), mainly because GI/GL exports decreased by 33 % yoy. HRC price increase throughout Q1 helped stabilising ASP, which was down by 5% compared to Q4/2022 ASP. 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.

NKG - Lacking drivers for substantial recovery

Vietnam

Nam Kim Steel Joint Stock Company manufactures and distributes steel products in Vietnam. Its products include hot-dip zinc-aluminum alloy coated steel products, pre-painted zinc and aluminum coated steel products, galvanized and black steel pipes, hot-dip zinc coated steel products, hot and cold rolled steel products, galvanized C purlin products, and color palettes. The company�s products are used in roofing types, including roof panel, wall sheeting, and gutter in the industrial and civil construction; rolling-door, roll-up door, and double sliding doors; office furniture, interior and exterior decoration, and handicrafts; spare-parts of automobile, motorcycle, and bike equipment; industrial electrical products and home electrical-appliance equipment; and mechanical products, equipment, and punching and forming home-appliances. Nam Kim Steel Joint Stock Company also exports its products. Nam Kim Steel Joint Stock Company was founded in 2002 and is based in Thuan An, Vietnam.

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Nam Kim Steel Jsc (NKG VN)

Stock Recommendations (Vietnam Market) - September 2023

Ho Chi Minh City Development Joint Stock Commercial Bank (HDB), formerly known as HCMC Housing Development Bank, was established in 1989.

Mirae Asset Securities

NKG - Lacking drivers for substantial recovery

Total sales volume in Q1/2023 was below 200,000 tons, down 24% yoy. GI/GL sales decreased more than that of steel pipes (-28% vs -8%)

Rong Viet Securities

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