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>Stagnant credit growth in 1Q24 comes with little surprise: The subdued credit growth in 1Q24 reflects broader economic trends, indicating one of the lowest levels in nearly a decade, with a YTD increase of 1.34%.</li><li>This is just slightly above the 0.5% YTD increase recorded in 1Q14 and similar to the pandemic-inception year of 2020.</li><li>However, this was not entirely surprising, given the cautious macroeconomic outlook, despite some signs of recovery.</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>

Stagnant credit growth in 1Q24 comes with little surprise: The subdued credit growth in 1Q24 reflects broader economic trends, indicating one of the lowest levels in nearly a decade, with a YTD increase of 1.34%.This is just slightly above the 0.5% YTD increase recorded in 1Q14 and similar to the pandemic-inception year of 2020.However, this was not entirely surprising, given the cautious macroeconomic outlook, despite some signs of recovery.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.

Banking Sector - 1Q24 Update and Outlook - Acceptable Shortfall

<ul><li>Pursuit of credit expansion in last days of the year: As of December 20, 2023, YTD credit growth reached 10.85%; remarkably, however, within the span of just 10 days, this figure surged to an impressive 13.7% YoY.</li><li>Put differently, the credit expansion observed in 4Q23 is nearly equivalent to that of 9M23 combined.</li><li>Overall, credit growth in the banking sector has nearly reached the SBV’s lower-bound target of 14-16% YoY. </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>

Pursuit of credit expansion in last days of the year: As of December 20, 2023, YTD credit growth reached 10.85%; remarkably, however, within the span of just 10 days, this figure surged to an impressive 13.7% YoY.Put differently, the credit expansion observed in 4Q23 is nearly equivalent to that of 9M23 combined.Overall, credit growth in the banking sector has nearly reached the SBV’s lower-bound target of 14-16% YoY. 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.

Banking Sector - 2023 Update and Outlook - Progress in Motion

<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"><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>

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.

<ul><li>By end-1Q23, credit growth was low, at 2.1% YTD. This was the second lowest rate since that of 2015, when the domestic banking sector began to recover from the credit crunch in 2012.</li><li>The biggest reason for the low credit growth was the high lending rate.</li><li>In terms of the loan yield of listed banks, lending rates reached the highest level of the past ten years, curbing credit demand from borrowers. </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>

By end-1Q23, credit growth was low, at 2.1% YTD. This was the second lowest rate since that of 2015, when the domestic banking sector began to recover from the credit crunch in 2012.The biggest reason for the low credit growth was the high lending rate.In terms of the loan yield of listed banks, lending rates reached the highest level of the past ten years, curbing credit demand from borrowers. 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.

Banking Sector - 1Q23 update and outlook - Return of dovish policies

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

Vietnam

Saigon Thuong Tin Commercial Joint-Stock Bank, known as Sacombank, operates various personal and corporate banking services such as deposits, foreign exchange transactions, loans, outward transfer, and international payments.

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Saigon Thuong Tin Commercial (STB VN)

Banking Sector - 1Q24 Update and Outlook - Acceptable Shortfall

The subdued credit growth in 1Q24 reflects broader economic trends, indicating one of the lowest levels in nearly a decade, with a YTD increase of...

Mirae Asset Securities

Banking Sector - 2023 Update and Outlook - Progress in Motion

As of December 20, 2023, YTD credit growth reached 10.85%; remarkably, however, within the span of just 10 days, this figure surged to an...

Mirae Asset Securities

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

Banking Sector - 1Q23 update and outlook - Return of dovish policies

By end-1Q23, credit growth was low, at 2.1% YTD. This was the second lowest rate since that of 2015, when the domestic banking sector began to...

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

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