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. 

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

Vietnam Construction & Import-Export / Equity Bottom-Up

<ul><li>Vietnam Construction and Import-Export JSC (VCG) reported 2022 revenue of VND8,629bn (50.1% YoY) and earnings before tax of VND1,132bn (57.4% YoY), achieving 56.4% and 64.7% of 2022 fiscal plan, respectively.</li><li>The majority of revenue (70%) came from the construction segment.</li><li>The second largest component was manufacturing, which accounted for 11%, and other services, at 12%.</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>

Vietnam Construction and Import-Export JSC (VCG) reported 2022 revenue of VND8,629bn (50.1% YoY) and earnings before tax of VND1,132bn (57.4% YoY), achieving 56.4% and 64.7% of 2022 fiscal plan, respectively.The majority of revenue (70%) came from the construction segment.The second largest component was manufacturing, which accounted for 11%, and other services, at 12%.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 Construction and Import-Export JSC (VCG VN Equity - Hold) - Update - Pros and cons

Thematic (Sector/Industry)

<ul><li>Real estate developers suffered serious damage from the corporate bond market’s turmoil, which squeezed their liquidity and consequently delayed the progress of project development. </li><li>Construction’s material prices, including those of steel, cement, concrete, and bricks have surged by 20%–30% since late-2021.</li><li>By end–2022, the estimated government disbursement was VND435,689 bn, achieving 75.1% of the Prime Minister’s FY22 target, and below that ofthe previous period (77.3% 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>

Real estate developers suffered serious damage from the corporate bond market’s turmoil, which squeezed their liquidity and consequently delayed the progress of project development. Construction’s material prices, including those of steel, cement, concrete, and bricks have surged by 20%–30% since late-2021.By end–2022, the estimated government disbursement was VND435,689 bn, achieving 75.1% of the Prime Minister’s FY22 target, and below that ofthe previous period (77.3% 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.

Industry Report - Construction - Overweight - Buil up the Nation

<p>Vietnam Construction and Import-Export JSC (HOSE: VCG)</p><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>

Vietnam Construction and Import-Export JSC (HOSE: VCG)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 Construction and Import-Export JSC (VCG VN Equity - Overweight) - Initiation - Challenges from multi-sector strategy

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/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

<ul>
<li>There are 2 additions and 1 deletion for the MVIS Vietnam Index at the upcoming rebalance at the close on 17 June. Plus capping and float changes.</li>
<li>The adds are <a href="https://www.smartkarma.com/entities/saigon-hanoi-commercial" target="_blank" data-smartkarma-citation="entities:17575:1" rel="noopener">Saigon - Hanoi Commercial (SHB VN)</a> and <a href="https://www.smartkarma.com/entities/viet-nam-construction-impo" target="_blank" data-smartkarma-citation="entities:17309:1" rel="noopener">Viet Nam Construction &amp; Impo (VCG VN)</a>, while Tien Phong Securities (ORS VN) is the deletion.</li>
<li>The largest passive outflows are on <a href="https://www.smartkarma.com/entities/vingroup-jsc" target="_blank" data-smartkarma-citation="entities:13213:1" rel="noopener">Vingroup Jsc (VIC VN)</a>, <a href="https://www.smartkarma.com/entities/feng-tay-enterprise-co-ltd" target="_blank" data-smartkarma-citation="entities:18329:1" rel="noopener">Feng Tay Enterprise (9910 TT)</a> and <a href="https://www.smartkarma.com/entities/eclat-textile-company-ltd" target="_blank" data-smartkarma-citation="entities:13209:1" rel="noopener">Eclat Textile Company (1476 TT)</a>. </li>
</ul>


There are 2 additions and 1 deletion for the MVIS Vietnam Index at the upcoming rebalance at the close on 17 June. Plus capping and float changes.
The adds are Saigon - Hanoi Commercial (SHB VN) and Viet Nam Construction &amp; Impo (VCG VN), while Tien Phong Securities (ORS VN) is the deletion.
The largest passive outflows are on Vingroup Jsc (VIC VN), Feng Tay Enterprise (9910 TT) and Eclat Textile Company (1476 TT). 


MVIS Vietnam Index Rebalance: Two Adds, One Delete, Capping & Float Changes

Vietnam

Viet Nam Construction and Import-Export JSC is a construction company that is developing a tourism complex.

Vietnam Construction & Import-Export (VCG VN)

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Vietnam Construction & Import-Export (VCG VN)

Vietnam Construction and Import-Export JSC (VCG VN Equity - Hold) - Update - Pros and cons

Vietnam Construction and Import-Export JSC (VCG) reported 2022 revenue of VND8,629bn (50.1% YoY) and earnings before tax of VND1,132bn (57.4% YoY)

Mirae Asset Securities

Industry Report - Construction - Overweight - Buil up the Nation

Real estate developers suffered serious damage from the corporate bond market’s turmoil, which squeezed their liquidity and consequently delayed...

Mirae Asset Securities

Vietnam Construction and Import-Export JSC (VCG VN Equity - Overweight) - Initiation - Challenges from multi-sector strategy

Vietnam Construction and Import-Export JSC (HOSE: VCG)

Mirae Asset Securities

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

MVIS Vietnam Index Rebalance: Two Adds, One Delete, Capping & Float Changes

There are 2 adds, 1 delete, float and capping changes for the MVIS Vietnam Index to be implemented at the close on 17 June. One-way turnover is...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)