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.

Thematic (Sector/Industry)

<ul><li>2022 was a challenging year for the real estate industry, as both demand and supply recoveries were weaker than we anticipated.</li><li>Contrary to expectations that the market will return to strong growth after the pandemic, the real estate industry is currently facing multiple new challenges, including the following:</li><li>Tightened bank credit: Although the State Bank increased its credit room, it was mostly reserved for the manufacturing sector.</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>

2022 was a challenging year for the real estate industry, as both demand and supply recoveries were weaker than we anticipated.Contrary to expectations that the market will return to strong growth after the pandemic, the real estate industry is currently facing multiple new challenges, including the following:Tightened bank credit: Although the State Bank increased its credit room, it was mostly reserved for the manufacturing sector.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 - Real estate - Negative - Waiting for a solution

Equity Bottom-Up

Vietnam Dairy Products JSC / Equity Bottom-Up

<ul><li>In 1976, Southern Coffee - Dairy Company, a precursor to VNM, was established under the Foods General Directorate.</li><li>In 2003, it became a joint stock company and was officially renamed as Vietnam Dairy Products JSC. In 2006, VNM’s shares were listed on HOSE.</li><li>The company produces and trades in canned milk, powdered milk, beverages, and milkbased products. </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>

In 1976, Southern Coffee - Dairy Company, a precursor to VNM, was established under the Foods General Directorate.In 2003, it became a joint stock company and was officially renamed as Vietnam Dairy Products JSC. In 2006, VNM’s shares were listed on HOSE.The company produces and trades in canned milk, powdered milk, beverages, and milkbased products. 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)_March 2023

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

<p>[Vietnam] Real Estate August 22, 2022 (Maintain)</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] Real Estate August 22, 2022 (Maintain)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.

Vincom Retail JSC (VRE VN / BUY) - 2Q22 Update Report - Making a comeback

<ul>
<li>There are 8 additions to the MVIS Vietnam Index at the upcoming rebalance at the close on 18 March. Moderate impact on most of the adds.</li>
<li>There are some stocks that have large float changes; watch <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>. Over 1 day of ADV to sell on some stocks due to capping changes.</li>
<li>At the December rebalance, all 5 adds jumped the day post announcement and then stayed in a range till implementation of the changes.</li>
</ul>


There are 8 additions to the MVIS Vietnam Index at the upcoming rebalance at the close on 18 March. Moderate impact on most of the adds.
There are some stocks that have large float changes; watch Saigon Thuong Tin Commercial (STB VN). Over 1 day of ADV to sell on some stocks due to capping changes.
At the December rebalance, all 5 adds jumped the day post announcement and then stayed in a range till implementation of the changes.


MVIS Vietnam Index Rebalance: Eight Additions & Some Big Float Changes

Vietnam

Vincom Retail Joint Stock Company owns and develops shopping malls. The Company offers dining, apparel, gaming, theme park, and entertainment facilities. Vincom Retail serves customers in Vietnam.

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Vincom Retail (VRE VN)

Industry Report - Real estate - Negative - Waiting for a solution

2022 was a challenging year for the real estate industry, as both demand and supply recoveries were weaker than we anticipated.

Mirae Asset Securities

Stock recommendations (Vietnam Market)_March 2023

In 2003, it became a joint stock company and was officially renamed as Vietnam Dairy Products JSC. In 2006, VNM’s shares were listed on HOSE.

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

Vincom Retail JSC (VRE VN / BUY) - 2Q22 Update Report - Making a comeback

[Vietnam] Real Estate August 22, 2022 (Maintain)

Mirae Asset Securities

MVIS Vietnam Index Rebalance: Eight Additions & Some Big Float Changes

There are 8 additions and quite a few float changes to the MVIS Vietnam Index at the March rebalance. The one-way trade is US$80m and over a day of...

Brian Freitas

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