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>Vietnam Prosperity JSCB (VPB), formerly known as Vietnam JSCB for Private Enterprises, was established in 1993.</li><li>The Bank has its core business in mobilizing capital and crediting. In addition, VPBank also engages in international banking services, trades foreign currencies, financial investment, risk management and capital protection.</li><li>VPBank has been listed and traded on Ho Chi Minh Stock Exchange (HOSE) since August 2017.</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 Prosperity JSCB (VPB), formerly known as Vietnam JSCB for Private Enterprises, was established in 1993.The Bank has its core business in mobilizing capital and crediting. In addition, VPBank also engages in international banking services, trades foreign currencies, financial investment, risk management and capital protection.VPBank has been listed and traded on Ho Chi Minh Stock Exchange (HOSE) since August 2017.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 2024

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>After de-SPACing last August, shares in <strong><a href="https://www.smartkarma.com/entities/vinfast-auto-ltd" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">VinFast (VFS US)</a></strong>, the EV arm of Vietnamese conglomerate <strong><a href="https://www.smartkarma.com/entities/vingroup-jsc" target="_blank" data-smartkarma-citation="entities:13213:1" rel="noopener">Vingroup Jsc (VIC VN)</a></strong>, went orbital, as discussed in <em><strong><a href="https://skr.ma/MYHnq" target="_blank" rel="noopener">Vingroup: VinFast's Valuation Makes No Sense</a></strong></em>
</li>
<li>VinFast cratered shortly thereafter. But still trades at a hefty ~25x P/S, well above industry peers.</li>
<li>Last Friday VinFast announced it was replacing <em>both</em> its CEO and CFO. Not a great look five months after IPOing. Even less attractive is the incoming CEO is VinGroup's founder.</li>
</ul>


After de-SPACing last August, shares in VinFast (VFS US), the EV arm of Vietnamese conglomerate Vingroup Jsc (VIC VN), went orbital, as discussed in Vingroup: VinFast's Valuation Makes No Sense

VinFast cratered shortly thereafter. But still trades at a hefty ~25x P/S, well above industry peers.
Last Friday VinFast announced it was replacing both its CEO and CFO. Not a great look five months after IPOing. Even less attractive is the incoming CEO is VinGroup's founder.


VinFast's Global Expansion As Shares Stall

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

Vietnam Dairy Products JSC / Event-Driven

<ul>
<li>CEO Group JSC (CEO VN) will be added to the MarketVector Vietnam Local Index at the close on 15 December.</li>
<li>Estimated one-way turnover is 5.24% and that results in a one-way trade of US$30m. There are a couple of stocks with more than 1x ADV to buy from passives.</li>
<li>The largest passive inflows will be in Vingroup Jsc (VIC VN), Vietnam Dairy Products JSC (VNM VN), CEO Group JSC (CEO VN) and Vinhomes (VHM VN). </li>
</ul>


CEO Group JSC (CEO VN) will be added to the MarketVector Vietnam Local Index at the close on 15 December.
Estimated one-way turnover is 5.24% and that results in a one-way trade of US$30m. There are a couple of stocks with more than 1x ADV to buy from passives.
The largest passive inflows will be in Vingroup Jsc (VIC VN), Vietnam Dairy Products JSC (VNM VN), CEO Group JSC (CEO VN) and Vinhomes (VHM VN). 


MarketVector Vietnam Local Index Rebalance: One Add & Other Changes

<ul><li>Vietnam Prosperity JSCB (VPB), formerly known as Vietnam JSCB for Private Enterprises, was established in 1993.</li><li>The Bank has its core business in mobilizing capital and crediting.</li><li>In addition, VPBank also engages in international banking services, trades foreign currencies, financial investment, risk management and capital protection. </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 Prosperity JSCB (VPB), formerly known as Vietnam JSCB for Private Enterprises, was established in 1993.The Bank has its core business in mobilizing capital and crediting.In addition, VPBank also engages in international banking services, trades foreign currencies, financial investment, risk management and capital protection. 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 - November 2023

<ul><li>Overview: JSCB for Investment and Development of Vietnam (BIDV), formerly known as Bank for Construction of Vietnam under the MoF, was established in 1957.</li><li>BIDV has been put into operation under the model of a JSCB since 2012. I</li><li>t has been listed on HOSE since 2014. By the end of 2022, its outstanding credit reached VND1.98qa, accounting for over 12.87% of the total credit in the economy, making it the market leader in credit market share.</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>

Overview: JSCB for Investment and Development of Vietnam (BIDV), formerly known as Bank for Construction of Vietnam under the MoF, was established in 1957.BIDV has been put into operation under the model of a JSCB since 2012. It has been listed on HOSE since 2014. By the end of 2022, its outstanding credit reached VND1.98qa, accounting for over 12.87% of the total credit in the economy, making it the market leader in credit market share.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) - October 2023

Vietnam

Vinhomes Joint Stock Company offers real estate services. The Company provides sale and leasing of residential complexes and apartments, as well as professional and personalized services, community building activities, and other facilities. Vinhomes serves customers in Vietnam.

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Vinhomes (VHM VN)

Stock Recommendations (Vietnam Market)_March 2024

The Bank has its core business in mobilizing capital and crediting. In addition, VPBank also engages in international banking services, trades...

Mirae Asset Securities

VinFast's Global Expansion As Shares Stall

IF Vingroup were to offload some of its stake in VinFast to increase the float, that could be a catalyst. I'd still be disinclined to invest in...

David Blennerhassett

MarketVector Vietnam Local Index Rebalance: One Add & Other Changes

CEO Group (CEO VN) is an add. Estimated one-way turnover is 5.24% and that results in a one-way trade of US$30m. There are a couple of stocks with...

Brian Freitas

Stock Recommendations - Vietnam Market - November 2023

Vietnam Prosperity JSCB (VPB), formerly known as Vietnam JSCB for Private Enterprises, was established in 1993. The Bank has its core business in...

Mirae Asset Securities

Stock Recommendations (Vietnam Market) - October 2023

JSCB for Investment and Development of Vietnam (BIDV), formerly known as Bank for Construction of Vietnam under the MoF, was established in 1957.

Mirae Asset Securities

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