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>In recent months, China has introduced several policies to support and stabilize the property market, responding to challenges in the sector and aiming to restore confidence among buyers and investors.</li><li>Key measures announced over the last three months include: Mortgage rate adjustments: The People’s Bank of China (PBOC) mandated that commercial banks lower mortgage rates for first–time homebuyers and allow adjustments for existing mortgage rates (no lower than 30 bps below LPR), effective by end-October 2024.</li><li>The goal is to ease the financial burden on borrowers and stimulate demand in the housing 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>

In recent months, China has introduced several policies to support and stabilize the property market, responding to challenges in the sector and aiming to restore confidence among buyers and investors.Key measures announced over the last three months include: Mortgage rate adjustments: The People’s Bank of China (PBOC) mandated that commercial banks lower mortgage rates for first–time homebuyers and allow adjustments for existing mortgage rates (no lower than 30 bps below LPR), effective by end-October 2024.The goal is to ease the financial burden on borrowers and stimulate demand in the housing 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.

Sector Report - Recovery Is Not as Good as Expected, Challenges Remain Throughout 2025

<ul><li>Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.</li><li>Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO.</li><li>VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.</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: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO.VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.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 2024

External broker reports(aggregated public sources), Vietcap

Vietcap

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

<ul><li><p style="text-align: justify;"><span style="font-size: 16px; font-family: Manrope, system-ui, sans-serif;"><strong>New project preparations and launches have ramped up in 2024 YTD: </strong>The housing market in Vietnam bottomed out in 2023 and has since shown a gradual recovery in primary transactions, beginning in Q3 2023 and continuing throughout 2024 YTD, with the condo segment in Hanoi leading the recovery.</span></p></li><li>The rise in preparation activities for new project launches, along with ongoing improvement in homebuyer confidence in 2024 YTD, reaffirms our expectation for growth in primary property transactions in 2024F vs 2023.</li><li><p style="text-align: justify;"><span style="font-family: Manrope,system-ui,sans-serif;"><span style="font-size: 16px;"><strong>We project market transactions to strengthen in Q4 2024 and 2025</strong>, led by our expectations for: (1) sustained demand for real living purposes, particularly targeting mid-end condo projects; (2) a return of investment buyers to select landed property products; (3) growth in new primary supply driven by more project launches and smoother legal procedures; and (4) improving homebuyer confidence, driven by the continuous recovery of the overall property market, a stable mortgage rate outlook, and the acceleration of key infrastructure development.</span></span></p></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>

New project preparations and launches have ramped up in 2024 YTD: The housing market in Vietnam bottomed out in 2023 and has since shown a gradual recovery in primary transactions, beginning in Q3 2023 and continuing throughout 2024 YTD, with the condo segment in Hanoi leading the recovery.The rise in preparation activities for new project launches, along with ongoing improvement in homebuyer confidence in 2024 YTD, reaffirms our expectation for growth in primary property transactions in 2024F vs 2023.We project market transactions to strengthen in Q4 2024 and 2025, led by our expectations for: (1) sustained demand for real living purposes, particularly targeting mid-end condo projects; (2) a return of investment buyers to select landed property products; (3) growth in new primary supply driven by more project launches and smoother legal procedures; and (4) improving homebuyer confidence, driven by the continuous recovery of the overall property market, a stable mortgage rate outlook, and the acceleration of key infrastructure development.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 Residential Real Estate Sector Flash - Market Transactions to Strengthen in Q4 2024 and 2025

<ul><li>HSX recently announced updates to VN30 Index, VNDiamond Index, and VNFin Lead Index components, including changes in stocks and calculation factors.</li><li>The new indexes will take effect on November 4, 2024, with rebalancing set for November 1.</li><li>ETFs tracking these indexes will adjust their portfolios from October 28 to November 1.</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>

HSX recently announced updates to VN30 Index, VNDiamond Index, and VNFin Lead Index components, including changes in stocks and calculation factors.The new indexes will take effect on November 4, 2024, with rebalancing set for November 1.ETFs tracking these indexes will adjust their portfolios from October 28 to November 1.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>Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.</li><li>Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO. VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.</li><li>In 2Q24, VCB's assets began to rebound, growing by 7.4% QoQ and 3.6% YTD, totalling VND1,906tr (US$74.7bn), making it the third largest listed bank.</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: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO. VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.In 2Q24, VCB's assets began to rebound, growing by 7.4% QoQ and 3.6% YTD, totalling VND1,906tr (US$74.7bn), making it the third largest listed bank.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 2024)

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)

Sector Report - Recovery Is Not as Good as Expected, Challenges Remain Throughout 2025

China has introduced several policies to support and stabilize the property market, responding to challenges in the sector and aiming to restore...

Mirae Asset Securities

Stock Recommendations (Vietnam Market) - November 2024

Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.

Mirae Asset Securities

Vietnam Residential Real Estate Sector Flash - Market Transactions to Strengthen in Q4 2024 and 2025

The housing market in Vietnam bottomed out in 2023 and has since shown a gradual recovery in primary transactions, beginning in Q3 2023 and...

Vietcap

ETFs Monitor in 4Q24

HSX recently announced updates to VN30 Index, VNDiamond Index, and VNFin Lead Index components, including changes in stocks and calculation factors.

Mirae Asset Securities

Stock Recommendations (Vietnam Market - October 2024)

Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.

Mirae Asset Securities

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