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>Although the general seaport sector has enjoyed strong growth in 7M24, with significant support from both macro and industrial areas, we believe there remain uncertainties from macro factors which threaten the recovery path in 2024.</li><li>Thus, we maintain our Neutral rating for the Vietnam seaport sector.</li><li>Import-export and clearance activities kept up growing: Import-export value maintained growth momentum in 7M24, at US$439.9bn (+17.6% YoY; 4M24: +15.1% 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>

Although the general seaport sector has enjoyed strong growth in 7M24, with significant support from both macro and industrial areas, we believe there remain uncertainties from macro factors which threaten the recovery path in 2024.Thus, we maintain our Neutral rating for the Vietnam seaport sector.Import-export and clearance activities kept up growing: Import-export value maintained growth momentum in 7M24, at US$439.9bn (+17.6% YoY; 4M24: +15.1% 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.

Vietnam Seaport Sector (Neutral) - Maintaining Growth Momentum

Equity Bottom-Up

Duc Long Gia Lai Group Jsc / Equity Bottom-Up

Duc Long Gia Lai Group JSC is a diversified company. The Company mainly operates in processing wood products, granite stones, investing and producing electricity, mining and processing minerals, trading real estate, hotel and resort services, carrying out construction on civil and traffic works, and plantation of rubber trees.

<ul><li>We update target price for Gia Lai Electricity JSC (GEG) to VND15,500 and with rating Buy.</li><li>Although we believe GEG’s outlook is promising in the long term, the company could encounter significant financial leverage risk and regulatory challenges in the short term, due to potential delays in solar power policy implementation.</li><li>GEG’s electricity sales brought in VND488bn in 2Q24, marking a 1.7% YoY increase.</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>

We update target price for Gia Lai Electricity JSC (GEG) to VND15,500 and with rating Buy.Although we believe GEG’s outlook is promising in the long term, the company could encounter significant financial leverage risk and regulatory challenges in the short term, due to potential delays in solar power policy implementation.GEG’s electricity sales brought in VND488bn in 2Q24, marking a 1.7% YoY increase.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.

Gia Lai Electricity JSC(GEG VN/Buy/TP: VND15,500) - Update - Challenges Persist in the Short Term

Binh Duong Water Enviroment / Equity Bottom-Up

Binh Duong Water Environment JSC engages in the provision of living water. Its other activities include construction, repair, and maintenance of water supply system; designing and monitoring of water supply works; collecting and disposal of water waste; and other construction as irrigation, transportations, and civil works. The company was founded in 1901 and is headquartered in Thu Dau Mot, Vietnam.

<ul><li>Manufacturing clients drive water output growth: Water consumption surged by 9.4% YoY in 1H24, primarily thanks to: 1) steady growth in domestic consumption, which increased by 8.6% YoY, supported by BWE's ongoing water infrastructure expansion; a significant 10.3% increase in manufacturing consumption, fueling this robust growth in water demand in Binh Duong.</li><li>This is a positive signal for BWE, especially considering that water output for manufacturing remained nearly unchanged during FY21–23, due to the impact of COVID-19.</li><li>Binh Duong’s water price to be approved by end-2024: BWE has submitted documentation seeking a 5% annual increase in water price for the 2025–2028 period.</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>

Manufacturing clients drive water output growth: Water consumption surged by 9.4% YoY in 1H24, primarily thanks to: 1) steady growth in domestic consumption, which increased by 8.6% YoY, supported by BWE's ongoing water infrastructure expansion; a significant 10.3% increase in manufacturing consumption, fueling this robust growth in water demand in Binh Duong.This is a positive signal for BWE, especially considering that water output for manufacturing remained nearly unchanged during FY21–23, due to the impact of COVID-19.Binh Duong’s water price to be approved by end-2024: BWE has submitted documentation seeking a 5% annual increase in water price for the 2025–2028 period.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.

Binh Duong Water-Environment JSC  - Analyst Meeting Minutes

<ul><li>Although the Vietnam Textile industry has seen gradual improvement, we believe the business environment in the remainder of 2024 still faces challenges, mainly from macro uncertainties.</li><li>Thus, we maintain our Neutral rating for the Vietnam Textile industry.</li><li>Export growth slowdown: Vietnam’s textile industry maintained positive growth in exports during 7M24, although the momentum cooled in 2Q24.</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>

Although the Vietnam Textile industry has seen gradual improvement, we believe the business environment in the remainder of 2024 still faces challenges, mainly from macro uncertainties.Thus, we maintain our Neutral rating for the Vietnam Textile industry.Export growth slowdown: Vietnam’s textile industry maintained positive growth in exports during 7M24, although the momentum cooled in 2Q24.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 Textile Industry (Neutral) - Global Uncertainties Obstruct Recovery

Song Hong Garment Joint Stock Company manufactures garments. The Company designs apparel such as pants, tops, dress, coats, jackets, and sweaters. Song Hong Garment serves customers worldwide.

<ul><li>Song Hong Garment JSC (MSH VN) is a highly profitable garment company located in Northern Vietnam.</li><li>MSH operates more than 20 manufacturing workshops in Nam Dinh province, Vietnam, that are well-positioned logistically, with key product lines comprising CMT and FOB export garments (major revenue proportion).</li><li>MSH boasts a solid customer portfolio concentrated on the US market, including Walmart, Nike, Target, and Haddad Brands. </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>

Song Hong Garment JSC (MSH VN) is a highly profitable garment company located in Northern Vietnam.MSH operates more than 20 manufacturing workshops in Nam Dinh province, Vietnam, that are well-positioned logistically, with key product lines comprising CMT and FOB export garments (major revenue proportion).MSH boasts a solid customer portfolio concentrated on the US market, including Walmart, Nike, Target, and Haddad Brands. 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.

Song Hong Garment JSC - Gross Margin Improved