Company Report

We believe that Vinh Hoan is having the right development steps in the long-term by investing in production lines, expanding farming areas and self-controlling its own fingerling source. Besides, we are optimistic about Vinh Hoan’s ability to develop in the US and EU markets in the coming time. Collagen & Gelatin products will also be potential new steps for Vinh Hoan. In 2019, we estimate that Vinh Hoan's revenue and NPAT will increase by 10% and 7%. Thereby, EPS 2019 of Vinh Hoan will be around VND 16,000. Based on DCF valuation and P/E comparison method, we recommend to BUY Vinh Hoan stocks with a target price of VND115,000, equivalent to a P/E forward at 7x in 2019.

Maintain the No.1 position on the potential consumer credit market Promote business activities at the parent bank, focusing on developing digital banking individual customers However, asset quality issues after a quick growing period will play a decisive role in VPB valuation

Nam Long Group is the leading company in mid-high end housing development with reasonable prices Healthy financial condition with debt/equity ratio reaching 0.19. Total area of projects under construction is 400ha. Continue to accumulate 200ha landbank in Type 2 urban area. BUY recommendation for NLG shares Risks do exist.

PNJ has owned 327 stores in all over the country by the end of the 1Q/2019 Revenue and profit in the 1Q/2019 increased PNJ increased the investment capital in e-commerce The jewelry retail market is potential The risks are existing

15% charter capital is expected to be successfully issued to lower the state ownership More positive signals in solving doubted assets No. 1 bank in operating network, asset and loans balance scale HOLD recommendation as business performance may still be affected by asset quality in the next two years, and uncertain ability to raise capital successfully in 2019

2018 revenue went up 17.4% yoy. EBT rose 30% yoy. Software processing and export continues to thrive in the core markets Digital transformation is FPT’s strategy in the upcoming period New BOM members are expected to help FPT make a breakthrough FPT plans to invest VND4.7 trillion in basic construction investment in 2019, increasing 88% yoy. FPT shares are currently traded at attractive prices compared to other peers in the same industry

Vietcombank asset quality ranks in the top group of the whole banking system, which is not only reflected in the low indicators of bad debt or troubled asset, but also in high annual quality of guaranteed asset, strict risk management process and safe securities portfolio. Although VCB is not at the top in terms of asset size or net interest margin (NIM), VCB is showing its profitability at the top of the sector and outstripping other banks in EBT. Although originated as a wholesale bank but with special competitive advantages such as low cost of capital, good asset quality, wide network and convenient payment infrastructure, VCB has many opportunities to soon become the leading bank in retail banking scale, and ousted private commercial banks. VCB currently holds the leading position in payment services for both individual and corporates. In particular, payment services, trade financing and foreign exchange trading will continue to contribute enormously to the bank’s income thanks t

KBC is a leading company in industrial real estate with a land bank of 5,174ha, accounting for 5.5% area of the state-owned industrial park land (IPL) and 1100ha of urban area land (UAL) from the North to the South, which is sufficient enough for the company to develop in the next 10 years. According to our assessment, KBC’s IPL leasing segment has been benefited from (1) FDI flow into Vietnam still sees a positive growth (2) Available large land bank (3) Northern infrastructure has gradually been improved(4) Manufactures from China have been moved to Vietnam (5) The number of satellites of Samsung and LG increased. However, we assess that the revenue gains from IPL leasing may saw a dip 2019 as the remarkable industrial parks such as Que Vo and Trang Due almost achieved the maximum occupancy rates in the previous years. Meanwhile, earnings from sold land of Phuc Ninh urban area is expected to go up. In 2019, KBSV forecasts KBC revenue will reach VND2,403 billion (+4% yoy) and NPAT

Founded in 2007, with the first flight taking off in 2011, after 7 years of operation, VJC has become the second biggest aviation company in Vietnam. In 2018, VJC ranked second in terms of market share (40.1%), after Vietnam Airlines with 43.1%. Revenue in 2018 of passenger transport reached VND 25,031 billion, up by 48.5% yoy, CAGR in four years hits 44%. VJC’s strategy turning to stimulate operation in the international market is very potential with CAGR reaching 138.6% in 2014-2017. Low operating cost can be considered a strong competitive advantage thanks to young fleet age and low labor costs together with high aircraft operating efficiency. Revenue of the ancillary segment in 2018 hit VND 8,370 billion, gaining 52.8% yoy, four-year CAGR was 63.1%. Focusing on international markets will boost ancillary growth due to higher demand in the international market compared to the domestic market. 2018 revenue gained from aircraft sale was VND 18,512 billion, losing 6.2% yoy, four-ye

Founded in 2007, with the first flight taking off in 2011, after 7 years of operation, VJC has become the second biggest aviation company in Vietnam. In 2018, VJC ranked second in terms of market share (40.1%), after Vietnam Airlines with 43.1%. Revenue in 2018 of passenger transport reached VND 25,031 billion, up by 48.5% yoy, CAGR in four years hits 44%. VJC’s strategy turning to stimulate operation in the international market is very potential with CAGR reaching 138.6% in 2014-2017. Low operating cost can be considered a strong competitive advantage thanks to young fleet age and low labor costs together with high aircraft operating efficiency. Revenue of the ancillary segment in 2018 hit VND 8,370 billion, gaining 52.8% yoy, four-year CAGR was 63.1%. Focusing on international markets will boost ancillary growth due to higher demand in the international market compared to the domestic market. 2018 revenue gained from aircraft sale was VND 18,512 billion, losing 6.2% yoy, four-ye