Company Report

GMD is the biggest enterprise in port operation among listed companies Nam Dinh Vu Port is a growth driver for GMD in short and medium terms Gemalink project has a positive outlook and is expected to boost GMD growth in the medium term The lowest charges of international container handling at Hai Phong – Cai Mep ports increased by 10%. Risks

VRE is a retail real estate company with a leading “all in one” model in Vietnam and a nationwide business system The domestic retail real estate market is very potential VRE benefits from the ecosystem of the parent company Vingroup Risks are still existing

NLG’s revenue inQ2/2019 fell 33.7% yoy, NPAT of shareholders of the parent company gained 24% yoy. Healthy financial status with low debt rate. The key projects are implemented and offered for sale according to the company’s plans. 2019 revenue of NLG may reach VND3,408.6 billion (-2% yoy) and NPAT of the parent company will hit VND866.1 billion (+ 13.4% yoy.) Recommended: to BUY

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