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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.

GDP growth: GDP growth in the first two quarters of 2019 was modest with the main force of processing – manufacturing sector. GDP in 2019 is forecast to have a positive growth of 6.6 – 6.8%. Inflation: Inflation in the 1H.2019 hit its 3-year lows, but the inflation pressure is expected to come back due to the increase in the government administrated prices. The average inflation rate in 2019 is under control, stays around 3.5 – 4.0%. Monetary policy: The SBV management of monetary policy was quite easing in 1H.2019, but in the last six months, it will be more prudent under the pressure of core inflation. Exchange rate: The VND dipped 0.54% YTD and is expected to depreciate 2 – 2.5% in the whole year of 2019.

- The VN-Index corrected -3.1% in Q2, but overall, it still maintained an increase of 6.4% from the beginning of this year. - Foreign investors have been net-buying since 2019 with the total value of more than VND10,000 billion. - VN-Index Q1 earnings dropped significantly. As a result, we cut earning growth outlook for 2019 down to 9% (lower than the growth of 13% - 15% in 2015-2016). - Domestic macro factors continued to affect the market moves but external factors may have a bigger impact. The reasonable price for VN-Index in the second half of the year is in a range of 930-1000 points. - Retail and IT sectors have a positive outlook in the 2H of 2019. Meanwhile, the banking, real estate, petroleum, electricity, and pharmaceutical sectors were neutral, although opportunities still exist in some stocks with their own stories.

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

Highlights: The VND’s depreciation level was 1.04% YTD by May 31, but the movements of exchange rates on the interbank and unofficial markets were quite different compared to those in the previous period. The main reasons leading to the depreciation of the VND include external factors such as escalating trade tensions between the US and China and the temporary supply constraints of foreign currencies. Outlook: It is forecast that the VND will depreciate 2.0 – 2.5% in the fundamental scenario.

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

CPI in May gained 0.49% MoM and the average CPI in the first five months climbed 2.74% YoY – the lowest 5-month average CPI in the last three years. In May, inflation is the most concerned factor in addition to exchange rates, whereas oil and gas prices went up and prolonged hot weather raised the demand of electricity consumption. Figure 1 shows CPI movements by main sectors. Transportation and housing – construction materials (rising 6.49% and 4.20% YoY respectively) are the two sectors that had a large contribution to CPI in May (0.25% and 0.20% MoM). Food and food stuff witnessed insignificant gains (+0.05% MoM, 5.54% YoY) as prices of substitute goods like beef, poultry meat, and seafood surged under the impact of the African swine fever. Core inflation in May inched up 0.13% MoM and 1.9% YoY – in five consecutive months, and approached the target set by the Government (2% YoY) – this means that the remaining room for the State Bank of Vietnam (SBV) to loosen monetary policy is no

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