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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

The index of industrial production (IIP) in April climbed 0.6% MoM and 9.5% YoY, in which manufacturing and processing still played a key role and boosted the overall growth (+1.2% MoM; +10.5% YoY). IIP of the whole sector was at a moderate level, with IIP of manufacturing and processing saw a two-digit growth in 11 consecutive months. Production of mobile phones increased sharply over the same period in 2018, + 17.2% YoY, and exports of phones and components thus maintained a positive growth rate of +12% YoY in April. This is a positive signal while Samsung's new product line this year opened for sale one week earlier than in 2018 (March 8, 2019 compared to March 16, 2018). In particular, on April 22, Samsung announced to delay the selling date of Galaxy Fold, but this may not affect the manufacturing and exports of Vietnam as in the beginning of 2017. This is the market-penetrative product (estimated to account only for 1% of the total Samsung shipments), and many experts do not c

GDP growth: GDP growth in the 1Q.2019 was moderate with the main forces of processing and manufacturing sector. It is forecast that 2019 GDP will stay positive at 6.6 – 6.8%. Inflation: Inflation in the first three months hit the three-year lows. However, inflation pressure may return in April. The average inflation rate in 2019 is expected to be under control, surrounding 3.8 – 4.0%. Monetary policy: SBV monetary policy was further loosened in the 1Q, but in the rest of the year, it would be more prudent due to the inflation pressure. Exchange rates: VND was quite stable in the 1Q and expected to depreciate by 1.5 -2% in the whole year of 2019.

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

Vietnam stock market saw positive performance with a strong growth in most of the 1Q before entering a sideways drift around 1,000 point threshold in the last two trading weeks of the quarter. The growth force of the market in the 1Q comes from the bottom-fishing demand of domestic investors and net-buying cash flow of foreign investors. Foreign investors have net-bought for two consecutive quarters in Vietnam stock market, which is in line with the trend of global capital flow running into emerging markets in the 1Q. If in early 2Q, the market receives many news from the AGMs and business performance in the 1Q, there will be less information in the second half of the quarter. Powerful drivers of the market still come from external factors such as the trade war, Brexit, the US yield curve, monetary policies and economic outlook of some major economies… In the basic scenario, external risks do not get worse, VNIndex is forecast to stay in a sideways drift and slightly decrease in ear

Revenue and profit of DXG showed positive growth in 2018./ All business fields had stronger growth than in 2017./ Revenue from LDG projects gain damatic revenue for DXG.