Research center

Demand for mid-range residential housing products remains healthy as there are still a great number of people purchasing apartments for residential purpose thanks to the large working-age population, rapid urbanization and middle-class expansion. This segment is also the development focus of the Company’s medium and long-term strategies. Hai Phat Invest possesses 158ha of clean land bank, mostly located in the West of Ha Noi and Khanh Hoa coastal area which is a great competitive advantage of the Company. The location of this land bank fits the Company’s business strategy to develop the mid-range segment in the West of Ha Noi, where synchronous traffic infrastructure and services are heavily invested, leading to an increase in housing demand. In 2018, estimated revenue of the Company is VND 3456bn, up by 220% yoy; however, estimated net profit is only VND 257bn, down by 21% yoy, lower than the Company’s plan of VND 450bn. The decrease in estimated net profit in 2018 resul

FPT has currently operated in 3 major business areas which are: (1) Information technology; (2) Telecomunication; (3) Education. Leading in technology trends for 30 years, FPT is now the top enterprise in information and technology sector in Vietnam and has its reputation in the region with a large number of customers including the ones in Fortune 500. In terms of telecom, FPT ranks second in the country with 28.1% market share, and owns Internet infrastructure covering 59 cities and provinces together with 4 data centers over the country. In addition, although the education area only contributes low profit proportion, impressive development stages have been shown. In the first 8 months of 2018, FPT’s revenue and PBT increased by 19% and 32% respectively yoy (excluding revenue of retail and distribution in 2017). Revenue from Technology and Telecomunication accounted for 94% of total revenue; Technology and Telecom PBT reached VND 863 bn and VND 994 bn, increasing by 31% y

Healthy economy combining with fast growth population and high urbanization rate are the positive drives for the development of construction and building materials industry in general and tile sector in particular. At present, while there is an oversupply of ceramic tile, total capacity of Granite tile production in Vietnam is limited, which stimulates the growth of tile manufacturers in coming times. Total design capacity of CVT reached 18mn m2/year, securing 4th rank in the list of 80 Vietnamese tile manufacturers. Gross profit margin of CVT is 23.8%, the highest rate among that of the listing tile manufactures, contributed by the efficient distribution system, factories adjacent to resources mines and especially the flexible production lines capable of altering products for public tastes in each period. CAGR of profit of CVT in 7 years is 28.32%. In early 2018, phase 3 of CMC2 factory was put into operation, producing a new product which is the high-end soluble salt and

CENLAND has built a stable business system with a combination of traditional and modern methods via 4 distributing channels including real estate project supermarket STDA, website nghemoigioi.vn, a network of representative offices and branches across the country and abroad and over 700 connected agent. This is a huge competitive advantage of CENLAND over other competitors. In 2017, CENLAND market share in real estate brokerage was 42%, ranking first in the North and 18%, ranking second in the whole country. The number of units sold was up by 18.7% yoy, reaching 11,555 units. The Company’s strategy in the coming period is not only to focus solely on brokerage segment as previously but also to increase secondary investment and deposits for off- take agreements. These two segments allow the Company to partly control supply as well as generate better profit. CENLAND is forecast to earn a revenue of VND1709.5bn (up by 53.3 % yoy) and a net profit of VND306bn (up by 24.3% yoy),

ACB successfully accomplished the 2013-2018 strategy 1 year earlier than expected, after totally solving poor assets arising beforehand. This leads to the bank’s rate of bad debts and doubted assets in total loans staying at least in banking industry. CAR staying high at more than 11% supported ACB credit growth to reach 15% as required in 2018 plan and have positive outlook in the years ahead. ACB has always concentrated on retail banking strategies since foundation, and gradually completed its personal customer ecosystem via the most developed applications such as: Customer experience digitalization; bills and documents digitalization; Distributor Management System (DMS); Big data; etc. ACB NIM and ROE are spreadingly expanded and ranked top in banking sector (3.52% and 14.08% respectively). Aggressive provisions from bad debts many years ago started to benefit ACB with great amount of reversals. The estimated reversal profit in 2018 is VND 1,200 bn. Furthermore, custome

Industrial growth showed signs of a recovery: The index of industrial production (IIP) of the whole industry sector in the first two months was estimated to gain 9.2% YoY, lower than the 13.7% increase in 2018. However, regarding the high growth base in January 2018 and the nine-day Lunar New Year holiday, this can be considered a positive growth. The processing and manufacturing sector started to rebound (+11.5% YoY), while the mining sector plunged (-4.7% YoY, compared to the decrease of -1.8% YoY in 2018). In particular, in 2019 Samsung has launched the new mobile phone products one week earlier than in 2018, most of manufacturing activities were focused on November and December last year instead of December and January as in 2018. The total volume of mobile phone production in November, December 2018 and January 2019 hit 57.4 million phones, +5.1% more than that in 2018. The television manufacturing sector has maintained the momentum since 2017, with the total producti

GDP: GDP in 2018 grew by 7.08% thanks to significant contribution from processing and manufacturing industries. GDP growth is expected to gain 6.6 – 6.8% in 2019. Inflation: Average headline CPI in 2018 was 3.54% due to the pressure of climing prices of oil, healthcare services and food. 2019 CPI is forecast to be around 3.8 – 4.0%. Monetary policy: M2 and credit growth in 2018 dropped due to the SBV’s prudent monetary policy. In 2019, monetary policy continues to manage prudently, M2 and credit growth are supposed to be 11- 13% and 13 - 15% respectively. Exchange rates: VND depreciated by 2.4% in 2018 because of external factors. In 2019, VND could depreciate by 2.3 - 2.5%

Vietnam stock market in 2018 witnessed significant changes, which is contrary to the stable growth in 2016-2017. Internal factors still remained positive and supportive to the market. However, the strong impacts from external risks triggered a simultaneous correction in main indices of 2018. Foreign investors net-bought with a record volume in Vietnam stock market in 2018 (contrary to the net-sold trend in other emerging markets), mainly focused on VHM, VRE, YEG, MSN… Vietnam stock market in 2019 is expect to be volatile under the impacts of external factors, while domestic factors remain neutral. Economic growth and profit growth of listed companies will be slower than in 2018, but still stay at a positive level, SBV monetary policy will be managed more prudently but still loosened in general. The reasonable price zone of VNIndex in 2019 is 911-942 points, slightly increasing compared to the end of 2018 thanks to the positive growth of market EPS, although P/E of the market i

DXG closed-loop business model supports business activities in operating flexibly and cooperating with each other. The company orientation focuses on project development, which will increase DXG business scale and profit. With a nationwide brokerage network supported by numerous contribution channels, brokerage activities have brought DXG healthy cash flow, and secured the sales progress of DXG projects. DXG have currently owned more than 1000ha of land capacity which mainly concentrated in HCM City. This is considered a great competitive advantage of DXG. Current available land capacity can secure the development of DXG projects and revenue in the next five years. According to the medium-term plan, DXG will focus on developing mid-high end condo projects to ensure the product continuity. These are all high-demand products with high liquidity and demand for living because of (1) Large working aged population, increasing urbanization speed, and uptrend of the middle class in societ

Stock market had positive growth in Q3 after a sharp plunge in Q2 as oil price rebounded, concerns over trade war temporarily cooled down, domestic inflation was kept under control and companies’ performances continued to grow considerably in Q2. Foreign investors returned to net sell in Q3 after net buying for 6 consecutive quarters with sales concentrating in July and August on real estate stocks such as VIC, VHM, VRE, and NVL… External risks maintained their great impact on the recovery trend of the market, including trade war, tightening monetary policy of large Central Banks, along with domestic risks such as inflation, exchange rate and prudent policy of SBV… However, thanks to the significant growth of companies’ performances and the recovery phase of the economy, Vnindex is forecast to keep rising and approaching the 1050-1080 zone in Q4.