A strategy slide presenation of Vietnam's stock makert and Macro economy for 4Q2016. This is a property of BSC (BIDV Securities Company) and presented to Buyside clients by Mr. Tran Thang Long Head of Reseearch.
A strategy slide presenation of Vietnam's stock makert and Macro economy for 3Q2016. This is a property of BSC (BIDV Securities Company) and presented to Buyside clients by Mr. Tran Thang Long Head of Reseearch.
A strategy slide presenation of Vietnam's stock makert and Macro economy for 4Q2016. This is a property of BSC (BIDV Securities Company) and presented to Buyside clients by Mr. Tran Thang Long Head of Reseearch.
A strategy slide presenation of Vietnam's stock makert and Sectors for 4Q2016. This is a property of BSC (BIDV Securities Company) and presented to Buyside clients by Mr. Tran Thang Long Head of Reseearch.
Vietnam Macro and Stock Market Q4 2015
The Biggest Winner From TPP Trade Deal May Be Vietnam, and one of the most attractive Stock markets.
BIDV securrities
BIDV Securities Company (BSC)
Established on November 26th 1999, BIDV Securities Company (BSC) is honor to become one of the first securities firms in Vietnam. Being a subsidiary of the Bank for Investment and Development of Vietnam (BIDV) – one of the largest four State owned Commercial Banks in Vietnam, BSC inherit both the 50 years of experience in investment, banking, finance and the nation-wide network of enterprises . BSC is ranked number one for bond brokerage BSC is ranked top 7 for stock brokerage
Mr Long Tran Thang proud to work for BIDV Securities Company (BSC) as Head of Research and before that as Deputy head of Investment and analyst since 2007. BIDV Securities Company (BSC) is one of the first securities firms in Vietnam. Being a subsidiary of BIDV – the largest commercial Banks in Vietnam, BSC inherit both the 55 years of experience in investment, banking, finance and the nation-wide network of enterprises.
Mr Long Tran Thang earned an MBA from Solvay Brussels School (ULB) in 2014. Mr Long graduated with BA in Economics from the ANU Australian National University (ANU) and BA in Finance from The National Economics University (NEU).
A strategy slide presenation of Vietnam's stock makert and Macro economy for 3Q2016. This is a property of BSC (BIDV Securities Company) and presented to Buyside clients by Mr. Tran Thang Long Head of Reseearch.
A strategy slide presenation of Vietnam's stock makert and Macro economy for 4Q2016. This is a property of BSC (BIDV Securities Company) and presented to Buyside clients by Mr. Tran Thang Long Head of Reseearch.
A strategy slide presenation of Vietnam's stock makert and Sectors for 4Q2016. This is a property of BSC (BIDV Securities Company) and presented to Buyside clients by Mr. Tran Thang Long Head of Reseearch.
Vietnam Macro and Stock Market Q4 2015
The Biggest Winner From TPP Trade Deal May Be Vietnam, and one of the most attractive Stock markets.
BIDV securrities
BIDV Securities Company (BSC)
Established on November 26th 1999, BIDV Securities Company (BSC) is honor to become one of the first securities firms in Vietnam. Being a subsidiary of the Bank for Investment and Development of Vietnam (BIDV) – one of the largest four State owned Commercial Banks in Vietnam, BSC inherit both the 50 years of experience in investment, banking, finance and the nation-wide network of enterprises . BSC is ranked number one for bond brokerage BSC is ranked top 7 for stock brokerage
Mr Long Tran Thang proud to work for BIDV Securities Company (BSC) as Head of Research and before that as Deputy head of Investment and analyst since 2007. BIDV Securities Company (BSC) is one of the first securities firms in Vietnam. Being a subsidiary of BIDV – the largest commercial Banks in Vietnam, BSC inherit both the 55 years of experience in investment, banking, finance and the nation-wide network of enterprises.
Mr Long Tran Thang earned an MBA from Solvay Brussels School (ULB) in 2014. Mr Long graduated with BA in Economics from the ANU Australian National University (ANU) and BA in Finance from The National Economics University (NEU).
Rong Viet Securities - Investment Strategy April 2018Thomas Farthofer
In their recently published strategy report for April 2018, our partner Rong Viet explains that Vietnam's stable economic situation and a strong earnings season should lead to further gains during April. Risks to this positive scenario include a potential trade war between the US and China or rate hikes in the US.
Access to this presentation has been made possible through "Sao Bien. Room for Education", an Austrian-based non-profit organization and cooperation partner of Viet Dragon Securities.
Reprinted with the permission of Viet Dragon Securities. Not for US investors.
Healthcare Services Sector Update - November 2016Duff & Phelps
The S&P Healthcare Services Index decreased 2.1% over the past month, underperforming the S&P 500, which increased 3.4% over the same period. The best performing sectors were Pharmacy Management (up 16.0%), Managed Care - Commercial (up 15.7%) and Healthcare Staffing (up 15.5%).
An analyzing for foreign investors to invest in Vietnam.
For more ideas and support for starting up your business in Vietnam / looking for Vietnam supplier base or Vietnam market information, please feel free to contact trang.nt@longhau.com.vn .
Business Opportunities in Vietnam is presented by Ms. Ladda Mongkolchaiwiwat, GM - VNU Exhibitions Asia Pacific, prepared by Mr. Sarawut Burapapat, Strategic Communication Consultant - Market-Comms and sourced by Vietnam Trade Promotion Agency & Vietnam Chamber of Commerce and Industry.
Healthcare Services Sector Update - December 2016Duff & Phelps
The S&P Healthcare Services Index increased 1.2% over the past month, underperforming the S&P 500, which increased 1.8% over the same period. The best performing sectors were Skilled Nursing (up 9.7%), Diagnostic Imaging (up 9.3%) and Home Care / Hospice (up 8.0%).
The 2016 Edelman Trust Barometer shares disturbing news about a widening gap in trust in all major institutions between the informed public and mass population.
The story for the healthcare industry is a cautionary tale and one that bears watching. At a global level, and using general population (informed public plus mass population) findings* with 28 countries surveyed, healthcare is near the bottom with a trust score of 61, just ahead of Telecommunications, Energy and Financial Services.
View the presentation for details.
Introduction - History - Origin
Vision - Mission - Values of the company
Key Product - Key Market -Key Competitions
SWOT
Financials
Global turnover
Global net profits or
Turnover - Geographic
Corporate Governance & Ethical practice of company
CSR
Success Story
Failure & Setback Story
R&D
Future Global challenges
Acquisition and Divestment
Presentation from 11th Crystal Ball Business Luncheon at CANCHAM (Canadian Chamber of Commerce Vietnam) given by the Ralf Matthaes.
Presentation highlights consumer and economic trends of the passing year (2015) and what we should expect in 2016.
Ralf is a Managing Director of Infocus Mekong Research (IFM): an innovative technology-driven market research agency specializing in mobile, custom & integrated strategic research in Vietnam, Myanmar, Cambodia and Laos region.
Rong Viet Securities - Investment Strategy April 2018Thomas Farthofer
In their recently published strategy report for April 2018, our partner Rong Viet explains that Vietnam's stable economic situation and a strong earnings season should lead to further gains during April. Risks to this positive scenario include a potential trade war between the US and China or rate hikes in the US.
Access to this presentation has been made possible through "Sao Bien. Room for Education", an Austrian-based non-profit organization and cooperation partner of Viet Dragon Securities.
Reprinted with the permission of Viet Dragon Securities. Not for US investors.
Healthcare Services Sector Update - November 2016Duff & Phelps
The S&P Healthcare Services Index decreased 2.1% over the past month, underperforming the S&P 500, which increased 3.4% over the same period. The best performing sectors were Pharmacy Management (up 16.0%), Managed Care - Commercial (up 15.7%) and Healthcare Staffing (up 15.5%).
An analyzing for foreign investors to invest in Vietnam.
For more ideas and support for starting up your business in Vietnam / looking for Vietnam supplier base or Vietnam market information, please feel free to contact trang.nt@longhau.com.vn .
Business Opportunities in Vietnam is presented by Ms. Ladda Mongkolchaiwiwat, GM - VNU Exhibitions Asia Pacific, prepared by Mr. Sarawut Burapapat, Strategic Communication Consultant - Market-Comms and sourced by Vietnam Trade Promotion Agency & Vietnam Chamber of Commerce and Industry.
Healthcare Services Sector Update - December 2016Duff & Phelps
The S&P Healthcare Services Index increased 1.2% over the past month, underperforming the S&P 500, which increased 1.8% over the same period. The best performing sectors were Skilled Nursing (up 9.7%), Diagnostic Imaging (up 9.3%) and Home Care / Hospice (up 8.0%).
The 2016 Edelman Trust Barometer shares disturbing news about a widening gap in trust in all major institutions between the informed public and mass population.
The story for the healthcare industry is a cautionary tale and one that bears watching. At a global level, and using general population (informed public plus mass population) findings* with 28 countries surveyed, healthcare is near the bottom with a trust score of 61, just ahead of Telecommunications, Energy and Financial Services.
View the presentation for details.
Introduction - History - Origin
Vision - Mission - Values of the company
Key Product - Key Market -Key Competitions
SWOT
Financials
Global turnover
Global net profits or
Turnover - Geographic
Corporate Governance & Ethical practice of company
CSR
Success Story
Failure & Setback Story
R&D
Future Global challenges
Acquisition and Divestment
Presentation from 11th Crystal Ball Business Luncheon at CANCHAM (Canadian Chamber of Commerce Vietnam) given by the Ralf Matthaes.
Presentation highlights consumer and economic trends of the passing year (2015) and what we should expect in 2016.
Ralf is a Managing Director of Infocus Mekong Research (IFM): an innovative technology-driven market research agency specializing in mobile, custom & integrated strategic research in Vietnam, Myanmar, Cambodia and Laos region.
Pharma Digital Marketing - 5 future trendsmarcmunch2014
Digital Marketing within the Pharma Industry:
The first and safer way is to summarize the past 12 months, the second, more dangerous but also more exciting is to predict what will happen in 2015.
For years digital marketing was treated as a fifth wheel in pharma business. Whatever we say, the truth is that those organisations are made of sales force. And a digital sales force was just another marketing gimmick that does not add value but a workload and cost.
However, during past few years this traditional sales force thinking was challenged. Payers pressure forced companies to reduce ranks of sales representatives. Regulatory decisions have limited possibility of sales rep to meet HCPs. The result is that sales rep cannot meet his Client often enough to detail the product and maintain relationship in the same time.
Digital came to help with e-detailing and web-based self-detail solutions. CRM software supports reps with data that allow reps to have a meaningful conversation with HCPs they barely know.
Combining detailing visits with digital tatics and good old direct marketing is our new buzz word: Multi Channel Marketing or Multi Channel Sales
Turbulent Times: Our economic prospects in an uncertain worldCheryl Maitland Muir
In his April 6, 2017 presentation to the Annual Council of Forest Industries Conference, BCBC Chief Policy Officer Jock Finlayson described the state of the global, American and Canadian economies and their potential impact on BC's forest sector.
Based on our scuttlebutt and feedback from industry sources and ground views of experts regarding the current state of affairs in India due to Coronavirus lockdown, We shall now present our thoughts on investment strategy for post lock down period.
Bsc vietnam outlook 2020 2021 (english) colour of the year (final sars-Cov2 r...Long Tran
a quick overview of Vietnam Stock market and economy in 2020 2021 from BIDV securities Company (BSC).
Top 3 Research house in Vietnam (AsiaMoney Broker Poll 2019)
Vietnam Top stocks pick 2019 11.01.2019
Long Tran Head of research
Please feel free to contact me at
E Longtt@bsc.com.vn
P +84 4 39352722 (118)
M +84 906 959 034
S rongbeo
Vinatex slides eng 2014 (vietnam national textile company) IPO by BSCLong Tran
The Vietnam National Textile and Garment Group (Vinatex) (Tập đoàn dệt may Việt Nam) is a large Vietnamese textile company, and one of Vietnam's largest companies overall.[1] The company's 'productive sector' consists of over 50 joint stock companies, and 40 joint venture companies, principally involved in manufacture; other listed company sectors include fashion magazines, fashion design institutes and textile-industry vocational schools, universities, real estate, supper market.[2] Vinatex operates several import-export companies. Company central offices are located in Ha Noi.
151411 acv IPO slide eng (Airports Corporation of Vietnam) IPO by BSCLong Tran
Airports Corporation of Vietnam – JSC (abbreviated as ACV) is a joint stock company operating in the form of parent company – subsidiaries. The company was converted from single-member limited liability Company with 100% State-owned charter capital to a joint-stock company with State-owned controlling stakes pursuant to Decision No.1710/QD-TTg dated 06th October, 2015 of the Prime Minister regarding the approval of equitization plan of parent company - Airports Corporation of Vietnam.
Airports Corporation of Vietnam is operating under parent company – subsidiaries model, managing 22 airports nationwide, of which 7 are international airports: Tan Son Nhat, Noi Bai, Da Nang, Phu Bai, Cam Ranh, Phu Quoc, Can Tho, and 15 are domestic: Buon Ma Thuot, Lien Khuong, Rach Gia, Ca Mau, Con Dao, Phu Cat, Pleiku, Tuy Hoa, Chu Lai, Dong Hoi, Vinh, Cat Bi, Tho Xuan, Dien Bien and Na San; and also providing capital contribution to subsidiaries, joint-venture companies and affiliates.
ACV’s charter capital is 21,771,732,360,000 VND, equivalent to 2,177,173,236 stocks with nominal value of 10,000VND/stock, in which the State holds 95.4% shares, other shareholders hold 4.6%.
http://www.wsj.com/articles/vietnam-airlines-raises-nearly-52-million-in-ipo-1415955368
HANOI—Vietnam Airlines Friday raised nearly 1.1 trillion dong ($52 million) in its initial public offering, though it failed to attract enough foreign investment, according to a person familiar with the deal.
The company sold all of the 49 million shares offered, representing a 3.48% stake, at an average price of 22,307 dong a share, the bourse said in a filing.
Among buyers were two corporate investors, the company said without elaborating.
A senior official with the bourse said the corporate investors are two local banks, Vietnam Technological & Commercial Joint Stock Bank and The Joint Stock Commercial Bank for Foreign Trade of Vietnam, or Vietcombank.
http://www.wsj.com/articles/vietnam-airlines-raises-nearly-52-million-in-ipo-1415955368
HANOI—Vietnam Airlines Friday raised nearly 1.1 trillion dong ($52 million) in its initial public offering, though it failed to attract enough foreign investment, according to a person familiar with the deal.
The company sold all of the 49 million shares offered, representing a 3.48% stake, at an average price of 22,307 dong a share, the bourse said in a filing.
Among buyers were two corporate investors, the company said without elaborating.
A senior official with the bourse said the corporate investors are two local banks, Vietnam Technological & Commercial Joint Stock Bank and The Joint Stock Commercial Bank for Foreign Trade of Vietnam, or Vietcombank.
“These two investors bought most of the shares offered, helping contribute to the success of the IPO,” the official, who didn’t want to be identified, said.
Vietnam Airlines President and Chief Executive Pham Ngoc Minh in August said the company is speaking to several potential strategic investors to sell a separate 20% stake. The company is expected to hold its first shareholders meeting in March next year, Pham Viet Thanh, the airline’s chairman, said.
The disappointing result comes as investors have been unenthusiastic about Vietnam’s privatization campaign, partly because of a lack of transparency in many state-run companies and the inordinate amount of time it takes for a company’s shares to start trading after going public.
But recently, the government has moved to speed up its reforms of state-owned enterprises, public investment and a banking system burdened by high levels of nonperforming loans in an effort to revive economic growth.
“Privatizing a state-owned company like Vietnam Airlines shows the government’s right direction in restructuring state-owned enterprises to enhance their transparency and efficiency,” Deputy Minister of Transport Nguyen Hong Truong said after the Friday IPO.
Write to Vu Trong Khanh at Trong-Khanh.Vu@dowjones.com and Nguyen Amh Thuat anhthu.nguyen@wsj.com
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
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Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Buy Verified PayPal Account | Buy Google 5 Star Reviewsusawebmarket
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Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
1. Vietnam Outlook Update
Q4 2016
Long Tran Head of research
Please feel free to contact me at
E Longtt@bsc.com.vn
P +84 4 39352722 (118)
M +84 906 959 034
S rongbeo
BSC
2. Content List
• Investment themes 03
• Economy backdrop 04
• Global factors 06
• Domestic factors 09
• Stock market outlook 12
• Performance and liquidity 16
• Fearless forecast 2016 -2018 19
• Sector outlook 23
• Case to consider 24
• New kids on the block 29
3. Investment themes
3
Real Estate
push
building
material
FDI benefit
but caution
with TPP (may
false) with new
US President
Rerate on
the rise
Upcom, Hnx,
low P/E
Largecap
Privatization
& FOL will
dominate in
2016 – 2017.
New Kids on
the block
Local grow
oriented.
Low Beta
and high
dividend
yield
1 2 3 4 5
5. Key take away points
• Eventful Q4 2016: US President election 2016 (8th Nov), FOMC meeting
(02nd Nov, 14th Dec) and Opec meeting (30th Nov) will be on the spotlight
(all on Q4 2016)
• What happen if TPP false ?
• Vietnam fall short of GDP target (6.7%) while there is only 3 months left
• Liquidity is great, foreign reserve climb to USD 40 billion
• New PM want to support growth and push privatization, prove that he is
more Pro-business. Party leader’s anti corruption campaign.
• Pros: strong FDI, stable interest rate, liquidity, positive export
• Cons: State own enterprise restructuring, Banking system and fiscal deficit,
6. You don’t want to be any where else
Source: BSC, Blackrock
Emerging economies
• China Slowdown
• BRIC slow down
• Commodities price recovery
Developed economies
• FED hike
• Election year and anti TPP
•Brexit & EU
Geopolitical risks
• Conflict and violence
(Russia, East Sea, IS)
• Cyber Security
Vietnam
• USD/VND
• Fiscal Policies
• FTA & investment (TPP)
BSC’s relevant reports: Brexit before & after, Lanina, Oil, commodity
7. Major risks from Fed hike and US President Election
FOMC meeting on 02nd Nov and 14th Dec:
The probability of a hike by December
jumps to 61 percent. Commodities to
recover further more until then.
US President election on 08th Nov: Clinton
vs Trump. Hillary Clinton is well-aware of
the dynamics of the South China Sea
dispute while Donald Trump has spoken
against free trade agreements (he hate
TPP)
What it mean for Vietnam:
• Clinton is better, Trump is so uncertainty
• A hike is not a big problem as everyone
expect it happen in Dec.
Source: Project forecast
BSC’s relevant reports: FED hike & How long how low
8. If TPP false, we still have 16 other FTAs
• The possible failure of TPP if Mr. Obama
can not push Congress to pass TPP in the
two-month Nov 2016 to Jan 2017.
• The main affected sectors are textiles,
garments and footwear which accounted
for 21.6% of exports but less than 10%
of FDI.
• What it mean for Vietnam:
• If No TPP, stay away from textiles,
garments and footwear (direct benefit
from TPP)
• Anyway, FDI trends still very strong and
good news is we still have 16 other FTAs.
Indirect sector still have positive grow.
Source: Bloomberg
BSC’s relevant reports: TPP and sectors
9. GDP grow in 2016 & 2017 • 2015: GDP 6.68% ranked 4th in EM, thanks
to strong FDI and private sector recovery.
Bad new is VN’s GDP always slowdown
after election years (2005, 2010)
• 2016 : With stable interest rate, Strong
FDI, FTAs, We expect:
• GDP: 6.1% - 6.3% (Q4 need min 6.4%)
• FDI: USD 13.5 to 17 billion ( USD 12
billion ytd)
• CPI: ~ 3.5 % (3.14% ytd)
• Budget deficit: 6%
• export grow ~7% (net export USD 2.8
billion ytd, export rise 6.5% ytd)
• USD/VND: up to +2% (-0.8% ytd)
• Credit growth: 16%-18% (10% ytd)
• Interest rate: flat and fall slightly
Source: Bloomberg
8.4
5.32
6.78
5.03
6.3
6.5
6.68
4
4.5
5
5.5
6
6.5
7
7.5
8
8.5
9
Actual Historical Median Forward High Low
11. Key take away points
• Vietnam is look a lot like a turnaround stock with new leaders, restructuring plan
and receiving huge foreign investment (start slow but improve fast)
• What if Vnindex can grow at the same speed as Asean stock indexes from 2009
to 2012 ? 2016 market up +16.8% thanks to abundant liquidity.
• Valuation multiples is higher than 5 years average but still attractive compare to
Asian peers. Q4, P/E is high (16.2) and need a correction.
• Market earning which can be similar to 2015 (due to slower than expect GDP
and earning in big stocks does not increase fast enough)
• In medium term, Stock market will have new kids on the block thanks to IPO,
divestment and listing process is pushed; market cap and liquidity will increase
• In short term, Q4 is full of events such as OPEC, FOMC, US president election,
high profile corruption trial in Vietnam … which can create fluctuation.
12. VN-
Index,
8.5%
MXEF,
9.5%
MXFM, 1.4%
MXWO,
4.0%
(4.00)
(2.00)
-
2.00
4.00
6.00
8.00
10.00
12.00
6/30/16 7/31/16 8/31/16
MXWO Index MXFM Index MXEF Index VNINDEX Index
FM & EM suffer a hard year opening
• 2015: Vnindex in the greenzone while
FM and EM close in dark red.
• Vnindex outperform the EM, FM and
world index first half 2016 (+8.3%), Q3
(+8.5%) despite 2 major incidents:
• China slowdown
• Brexit
• Vietnam stock market look like China
2014 when the stock market about to
rocket or Asean 5 in 2009. USA
election 2016 will be the main risk in
Q4
• Lead us to conclude “you don’t want to
be any where else”.
Source: Bloomberg
13. Valuation and market size
Source: Bloomberg, BSC Research
As of 30 Sep 2016
56.20
7.28
4.96
Index market cap (billion USD)
VN-Index (306
members)
HNX-Index (383
members)
UPCOM-Index
(306 members)
P/E ratio of Asian stock Index
Lead us to investment theme number 3 Re-rate: buy bluechip in HNX, Upcom and wait for a
rerate when HNX joint HSX. Listed market cap will rise (Decision No 51) Upcom should not be
overlooked. Vnallshare will be announced on 24th Nov 2016 (208 Vnindex + 180 Hnindex)
• HSX: ~ 1/3 stocks have current P/E less than 10, P/B less than 1.0
• HNX: ~ 2/3 stocks have current P/E less than 10, P/B less than 1.0
10.89
16.40
0
5
10
15
20
25
30
14. Foreign Investors net sell strongly in Q3
9M2016: foreign investor net sell (mostly
VIC, VNM) and ETF cash out.
• Top buy Q3: NT2, PVT, SSI, GAS, DRC,
BVH, CTG, CTI, EVE,
• Top Sell Q3 : FIT, VNM, VIC, VCB, PVD,
HBC, HPG,
• Market still up +16% thanks to
abundant liquidity in VND lead to high
and cheap margin lending
• If foreign investor don’t turn net buyer,
it wont be good for the market
Source: Bloomberg
Country Net transaction
September
Net transaction
Q3
2016
India 917 4069 7025
Indonesia -279 1611 2596
Japan (6759) (14212) (65860)
Phillipine (274) 110 571
Korea 1325 6065 9414
Sri Lanka 5 21.7 (20.3)
Taiwan 231 8017 14262
Thailand 510 2764 3802
Pakistan (33) (30) (71)
Vietnam (123) (152) (230)
BSC’s relevant reports: Pnote 1 & Pnote 2
15. Liquidity improved 9M2016 : Liquidity is slightly higher than
in 2015 around USD 150 million.
• Stable interest rate and exchange
rate,
• FOL rise in number of stocks,
• T+2 applied
• High beta stocks have drier liquidity
(FLC, KLF, TSC…)
• Margin lending rise in more FA
stocks
• VN start to allow day trading (buy
and sell stock at the same time),
Q4 2016: Liquidity stable
• T+0, index future (2017).
• Stable interest rate, liquiditySource: Bloomberg
BSC’s relevant reports: Upcom Premium & Upcom Top 30
2,613
2,646 2,973
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Average Turnover 3 per.Mov.Avg
Bil.VND
16. Privatization & divestment to be pushed
• Privatization process will be pushed
due to fiscal budget after 9 month of
slow IPO (only 40/120 planned).
• Divestment in Sabeco, Habeco, FPT,
FPT telecom, VNR, BMI, BMP, NTP,
HGM, SGC, VIID in 2016 - 2017
• Number of state own companies to
be IPO and divest is around 1100
(2016 to 2020)
• Market cap will increase vastly
thanks to new stocks
• Lead us to Investment themes number
4 “Privatization & FOL”. Big
divestments and hidden gems are
expected (Blue chips & mid cap), so be
prepared.
Source: Chinh Phu
109
180
0
100
200
300
400
500
600
700
800
900
DNNN CPH
17. 752.03
621.88
699.31
880.58
400
500
600
700
800
900
1000
1100
1200
01/15 07/15 01/16 07/16 01/17 07/17 01/18 07/18
Bear Bull Average
Fearless forecast 2016 -2018
• Vnindex is the biggest loser compare to
Asean stock markets. Vnindex broke 8
year high of 680 points.
• Since 2009, Asean stock market
passed 2007’s top by a huge
percentage.
• Indonesian index has increased the
most, while Singapore performed
the least.
• What if Vnindex can recover at the
same speed as Asean indexes 2009
- 2012
• Let your imagination go wild:
• Vnindex 699 at the end of 2016
• Vnindex 752 to 880 at the end of
2017Source: BSC
18. 10.33
16.18
9.13
15.21
12.17
14.01
5
10
15
20
1/4/10 1/4/11 1/4/12 1/4/13 1/4/14 1/4/15 1/4/16
Vnindex P/E Avg -1.65Sdtv Avg +1.65Sdtv
Avg Avg -1Sdtv Avg +1Sdtv
Fearless forecast 2016 -2018: Valuation
• PE index broke the downtrend since 2014
and above the +1.65 SD (@ 15.21).
• Short term correction or accumulation
are likely to happen when P/E index
move toward + 1 SD (14) or +1.65 SD
(15.2).
• Long term view, Vietnam market is still
deeply discounted compare to peers in
Asean.
• 2016-2017: The multiple is likely to be flat
at 14 if USD/VND and VND interest rate
stable.
• Bull case: P/E 15.21 (+1.65 SD)
• Base case: P/E 14.01 (+1 Sdtv)
• Bear case: P/E 12.17 (5 years average)Source: BSC
19. Fearless forecast 2016 -2018: growth
• 2015: Market trailing EPS has been
improving steadily in the last 4 years.
Market is driven by earning more than
multiples.
• 2016 : We expect EPS ~ in 2015 due to:
• Lower GDP growth 6.1% to 6.2%
• Lower Credit growth
• Commodities price recover sooner
• World economy is weaker than expected
• Elnino have strong effect to agriculture
• Vnindex can vary from :
• Bull case: 699
• Base case: 644Source: BSC
46.18
45.96
42.05
30
35
40
45
50
55
60
01/10 01/11 01/12 01/13 01/14 01/15 01/16
TRAIL_12M_EPS Predict EPS (+) Predict EPS (-)
20. What make the market feeling hope and fear
• New big stock will be listed
• ETF Foreigner inflow season (yes or no)
• Earning season and shareholder meeting
and promising (4th Quarter)
• Foreign Ownership limitation list (more
stocks to applied)
• State divest good companies
• Market upgrade is long journey (Quatar
need 7 years)
• New policies: buy and sell at the same
time, T+0, Future (2017)
• Commodities fall again
• China tension in East sea
• Foreigner net sell (ETF, Pnote) (Dec 2016)
• FED, PBOC and exchange rate (Dec 2016)
• Rising interest rate scare margin
• TPP false, new US President (NOV 2016)
• State divest too fast and too many
• Anti corruption trial
22. Key take away points
• Vnindex P/E is quite high (16.2) and need a correction to more
attractive level in Q4 (or earning need massive rise which is not likely
to happen)
• Top 10 and top 15 market caps looks quite expensive, mostly 22 to
40 time P/E (except MBB, CTG, BID, FPT, MWG and HPG)
• In Q4, low beta, seasonal, divestment or out-of-favor stocks/sectors
can be interesting
• In 2017-2018, you will need new kids on the blocks (1/3 top 15 will be
replaced). Be prepared, don’t wait until they all show up in the listed
exchange.
23. Cases to consider
Blue Chips: VNM, FPT, MBB, DPM, GMD, REE, BMP, MWG, FPT
Blue Chips for bottom
fishing:
HPG, HSG, PVS, VCG, SCR
Mid Caps: VSC, DXG, KDH, HBC, CMG, ITD, BFC, NT2, VNR,
VGC, VGG, CTI, DGC, DGL, RAL, BMI, NTP, VNS
Mid Caps for bottom
fishing:
LCG, PVG, PGI, BCC, SAM, PPC, PTI, TNG, PVT,
BHS, NCS, TCM, LAS
Small Caps: HDC, LIX, NET, CHP, SJD, VIP, PGS, ITC, CSV, PGC,
C32, SMC, BTP, PET, HAH, SHP
Penny: LIG, L10, SAV, TTC, VIT, HNM, TCR, VCA, AGM
Caution: HAG, HNG, FLC, HVG, MSR, DRH, ROS, TCH
• 9M2016: Most of
previous stocks on our list
is outperformed Vnindex.
• Out of favor stocks: REE,
SAM, PPC, BCC, TRC,
LAS, VGG, VNS can be
interesting
• Low beta: PTI, PGI, BHS,
BFC, CSV, NET, DGL, NCS
• Seasonal: CHP, SHP, SJD
• Divestment: VNM, FPT,
VNR, BMI, NTP, BMP, VCG
• New kids on the block:
Sabeco, ACV, Habeco,
VEAM, Vinatex, Vietnam
Airlines…
25. How discount P/E Vnindex vs Asean 4
56%
54%
43%
39%
50%
52%
45%
24%
14%
0%
10%
20%
30%
40%
50%
60%
0
10
20
30
40
50
60
Health care Consumer
Service
Technology Utility Industrials Oil & Gas Consumer
goods
Basic
materials
Financials
PE comparison by sectors
Regional PE PE of Vietnam Median Discount
27. New kids on the block
• If the IPO and listing process are push
hard enough, we will have USD 12
billion market cap increase .
• 2 New members in top 10
• 1/3 top 15 will be replaced
• What it mean for the market:
• ETF and index tracking fund will
busy with rebalancing portfolio
• Index will be strongly affected (big
cap with small floating shares)
• You should be hurry If you haven’t had
few name in your portfolio,
Source: Bloomberg
No
Market Cap
(bil USD)
Perce
ntage
add
Percentag
e Ticker
1 9,255
14,6
% 14,6%VNM
2 6,209 9,8% 24,5%VCB
3 6,122 9,7% 34,1%GAS
4 5,151 8,1% 42,3%VIC
5 2,941 4,7% 46,9%CTG
6 2,661 4,2% 51,1%BID
7 2,378 3,8% 54,9%MSN
8 2,248 3,6% 58,5%BVH
9 1,629 2,6% 61,0%HPG
10 1,090 1,7% 62,8%MBB
11 0,963 1,5% 64,3%FPT
12 0,898 1,4% 65,7%MWG
13 0,863 1,4% 67,1%ROS
14 0,779 1,2% 68,3%STB
15 0,570 0,9% 69,2%EIB
No Company
Market
Cap
1Sabeco 3,00
2ACV 2,25
3BSR 1,58
4Vietnamairlines 1,12
5Petrolimex 1,02
6VEAM 0,85
7PV Power 0,64
8PV Oil 0,50
9Habeco 0,50
10Vissan 0,29
11Vinatex 0,25
12Vinafor 0,16
13Hancorp 0,06
14SCB 0,06
15Nhabeco 0,00
28. Thanks for your supports
and confidence in us
Long Tran Head of research
Please feel free to contact me at
E Longtt@bsc.com.vn
P +84 4 39352722 (118)
M +84 906 959 034
S rongbeo
BSC