In their recently published strategy report for July 2018, our partner Rong Viet reiterates their bearish view on Vietnamese stocks due to current high oil price and strong US dollar as well as stretched valuations.
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.
Epic Research Provides all solutions, tips, calls and report for stock market that you can increase your wealth. For more info visit. http://www.epic-research.co/
Colliers International Vietnam
Quarterly Knowledge Report for an economic overview and analysis on the Residence, Serviced Apartment, Office, Retail, Condominium, Villa/Townhouse and Industry Real Estate market in Vietnam.
• Heavy Asian investment in property in other regions in recent years has been led by Chinese groups and focused on the US
• The investment outside Asia has obscured strong and rising intra-regional capital flows, which in 2016 were 18% higher than Asia-to-global flows
• From 2017 we expect slower RMB depreciation and political pressures to cause Chinese investment to shift towards Asian markets
• If so, the weight of investment capital should offset likely rising cost of funds, so that property yields on average at least stay flat across Asia in 2017
Epic Research provides daily analysis report for your stock market investment that you can get more profit in stock market for more info visit http://www.epic-research.co/
Colliers International Vietnam
Quarterly Knowledge Report for an economic overview and analysis on the Residence, Serviced Apartment, Office, Retail, Condominium, Villa/Townhouse and Industry Real Estate market in Vietnam.
This report analyzes the exchange rates of AUD/VND and JPY/VND currency pairs from 2013-2014 and forecasts their movement in the next 6 months. It considers factors like GDP growth, inflation, interest rates, commodities, and government policies that may impact exchange rates. Based on Japan's lower GDP growth and import demand compared to Australia and Vietnam, the report predicts the JPY will appreciate against the AUD and VND. It also forecasts a slight appreciation of the AUD against the VND due to their similar, low inflation rates. The report concludes by outlining a trading strategy for Vietcombank to earn an estimated 7 million VND profit over the next 6 months based on these exchange rate
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Colliers International Vietnam
Quarterly Knowledge Report for an economic overview and analysis on the Residence, Serviced Apartment, Office, Retail, Condominium, Villa/Townhouse and Industry Real Estate market in Vietnam.
Epic Research Provides all solutions, tips, calls and report for stock market that you can increase your wealth. For more info visit. http://www.epic-research.co/
Colliers International Vietnam
Quarterly Knowledge Report for an economic overview and analysis on the Residence, Serviced Apartment, Office, Retail, Condominium, Villa/Townhouse and Industry Real Estate market in Vietnam.
• Heavy Asian investment in property in other regions in recent years has been led by Chinese groups and focused on the US
• The investment outside Asia has obscured strong and rising intra-regional capital flows, which in 2016 were 18% higher than Asia-to-global flows
• From 2017 we expect slower RMB depreciation and political pressures to cause Chinese investment to shift towards Asian markets
• If so, the weight of investment capital should offset likely rising cost of funds, so that property yields on average at least stay flat across Asia in 2017
Epic Research provides daily analysis report for your stock market investment that you can get more profit in stock market for more info visit http://www.epic-research.co/
Colliers International Vietnam
Quarterly Knowledge Report for an economic overview and analysis on the Residence, Serviced Apartment, Office, Retail, Condominium, Villa/Townhouse and Industry Real Estate market in Vietnam.
This report analyzes the exchange rates of AUD/VND and JPY/VND currency pairs from 2013-2014 and forecasts their movement in the next 6 months. It considers factors like GDP growth, inflation, interest rates, commodities, and government policies that may impact exchange rates. Based on Japan's lower GDP growth and import demand compared to Australia and Vietnam, the report predicts the JPY will appreciate against the AUD and VND. It also forecasts a slight appreciation of the AUD against the VND due to their similar, low inflation rates. The report concludes by outlining a trading strategy for Vietcombank to earn an estimated 7 million VND profit over the next 6 months based on these exchange rate
Celebrate Diwali with Epic Research and get excellent offers on Intraday tips, commodity tips, Nifty tips, cash tips, NSE future tips, option trading tips, and equity tips.
Colliers International Vietnam
Quarterly Knowledge Report for an economic overview and analysis on the Residence, Serviced Apartment, Office, Retail, Condominium, Villa/Townhouse and Industry Real Estate market in Vietnam.
The S&P 500 edged up and the Nasdaq reached another
record closing high on Thursday after the European Central
Bank said it would avoid raising interest rates until mid-
2019, and data showed US economic strength.
Stock market trading is risky and challenging for stock market traders. Trading will be easy if you know about the mistakes. http://www.epic-research.co/
- South African and global markets were volatile last week due to concerns around a possible downgrade of South Africa's credit rating and weak economic data from China and the US. However, the South African market ended the week higher.
- The Rand appreciated against major currencies as concerns about a credit rating downgrade eased and US job growth disappointed expectations.
- Domestic bond and property markets strengthened while global stock markets declined in Rand terms. South African economic growth and other data expected this week will be closely watched.
Epic Research is one of the best advisory company in Indore Madhya Pradesh. Apply today for the stock market advisor and build your career in stock market trading. Join our team now for job application visit Epic Research.
Bharti Airtel is well positioned for strong growth over the next few years. Total minutes of usage are expected to grow at 20% annually through FY2014 as tele-density and usage per subscriber remain well below developed markets. Competition is also expected to moderate as costs for new entrants are high. Bharti trades at an attractive valuation of 12x FY2012 earnings compared to its historical average of 26x and the Sensex P/E of 14.5x, despite higher returns. The acquisition of African and Bangladesh assets is also expected to be accretive. Overall, Bharti Airtel provides exposure to the growing Indian telecom sector at a reasonable valuation.
SapForex24 recommend Accurate Forex Trading Signals for International Market. So catch out our FOREX and COMEX signal.
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- Global stock markets were mixed on Thursday as uncertainty over a US-China trade deal left investors uneasy. The S&P 500 slipped while the Dow rose slightly.
- Asian stocks gained modestly on Friday tracking improved global sentiment. However, concerns over US-China trade talks capped gains.
- Oil prices were steady supported by OPEC production cuts and US sanctions on Venezuela and Iran that have likely led to a slight supply deficit in Q1 2019. However, concerns over an economic slowdown capping fuel demand growth have limited gains.
Fundamental Analysis: Oil India, IDFC Limited - SMCIndiaNotes.com
This document is a weekly newsletter from SMC Global Securities Limited providing updates on the stock market and economy for the week of October 27th - 30th 2014. It includes sections on equity markets, derivatives, commodities, currency, IPO, fixed deposit, and mutual funds. The editorial staff are listed and contact information for SMC offices in major Indian cities are provided. The editor's note comments on positive global market movements and reforms in India boosting domestic markets. Key economic indicators to watch in the US this week are also mentioned.
Colliers International Vietnam
Quarterly Knowledge Report for an economic overview and analysis on the Residence, Serviced Apartment, Office, Retail, Condominium, Villa/Townhouse and Industry Real Estate market in Vietnam.
- The Nifty and Bank Nifty indexes ended the week lower, correcting after a sharp surge in recent weeks.
- Six of the 11 sector gauges compiled by the NSE ended lower, led by the 1.75% decline in the realty index. The auto, bank, financial services and PSU bank indexes also fell between 0.5-1%.
- Analysts said the markets were correcting due to mild profit booking after the sharp recent surge, following the budget which was presented on February 1st.
This document provides an analysis on UltraTech Cement. It rates the stock as a "Buy" with a target price range of Rs. 3400-3550 over the next 12 months, representing potential upside of 14%. UltraTech is India's largest cement company and is expected to benefit from recovering economic growth and increasing cement demand in India. The company plans to aggressively expand its capacity which will help drive strong volume growth.
Epic Research is one of the best stock market advisory company in Indore Provides stock cash tips, equity tips, commodity trading tips, bank nifty call by our experts. Register today for our free trial service.
asia pacific 2020, the economy military global stageTASNIM ILMIARDHI
Asia Pacific is the most important region in the world economy and themost complete on the military aspects. Asia Pacific will remain the center of global economic growth. Of the ten countries that have the largest reserves in the world, eight countries are among the countries in Asia Pacific. The
rate of economic growth impact on increasing the strength of the defense and military spending, in addition to geopolitical conflicts that have a direct impact on the stability of the region. Even the increasing global geopolitical tensions, the Asia Pacific region will solidify its position as a major player in military spending in 2020.
Colliers International Vietnam
Quarterly Knowledge Report for an economic overview and analysis on the Residence, Serviced Apartment, Office, Retail, Condominium, Villa/Townhouse and Industry Real Estate market in Vietnam.
Epic Research is one of the best stock market advisory firm in India provides live updates and stock market tips on your mobile. Get live updates on: http://www.epic-research.co/
US stocks fell on Thursday after the United States moved to
impose tariffs on metal imports from Canada, Mexico and
the European Union, prompting retaliatory measures from
some of its trading partners
This document provides a weekly media update with news articles from August 20th, 2018 related to the Indian economy and key industries. Several articles discuss India's trade deficit widening to over a five-year high in July due to higher oil and gold imports. Other articles report on the government's plans to meet its divestment target through share buybacks in 6-8 public sector companies and potential sales of stakes in Coal India and other power sector firms. Inflation rates declined in July while the weakening rupee is expected to increase India's oil import bill.
Colliers International Vietnam
Quarterly Knowledge Report for an economic overview and analysis on the Residence, Serviced Apartment, Office, Retail, Condominium, Villa/Townhouse and Industry Real Estate market in Vietnam.
Colliers International Vietnam
Quarterly Knowledge Report for an economic overview and analysis on the Residence, Serviced Apartment, Office, Retail, Condominium, Villa/Townhouse and Industry Real Estate market in Vietnam.
The S&P 500 edged up and the Nasdaq reached another
record closing high on Thursday after the European Central
Bank said it would avoid raising interest rates until mid-
2019, and data showed US economic strength.
Stock market trading is risky and challenging for stock market traders. Trading will be easy if you know about the mistakes. http://www.epic-research.co/
- South African and global markets were volatile last week due to concerns around a possible downgrade of South Africa's credit rating and weak economic data from China and the US. However, the South African market ended the week higher.
- The Rand appreciated against major currencies as concerns about a credit rating downgrade eased and US job growth disappointed expectations.
- Domestic bond and property markets strengthened while global stock markets declined in Rand terms. South African economic growth and other data expected this week will be closely watched.
Epic Research is one of the best advisory company in Indore Madhya Pradesh. Apply today for the stock market advisor and build your career in stock market trading. Join our team now for job application visit Epic Research.
Bharti Airtel is well positioned for strong growth over the next few years. Total minutes of usage are expected to grow at 20% annually through FY2014 as tele-density and usage per subscriber remain well below developed markets. Competition is also expected to moderate as costs for new entrants are high. Bharti trades at an attractive valuation of 12x FY2012 earnings compared to its historical average of 26x and the Sensex P/E of 14.5x, despite higher returns. The acquisition of African and Bangladesh assets is also expected to be accretive. Overall, Bharti Airtel provides exposure to the growing Indian telecom sector at a reasonable valuation.
SapForex24 recommend Accurate Forex Trading Signals for International Market. So catch out our FOREX and COMEX signal.
Read More:- http://www.sapforex24.com/
- Global stock markets were mixed on Thursday as uncertainty over a US-China trade deal left investors uneasy. The S&P 500 slipped while the Dow rose slightly.
- Asian stocks gained modestly on Friday tracking improved global sentiment. However, concerns over US-China trade talks capped gains.
- Oil prices were steady supported by OPEC production cuts and US sanctions on Venezuela and Iran that have likely led to a slight supply deficit in Q1 2019. However, concerns over an economic slowdown capping fuel demand growth have limited gains.
Fundamental Analysis: Oil India, IDFC Limited - SMCIndiaNotes.com
This document is a weekly newsletter from SMC Global Securities Limited providing updates on the stock market and economy for the week of October 27th - 30th 2014. It includes sections on equity markets, derivatives, commodities, currency, IPO, fixed deposit, and mutual funds. The editorial staff are listed and contact information for SMC offices in major Indian cities are provided. The editor's note comments on positive global market movements and reforms in India boosting domestic markets. Key economic indicators to watch in the US this week are also mentioned.
Colliers International Vietnam
Quarterly Knowledge Report for an economic overview and analysis on the Residence, Serviced Apartment, Office, Retail, Condominium, Villa/Townhouse and Industry Real Estate market in Vietnam.
- The Nifty and Bank Nifty indexes ended the week lower, correcting after a sharp surge in recent weeks.
- Six of the 11 sector gauges compiled by the NSE ended lower, led by the 1.75% decline in the realty index. The auto, bank, financial services and PSU bank indexes also fell between 0.5-1%.
- Analysts said the markets were correcting due to mild profit booking after the sharp recent surge, following the budget which was presented on February 1st.
This document provides an analysis on UltraTech Cement. It rates the stock as a "Buy" with a target price range of Rs. 3400-3550 over the next 12 months, representing potential upside of 14%. UltraTech is India's largest cement company and is expected to benefit from recovering economic growth and increasing cement demand in India. The company plans to aggressively expand its capacity which will help drive strong volume growth.
Epic Research is one of the best stock market advisory company in Indore Provides stock cash tips, equity tips, commodity trading tips, bank nifty call by our experts. Register today for our free trial service.
asia pacific 2020, the economy military global stageTASNIM ILMIARDHI
Asia Pacific is the most important region in the world economy and themost complete on the military aspects. Asia Pacific will remain the center of global economic growth. Of the ten countries that have the largest reserves in the world, eight countries are among the countries in Asia Pacific. The
rate of economic growth impact on increasing the strength of the defense and military spending, in addition to geopolitical conflicts that have a direct impact on the stability of the region. Even the increasing global geopolitical tensions, the Asia Pacific region will solidify its position as a major player in military spending in 2020.
Colliers International Vietnam
Quarterly Knowledge Report for an economic overview and analysis on the Residence, Serviced Apartment, Office, Retail, Condominium, Villa/Townhouse and Industry Real Estate market in Vietnam.
Epic Research is one of the best stock market advisory firm in India provides live updates and stock market tips on your mobile. Get live updates on: http://www.epic-research.co/
US stocks fell on Thursday after the United States moved to
impose tariffs on metal imports from Canada, Mexico and
the European Union, prompting retaliatory measures from
some of its trading partners
This document provides a weekly media update with news articles from August 20th, 2018 related to the Indian economy and key industries. Several articles discuss India's trade deficit widening to over a five-year high in July due to higher oil and gold imports. Other articles report on the government's plans to meet its divestment target through share buybacks in 6-8 public sector companies and potential sales of stakes in Coal India and other power sector firms. Inflation rates declined in July while the weakening rupee is expected to increase India's oil import bill.
Colliers International Vietnam
Quarterly Knowledge Report for an economic overview and analysis on the Residence, Serviced Apartment, Office, Retail, Condominium, Villa/Townhouse and Industry Real Estate market in Vietnam.
Colliers International Vietnam
Quarterly Knowledge Report for an economic overview and analysis on the Residence, Serviced Apartment, Office, Retail, Condominium, Villa/Townhouse and Industry Real Estate market in Vietnam.
Colliers International Vietnam
Quarterly Knowledge Report for an economic overview and analysis on the Residence, Serviced Apartment, Office, Retail, Condominium, Villa/Townhouse and Industry Real Estate market in Vietnam.
Colliers International Vietnam
Quarterly Knowledge Report for an economic overview and analysis on the Residence, Serviced Apartment, Office, Retail, Condominium, Villa/Townhouse and Industry Real Estate market in Vietnam.
Why so idle wages and employment in a crowded labor marketNtalemu
This document provides an economic update for Ethiopia that discusses recent economic developments, trends in urban labor markets, and the economic outlook. Some key points:
- Economic growth slowed to 8% in 2015/16 due to drought but has remained strong overall. Unemployment has declined slightly but remains high, especially in urban areas.
- The fiscal deficit was unchanged at 2.4% of GDP despite additional drought spending. Revenue increased through higher non-tax sources.
- Exports have declined for three consecutive years while the current account deficit widened. Inflation has declined significantly.
- Urban labor markets have high unemployment, especially among youth and moderately educated workers. Low productivity and rural-urban migration
Rong Viet Securities - Investment Strategy June 2018Thomas Farthofer
In their recently published strategy report for June 2018, our partner Rong Viet explains why, despite a severe correction in the stock market during April and May, investors are in no need to rush in to buy massively. Still, valuations now appear more reasonable and it seems that it is time to gradually accumulate stocks.
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.
Colliers International Vietnam
Quarterly Knowledge Report for an economic overview and analysis on the Residence, Serviced Apartment, Office, Retail, Condominium, Villa/Townhouse and Industry Real Estate market in Vietnam.
Rong Viet Securities - Investment Strategy Report May 2017Thomas Farthofer
In this month's strategy Report RongViet highlights quite strong first quarter results of listed companies and explains why still it might be a good idea to follow the classic statement "Sell in May".
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.
This document provides an analysis of macroeconomic conditions and portfolio recommendations. It analyzes the national economies of the US, Asia, and Europe, finding overall recovery but some weaknesses. International factors like declining commodity prices and tight financial conditions are noted. The document then assesses industries, provides interest and exchange rate forecasts, evaluates specific securities, and recommends a diversified portfolio allocation and hedging strategies to achieve the target 5.78% return over 5 years for retirement investors.
Vivek Tulpule Analyst Roundtable April 2010Rio Tinto plc
- The document is a presentation by Rio Tinto's chief economist from April 2010 discussing global economic trends and outlooks, with a focus on China.
- It notes that consensus projections show global growth accelerating in 2010, led by developing economies like China, after contracting in 2009.
- Data on China's economy in 2008-2010 shows strong rebounds in industrial production, exports, and retail sales after the financial crisis, supported by fiscal stimulus and abundant liquidity.
An overview of india japan trade relation today and tomorrowmarketxceldata
Economic relations between India and Japan have vast potential for growth, given the obvious complementarities that exist between the two Asian economies. Japan's interest in India is increasing due to a variety of reasons including India's big and growing market and its resources, especially the human resources. The signing of the historic India-Japan Comprehensive Economic PartnershipAgreement (CEPA) and its implementation from August 2011 has accelerated economic and commercial relations between the two countries.
For Inquiry Visit Us: https://www.market-xcel.com/contact.html
The document discusses Vietnam's growing attractiveness as an investment destination due to trade tensions between China and the US. It notes that Vietnam has joined several trade agreements and economic partnerships that improve its business environment. The document also lists companies that have moved or plan to move factories from China to Vietnam, taking advantage of Vietnam's lower costs, young workforce, and strategic location between China and other Asian markets.
The document provides an overview of the textile industry in India. It discusses India's international trade environment, including its balance of payments, foreign direct investment policies, major trading partners and agreements. It then introduces the Indian textile industry, covering factors such as demand conditions, related/supporting industries, competition and government policies supporting the industry. The global state of the textile industry is also reviewed, noting its expected growth and India's competitive advantages.
The document provides an overview of the IT and ITES sector in India from an economic perspective. It discusses key aspects of the sector such as its economic activity and contribution to GDP, industry landscape, geographical distribution, and challenges. The IT and ITES sector is a major contributor to India's economy, accounting for over 5% of GDP and employing millions of workers. While the sector has grown significantly in recent decades, it faces challenges from increasing global competition and costs that threaten its continued growth.
Colliers International Vietnam
Quarterly Knowledge Report for an economic overview and analysis on the Residence, Serviced Apartment, Office, Retail, Condominium, Villa/Townhouse and Industry Real Estate market in Vietnam.
Morocco has experienced steady GDP growth in recent years, projected to be 4.5% in 2012. The economy has benefited from growth in agriculture, mining, manufacturing and services. Major sectors driving the economy include phosphates, textiles, electronics and construction. The government is undertaking initiatives to improve the investment environment through reforms and developing financial markets.
Paper on Inter-Asian Trade (delivered on 291009 in Bangkok, at the Thai Ports...China Intelligence Online
This presentation is an amalgamation of the speech and presentation given at the 5th Thai Ports and Shipping Summit, held on 29th October, 2009 in Bangkok.
It is intended as an overview of the driving dynamic behind the growth of inter-Asian trade and the potential for regional trade cohesion to insulate the region from future global shocks.
IndexBox Marketing has just published its report: “U.S. Seafood Market. Analysis And Forecast to 2020”.
The report provides an in-depth analysis of the U.S. seafood market. It presents the latest data of the market size and volume, domestic production, exports and imports, price dynamics and turnover in the industry. In addition, the report contains insightful information about the industry, including industry life cycle, business locations, productivity, employment and many other crucial aspects. The Company Profiles section contains relevant data on the major players in the industry.
U.S. Seafood Product Market. Analysis And Forecast to 2020IndexBox Marketing
IndexBox Marketing has just published its report: “U.S. Seafood Product Market. Analysis And Forecast to 2020”.
The report provides an in-depth analysis of the U.S. seafood product market. It presents the latest data of the market size and volume, domestic production, exports and imports, price dynamics and turnover in the industry. In addition, the report contains insightful information about the industry, including industry life cycle, business locations, productivity, employment and many other crucial aspects. The Company Profiles section contains relevant data on the major players in the industry.
The document discusses Vietnam's economic outlook, noting that stability will be a top priority. It argues that Vietnam has an opportunity to deepen its role in global supply chains by enhancing its domestic supply chain capabilities. The macroeconomic outlook section examines GDP growth trends, inflation, trade, FDI, and other indicators.
Rong Viet Securities - Investment Strategy May 2018Thomas Farthofer
The VNIndex suffered its worst month since 2011 in April, losing 10.6% and ending a 7-month period of gains. Large cap stocks that had led the market to an all-time high of 1,200 dragged the index lower in April. Worries about global trade tensions and rising US bond yields put pressure on market sentiment. Foreign investors were also net sellers of approximately VND 2,000 billion worth of stocks. The document discusses factors that negatively impacted the Vietnam stock market in April and provides an outlook for May, suggesting the market may decline further but seeing potential for short periods of gains.
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.
Rong Viet Securities - Investment Strategy Report Outlook 2018Thomas Farthofer
Recently our partner, Rong Viet, issued their extensive and very interesting annual Outlook for 2018.
Based on rising consumption and investment, RongViet expects Vietnam's GDP to grow by 6,7%. While the State's divestment plan, the development of three Special Economic Zones or potential renegotiations of trading agreements offer further upside, negative effects of higher consumption tax or delays in IPO plans represent some risk.
With earnings growth still positive and market valuations acceptable, RongViet forecasts the VNIndex to rise by almost 20% (normal case).
Inflation is expected to be around 3,7%, with the trading USD/VND rate at slightly above 23.000.
Please read the presentation for further details.
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.
Rong Viet Securities - Investment Strategy Report November 2017Thomas Farthofer
In this month's report Rong Viet explains why "accumulating stocks in the fourth quarter, especially in November, leads to great possibility for investors to have high profit at the beginning of next year".
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.
Rong Viet Securities - Investment Strategy Report October 2017Thomas Farthofer
In this month's report Rong Viet writes about the State's diverstment plans and IPO stories and explains why they expect market to fluctuate between an index level of 787 - 810 in October.
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.
Rong Viet Securities - Investment Strategy Report September 2017Thomas Farthofer
In this month's report Rong Viet explains why they expect a continuation of the current sideway trend in September and how to play the growth in the Vietnamese constrcution sector.
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.
Rong Viet Securities - Investment Strategy Report August 2017Thomas Farthofer
This month's report shows a rather cautios stance and explains why Rong Viet expect prices to fall in the second half of August.
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.
Rong Viet Securities - Investment Strategy Report July 2017Thomas Farthofer
After another positive month, VN-Inidex is now up 16,8% year-to-date. This, for good reasons, led to conservative sentiment, which is why Rong Viet expects trading in a narrow range during July.
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.
Rong Viet Securities - Investment Strategy Report June 2017Thomas Farthofer
In this month's strategy Report RongViet explains their cautiously optmistic outlook for the remaining months of the year and why they like stocks in the consumer and infrastructure sector.
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.
Rong Viet Securities - Investment Strategy Report April 2017Thomas Farthofer
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.
The document provides an analysis and outlook of Vietnam's macroeconomic and stock market conditions from RongViet Securities Corporation. Some key points:
1) Vietnam's macroeconomic challenges include high public debt, reliance on the FDI sector for growth, and slow SOE and banking reforms. However, the risks of a large currency devaluation or spike in interest rates are low due to current account surplus and managed exchange rate.
2) Commodity prices recovered in 2016, which will benefit commodity-linked stocks, though profit recovery may lag the price increases. Domestic demand will support consumer and healthcare stocks.
3) Capital inflows are expected to remain ample in 2017 despite foreigners selling stocks in 2016. The
Despite turbulences affecting the economy, listed companies, and investors’ confidence, the stock market of Vietnam has delivered an impressive gain during 2016. The unpredictable flows for funds, and the speed at which Vietnam’s economy and market earnings will grow amid great uncertainties, will determine the stock market’s movement in 2017.
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.
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Discovering Delhi - India's Cultural Capital.pptxcosmo-soil
Delhi, the heartbeat of India, offers a rich blend of history, culture, and modernity. From iconic landmarks like the Red Fort to bustling commercial hubs and vibrant culinary scenes, Delhi's real estate landscape is dynamic and diverse. Discover the essence of India's capital, where tradition meets innovation.
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
“Amidst Tempered Optimism” Main economic trends in May 2024 based on the results of the New Monthly Enterprises Survey, #NRES
On 12 June 2024 the Institute for Economic Research and Policy Consulting (IER) held an online event “Economic Trends from a Business Perspective (May 2024)”.
During the event, the results of the 25-th monthly survey of business executives “Ukrainian Business during the war”, which was conducted in May 2024, were presented.
The field stage of the 25-th wave lasted from May 20 to May 31, 2024. In May, 532 companies were surveyed.
The enterprise managers compared the work results in May 2024 with April, assessed the indicators at the time of the survey (May 2024), and gave forecasts for the next two, three, or six months, depending on the question. In certain issues (where indicated), the work results were compared with the pre-war period (before February 24, 2022).
✅ More survey results in the presentation.
✅ Video presentation: https://youtu.be/4ZvsSKd1MzE
What Lessons Can New Investors Learn from Newman Leech’s Success?Newman Leech
Newman Leech's success in the real estate industry is based on key lessons and principles, offering practical advice for new investors and serving as a blueprint for building a successful career.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
Rong Viet Securities - Investment Strategy July 2018
1. Currently there appears to be four headwinds facing equities: firm oil prices, mighty dollar, rising
pressure on prices and wages in developed economies, and The Donald. We also can add the fact that
equities globally have been in an uptrend for nine years: a long cycle. On the positive side, real rates are
negative in most developed economies and valuations are more reasonable following the recent
correction, but still not ‘that cheap’.
Vietnamese equities are still pricey. The market is supported by rising RoE (19% in 2018F versus 15% in
2017) and high Ebitda margins (26%). Will it be enough? P/E’s have expanded for the past seven years.
We expect a period of consolidation for the VN Index in 3Q. Our target range is 900 to 1000 with a
preference for a re-test of 900. A break below 900 would take the Index to around 840, the lower bound
of the upward channel in place for the past two years. It is possible that the market tries to break the
1027-40 level but that would only be possible in a risk-on environment. Overall, we remain bearish on
the VN Index for the next few months. There will be better buying opportunities as this time-correction
fazes out.
PE movement of the VNIndex during 2015 - now
Strategy Board
Bernard Lapointe – Head of Research
bernard.lapointe@vdsc.com.vn
Lam Nguyen
lam.ntp@vdsc.com.vn
Hieu Nguyen
hieu.nd@vdsc.com.vn
Quang Vo
quang.vv@vdsc.com.vn
SonTran
son.tt@vdsc.com.vn
Tu Vu
tu.va@vdsc.com.vn
Ha Tran
ha.ttn@vdsc.com.vn
Please see penultimate page for
additional important disclosure
10
12
14
16
18
20
22
24
01/2015
03/2015
05/2015
07/2015
09/2015
11/2015
01/2016
03/2016
05/2016
07/2016
09/2016
11/2016
01/2017
03/2017
05/2017
07/2017
09/2017
11/2017
01/2018
03/2018
05/2018
PE_RATIO P/E average 3 years
05/07/2018
Investment Strategy July 2018
STOCK PICKING
2. Rong Viet Securities Corporation – Investment Strategy Report July 2018 2
CONTENTS
VIETNAM MACRO ...................................................................................................................................................................................................................................3
Highest GDP growth for the first six months since 2011 ...........................................................................................................................3
FDI flow into manufacturing sector slow down............................................................................................................................................6
Monetary policy adjusting to market movements.......................................................................................................................................7
VIETNAM’S STOCK MARKET IN JUNE: ANOTHER GLOOMY MONTH ...................................................................................................................................8
QUARTER 3 STOCK MARKET OUTLOOK .......................................................................................................................................................................................11
INVESTMENT STRATEGY AND IDEAS: STOCK PICKING...........................................................................................................................................................16
Despite rising external risks caused in part by the US – China trade war, Vietnam’s economy showed its best performance since 2011 in the
first six months of 2018.
In the stock market, VNIndex’s PE decreased to around 16x, equivalent to that of mid-2017 after more than three consecutive months of a
deep price correction. Meanwhile, the market’s NPAT growth was 24% YoY in Q1 2018, implying a less-than-1 PEG ratio.
However, Vietnam’s stock market still faces more risks from external factors (FED rates hike, trade war, Renminbi depreciation) which can
put more pressure on a potential devaluation of the Dong and outflows of “fast money” (from hedge funds).
Although we believe that the SBV’s resources are strong enough to control FX fluctuations within its target range, we think monetary policy
will be tighter in the second half of 2018, implying less liquidity for risky sectors like the stock market and real estate.
For these reasons, along with oncoming business earnings results, we think that good buying opportunities will occur while the market
drops a bit more. However, an uptrend trend will not come within all stocks/sectors. Smart money will carefully choose companies with
good business results and not be invested across the board. For this month, we would like to introduce our two picks, NLG and FPT.
Finally, Rong Viet’s Research Department unveils its portfolio made up of Vietnamese stocks under coverage. This is a long-only
absolutereturn portfolio. See page 17 of this report.
HIGHLIGHT STOCKS.............................................................................................................................................................................................................................18
Analysis of 54 stocks of RongViet Research, discussion with companies and specific evaluation in the “Company Report” or “Analyst
Pinboard”
3. Rong Viet Securities Corporation – Investment Strategy Report July 2018 3
VIETNAM MACRO
• Highest GDP growth in the first six months of the year since 2011
• Foreign direct investment in the manufacturing sector slowed down
• Tighter monetary policy
Highest GDP growth for the first six months since 2011
According to GSO’s newly published data, Vietnam’s economy grew at an annual pace of 6.8% in
the second quarter. In 1H2018, GDP growth reached 7.1%, a level not seen since 2011. The
agriculture, forestry and fishery sectors recovered and rose by 3.9% YoY while the growth rate of
the manufacturing/ construction and service sectors was 9.1% YoY and 7.0% YoY, respectively.
Three highlights:
• Agriculture, forestry and fishery, a buffer for the economy, has been strongly recovering
as export turnover rose. Exports to China picked up substantially (+ 36% y/y in 2017) as
the negative impact of environmental problems faded out.
• The manufacturing sector is at a turning point as Vietnamese conglomerates are investing
while FDI by large-scale companies is holding well.
• High consumer confidence has been supportive for the economy, one of the fastest
growing in the world.
Figure 1: Contribution to GDP Growth, 1H 2018 (% YoY)
Source: GSO, RongViet Securities
The recovery of the agriculture, forestry and fishery sectors, a buffer for the economy, is worth
noting. Agriculture grew by 3.3% YoY, contributing 0.45 percentage to the general growth while
the fishery sector grew by 6.4% YoY, an eight-year high. Export revenues of key goods, including
fish, fruits and rice, rose and stood at USD 3.2 Billion; USD 1.7 Billion and USD 1.5 Billion in the first
five months of 2018. Notably, rice export turnover climbed by 40% YoY due to better prices and
wining auctions in Indonesia, Philippines.
-2%
0%
2%
4%
6%
8%
2011 2012 2013 2014 2015 2016 2017 2018
Agriculture Manufacturing Services Tax and subsides
4. Rong Viet Securities Corporation – Investment Strategy Report July 2018 4
Figure 2: Agriculture’s 1H growth (% YoY) Figure 3: Export turnover of agriculture goods (Bn USD)
Source: GSO, RongViet Securities Source: Customs, RongViet Securities
Meanwhile, the core of Vietnam’s economy, the industrial sector, grew by 9.3% YoY in the first
half, better than the 7.0% YoY and 5.4% YoY in 2016 and 2017. Manufacturing still made the
biggest contribution to the sector and surged 13.0% YoY, a seven year high.
Meanwhile, the consumption index rose 11.9% YoY, higher than the growth of 8.4% YoY in
1H2017. The manufacturers of steel, motor vehicles, petroleum products, pharmaceutical,
beverages, textiles and clothes performed well versus a year ago. We emphasize that some of
these sectors benefited from tariff barriers put up by the government in 2018 against imported
goods.
Stronger demand and improved business conditions explained why Vietnam’s PMI
manufacturing rose to 55.7 points in June from 53.9 in May. The Nikkei survey showed an
acceleration of output and new orders, which resulted in fast job creation.
We assess that Vietnam’s manufacturing industry is in a changing phase and its momentum will
be strong in the next two years. In addition to the important role of FDI, domestic conglomerates
have been investing in manufacturing to replace imported products. For example, Nghi Son and
Dung Quat refineries will supply 60% of domestic demand of gasoline and petroleum. The Hoa
Phat Dung Quat steel complex’s first and second phases will start operating in January and August
of 2019, creating a huge supply of higher-level steel, besides Formosa’s products. The well-known
project, Vinfast, is likely to launch its first product at the end of 2018.
Figure 4: Industrial production index (% YoY) Figure 5: ASEAN manufacturing PMI
Source: GSO, RongViet Securities Source: Nikkei, RongViet Securities
-1%
0%
1%
2%
3%
4%
5%
2011 2012 2013 2014 2015 2016 2017 2018
0
1
2
3
4
5M2018 5M2017 5M2016
Fish Fruit Rice
100
104
108
112
116
2014 2015 2016 2017 2018
Industrial Production Manufacturing
45
47
49
51
53
55
57
04/2018 05/2018 06/2018
Vietnam Thailand Singapore Philippines
Myanmar Malaysia Indonesia
5. Rong Viet Securities Corporation – Investment Strategy Report July 2018 5
Figure 6: Industry consumption index Figure 7: Other sectors’ consumption indices
Source: GSO, RongViet Securities Source: Nikkei, RongViet Securities
Vietnam’s economy will keep expanding in 2019-2020 thanks to the strategy of focusing on the
domestic market. Currently, consumer consumption accounts for over 60% of GDP. In 1H2018,
wholesale and retail sales increased by 8.2% YoY and became the fastest growing services sector.
More and more bankers and insurers focus on the retail segment while mortgage loans support
the growth of property developers. According to a survey by Nielsen, Vietnamese consumers are
growing more and more confident about their future income. After saving for the long term,
Vietnam’s residents are willing to buy premium healthcare insurance packages, repairing houses
and traveling.
Figure 8: Consumer confidence index
Source: GSO, RongViet Securities
Our view
The economy is experimenting with two fairly new elements; 1) the development of non-state
sectors and 2) higher and higher consumer confidence. The privatization of SoE’s has been
pushing up the percentage of private investment capital which accounts for over 41% of total
investment in 1H2018, an all-time high. Vietnamese conglomerates are willing to invest in the
manufacturing sector whose products are to be substitute for imported goods. Most of these
projects are at a “building phase”, therefore will have an impact for many years. Meanwhile, there
is a gap to fulfill the aggregate demand as the Vietnamese’s income and consumer confidence
brightens. Under these circumstances, we are confident that 2H2018 GDP growth could be
around 6.6% - 6.9% YoY.
-10%
-5%
0%
5%
10%
15%
20%
25%
1H2013 1H2014 1H2015 1H2016 1H2017 1H2018
Other non-metallic mineral products
Basic metals
Prefabricated metal products
Industry Consumption
0%
4%
8%
12%
16%
1H2013 1H2014 1H2015 1H2016 1H2017 1H2018
Beverages Textiles Clothes
80
90
100
110
120
130
140
Philippines Indonesia Vietnam Thailand Singapore Malaysia SEA*
Q2 2017 Q3 2017 Q4 2017 Q1 2018
6. Rong Viet Securities Corporation – Investment Strategy Report July 2018 6
Figure 9: Realized social investment capital (% of total investment)
Source: GSO, RongViet Securities
FDI flow into manufacturing sector slow down
The economy’s prospect will be affected by global changes. In our special report of the impact of
US trade policies and warning point for KORUS FTA’s negotiations, we are concerned about lower-
than-expected FDI in upcoming years.
In 1H2018, there were signals of a slow-down of growth of foreign direct investment in the
manufacturing sector as the total of newly registered capital and additional capital flows dropped
nearly by 20% YoY. During the past four years, such investment significantly depended on South
Korean Chaebols, including Samsung and LG. However, there are lesser big-scale manufacturing
projects. Instead, Vietnam recorded billion-dollar projects in power generation and real estate.
From our point of view, one of the most important momentum of FDI inflow into Vietnam is
“efficiency-seeking investment” to take advantage of low manufacturing costs. Therefore,
changes in the global trade picture caused by populism around the world is likely to make some
people reconsider their investment plans in Vietnam. Better ASEAN integration, effectively
exploiting Chinese market and urgently signing the EU-Vietnam FTA should be a priority for
lawmakers.
Figure 10: FDI (Billion USD)
Source: GSO, RongViet Securities
0%
10%
20%
30%
40%
50%
1H2008 1H2013 1H2018
State capital Private capital Foreign capital
0
2
4
6
8
10
12
14
16
18
1H2014 1H2015 1H2016 1H2017 1H2018
Manufacturing Construction and Real estate Scientific activities
Electricity and gas production Wholesale and retail trade Mining and quarrying
Others
7. Rong Viet Securities Corporation – Investment Strategy Report July 2018 7
Monetary policy adjusting to market movements
Up to the middle of June 2018, total outstanding liquidity (M2) and deposit increased 8% YTD and
7.8% YTD, higher than those of 5.7% YTD and 5.9% YTD from the similar period in 2017. The
surging growth of M2 is obviously to absorb large foreign indirect investment.
However, the year-to-date growth of credit was just 6.4% in compared with 2017’s 7.5%. The gap
between M2 growth and credit growth implies abundant liquidity, which keeps the VND
overnight interest rate very low.
Interest rates differentials between USD and VND overnight rates keeps pressure on the Dong/
USD exchange rate. The negative gap between VND and USD overnight interest rates has
encouraged FX participants to keep buying dollars. Such a response can result in speculation and
pressure on FX rates.
Figure 11: Indicators of monetary policy Figure 12: Overnight interest rate
Source: SBV, RongViet Securities Source: SBV, RongViet Securities
There is no doubt that the monetary policy operations of the State Bank of Vietnam (SBV) has
improved over the past ten years. During the past two months, we strongly think that SBV’s was
aggressive to withdraw money via T-Bill issuances. There were lots of failed auctions during the
first half of June which might explain the increase in T-Bills’ interest rates and the appearance of T-
Bill’s of 91-day maturity.
Recently, SBV’s governor, Mr. Nguyen Minh Hung, has spoken of Vietnam’s FX reserve of USD 63.5
Billion to calm down investors’ worries about the VND’s depreciation. In our point of view, the Dong
is overvalued by 4-6% and the Yuan’s current depreciation against the greenback will put pressure
on Vietnamese lawmakers.
Figure 13: OMO market (Billion VND)
Source: SBV, RongViet Securities
8.0%
6.4%
7.8%
0%
2%
4%
6%
8%
10%
1H2014 1H2015 1H2016 1H2017 1H2018
M2 growth Credit growth Deposit growth
0%
1%
2%
3%
4%
5%
01/2017 05/2017 09/2017 01/2018 05/2018
VND Overnight Interest Rate
USD Overnight Interest Rate
-300,000
-200,000
-100,000
0
100,000
200,000
300,000
06/12 06/13 06/14 06/15 06/16 06/17 06/18
Reverse repo Notes Net flow
8. Rong Viet Securities Corporation – Investment Strategy Report July 2018 8
VIETNAM’S STOCK MARKET IN JUNE: ANOTHER GLOOMY MONTH
The uptrend only lasted for the first week of June; after that, sellers took control. The HNXIndex
fell by 6.8%, which worsened due to poor performances of ACB (-11.0%), VCS (-17.1%) and VGC (-
10.8%). The VNIndex, supported from VIC (+12.1%), VCB (+7.2%) and VNM (+4.4%), saw a less
severe outcome with a loss of only 1.4%.
Figure 14: VNIndex movement in June Figure 15: HNXIndex movement in June
Source: RongViet Securities Source: RongViet Securities
Hot listed stocks in June are TCB (a leader in bancassurance and corporate bond issuance) and
YEG (the first local entertainment company to list on the stock market). Their appearances could
not help to improve investors’ sentiment.
The trend of liquidity declining on the underlying markets and surging on the futures ones has
been still valid.
Figure 16: Matching trading value on the HSX and the futures market (Bn VND)
Source: FiinPro, RongViet Securities (*) Real cash with assumption of 30% leverage
MSCI’s 2018 reclassification result: not surprising
Vietnam has yet to qualify for the MSCI’s Review list from Frontier Market to Emerging Market.
MSCI will reclassify the MSCI Argentina Index to Emerging Markets status and consult on the
potential reclassification of the MSCI Kuwait Index to Emerging Markets status.
900
950
1,000
1,050
1,100
1,150
1,200
1,250
0
50
100
150
200
250
300
28/03 11/04 26/04 14/05 28/05 11/06 25/06
Trading Volume (mil. shares) VNINdex (right axis)
104
108
112
116
120
124
128
132
136
140
0
10
20
30
40
50
60
70
80
28/03 11/04 26/04 14/05 28/05 11/06 25/06
Trading Volume (mil. shares) HNXIndex (right axis)
-
4,000
8,000
12,000
16,000
01/18 02/18 03/18 04/18 05/18 06/18
HSX Futures(*)
9. Rong Viet Securities Corporation – Investment Strategy Report July 2018 9
Figure 17: MSCI’s reclassification process
Vietnam has completely met all the quantitative criteria, but the qualitative criteria is still a
challenge.
• Kuwait: only 5/17 criteria that “need improvement”.
• Vietnam: 9 criteria that “need improvement”: foreign ownership limit level, foreign room
level, equal rights to foreign investors, foreign exchange market liberalization level,
information flow, clearing and settlement, transferability, stock lending and short selling.
• In the 2015-2018 period, Vietnam only made one improvement on “investor registration
& account set up”.
Vietnam still has a long way to go.
On the positive side, Vietnam stocks’ weights in the MSCI Frontier Markets 100 Index will increase
from 17.4% to 21.5% (or 27.5% if Kuwait is reclassified to emerging market). Number of Vietnam
stocks thereby will increase from 17 to 30.
For now, there is only one considerable fund that is tracking the MSCI Frontier Market: Blackrock’s
iShares MSCI Frontier 100 ETF, with a NAV of USD 565 Mn. Accordingly, even if Vietnam’s weight
increased to 27.5%, MSCI Frontier tracking funds would just allocate another (27.5% - 17.4%) x 565
= USD 57 Mn into Vietnam, not a significant amount.
Price down, how about earnings?
The Index declined has led to the concern about the sustainability of corporate earnigns. In our
last month’s strategy report, we have noted that financial sector (banks, real estate, and
brokerages) has contributed a large amount to the earnings growth of the market. Excluding that
sector, we arrive at a NPAT growth of 10% in Q1 for non-financial sector. It was neither great nor
terrible, but promise to be higher in the remaining of the year.
Figure 18: Revenue and NPAT growth in Q1 2018 by sectors
Source: RongViet Securities
Year 1: Adding the
market to the review
list
Year 2: Consulting on the
potential reclassification
and giving one year of
testing period
Year 3:
Announcement of
reclassification
Year 4: Official
reclassification
14%
20%
10%
24%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
Technology
Industrial
Oil&Gas
ConsumerServices
HealthCare
ConsumerGoods
BasicMaterial
Utilities
Marketwithout
financialsectors
Marketwith
financialsectors
Revenue growth NPAT growth
10. Rong Viet Securities Corporation – Investment Strategy Report July 2018 10
Foreign investors trading
Figure 19: Net trading value of Foreign Investors
Source: FiinPro, RongViet Securities
Foreign investors net sold VND 140 bn on both exchanges in June, however if we exclude YEG
(Yeah1)’s put-through transaction of VND 2,400 bn, they would have net sold over VND 2,500 bn.
Noticeably, foreign investors were selling more relentlessly in the correction period, which was
after the strong recovery in early June. While the VNIndex lost nearly 8% in value, foreign investors
also net sold up to VND 2,100 bn, accounting for most of the net-sold value in the month.
Accumulating since the beginning of this year, foreign investors have net bought VND 34,668 bn
on both exchanges. The last 6 months also witnessed some huge put-through deals of NVL (VND
3,400 bn), VHM (VND 30,000 bn) and YEG (VND 2,300 bn).
Second quarter exclusively, on the HOSE, foreign investors net bought VND 35,930 in put-through
value but only focused on several big deals, while net sold VND 11,348 through order-matching
method. This had a significant impact on the market’s negative sentiment recently.
Table 1: Foreign investor’s net trading by sector in both exchanges
Sector
HSX HNX
Net volume
(thousand
shares)
Net value (VND
Bn)
Net volume
(thousand
shares)
Net value (VND
Bn)
Oil & Gas -1,891 21 4,547 76
Chemicals -960 -19 -1,065 -17
Basic resources -16,622 -401 -244 0
Construction and building
materials
1,154 413 -10,425 -376
Industrial goods & services -324 15 527 17
Automobile & parts -1,991 -40 6 0
Food & beverage -30,139 92 -422 -7
Personal & household goods 172 3 -91 -1
Healthcare -613 -48 -59 -2
Retail 677 58 1 0
Communication 8,044 2,415 -358 -8
Travel & leisure -725 97 -86 -2
Utilities -2,177 -74 34 -0
Bank -79 298 -901 -8
Insurance -70 17 -7 -0
Real estate -30,666 -2,479 -1,879 -22
Financial services -17,357 -165 753 11
Technology -114 -2 -29 -0
Source: FiinPro, RongViet Securities
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
-5,000
0
5,000
10,000
15,000
20,000
25,000
30,000
02/01 20/03 01/06
Net bought/sold (LHS, VND Bn) Accumulated Value (RHS, VND Bn)
11. Rong Viet Securities Corporation – Investment Strategy Report July 2018 11
QUARTER 3 STOCK MARKET OUTLOOK
• Markets should get used to a new, hostile normal
• Currencies have been in the limelight recently because of the potential ‘trade war(s)’
• There will be better buying opportunities as this time-correction fazes out.
Markets should get used to a new, hostile normal
The supreme art of war is to subdue the enemy without fighting - Sun Tzu
Over the past 20 years, the world has been through one of the greatest asset inflation story of
modern times. One could argue that it begun way back in the 1980s when US bond yields went
from double digits to close to below two percent in the mid 2010s. The psychological implications
have been enormous, affecting the behavior of not only financial markets investors but ‘ordinary’
people. Free money claimed some.
Where are we going now? Stagflation? Is the current bull run over?
Let us just start by unequivocally rejecting, for now, the probability that the world is entering a
period of stagflation. Global GDP growth for 2018-2019 will stay robust and even though some
prices are rising due to supply constraints and tariffs, we are not seeing global inflation being a
major impediment at this point. Watch this space as things could change quickly if a full blown
out trade war arises. Tail risks are rising and the literature suggests that a major global trade
confrontation would likely push the US in a recession and the rest of the world to the brink of a
recession.
The larger global risk, apart from the rhetoric about trade war (s), is clearly the possibility that yield
curves may invert. In other words short-term rates moving higher than long-term ones. The
spread between 10-year and 2-year yields on US bonds has been narrowing for some time and
now stands at just 35 basis points compared to 200 bps five-years ago. Historically, inversions
precede recessions and are not a great backdrop for bank stocks.
Figure 20: US 10-year yields minus 2-year, basis points
Data as of June 28
Source: Bloomberg
There is wide disagreement over whether equity markets have further to climb or whether we will
see a spectacular market correction.
Well for one, if you believe that there is still some ‘juice’ to extract from equities, stay long cyclicals
and industrials. If you think that the run is over, switch into defensive stocks like utilities,
0
50
100
150
200
250
300
06/2013
12/2013
06/2014
12/2014
06/2015
12/2015
06/2016
12/2016
06/2017
12/2017
12. Rong Viet Securities Corporation – Investment Strategy Report July 2018 12
telecommunications and pharmaceuticals. These last three sectors have been losing out in the
past few quarters. Dispersion levels have been rising: people sold the losers to buy the winners.
Currently there appears to be four headwinds facing equities:
• Firm oil prices
• Mighty dollar
• Rising pressure on prices and wages in developed economies
• The Donald
We also can add the fact that equities globally have been in an uptrend for nine years: a long cycle.
On the positive side, real rates are negative in most developed economies and valuations are more
reasonable following the recent correction, but still not ‘that cheap’ ( table2). The P/CF of the MSCI
World and the S&P 500 are currently 11.4x and 14.1x, much higher that their 10-year average of
8.9x and 9.6x, respectively.
Table 2: MSCI Indices and VN Index Valuations
P/E
Current
P/E
End 2017
P/E
10- year
average
P/BV
Current
P/BV
End 2017
MSCI World 18.7x 19.5x 18.2x 2.4x 2.4x
MSCI EM 13.6x 15.1x 13.8x 1.6x 2.4x
MSCI ASEAN1
14.8x 17.3x 15.3x 1.6x 1.9x
VN Index 18.5x 18.1x 12.9x 2.7x 2.8x
Source: MSCI, Rong Viet Securities
Currencies have been in the limelight recently because of the potential ‘trade war(s)’
The key is the Renminbi. A sharply weaker Chinese currency could destabilize already vulnerable
ones around the world, especially in the ASEAN region. The RMB is down 6% against the
greenback since mid-April. However, we put a very low probability that the Chinese authorities
would respond to this ill-prepared trade war by resorting to a devaluation of the Renminbi. China
wants to make its currency a global one; hence devaluing it would send the wrong message.
Moreover, the country does not need it from a macroeconomic standpoint. Repo rates (Figure 21)
have been steady for the pas two years, implying that there is very little stress in the system.
Figure 21: Renminbi/ USD, quarterly
Source: Bloomberg, Rong Viet Securities
1
Indonesia, Malaysia, Philippines, Singapore and Thailand.
4.0
4.5
5.0
5.5
6.0
6.5
7.0
7.5
8.0
8.5
9.0
03/1990
03/1992
03/1994
03/1996
03/1998
03/2000
03/2002
03/2004
03/2006
03/2008
03/2010
03/2012
03/2014
03/2016
03/2018
13. Rong Viet Securities Corporation – Investment Strategy Report July 2018 13
Figure 22: China 7-day Repo Rate, %
Source: Bloomberg, Rong Viet Securities
Vietnamese and ASEAN equities and currencies have not been immune to the steep correction
that started globally in February/ March. Ceteris paribus, Vietnam’s economy should continue to
grow at a healthy pace for the foreseeable future (see our Economist comments in the next
section). Note that on the currency front, among ASEAN, the VND has outperformed in 2Q.
Figure 23: VN Index and VND, 2000-current
Source: Bloomberg, Rong Viet Securities
The VN Index has lately become more correlated to the MSCI Emerging Index. This is most likely
due to investors’ expectations of an inclusion of Vietnam in the index.
Figure 24: VN Index & MSCI Emerging Markets correlation
Source: Bloomberg
1
2
3
4
5
6
7
8
06/2013 12/2013 06/2014 12/2014 06/2015 12/2015 06/2016 12/2016 06/2017 12/2017
100
300
500
700
900
1,100
1,300
13,000
15,000
17,000
19,000
21,000
23,000
DONG/ USD (lhs)
VN Index
14. Rong Viet Securities Corporation – Investment Strategy Report July 2018 14
Bottom Line
• Equity markets globally are most likely to go nowhere for the next few months, except
for small rallies here and there. Seasonality does not help. The Tech sector, up 13 percent year
to date, now accounts for 25% of the S&P 500. Kind of reminds us of the pre-Nasdaq crash
period of 1999-2000…
Our target for the S&P 500 Index is around 2300, 15% lower from its current level
Figure 25: Performance of some major global stock market indexes in June
Source: Bloomberg, RongViet Securities
• Vietnamese equities are still pricey (Table 2). The market is supported by rising RoE (19%
in 2018F versus 15% in 2017) and high EBITDA margins (26%). Will it be enough? P/E’s have
expanded for the past seven years (Table 3).
Table 3: VN Index P/E
2011 2012 2013 2014 2015 2016 2017
P/E 8.8x 11.7x 12.4x 12.9x 12.5x 15.6x 18.1x
Source: Bloomberg
• We expect a period of consolidation for the VN Index in 3Q. Our target range is 900 to
1000 with a preference for a re-test of 900.
A couple of things to notice from the price action in 2Q2
:
• On April 5, the VN Index peaked at 1207, 34% above its 200-day moving average.
• The Index has currently retreated to its 200-day moving average at around 983-986.
• From the bottom at 916 in early June, the Index has recovered to 1027, a 38%
retracement from the 1207 level. Since then it has stalled.
A break below 900 would take the Index to around 840, the lower bound of the upward channel
in place for the past two years. It is possible that the market tries to break the 1027-40 level but
that would only be possible in a risk-on environment. Overall, we remain bearish on the VN Index
for the next few months. There will be better buying opportunities as this time-correction fazes
out.
2
Prices as of June 28
-2%
2%
10%
-1%
0%
-5%
-2%
-13%
-3%
2%
-6%
-9%
-11%
-2%
-9%
-4%
23%
-17%
-7%
3%
13%
23%
DowJones
S&P500
Nasdaq
FTSE100
CAC40
DAX
Nikkei225
SSE(Shanghai)
HangSeng(Hongkong)
TSEC(Taiwan)
Kospi(Korean)
JKSE(Indonesia)
KLSE(Malaysia)
VNIndex(Vietnam)
HNX-Index(Vietnam)
Gold
Oil
From 31/05/2018 to 29/06/2018 From 31/12/2017 to 29/06/2018
16. Rong Viet Securities Corporation – Investment Strategy Report July 2018 16
INVESTMENT STRATEGY AND IDEAS: STOCK PICKING
Despite rising external risks caused in part by the US – China trade war, Vietnam’s economy
showed its best performance since 2011 in the first six months of 2018:
• Vietnam’s GDP growth grew by 7.1% YoY in H1 2018 with the recovery of agriculture, and
the faster growth of manufacturing and services.
• Vietnam’s PMI reached 55.7 in June from 53.9 in May, driven by increasing output and
more new orders.
• Total retail and services sales grew 8.3% YoY (inflation adjusted), higher than the growth
of 7.9% in H1 2017.
• The confidence of consumer as well as investors has been rising: Vietnamese consumers
are willing to pay more for premium goods such as healthcare insurance and
discretionary consumption goods. Following the Government’s support, domestic
investors have been investing more in manufacturing substitute goods enterprises.
In the stock market, VNIndex’s PE decreased to around 16x, equivalent to the level of mid-2017
after more than three consecutive months of a deep price correction. Meanwhile, the market’s
NPAT growth was 24% YoY in Q1 2018, implying a less-than-1 PEG ratio.
However, Vietnam’s stocks still face more risks from external factors (FED rates hike, trade war,
and Renminbi depreciation) which can put more pressure on a potential devaluation of the Dong
and an outflow of “fast money”.
Although we believe that the SBV’s resources are strong enough to control FX fluctuations within
its target range, we think monetary policy will be tighter in the H2 2018, implying less liquidity for
risky sectors like the stock market and real estate.
Due to these reasons, along with coming business earnings results coming out, we think that
good buying opportunities will occur during the deep correction of the market. However, an
uptrend trend will not come within all stocks/sectors. Smart money will carefully choose
companies with good business results and not be invested across the board. For this month, we
would like to introduce our two picks, NLG and FPT.
HSX:NLG – TP: VND 40,200. After a long period of accumulating land bank, in 2018, Nam Long
has come into the final step of implementing the Waterpoint project - the largest project in NLG’s
land bank. In addition, after the successful launch of the Mizuki Park project, the company will be
busy on developing other new projects such as Akari City and Flora Keshi, creating momentum
for Nam Long in the coming years. Given that the company has specific plan for its biggest project,
i.e. Waterpoint, we revise up our target price to VND 40,200 per share.
HSX:FPT – TP: VND 63,600. After divesting from its trading and retail subsidiaries, FPT “lost” half
of its consolidated revenue, nevertheless it managed to grow its profits by over 20%, which
emphasizes the contrast between the core business (IT and telecom) and the ex-subsidiaries. Like
for like comparison, FPT’s profit achieved higher growth rate than its revenues did, which means
an improvement in operating efficiency. For 5M2018, the company’s revenue and PBT were VND
8,290 Bn (-49% YoY) and VND 1,408 Bn (+21% YoY), fulfilled 37.9% and 40.4% its guidance for 2018
respectively.
Finally, Rong Viet’s Research Department unveils its portfolio made up of Vietnamese stocks
under coverage. This is a long-only absolute-return portfolio as shown below:
17. Rong Viet Securities Corporation – Investment Strategy Report July 2018 17
Table 4: Vietnam thematic portfolio for long-term absolute-return investors
Sector Name Ticker
Weight Purchase Current Gain/ Loss
(%) Price Price (%)
Cons Services VietJet Air VJC 10 131,000 131,000 0.0
Cons Goods Quang Ngai Sugar QNS 10 35,600 35,600 0.0
Cons Goods Vinh Hoan VHC 10 56,500 56,500 0.0
Basic Materials Phuoc Hoa Rubber PHR 10 19,000 19,000 0.0
Industrials Taseco Air Services AST 10 62,400 62,400 0.0
Industrials Airport Corp Vietnam ACV 10 86,000 86,000 0.0
Basic Materials Nam Kim Steel NKG 10 14,400 14,400 0.0
Financials Dat Xanh DXG 5 24,900 24,900 0.0
Utilities Central Hydro Power CHP 10 23,000 23,000 0.0
Cash 15
Total 100
Readers should refer to the relevant Rong Viet research reports for detailed analysis and disclosures.
Prices as of July 04
Source: Rong Viet Securities
20. Rong Viet Securities Corporation – Investment Strategy Report July 2018 20
MACRO WATCH IN JUNE
FX rate in free market FX rate in interbank market
Source: SBV, RongViet Securities Source: SBV, RongViet Securities
Contribution to CPI in June Inflation changes
Source: GSO, RongViet Securities Source: GSO, RongViet Securities
Government Bond Auctions Government Bond Yields
Source: HNX, Customs, RongViet Securities Source: Bloomberg, RongViet Securities
22,200
22,400
22,600
22,800
23,000
23,200
01/2018 03/2018 05/2018 07/201
USDVND Free Market
Central FX rate
Trading FX rate
22,500
22,700
22,900
23,100
23,300
23,500
01/2018 03/2018 05/2018 07/201
SBV selling rate 1 Week
2 Weeks 1 Month
0%
1%
2%
3%
4%
5%
6%
10/2016 04/2017 10/2017 04/2018
Headline inflation Core inflation
0
20
40
60
80
100
120
0
10
20
30
40
50
60
70
06/15 06/16 06/17 06/18
VST
VBSP
VDB
Winning-to-Offering ratio (RHS)
(Trillion VND) (%)
0
1
2
3
4
5
6
01/2018 03/2018 05/2018 07/2018
VGB yield - 1Y VGB yield - 3Y VGB yield - 10Y
21. Rong Viet Securities Corporation – Investment Strategy Report July 2018 21
INDUSTRY INDEX
Level 1 industry movement Level 2 industry movement
Source: RongViet Securities Source: RongViet Securities
Industry PE comparison Industry PB comparison
Source: RongViet Securities Source: RongViet Securities
-8%
-7%
-1%
10%
0% -1%
-3%
-2%
1% 0%
-10%
-5%
0%
5%
10%
15%
Technology
Industrials
Oil&Gas
ConsumerServices
HealthCare
ConsumerGoods
Banks
BasicMaterials
Financials
Utilities
4%
-5%
2%
-8%
-1%
-8%
0%
13%
0%
-11%
0%
-3%
-12%
-3%
0%
2%
-11%
0%
-20% 0% 20%
Retail
Insurance
Real Estate
Technology
Oil & Gas
Financial Services
Utilities
Travel & Leisure
Industrial Goods & Services
Personal & Household Goods
Chemicals
Banks
Automobiles & Parts
Basic Resources
Food & Beverage
Media
Construction & Materials
Health Care
09
12
18
13
18
22
16
09
22
16
18
11
Technology
Industrials
Oil&Gas
ConsumerServices
HealthCare
ConsumerGoods
Banks
BasicMaterials
Financials
Utilities
HSX
HNX
02 02
03
04
03
06
02
01
06
03
04
02
Technology
Industrials
Oil&Gas
ConsumerServices
HealthCare
ConsumerGoods
Banks
BasicMaterials
Financials
Utilities
HSX
HNX
22. Rong Viet Securities Corporation – Investment Strategy Report July 2018 22
ANALYSIS & INVESTMENT ADVISORY DEPARTMENT
Bernard Lapointe
Head of Research
bernard.lapointe@vdsc.com.vn
+ 84 28 62992006 (1525)
Lam Nguyen
Senior Strategist
lam.ntp@vdsc.com.vn
+ 84 28 6299 2006 (1313)
• Banking
• Conglomerates
Hieu Nguyen
Senior Analyst
hieu.nd@vdsc.com.vn
+ 84 28 6299 2006 (1514)
• Market Strategy
• Pharmaceuticals
• Aviation
Duong Lai
Senior Analyst
duong.ld@vdsc.com.vn
+ 84 28 6299 2006 (1522)
• Real Estate
• Building Materials
Vu Tran
Senior Analyst
vu.thx@vdsc.com.vn
+ 84 28 6299 2006 (1518)
• Oil & Gas
• Food & Beverage
Trinh Nguyen
Analyst
trinh.nh@vdsc.com.vn
+ 84 28 6299 2006 (1331)
• Steel
• Construction
• Technology
Quang Vo
Analyst
quang.vv@vdsc.com.vn
+ 84 28 6299 2006 (1517)
• Market Strategy
• Basic Materials
• Personal Goods
Son Phan
Analyst
son.pnt@vdsc.com.vn
+ 84 28 6299 2006 (1519)
• Utilities
• Natural Rubber
Tu Vu
Analyst
tu.va@vdsc.com.vn
+ 84 28 6299 2006 (1511)
• Macroeconomics
Son Tran
Analyst
son.tt@vdsc.com.vn
+ 84 28 6299 2006 (1527)
• Market Strategy
• Retails
• Consumer chemicals
Tung Do
Analyst
tung.dt@vdsc.com.vn
+ 84 28 6299 2006 (1521)
• Logistics
• Aviation
Thu Pham
Analyst
thu.pa@vdsc.com.vn
+ 84 28 6299 2006 (1520)
• Industrial Real Estate
Thao Dang
Analyst
thao.dtp@vdsc.com.vn
+ 84 28 6299 2006 (1529)
• Food & Beverage
• Fishery
Tam Pham
Analyst
tam.ptt@vdsc.com.vn
+ 84 28 6299 2006 (1530)
• Banking
• Insurance
Anh Nguyen
Analyst
anh2.ntt@vdsc.com.vn
+ 84 28 6299 2006 (1531)
• Banking
Ha Tran
Assistant
ha.ttn@vdsc.com.vn
+ 84 28 6299 2006 (1526)
RONG VIET SECURITIES
CORPORATION
Floor 1-2-3-4, Viet Dragon Tower,
141 Nguyen Du St. - Dist 1 – HCMC
Tel: (84 28) 6299 2006
Fax: (84 28) 6291 7986
Email: info@vdsc.com.vn
Website: www.vdsc.com.vn
Hanoi Branch
2C Thai Phien St., Hai Ba Trung Dist,
Hanoi
Tel: (84 24) 6288 2006
Fax: (84 24) 6288 2008
Can Tho Branch
95-97-99 Vo Van Tan – Ninh
Kieu - Can Tho
Tel: (84 292) 381 7578
Fax: (84 292) 381 8387
Nha Trang Branch
50Bis Yersin St, Nha Trang
Tel: (84 258) 382 0006
Fax: (84 258) 382 0008
23. Rong Viet Securities Corporation – Investment Strategy Report July 2018 23
DISCLAIMERS
This report is prepared in order to provide information and analysis to clients of Rong Viet Securities only. It is and should not be construed as an offer to
sell or a solicitation of an offer to purchase any securities. No consideration has been given to the investment objectives, financial situation or particular
needs of any specific. The readers should be aware that Rong Viet Securities may have a conflict of interest that can compromise the objectivity this
research. This research is to be viewed by investors only as a source of reference when making investments. Investors are to take full responsibility of their
own decisions. VDSC shall not be liable for any loss, damages, cost or expense incurring or arising from the use or reliance, either full or partial, of the
information in this publication.
The opinions expressed in this research report reflect only the analyst's personal views of the subject securities or matters; and no part of the research
analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or opinions expressed in the report.
The information herein is compiled by or arrived at Rong Viet Securities from sources believed to be reliable. We, however, do not guarantee its accuracy
or completeness. Opinions, estimations and projections expressed in this report are deemed valid up to the date of publication of this report and can be
subject to change without notice.
This research report is copyrighted by Rong Viet Securities. All rights reserved. Therefore, copy, reproduction, republish or redistribution by any person
or party for any purpose is strictly prohibited without the written permission of VDSC. Copyright 2016 Viet Dragon Securities Corporation.
IMPORTANT DISCLOSURES FOR U.S. PERSONS
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not a registered broker-dealer in the United States and, therefore, is not subject to U.S. rules regarding the preparation of research reports and the
independence of research analysts. This research report is provided for distribution to “major U.S. institutional investors” in reliance on the exemption
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