Daily Call

Market Focus: VNIndex slips below 1,700pts as persistent supply pressure outweighs improving breadth

Macro Wrap: Update on Vietnam economy in October: Fuel in the tank for Q4

Equity Research Update: SAB VN: 3Q26 Earnings Update

Market Focus: VNIndex Extends Losing Streak as Post-Earnings Selloff Deepens

Macro Wrap: Separating market fears from fundamentals

Equity Research Update: HPG VN (BUY; TP VND 28,200): Strong earnings, but revised TP on lower multiples

Market Focus: Selling Pressure Intensified as the earnings season came to an end

Macro Wrap: Policy support broadens, delivery determines the upside

Equity Research Update:

•           VNM VN: 3Q26 Earnings Update

•           HDB VN (Outperform; TP VND 27,000): 3Q26 Earnings Update

•           VHM VN (Market Perform; TP VND 78,800): 3Q26 Performance Exceeded Expectations

•           VIC VN: 9M26 Profit Exceeded Full-Year Guidance

Market Focus: Investors step up selling as the earnings season winds down

Macro Wrap: Update on Land Law Revision

Equity Research Update:

•           PVT VN: Earnings upset sell-off

•           ACB VN (Outperform; TP VND 25,000): Shift to longer-tenor loans lifts NIM; credit rating upgrade a plus

•           FPT VN: Early warning signs of slowing growth, but more evidence needed

•           DMX VN (Market Perform; TP VND 82,800): EGM: A Fairer Performance-Linked Compensation Scheme

Market Focus: VNIndex Climbed to Intraday High on Bank and Consumer Strengths

Macro Wrap: Policy Update

Equity Research Update:

•           STB VN: Rich valuation not supported by fundamentals

•           MWG VN (BUY; TP VND 102,000): 3Q26 Earnings Update

•           DGW VN (Market Perform; TP VND 48,000): 3Q26 Earnings Update

Market Focus: VNIndex Ended Flat with Capital Rotated into Construction Plays

Macro Wrap: Energy relief: protecting inflation headroom, while execution drives growth

Equity Research Update: MSN VN (BUY; TP VND 101,000): Strong 3Q26 Earnings with Corporate Restructuring to Strengthen Core Business Ownership

Market Focus: VNIndex Pulled Back After Last Week's Rally

Macro Wrap: Construction materials: stone sorted for public investment, sand still missing

Equity Research Update: IMP VN: 3Q26 Earnings Call Takeaways

Market Focus: Resilient Close Despite Profit-Taking Pressure as Banks and Vingroup Led Recovery

Macro Wrap: Delegated law-making: From emergency fix to rule-based flexibility

Equity Research Update: BMP VN (Outperform; TP VND 160,700): Soft Volume, Infrastructure Pivot, and Efficiency

Market Focus: Real Estate and Brokers Led Powerful Rebound Amid Improving Sentiment

Macro Wrap: Social Insurance Fund reform is deferred; rate cuts are now measured

Equity Research Update:

•           NT2 VN (Outperform; TP VND 27,000): A critical power plant for 2027 national energy security

•           TNG VN: Strong quarter, but Q4 can be uncertain

•           TCB VN (Outperform; TP VND 40,400): 3Q26 earnings beat expectations, although asset quality warrants closer attention

Market Focus: Market closed marginally higher as foreign selling moderated

Macro Wrap: More capital, but making it work harder matters

Equity Research Update: PHR VN (Outperform; TP VND 39,900): EGM: Business Line Amendments and Preliminary 9M26 Results

Market Focus: Localized selling pressure intensified

Macro Wrap: Rates and liquidity: Near-term relief, external risks

Equity Research Update:

•           HT1 VN: Cement Demand Recovery Supports Earnings Growth

•           VPB VN (Outperform; TP VND 26,500): Pre-closing outlook

Market Focus: Broad-based market rebound on muted liquidity

Macro Wrap: Update on National Assembly meeting

Equity Research Update: BSR VN: 2026 AM: 9M26 solid preliminary results and progress on upgrade and expansion project

Market Focus: Capital Shifts to Brokerage, Real Estate and Construction as Vingroup Extends Decline

Macro Wrap: Update on metro lines development

Equity Research Update:

•           KBC VN: 3Q Rebound, But Results Still Lag Expectations

•           FOL Adjustments Accelerate in 3Q26 Amid Technical Compliance Reviews

Market Focus: Steel Rebounds Failed to Offset Vingroup Drag as VNIndex Extended Decline

Macro Wrap: Update on Tourism Sector

Equity Research Update: Vietnam Oil & Gas Sector Update: Windfall fades, Capex cycle stays