Daily Call

Market Focus: Overseas players drove down Securities stocks

Macro Wrap: Update on Reciprocal Trade Frameworks 

Equity Research Update: ACB VN (Outperform; TP VND 30,200): Holds the Line in 3Q25 - Valuation Too Attractive to Overlook

Market Focus: Selective sector gains on cautious investors’ sentiment

Macro Wrap: Thoughts on 2026-2030 socio-economic development plan

Equity Research Update:

•           VNDiamond, VNFIN Lead Indices 4Q25 Review Results

•           PNJ VN (BUY; TP VND 109,000): Upbeat 3Q25 Results Driven by Strong Gold Bar Sales and Price Adjustments

Market Focus: Market volatility peaked mid-week, but recovery was led by lagging sectors and standout earnings

Macro Wrap: Thoughts on stalled projects resolution

Equity Research Update:

•           DGW VN (Outperform; TP VND 47,700): AI-laptop adoption to support earnings growth

•           MWG VN: 3Q25 Earnings Hit Record High on Strong Core Performance

•           TCB VN (Outperform; TP VND 45,000): Delivers Strong 3Q25 Beat with Robust Credit and Fee Income Growth

Market Focus: Market recovery calmed investors; Tactical Buying triggered on VN30

Macro Focus: Fiscal Plan 2026–2030: Ambitious Expansion under Fiscal Vigilance

Equity Research Update:

•           FPT VN: 3Q25 Update: Weak global IT momentum weighed on 9M25 growth, but NPAT beat expectations

•           NT2 VN (BUY; TP VND 29,000): Strong electricity demand aided NT2’s 3Q25 earnings surge

Market Focus: Bond violations sparked market-wide sell-off

Macro Watch: A decline without clear catalyst

Equity Research Update: Vietnam Brokerage sector update: Triple Last Year. Double Last Quarter. Brokers Are on a Roll!

Notable Events: National Assembly's last meeting in 2025 (Oct 20 to Dec 11).

Techcom Securities (TCX) will debut on the Ho Chi Minh Stock Exchange (HOSE) today, with a reference price set at VND 46,800 per share.

Market Focus: Vingroup-led declines pulled the VNIndex down 2.02% to 1,731.19 points amid renewed foreign net selling.

Macro Watch: Market pullback followed by concerns over trade-war, investigation on corporate bond issuance, but the movement in FX market has drawn attention.

Equity Research Update: BMP VN: Healthy low season growth, and record earnings backed by cost relief

Notable Event: On October 21, Techcom Securities (TCX) will debut on the Ho Chi Minh Stock Exchange (HOSE), with a reference price set at VND 46,800 per share.

Market Wrap: Mid-cap rally driven by 3Q25 earnings expectations

Macro Update: Apple Accelerates Smart Home Manufacturing Shift to Vietnam

Equity Research Update: VN30 4Q25 Index Review Results and Xtrackers Vietnam Swap UCITS ETF Update

Market Wrap: Sectors diverged with correction pressure still weighing on the market

Macro Update: Vietnam Gold Exchange – Policy Momentum Builds Toward Formalization

Equity Research Update: Vietnam Residential Property Sector: Recovery with Robust Launch Pipeline

Market Wrap: Late selling pressure halts VNIndex momentum

Macro Update: National Assembly’s Final Session of 2025 – Strategic Legislation in Focus

Equity Research Update: VPB VN: Earnings Beat: A Catalyst-Ready Story

Market Wrap: Local market sustained positive momentum amid US-China tension

Macro Update: Vietnam 2025–2030: From Catch-Up to Creation

Equity Research Update: Power Sector Update: Trial Implementation of Two-Component Electricity Pricing Mechanism

Market Wrap: Market sustained positivity even after market upgrade catalyst realized

Macro Update: Update on the new US tariff threat on China

Equity Research Update: ANV VN: Site Visit and Analyst Meeting Summary

Market Wrap: The VNIndex surpassed 1700pts threshold, driven by Vingroup family stocks

Macro Update: Vietnam 2026 Macro Outlook: Early Harvest from Institutional Reform

Equity Research Update: Vietnam 2026 Banking Sector Outlook: From Credit Quotas to Credit Quality

Market Wrap: Historic upgrade: Vietnam market joins FTSE Emerging ranks with broad sector rally

Macro Update: Update on Market Upgrade

Equity Research Update: 2026 Strategy Note: Riding beyond the upgrade

Market Wrap: Market cautious ahead of FTSE’s market reclassification decision

Macro & Equity Research Update : Vietnam’s FTSE Russell Market Upgrade to Emerging Market: A Strategic Milestone in Capital Market Development

Market Wrap: Confidence on FTSE market upgrade renewed

Macro Update: Update on Property sector

Equity Research Update: VNDiamond 4Q25 review estimates