External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

Equity Bottom-Up

<ul><li>We cut our target price (TP) for FPT by 4% to VND116,600/share but upgrade our rating to BUY from OUTPERFORM as the stock price has decreased ~10% over the past two months. </li><li>Our lower TP reflects (1) a 1% lower 2026F NPAT-MI forecast and (2) our 15% lower in-house FRT valuation (see our Update Report, published September 3, 2025), which outweigh the positive impacts of rolling our TP horizon forward to end-2026.</li><li>FPT’s global IT signed revenue has accelerated since July 2025 following reduced uncertainties caused by US reciprocal tariffs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We cut our target price (TP) for FPT by 4% to VND116,600/share but upgrade our rating to BUY from OUTPERFORM as the stock price has decreased ~10% over the past two months. Our lower TP reflects (1) a 1% lower 2026F NPAT-MI forecast and (2) our 15% lower in-house FRT valuation (see our Update Report, published September 3, 2025), which outweigh the positive impacts of rolling our TP horizon forward to end-2026.FPT’s global IT signed revenue has accelerated since July 2025 following reduced uncertainties caused by US reciprocal tariffs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FPT [BUY +22.6%] - Global IT Recovery from 2026F to Lead Medium-Term Growth - Update

<ul><li>We inch up our target price (TP) for FPT by 0.5% to VND121,200/share but downgrade our rating from BUY to OUTPERFORM.</li><li>Our slightly higher TP reflects (1) a 2% lower average 2025-26F NPAT-MI forecast and (2) our 26% lower in-house TPB valuation (see our Update Report, published May 27, 2025), which is offset by (3) the positive impact of extending our valuation horizon to end-Q3 2026 (from mid2026 previously) to better capture the expected 2026F recovery.</li><li>We expect tariff finalization to improve visibility for global IT clients, driving a rebound in signed revenue from H2 2025, which should flow through to reported revenue from 2026F.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We inch up our target price (TP) for FPT by 0.5% to VND121,200/share but downgrade our rating from BUY to OUTPERFORM.Our slightly higher TP reflects (1) a 2% lower average 2025-26F NPAT-MI forecast and (2) our 26% lower in-house TPB valuation (see our Update Report, published May 27, 2025), which is offset by (3) the positive impact of extending our valuation horizon to end-Q3 2026 (from mid2026 previously) to better capture the expected 2026F recovery.We expect tariff finalization to improve visibility for global IT clients, driving a rebound in signed revenue from H2 2025, which should flow through to reported revenue from 2026F.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FPT Corp (FPT) - Global IT Signed Revenue Rebound to Drive 2026F Recovery

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>After years of being on the watchlist, Vietnam will be added to a global index in September 2026 as long as progress is made on one key issue.</li>
<li>The final decision will be made in March 2026, and the implementation of the inclusion will take place in phases.</li>
<li>We currently see 21 stocks meeting the inclusion criteria. There are others that are close to the inclusion thresholds, and the list will change over the next few months.</li>
</ul>


After years of being on the watchlist, Vietnam will be added to a global index in September 2026 as long as progress is made on one key issue.
The final decision will be made in March 2026, and the implementation of the inclusion will take place in phases.
We currently see 21 stocks meeting the inclusion criteria. There are others that are close to the inclusion thresholds, and the list will change over the next few months.


Vietnam: Global Index Inclusion & Passive Flows

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Market Vectors Vietnam ETF / Equity Bottom-Up

<ul>
<li>In this Postcard Edition, we detour and go international—to the streets, shops, and supermarkets of Vietnam. Choosing Vietnam as a country to explore and begin building our Asian Coverage.</li>
<li>Despite strong manufacturing fundamentals, capital markets remain narrow, with limited institutional participation and underrepresentation of export-led sectors.</li>
<li>Vietnam is on our watchlist for its evolving opportunity set, and we will continue tracking IPO activity, MSCI inclusion efforts, and policy reforms.</li>
</ul>


In this Postcard Edition, we detour and go international—to the streets, shops, and supermarkets of Vietnam. Choosing Vietnam as a country to explore and begin building our Asian Coverage.
Despite strong manufacturing fundamentals, capital markets remain narrow, with limited institutional participation and underrepresentation of export-led sectors.
Vietnam is on our watchlist for its evolving opportunity set, and we will continue tracking IPO activity, MSCI inclusion efforts, and policy reforms.


Postcard from Hanoi | Xin Chào Việt Nam

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>In this review, VIB – previously placed on the watchlist for removal, due to its failure to satisfy the minimum FOL threshold of 65% (Section 3.7) – may be completely removed from the index, as it continues to fall short of this requirement.</li><li>In the past, the restriction stemmed from VIB actively lowering its foreign room to 5% (from 21%) after its strategic shareholder’s divestment, with plans to reopen it upon onboarding new strategic foreign investors.</li><li>Until now, VIB has not provided any official disclosure on whether this restriction will be eased in the near term. </li></ul><div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

In this review, VIB – previously placed on the watchlist for removal, due to its failure to satisfy the minimum FOL threshold of 65% (Section 3.7) – may be completely removed from the index, as it continues to fall short of this requirement.In the past, the restriction stemmed from VIB actively lowering its foreign room to 5% (from 21%) after its strategic shareholder’s divestment, with plans to reopen it upon onboarding new strategic foreign investors.Until now, VIB has not provided any official disclosure on whether this restriction will be eased in the near term. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam

FPT Corp is an information and communication technology company. The Company provides services in mobile distribution, systems integration, software outsourcing and development, Internet and e-media content, and computer assembly.

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FPT Corp (FPT VN)

FPT [BUY +22.6%] - Global IT Recovery from 2026F to Lead Medium-Term Growth - Update

We cut our target price (TP) for FPT by 4% to VND116,600/share but upgrade our rating to BUY from OUTPERFORM as the stock price has decreased ~10%...

Vietcap

FPT Corp (FPT) - Global IT Signed Revenue Rebound to Drive 2026F Recovery

We expect tariff finalization to improve visibility for global IT clients, driving a rebound in signed revenue from H2 2025, which should flow...

Vietcap

Vietnam: Global Index Inclusion & Passive Flows

Vietnam could be added to a global index in Sep 2026. The final decision will be made in March. We see 21 stocks currently meeting index inclusion...

Brian Freitas

Postcard from Hanoi | Xin Chào Việt Nam

Exploring Vietnam's potential for growth and investment opportunities, despite challenges in capital markets and institutional participation....

Pranav Bhavsar

Forecast – HoSE Indexes Review in 4Q25

In this review, VIB – previously placed on the watchlist for removal, due to its failure to satisfy the minimum FOL threshold of 65% (Section 3.7)

Mirae Asset Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

FPT [BUY +22.6%] - Global IT Recovery from 2026F to Lead Medium-Term Growth - Update

We cut our target price (TP) for FPT by 4% to VND116,600/share but upgrade our rating to BUY from OUTPERFORM as the stock price has decreased ~10%...

Vietcap

FPT Corp (FPT) - Global IT Signed Revenue Rebound to Drive 2026F Recovery

We expect tariff finalization to improve visibility for global IT clients, driving a rebound in signed revenue from H2 2025, which should flow...

Vietcap

Vietnam: Global Index Inclusion & Passive Flows

Vietnam could be added to a global index in Sep 2026. The final decision will be made in March. We see 21 stocks currently meeting index inclusion...

Brian Freitas

Postcard from Hanoi | Xin Chào Việt Nam

​Exploring Vietnam's potential for growth and investment opportunities, despite challenges in capital markets and institutional participation....

Pranav Bhavsar

Forecast – HoSE Indexes Review in 4Q25

In this review, VIB – previously placed on the watchlist for removal, due to its failure to satisfy the minimum FOL threshold of 65% (Section 3.7)

Mirae Asset Securities

Exploring Vietnam's potential for growth and investment opportunities, despite challenges in capital markets and institutional participation....