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

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Thematic (Sector/Industry)

<ul><li>FPT cut its 2025 base-case guidance to 15% revenue and 18–19% profit growth (vs. 20%/21% at AGM): As of 8M25, revenue reached VND43,818bn (+10.5% YoY) and PBT VND8,315bn (+17.5% YoY), with a margin of 19.0%.</li><li>The Technology segment led with VND27,123bn revenue (+10.6% YoY) and PBT VND3,807bn (+13% YoY), margin of 14%.</li><li>Management cited weaker overseas IT services due to tariff-related delays and fewer small contracts as clients adopt AI solutions.</li></ul><div class="content-highlight"><em>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.</em></div>

FPT cut its 2025 base-case guidance to 15% revenue and 18–19% profit growth (vs. 20%/21% at AGM): As of 8M25, revenue reached VND43,818bn (+10.5% YoY) and PBT VND8,315bn (+17.5% YoY), with a margin of 19.0%.The Technology segment led with VND27,123bn revenue (+10.6% YoY) and PBT VND3,807bn (+13% YoY), margin of 14%.Management cited weaker overseas IT services due to tariff-related delays and fewer small contracts as clients adopt AI solutions.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.

Stock recommendations (Vietnam Market)_October 2025

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>
<a href="https://www.smartkarma.com/entities/fpt-corp" target="_blank" data-smartkarma-citation="entities:4290:1" rel="noopener">FPT Corp,</a><a href="https://www.smartkarma.com/entities/vietnam-airlines-jsc" target="_blank" data-smartkarma-citation="entities:24134:1" rel="noopener">Vietnam Airlines Jsc</a>, <a href="https://www.smartkarma.com/entities/saigon-thuong-tin-commercial-joint-stock-bank-sacombank" target="_blank" data-smartkarma-citation="entities:650:1" rel="noopener">Sacombank</a> and Gelex Electricity Jsc will be added to the MarketVector Vietnam Local Index at the close on 19 September.</li>
<li>Estimated one-way turnover is 9.5% and that results in a round-trip trade of US$112m. There are a couple of stocks with more than 1x ADV to buy from passives.</li>
<li>The largest passive inflow will be in <a href="https://www.smartkarma.com/entities/masan-group-corp" target="_blank" data-smartkarma-citation="entities:23075:1" rel="noopener">Masan Group (MSN VN)</a> following a large increase in the free float for the stock.</li>
</ul>



FPT Corp,Vietnam Airlines Jsc, Sacombank and Gelex Electricity Jsc will be added to the MarketVector Vietnam Local Index at the close on 19 September.
Estimated one-way turnover is 9.5% and that results in a round-trip trade of US$112m. There are a couple of stocks with more than 1x ADV to buy from passives.
The largest passive inflow will be in Masan Group (MSN VN) following a large increase in the free float for the stock.


MarketVector Vietnam Local Index Rebalance: 4 Adds; 9.5% Turnover; US$112m Trade

<ul><li>Despite a moderate 15.2% YoY increase in total assets to VND978tr, TCB maintained strong expansion in core profit-generating assets, with credit (including corporate bonds) rising 21.7% YoY to VND683tr (69.8% of total assets) in FY24.</li><li>A steady disbursement pace underscored a prudent approach, balancing risk diversification and yield optimization. Real estate exposure declined to 63.7% (-7.3%p since 2022), while retail banking penetration increased to 41.6% (+2.2%p YoY).</li><li>Asset quality improved, with the NPL ratio down to 1.12% (-4bps YoY, -17bps QoQ), ranking second only to VCB, while LLR surged to 114% (+11.8%p YoY). </li></ul><div class="content-highlight"><em>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.</em></div>

Despite a moderate 15.2% YoY increase in total assets to VND978tr, TCB maintained strong expansion in core profit-generating assets, with credit (including corporate bonds) rising 21.7% YoY to VND683tr (69.8% of total assets) in FY24.A steady disbursement pace underscored a prudent approach, balancing risk diversification and yield optimization. Real estate exposure declined to 63.7% (-7.3%p since 2022), while retail banking penetration increased to 41.6% (+2.2%p YoY).Asset quality improved, with the NPL ratio down to 1.12% (-4bps YoY, -17bps QoQ), ranking second only to VCB, while LLR surged to 114% (+11.8%p YoY). 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.

Stock recommendations (Vietnam Market)_April 2025

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our outlook remains bullish on MSCI ACWI. Discussed in latest Int’l Compass (1/9/2025) how viewed the pullback as buying opportunity and were watching for $116-$117 support to hold on ACWI-US.</li>
<li>$116 support held perfectly and we expect upside to continue following 1+ month bull flag breakouts, followed by successful retests of support, on ACWI-US and the S&amp;P 500.</li>
<li>We also upgraded Germany to overweight last week, with RS on the DAX breaking out from a 2-year base. U.S. (SPX) and Germany are our only two country overweights.</li>
</ul>


Our outlook remains bullish on MSCI ACWI. Discussed in latest Int’l Compass (1/9/2025) how viewed the pullback as buying opportunity and were watching for $116-$117 support to hold on ACWI-US.
$116 support held perfectly and we expect upside to continue following 1+ month bull flag breakouts, followed by successful retests of support, on ACWI-US and the S&amp;P 500.
We also upgraded Germany to overweight last week, with RS on the DAX breaking out from a 2-year base. U.S. (SPX) and Germany are our only two country overweights.


Remain Risk-On With Market Dynamics Improving; 6+ Month Base Breakouts for MSCI ACWI Ex-US and EAFE

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Small cap Emerging Market funds have outperformed their large-cap peers over the past 10 years.</li>
<li>Yet small and midcap exposure decreased to near record levels last year, in spite of managers maintaining an overweight position versus the benchmark.</li>
<li>We screen for well owned and small/midcap stocks that are showing strong momentum among managers.</li>
</ul>


Small cap Emerging Market funds have outperformed their large-cap peers over the past 10 years.
Yet small and midcap exposure decreased to near record levels last year, in spite of managers maintaining an overweight position versus the benchmark.
We screen for well owned and small/midcap stocks that are showing strong momentum among managers.


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)

Stock recommendations (Vietnam Market)_October 2025

Management cited weaker overseas IT services due to tariff-related delays and fewer small contracts as clients adopt AI solutions.

Mirae Asset Securities

MarketVector Vietnam Local Index Rebalance: 4 Adds; 9.5% Turnover; US$112m Trade

FPT Group, Vietnam Airlines, Sacombank, Gelex Electricity will be added to the index. Big float increase for Gelex Elec. Estimated one-way turnover...

Brian Freitas

Stock recommendations (Vietnam Market)_April 2025

Despite a moderate 15.2% YoY increase in total assets to VND978tr, TCB maintained strong expansion in core profit-generating assets, with credit...

Mirae Asset Securities

Remain Risk-On With Market Dynamics Improving; 6+ Month Base Breakouts for MSCI ACWI Ex-US and EAFE

Remain Risk-On With Market Dynamics Improving; 6+ Month Base Breakouts for MSCI $ACWI ex-US and $EAFE; U.S. Dollar $DXY and 10-Year Yields $TNX...

Vermilion Research

Active GEM Funds: The Small Cap Effect

Small cap Emerging Market funds have outperformed their large-cap peers over the past 10 years, Yet small and midcap exposure decreased to near...

Steven Holden

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