External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

External broker reports(aggregated public sources)

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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.

Equity Bottom-Up

<ul><li>Although company directors had predicted correctly that the market would be negative at the end of the year, HPG still had a record loss due to macro policies that caused sudden stagnation in the real estate-construction sector, making steel prices and output drop rapidly.</li><li>The rather rigid inventory policy resulted in high inventory of raw materials in 2Q and 3Q causing a gross loss in 4Q.</li><li>Having economies of scale as the best advantage, HPG now has to suspend some of their blast furnaces due to sluggish demand.</li></ul><p><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></p>

Although company directors had predicted correctly that the market would be negative at the end of the year, HPG still had a record loss due to macro policies that caused sudden stagnation in the real estate-construction sector, making steel prices and output drop rapidly.The rather rigid inventory policy resulted in high inventory of raw materials in 2Q and 3Q causing a gross loss in 4Q.Having economies of scale as the best advantage, HPG now has to suspend some of their blast furnaces due to sluggish demand.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.

HPG ­- Domestic steel demand dictates profit recovery progress

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>Vietnam Prosperity JSCB (VPB), formerly known as Vietnam JSCB for Private Enterprises, was established in 1993.</li><li>The Bank has its core business in mobilizing capital and crediting.</li><li>In addition, VPBank also engages in international banking services, trades foreign currencies, financial investment, risk management and capital protection. </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>

Vietnam Prosperity JSCB (VPB), formerly known as Vietnam JSCB for Private Enterprises, was established in 1993.The Bank has its core business in mobilizing capital and crediting.In addition, VPBank also engages in international banking services, trades foreign currencies, financial investment, risk management and capital protection. 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 2024

<ul><li>Vietnam Prosperity JSCB (VPB), formerly known as Vietnam JSCB for Private Enterprises, was established in 1993.</li><li>The Bank has its core business in mobilizing capital and crediting. In addition, VPBank also engages in international banking services, trades foreign currencies, financial investment, risk management and capital protection.</li><li>VPBank has been listed and traded on Ho Chi Minh Stock Exchange (HOSE) since August 2017.</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>

Vietnam Prosperity JSCB (VPB), formerly known as Vietnam JSCB for Private Enterprises, was established in 1993.The Bank has its core business in mobilizing capital and crediting. In addition, VPBank also engages in international banking services, trades foreign currencies, financial investment, risk management and capital protection.VPBank has been listed and traded on Ho Chi Minh Stock Exchange (HOSE) since August 2017.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)_March 2024

<ul><li>Recently, HSX announced updated component securities (including changes in component stocks and calculation factors) in the VN30 Index and VNDiamond Index baskets.</li><li>In detail, these changes will affect the component weighting in specific baskets.</li><li>Thus, ETFs that are replicating the respective indexes will also have similar structural changes in their baskets of component securities on the rebalancing date. </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>

Recently, HSX announced updated component securities (including changes in component stocks and calculation factors) in the VN30 Index and VNDiamond Index baskets.In detail, these changes will affect the component weighting in specific baskets.Thus, ETFs that are replicating the respective indexes will also have similar structural changes in their baskets of component securities on the rebalancing date. 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.

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

Event-Driven

<ul>
<li>There are no constituent changes for the index but there are float and capping changes that will be implemented at the close on 15 September.</li>
<li>Estimated one-way turnover is 3.3% and the one-way trade is US$21.5m. There are eight stocks where passive trackers need to trade over 1 day of ADV.</li>
<li>After large creations for <a href="https://www.smartkarma.com/entities/market-vectors-vietnam-etf" target="_blank" data-smartkarma-citation="entities:648:1" rel="noopener">Market Vectors Vietnam ETF (VNM US)</a> at the start of the year, there has not been a lot of follow-on activity as the market moves higher.</li>
</ul>


There are no constituent changes for the index but there are float and capping changes that will be implemented at the close on 15 September.
Estimated one-way turnover is 3.3% and the one-way trade is US$21.5m. There are eight stocks where passive trackers need to trade over 1 day of ADV.
After large creations for Market Vectors Vietnam ETF (VNM US) at the start of the year, there has not been a lot of follow-on activity as the market moves higher.


MarketVector Vietnam Local Index Rebalance: Some Big Impact Changes

Vietnam

Hoa Phat Group JSC is a multi-disciplinary manufacturing company. The Company manufactures a wide range of products, including steel, steel pipe, furniture, and refrigeration equipment.

Hoa Phat Group Jsc (HPG VN)

HPG - Domestic steel demand dictates profit recovery progress

Having economies of scale as the best advantage, HPG now has to suspend some of their blast furnaces due to sluggish demand.

Rong Viet Securities

Stock Recommendations (Vietnam Market) - April 2024

Vietnam Prosperity JSCB (VPB), formerly known as Vietnam JSCB for Private Enterprises, was established in 1993. The Bank has its core business in...

Mirae Asset Securities

Stock Recommendations (Vietnam Market)_March 2024

The Bank has its core business in mobilizing capital and crediting. In addition, VPBank also engages in international banking services, trades...

Mirae Asset Securities

ETFs Monitor in 4Q23

Recently, HSX announced updated component securities (including changes in component stocks and calculation factors) in the VN30 Index and...

Mirae Asset Securities

MarketVector Vietnam Local Index Rebalance: Some Big Impact Changes

Float and capping changes lead to an estimated one-way turnover is 3.3% and a one-way trade is US$21.5m. There are eight stocks where passive...

Brian Freitas

HPG ­- Domestic steel demand dictates profit recovery progress

Having economies of scale as the best advantage, HPG now has to suspend some of their blast furnaces due to sluggish demand.

Rong Viet Securities

Stock Recommendations (Vietnam Market) - April 2024

Vietnam Prosperity JSCB (VPB), formerly known as Vietnam JSCB for Private Enterprises, was established in 1993. The Bank has its core business in...

Mirae Asset Securities

Stock Recommendations (Vietnam Market)_March 2024

The Bank has its core business in mobilizing capital and crediting. In addition, VPBank also engages in international banking services, trades...

Mirae Asset Securities

ETFs Monitor in 4Q23

Recently, HSX announced updated component securities (including changes in component stocks and calculation factors) in the VN30 Index and...

Mirae Asset Securities

MarketVector Vietnam Local Index Rebalance: Some Big Impact Changes

Float and capping changes lead to an estimated one-way turnover is 3.3% and a one-way trade is US$21.5m. There are eight stocks where passive...

Brian Freitas

HPG - Domestic steel demand dictates profit recovery progress