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

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External broker reports(aggregated public sources)

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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>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.

<ul><li>According to HSX, NVL and PDR are removed from the VN30 index basket; meanwhile, SSB and SHB will be replaced respectively in the next review.</li><li>Therefore, ETFs (E1VFVN30; FUEKIV30; FUESSV30; FUEMAV30) that are replicating the VN30 index will also have similar structural changes in their basket of component securities on the rebalancing date.</li><li>Specifically, we estimate that a total of 2.4mn shares of PDR and 8.7mn shares of NVL will be sold during the restructuring period, while 19.3mn shares of SHB and 11.5mn shares of SSB will be added. </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>

According to HSX, NVL and PDR are removed from the VN30 index basket; meanwhile, SSB and SHB will be replaced respectively in the next review.Therefore, ETFs (E1VFVN30; FUEKIV30; FUESSV30; FUEMAV30) that are replicating the VN30 index will also have similar structural changes in their basket of component securities on the rebalancing date.Specifically, we estimate that a total of 2.4mn shares of PDR and 8.7mn shares of NVL will be sold during the restructuring period, while 19.3mn shares of SHB and 11.5mn shares of SSB will be added. 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.

<ul><li>As a member of the Vietnam National Oil and Gas Group, PV Gas Company was founded in 1990, with the mission of extracting, shipping, processing, storing, and selling gas and gas products.</li><li>The company was listed on HOSE in May 2012.</li><li>PVGAS is the main supplier of dry gas to Vietnam's power facilities and fertilizer factories.</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>

As a member of the Vietnam National Oil and Gas Group, PV Gas Company was founded in 1990, with the mission of extracting, shipping, processing, storing, and selling gas and gas products.The company was listed on HOSE in May 2012.PVGAS is the main supplier of dry gas to Vietnam's power facilities and fertilizer factories.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) - June 2023

Stock Recommendations (Vietnam Market) - May 2023

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.

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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

ETF VN30 Monitor in 3Q23

According to HSX, NVL and PDR are removed from the VN30 index basket; meanwhile, SSB and SHB will be replaced respectively in the next review.

Mirae Asset Securities

Stock Recommendations (Vietnam Market) - June 2023

As a member of the Vietnam National Oil and Gas Group, PV Gas Company was founded in 1990, with the mission of extracting, shipping, processing,...

Mirae Asset Securities

Stock Recommendations (Vietnam Market) - May 2023

The company was listed on HOSE in May 2012. PVGAS is the main supplier of dry gas to Vietnam's power facilities and fertilizer factories.

Mirae Asset Securities

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

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

ETF VN30 Monitor in 3Q23

According to HSX, NVL and PDR are removed from the VN30 index basket; meanwhile, SSB and SHB will be replaced respectively in the next review.

Mirae Asset Securities

Stock Recommendations (Vietnam Market) - June 2023

As a member of the Vietnam National Oil and Gas Group, PV Gas Company was founded in 1990, with the mission of extracting, shipping, processing,...

Mirae Asset Securities

Stock Recommendations (Vietnam Market) - May 2023

The company was listed on HOSE in May 2012. PVGAS is the main supplier of dry gas to Vietnam's power facilities and fertilizer factories.

Mirae Asset Securities

HPG - Domestic steel demand dictates profit recovery progress