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

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

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>As a member of the Vietnam National Oil and Gas Group, the 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. PVGAS is the main supplier of dry gas to Vietnam's power facilities and fertilizer factories.</li><li>GAS will pay a FY23 cash dividend of 20% and stock dividend of 20%, increasing the outstanding shares to 2.29bn and marking the first time GAS has raised its charter capital since being listed. </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, the 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.GAS will pay a FY23 cash dividend of 20% and stock dividend of 20%, increasing the outstanding shares to 2.29bn and marking the first time GAS has raised its charter capital since being listed. 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)_August 2023

<ul><li>2022 was a challenging year for the real estate industry, as both demand and supply recoveries were weaker than we anticipated.</li><li>Contrary to expectations that the market will return to strong growth after the pandemic, the real estate industry is currently facing multiple new challenges, including the following:</li><li>Tightened bank credit: Although the State Bank increased its credit room, it was mostly reserved for the manufacturing sector.</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>

2022 was a challenging year for the real estate industry, as both demand and supply recoveries were weaker than we anticipated.Contrary to expectations that the market will return to strong growth after the pandemic, the real estate industry is currently facing multiple new challenges, including the following:Tightened bank credit: Although the State Bank increased its credit room, it was mostly reserved for the manufacturing sector.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.

Industry Report - Real estate - Negative - Waiting for a solution

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

Rong Viet Securities

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Equity Bottom-Up

<ul><li>In our cautious view, the current market price does not fully reflect the long-term growth prospects and the company’s position.</li><li>We estimate the fair value of KDH to be VND 42,700, equivalent to the estimated P/B in 2025 of 1.5x.</li><li>KDH is one of the few real estate enterprises with a large land bank in HCMC (~650 hectares), mainly concentrated in strategic areas such as Thu Duc, Binh Chanh, Binh Tan – areas that are benefiting strongly from the process of urbanization and investment in regional infrastructure.</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>

In our cautious view, the current market price does not fully reflect the long-term growth prospects and the company’s position.We estimate the fair value of KDH to be VND 42,700, equivalent to the estimated P/B in 2025 of 1.5x.KDH is one of the few real estate enterprises with a large land bank in HCMC (~650 hectares), mainly concentrated in strategic areas such as Thu Duc, Binh Chanh, Binh Tan – areas that are benefiting strongly from the process of urbanization and investment in regional infrastructure.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.

KDH - Potential Land Fund – Sustainable Growth in the Long Term

<ul><li>Khang Dien House Trading and Investment JSC (KDH) reported 3Q24 revenue of VND252bn (-59% YoY) and NPAT of VND70bn (-68% YoY), for total 9M24 revenue and NPAT of VND1,232bn (-24% YoY) and VND412bn (-39% YoY), and completing 32% and 52% of its 2024’s fiscal plan, respectively. </li><li>In 3Q24 KDH successfully raised approximately VND3,000bn in equity via private placement (as noted in the previous report), stock dividends, and ESOP.</li><li>On the asset side, the company has paid advances of VND600bn for receiving the transfer of capital contribution and approximately VND380bn for land acquisition.</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>

Khang Dien House Trading and Investment JSC (KDH) reported 3Q24 revenue of VND252bn (-59% YoY) and NPAT of VND70bn (-68% YoY), for total 9M24 revenue and NPAT of VND1,232bn (-24% YoY) and VND412bn (-39% YoY), and completing 32% and 52% of its 2024’s fiscal plan, respectively. In 3Q24 KDH successfully raised approximately VND3,000bn in equity via private placement (as noted in the previous report), stock dividends, and ESOP.On the asset side, the company has paid advances of VND600bn for receiving the transfer of capital contribution and approximately VND380bn for land acquisition.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.

Khang Dien House Trading and Investment JSC - 9M24 Earnings Update

Vietnam

Khang Dien is a real estate development company in Vietnam, specializing in the construction, sale, and leasing of houses, townhouses, villas, and high-rise apartments. The company also invests in infrastructure and provides real estate consultancy and management services. Khang Dien was founded in 2001 and is headquartered in Ho Chi Minh City, Vietnam.

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Khang Dien (KDH VN)

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

Stock Recommendations (Vietnam Market)_August 2023

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

Mirae Asset Securities

Industry Report - Real estate - Negative - Waiting for a solution

2022 was a challenging year for the real estate industry, as both demand and supply recoveries were weaker than we anticipated.

Mirae Asset Securities

KDH - Potential Land Fund – Sustainable Growth in the Long Term

In our cautious view, the current market price does not fully reflect the long-term growth prospects and the company’s position.

Rong Viet Securities

Khang Dien House Trading and Investment JSC - 9M24 Earnings Update

Khang Dien House Trading and Investment JSC (KDH) reported 3Q24 revenue of VND252bn (-59% YoY) and NPAT of VND70bn (-68% YoY), for total 9M24...

Mirae Asset Securities

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