Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

Thematic (Sector/Industry)

The low rubber price environment has presented a large number of buy opportunities in Vietnam, with the main beneficiaries being companies that benefit from the lower cost of materials.  Investment in Vietnamese tire manufacturing companies therefore presents a strong opportunity, as mentioned in <a href="https://www.smartkarma.com/insights/da-nang-rubber-jsc" target="_blank" data-smartkarma-citation="insights:2145">Da Nang Rubber JSC</a> , which mentions how these companies are able to benefit from the low cost of rubber, and the strong growth of Vietnam's automotive industry in the future.  Apart from this, further…

The low rubber price environment has presented a large number of buy opportunities in Vietnam, with the main beneficiaries being companies that benefit from the lower cost of materials.  Investment in Vietnamese tire manufacturing companies therefore presents a strong opportunity, as mentioned in Da Nang Rubber JSC , which mentions how these companies are able to benefit from the low cost of rubber, and the strong growth of Vietnam's automotive industry in the future.  Apart from this, further…

Opportunities in Vietnam in a Low Rubber Price Environment

Vietnam officially removed the foreign ownership limitation this September, allowing foreign investors to take 100% ownership of companies.  This legislation is one of the last steps for Vietnam to successfully transition to an emerging market, yet its unclear implementation currently results in Vietnam still being a frontier market.  While the legislation has been passed, foreign investors can expect actual implementation to be an unclear, length process, determined on a case to case basis…

Vietnam officially removed the foreign ownership limitation this September, allowing foreign investors to take 100% ownership of companies.  This legislation is one of the last steps for Vietnam to successfully transition to an emerging market, yet its unclear implementation currently results in Vietnam still being a frontier market.  While the legislation has been passed, foreign investors can expect actual implementation to be an unclear, length process, determined on a case to case basis…

Vietnam's Removal of the Foreign Ownership Limitation: A Future Portfolio for Emerging Vietnam

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>Last October, a global index provider announced that Vietnam would be added to their index in September 2026 as long as progress was made on one key issue.</li>
<li>On 2 February, the Ministry of Finance issued a circular that allows foreign investors to place orders through global brokers, in addition to trading through local brokers.</li>
<li>That should clear the way for inclusion of Vietnam stocks in the global index in September. Inclusion should take place in more than 1 tranche to minimise market impact.</li>
</ul>


Last October, a global index provider announced that Vietnam would be added to their index in September 2026 as long as progress was made on one key issue.
On 2 February, the Ministry of Finance issued a circular that allows foreign investors to place orders through global brokers, in addition to trading through local brokers.
That should clear the way for inclusion of Vietnam stocks in the global index in September. Inclusion should take place in more than 1 tranche to minimise market impact.


Vietnam: Global Index Inclusion Probability Jumps; Updated Names & Flows

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

Rong Viet Securities

External broker reports(aggregated public sources)

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Looking at relevant, up-to-date information from multiple perspectives with the support of intensive data and analyses, RongViet's research is effective, practical and widely used for investing purposes.

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

Kinh Bac City Development / Equity Bottom-Up

<ul><li>Business results recorded net revenue and consolidated net profit after tax attributable to parent company shareholders of VND 3,700 billion (+254% YoY) and VND 1,200 billion (+685% YoY), respectively.</li><li>Revenue was primarily driven by industrial park (IP) land leasing, reaching VND 2,830 billion (+432% YoY).</li><li>The results reflect a clear recovery, with the company recognizing revenue from leasing 86 hectares (+462% YoY), mainly from the Hung Yen Industrial Cluster. </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.

Business results recorded net revenue and consolidated net profit after tax attributable to parent company shareholders of VND 3,700 billion (+254% YoY) and VND 1,200 billion (+685% YoY), respectively.Revenue was primarily driven by industrial park (IP) land leasing, reaching VND 2,830 billion (+432% YoY).The results reflect a clear recovery, with the company recognizing revenue from leasing 86 hectares (+462% YoY), mainly from the Hung Yen Industrial Cluster. 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.

KBC - Laying the Foundation for Long-Term Growth Prospects

External broker reports(aggregated public sources), Vietcap

Vietcap

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

<ul><li>We raise our target price for KBC by 15% to VND41,500/share and maintain our BUY rating. </li><li>Our higher target price reflects (1) a higherIP segment valuation due to including the Que Vo 2 Expansion, Phu Binh, and Song Hau 2 projects, (2) an upward revision to Trang Cat UA following greater capital disbursement and a successful end-Q2 2025 private placement, and (3) a lower net debt balance as of end-Q2 2025, partially offset by (4) dilution from the private placement.</li><li>We revise up our 2025/26/27F NPAT-MI forecasts by 22%/31%/29%, respectively. </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 raise our target price for KBC by 15% to VND41,500/share and maintain our BUY rating. Our higher target price reflects (1) a higherIP segment valuation due to including the Que Vo 2 Expansion, Phu Binh, and Song Hau 2 projects, (2) an upward revision to Trang Cat UA following greater capital disbursement and a successful end-Q2 2025 private placement, and (3) a lower net debt balance as of end-Q2 2025, partially offset by (4) dilution from the private placement.We revise up our 2025/26/27F NPAT-MI forecasts by 22%/31%/29%, respectively. 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.

KBC [BUY +24.1%] - New Project Launches to Drive Robust Earnings Outlook - Update

Vietnam

Kinh Bac City Development Holding Corporation is a leading Vietnamese real estate company focused on the investment, construction, development, and management of industrial parks and urban areas. The company's core business involves developing industrial land, ready-built factories, offices, and residential estates, alongside providing related services like water and electricity supply. Kinh Bac City Development Holding Corporation was founded on March 27, 2002, and is headquartered in Que Vo, Bac Ninh Province, Vietnam.

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Kinh Bac City Development (KBC VN)

Opportunities in Vietnam in a Low Rubber Price Environment

The low rubber price environment has presented a large number of buy opportunities in Vietnam, with the main beneficiaries being companies that...

Nomadic Equity

Vietnam's Removal of the Foreign Ownership Limitation: A Future Portfolio for Emerging Vietnam

Vietnam officially removed the foreign ownership limitation this September, allowing foreign investors to take 100% ownership of companies. This...

Nomadic Equity

Vietnam: Global Index Inclusion Probability Jumps; Updated Names & Flows

The MoF approval for international investors to place orders through global brokers resolves the main hurdle for global index inclusion. Passives...

Brian Freitas

KBC - Laying the Foundation for Long-Term Growth Prospects

Business results recorded net revenue and consolidated net profit after tax attributable to parent company shareholders of VND 3,700 billion (+254%...

Rong Viet Securities

KBC [BUY +24.1%] - New Project Launches to Drive Robust Earnings Outlook - Update

We raise our target price for KBC by 15% to VND41,500/share and maintain our BUY rating. Our higher target price reflects (1) a higherIP segment...

Vietcap

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