External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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

Equity Bottom-Up

Novaland Investment Group  / Equity Bottom-Up

<ul><li>We reinitiate our coverage of NVL with a BUY rating and a target price of VND20,000 per share.</li><li>NVL - once among the leading southern developers with major condo project launches in central-HCMC (2015–16) and later township and hospitality projects in the Dong Nai, Binh Thuan, and Ba Ria Vung Tau regions (2019) - entered restructuring amid a late-2022 liquidity squeeze from high leverage, market downturn, and pending project legal issues.</li><li>Since Q2 2025, NVL’s restructuring efforts have made more meaningful progress on key project legal matters.</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 reinitiate our coverage of NVL with a BUY rating and a target price of VND20,000 per share.NVL - once among the leading southern developers with major condo project launches in central-HCMC (2015–16) and later township and hospitality projects in the Dong Nai, Binh Thuan, and Ba Ria Vung Tau regions (2019) - entered restructuring amid a late-2022 liquidity squeeze from high leverage, market downturn, and pending project legal issues.Since Q2 2025, NVL’s restructuring efforts have made more meaningful progress on key project legal matters.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.

Novaland (NVL)  - Restructuring Gains to Accelerate Presales Recovery

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>After years of being on the watchlist, Vietnam will be added to a global index in September 2026 as long as progress is made on one key issue.</li>
<li>The final decision will be made in March 2026, and the implementation of the inclusion will take place in phases.</li>
<li>We currently see 21 stocks meeting the inclusion criteria. There are others that are close to the inclusion thresholds, and the list will change over the next few months.</li>
</ul>


After years of being on the watchlist, Vietnam will be added to a global index in September 2026 as long as progress is made on one key issue.
The final decision will be made in March 2026, and the implementation of the inclusion will take place in phases.
We currently see 21 stocks meeting the inclusion criteria. There are others that are close to the inclusion thresholds, and the list will change over the next few months.


Vietnam: Global Index Inclusion & Passive Flows

Credit Risk Specialist, Criat

Yanqi Zhu

Credit Risk Specialist

Next-Generation Credit Analytics Provider

Criat

Criat specializes in new-generation data-driven credit analytics. Leveraging our industry-leading DeepCredit analytical technologies, we produce daily-updated forward-looking credit assessment and valuation to help financial institutions stay ahead of risks. Coupled with use-case-driven applications, we extract insights, answer questions and enable smarter credit decisions.

Thematic (Sector/Industry)

<ul>
<li>The Vietnamese government is in the midst of a campaign to eradicate corruption in its domestic real estate industry, which has seen bribery and embezzlement amounting to close to 3% of the country’s gross domestic product (GDP).</li>
<li>Despite the high-profile corruption cases that have brought the sector’s financing channels to a standstill, the aggregate credit risk profile of the Vietnamese real estate industry has largely improved in recent months, after deteriorating, on the back of widespread monetary policy support from the Vietnamese government.</li>
<li>The troubled sector saw a spike in its Criat credit cycle index (CCCI) since the middle of last year when deleveraging efforts for the industry by the Vietnamese government were first announced.</li>
</ul>


The Vietnamese government is in the midst of a campaign to eradicate corruption in its domestic real estate industry, which has seen bribery and embezzlement amounting to close to 3% of the country’s gross domestic product (GDP).
Despite the high-profile corruption cases that have brought the sector’s financing channels to a standstill, the aggregate credit risk profile of the Vietnamese real estate industry has largely improved in recent months, after deteriorating, on the back of widespread monetary policy support from the Vietnamese government.
The troubled sector saw a spike in its Criat credit cycle index (CCCI) since the middle of last year when deleveraging efforts for the industry by the Vietnamese government were first announced.


Fragile Vietnamese Real Estate Sector Faces Long Road to Recovery

Managing Director, Leaf & Ledger Limited

Evan Campbell, CFA

Managing Director

Leaf & Ledger Limited

Formed in 2024, Leaf & Ledger is a European advisory and research firm serving institutional investors and managers. We focus on real assets and private markets, with public-market read-throughs where material. Our work emphasises valuation signals, market structure, and execution topics that translate technical assessment into underwriting and strategy.

Insight That Moves Capital

Cross Asset Strategy

<ul>
<li>
 Release sparks sell-off: Vietnam’s government inspectorate released findings October 17th. Despite widespread anticipation of the findings, Vietnamese equities were down sharply following the release.</li>
<li>
 Fault lines and risk nodes: 5 listed banks, Masan entities, T&amp;T Group, project vehicles, and Novaland affiliates. Issues include disclosure failures, off-plan proceeds use, arrears, and single-buyer concentrations.</li>
<li>
 Signal and policy path: Expect a stricter rulebook and more active supervision. The core system remains intact, but governance discounts rise, and issuance windows narrow as controls are rebuilt.</li>
</ul>



 Release sparks sell-off: Vietnam’s government inspectorate released findings October 17th. Despite widespread anticipation of the findings, Vietnamese equities were down sharply following the release.

 Fault lines and risk nodes: 5 listed banks, Masan entities, T&amp;T Group, project vehicles, and Novaland affiliates. Issues include disclosure failures, off-plan proceeds use, arrears, and single-buyer concentrations.

 Signal and policy path: Expect a stricter rulebook and more active supervision. The core system remains intact, but governance discounts rise, and issuance windows narrow as controls are rebuilt.


Vietnam Equities: GI Bond Probe Triggers 8% Index Slide

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.

<ul><li>In recent months, China has introduced several policies to support and stabilize the property market, responding to challenges in the sector and aiming to restore confidence among buyers and investors.</li><li>Key measures announced over the last three months include: Mortgage rate adjustments: The People’s Bank of China (PBOC) mandated that commercial banks lower mortgage rates for first–time homebuyers and allow adjustments for existing mortgage rates (no lower than 30 bps below LPR), effective by end-October 2024.</li><li>The goal is to ease the financial burden on borrowers and stimulate demand in the housing sector.</li></ul><div class="content-highlight">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.</div>

In recent months, China has introduced several policies to support and stabilize the property market, responding to challenges in the sector and aiming to restore confidence among buyers and investors.Key measures announced over the last three months include: Mortgage rate adjustments: The People’s Bank of China (PBOC) mandated that commercial banks lower mortgage rates for first–time homebuyers and allow adjustments for existing mortgage rates (no lower than 30 bps below LPR), effective by end-October 2024.The goal is to ease the financial burden on borrowers and stimulate demand in the housing 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.

Sector Report - Recovery Is Not as Good as Expected, Challenges Remain Throughout 2025

Vietnam

Novaland Investment Group Corporation operates as a real estate development and investment company. The Company provides urban, tourism, and industrial real estate development and management services. Novaland Investment Group serves customers in Vietnam.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Novaland Investment Group (NVL VN)

Novaland (NVL) - Restructuring Gains to Accelerate Presales Recovery

NVL - once among the leading southern developers with major condo project launches in central-HCMC (2015–16) and later township and hospitality...

Vietcap

Vietnam: Global Index Inclusion & Passive Flows

Vietnam could be added to a global index in Sep 2026. The final decision will be made in March. We see 21 stocks currently meeting index inclusion...

Brian Freitas

Fragile Vietnamese Real Estate Sector Faces Long Road to Recovery

The Vietnamese government is in the midst of a campaign to eradicate corruption in its domestic real estate industry, which has seen bribery and...

Criat

Vietnam Equities: GI Bond Probe Triggers 8% Index Slide

Vietnam's government inspectorate private debt probe release sparks equity sell-off, as governance concerns in listed banks and companies signal...

Evan Campbell, CFA

Sector Report - Recovery Is Not as Good as Expected, Challenges Remain Throughout 2025

China has introduced several policies to support and stabilize the property market, responding to challenges in the sector and aiming to restore...

Mirae Asset Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Novaland (NVL) - Restructuring Gains to Accelerate Presales Recovery

NVL - once among the leading southern developers with major condo project launches in central-HCMC (2015–16) and later township and hospitality...

Vietcap

Vietnam: Global Index Inclusion & Passive Flows

Vietnam could be added to a global index in Sep 2026. The final decision will be made in March. We see 21 stocks currently meeting index inclusion...

Brian Freitas

Fragile Vietnamese Real Estate Sector Faces Long Road to Recovery

The Vietnamese government is in the midst of a campaign to eradicate corruption in its domestic real estate industry, which has seen bribery and...

Criat

Vietnam Equities: GI Bond Probe Triggers 8% Index Slide

​Vietnam's government inspectorate private debt probe release sparks equity sell-off, as governance concerns in listed banks and companies signal...

Evan Campbell, CFA

Sector Report - Recovery Is Not as Good as Expected, Challenges Remain Throughout 2025

China has introduced several policies to support and stabilize the property market, responding to challenges in the sector and aiming to restore...

Mirae Asset Securities

Vietnam's government inspectorate private debt probe release sparks equity sell-off, as governance concerns in listed banks and companies signal...