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>Ho Chi Minh City Development Joint Stock Commercial Bank (HDB), formerly known as HCMC Housing Development Bank, was established in 1989.</li><li>HDB was listed on the Ho Chi Minh Stock Exchange (HOSE) in late-2017 and began trading in early-2018.</li><li>By end-2Q23, HDB's total loan portfolio had surged by 8.7% YTD, reaching VND284tr (US$11.8bn). </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>

Ho Chi Minh City Development Joint Stock Commercial Bank (HDB), formerly known as HCMC Housing Development Bank, was established in 1989.HDB was listed on the Ho Chi Minh Stock Exchange (HOSE) in late-2017 and began trading in early-2018.By end-2Q23, HDB's total loan portfolio had surged by 8.7% YTD, reaching VND284tr (US$11.8bn). 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) - September 2023

<ul><li>The recovery of China’s market points to rising demand for crude oil.</li><li>China’s total imports have increased by 20% YoY, providing significant support for oil prices amid the global economy’s still-slow recovery.</li><li>According to the International Energy Agency (IEA), global crude oil demand is forecast to increase to 103mnbd by 2mnbd (+2% YoY) in 2023.</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>

The recovery of China’s market points to rising demand for crude oil.China’s total imports have increased by 20% YoY, providing significant support for oil prices amid the global economy’s still-slow recovery.According to the International Energy Agency (IEA), global crude oil demand is forecast to increase to 103mnbd by 2mnbd (+2% YoY) in 2023.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 - Oil and Gas - Neutral - China's recovery holds key to growth

<ul><li>Vietnam's crude oil trade has shifted towards net imports since 2018. The main reason for this is that domestic demand for crude oil has surged</li><li>From 2015 onwards, the import value of petroleum has decreased significantly compared with the previous period.</li><li>In 2018, when the Nghi Son Refinery and Petrochemical project came into operation, the proportion of crude oil imports rose sharply, exceeding the import proportion of petroleum in 2020 and 2021.</li></ul>

Vietnam's crude oil trade has shifted towards net imports since 2018. The main reason for this is that domestic demand for crude oil has surgedFrom 2015 onwards, the import value of petroleum has decreased significantly compared with the previous period.In 2018, when the Nghi Son Refinery and Petrochemical project came into operation, the proportion of crude oil imports rose sharply, exceeding the import proportion of petroleum in 2020 and 2021.

Oil Price Shock’s Impacts on Vietnam’s Oil and Gas Industry

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

Rong Viet Securities

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Equity Bottom-Up

PetroVietnam Technical Services / Equity Bottom-Up

<p>The M&amp;C segment will see falling revenues as there are not many new projects to be recorded However, the gross margin will improve thanks to the contribution of Sao Vang - Dai Nguyet – an offshore project. For 2018, some PVS businesses will incur losses such as Seismic, GEO Survey while other ones are suffering from low service prices due to the fierce competition. As a result, Rong Viet Securities believes that 2018 will not be a “bright” year for the company.<br>In the long term, oil prices are…</p>

The M&amp;C segment will see falling revenues as there are not many new projects to be recorded However, the gross margin will improve thanks to the contribution of Sao Vang - Dai Nguyet – an offshore project. For 2018, some PVS businesses will incur losses such as Seismic, GEO Survey while other ones are suffering from low service prices due to the fierce competition. As a result, Rong Viet Securities believes that 2018 will not be a “bright” year for the company. In the long term, oil prices are…

PVS - Catalyst from Key Oil & Gas Projects

Vietnam

PetroVietnam Technical Services Corporation provides technical services for the oil and gas, energy, and industrial sectors, including EPCIC for offshore facilities, FSO/FPSO services, and offshore supply vessels. The company also offers geological surveys, installation, operation, and maintenance of offshore facilities, and port and supply base services. Headquartered in Ho Chi Minh City, Vietnam, the company was founded in 1976.

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PetroVietnam Technical Services (PVS VN)

Stock Recommendations (Vietnam Market) - September 2023

Ho Chi Minh City Development Joint Stock Commercial Bank (HDB), formerly known as HCMC Housing Development Bank, was established in 1989.

Mirae Asset Securities

Industry Report - Oil and Gas - Neutral - China's recovery holds key to growth

According to the International Energy Agency (IEA), global crude oil demand is forecast to increase to 103mnbd by 2mnbd (+2% YoY) in 2023.

Mirae Asset Securities

Oil Price Shock’s Impacts on Vietnam’s Oil and Gas Industry

Vietnam's crude oil trade has shifted towards net imports since 2018. The main reason for this is that domestic demand for crude oil has surged

Mirae Asset Securities

PVS - Catalyst from Key Oil & Gas Projects

The M&C segment will see falling revenues as there are not many new projects to be recorded However, the gross margin will improve thanks to...

Rong Viet Securities

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