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

Mirae Asset Securities

External broker reports(aggregated public sources)

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>On January 20,the Ho Chi Minh City Stock Exchange (HSX) will officially release the semi-annual review for both the VN30 and VNFin LEAD indexes, effective from February 3, 2025.</li><li>As a result, January 24, 2024 will be the last trading day for ETFs, following the rebalancing ofthese indexes’ portfolios.</li><li>Based on our data, we note that LPB is eligible to become a new entrantinthe VN30 basketin the next review,thanks to: 1) its 20th -ranked market capitalization, which makes LPB a must-have component; and 2) the fact that all other criteria meet the requirements.</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>

On January 20,the Ho Chi Minh City Stock Exchange (HSX) will officially release the semi-annual review for both the VN30 and VNFin LEAD indexes, effective from February 3, 2025.As a result, January 24, 2024 will be the last trading day for ETFs, following the rebalancing ofthese indexes’ portfolios.Based on our data, we note that LPB is eligible to become a new entrantinthe VN30 basketin the next review,thanks to: 1) its 20th -ranked market capitalization, which makes LPB a must-have component; and 2) the fact that all other criteria meet the requirements.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.

Forecast – VN30 and VNFin Lead Indexes Review in 1Q25

Equity Bottom-Up

Saigon Beer Alcohol Beverage / Equity Bottom-Up

<ul><li>Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a leading beverage corporation in Vietnam, with the second largest domestic market share.</li><li>With a nearly 150-year history, SAB possesses a number of strong brands, such as Saigon Special, 333, and Saigon Lager.</li><li>The company has an extensive domestic distribution system via subsidiaries throughout the country.</li></ul><p></p><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>

Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a leading beverage corporation in Vietnam, with the second largest domestic market share.With a nearly 150-year history, SAB possesses a number of strong brands, such as Saigon Special, 333, and Saigon Lager.The company has an extensive domestic distribution system via subsidiaries throughout the country.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.

Saigon Beer - Alcohol - Beverage Corporation  - Profits Rise on Cost Cuts

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> majority-owned SABECO, a leading beer company in Vietnam, may face volume declines if the proposed beer tax hike is implemented.</li>
<li>The tougher market outlook makes the earlier proposed BeerCo listing unlikely anytime soon.  </li>
<li>With no meaningful stock catalyst, weak sector outlook and a stretched balance sheet, the stock could slip down after index inclusion related passive stock buying ends.</li>
</ul>



Thai Beverage (THBEV SP) majority-owned SABECO, a leading beer company in Vietnam, may face volume declines if the proposed beer tax hike is implemented.
The tougher market outlook makes the earlier proposed BeerCo listing unlikely anytime soon.  
With no meaningful stock catalyst, weak sector outlook and a stretched balance sheet, the stock could slip down after index inclusion related passive stock buying ends.


Thai Beverage (THBEV SP): Faces Potential Hit as Vietnam Proposes Beer Tax Hike

<ul><li>Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a leading beverage corporation in Vietnam, with the second largest domestic market share.</li><li>With a nearly 150-year history, SAB possesses a number of strong brands, such as Saigon Special, 333, and Saigon Lager.</li><li>The company has an extensive domestic distribution system via subsidiaries throughout the country</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>

Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a leading beverage corporation in Vietnam, with the second largest domestic market share.With a nearly 150-year history, SAB possesses a number of strong brands, such as Saigon Special, 333, and Saigon Lager.The company has an extensive domestic distribution system via subsidiaries throughout the countryContent 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.

Saigon Beer - Beverage Corporation - Still Under Pressure

<ul><li>Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a leading beverage corporation in Vietnam, with the second largest domestic market share.</li><li>With a nearly 150-year history, SAB possesses a number of strong brands, such as Saigon Special, 333, and Saigon Lager.</li><li>The company has an extensive domestic distribution system via subsidiaries throughout the country.</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>

Saigon Beer - (SAB VN/Hold/TP: VND63,100) - Losing Its Sparkle

Vietnam

Saigon Beer - Alcohol - Beverage Corporation produces and distributes alcoholic beverages. The Company offers beer, spirits, soda, and other products. Saigon Beer - Alcohol - Beverage serves clients in Vietnam.

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Saigon Beer Alcohol Beverage (SAB VN)

Forecast – VN30 and VNFin Lead Indexes Review in 1Q25

On January 20,the Ho Chi Minh City Stock Exchange (HSX) will officially release the semi-annual review for both the VN30 and VNFin LEAD indexes,...

Mirae Asset Securities

Saigon Beer - Alcohol - Beverage Corporation - Profits Rise on Cost Cuts

Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a leading beverage corporation in Vietnam, with the second largest domestic market share.

Mirae Asset Securities

Thai Beverage (THBEV SP): Faces Potential Hit as Vietnam Proposes Beer Tax Hike

Potential tax hike in Vietnam makes BeerCo listing unlikely for now. With no meaningful catalyst and a weak sector outlook, the stock could trend...

Devi Subhakesan

Saigon Beer - Beverage Corporation - Still Under Pressure

Please change this text!Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a leading beverage corporation in Vietnam, with the second largest...

Mirae Asset Securities

Saigon Beer - (SAB VN/Hold/TP: VND63,100) - Losing Its Sparkle

Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a leading beverage corporation in Vietnam, with the second largest domestic market share.

Mirae Asset Securities

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