External broker reports(aggregated public sources), Vietcap

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Macroeconomics

<ul><li>On October 24, the State Bank of Vietnam (SBV) announced its ready-to-sell USD (spot) to commercial banks at 25,450.</li><li>We believe the SBV’s latest move aims to ease sentiment in the FX market given rising pressure on the USD/VND exchange rate in recent weeks.</li><li>Rising DXY and domestic demand place pressure on FX US inflation cooled down in recent months and a 50-bps policy rate cut announced by the Fed in its September meeting helped to support the VND to appreciate 1.5% against the USD in August and 1.2% in September.</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.

On October 24, the State Bank of Vietnam (SBV) announced its ready-to-sell USD (spot) to commercial banks at 25,450.We believe the SBV’s latest move aims to ease sentiment in the FX market given rising pressure on the USD/VND exchange rate in recent weeks.Rising DXY and domestic demand place pressure on FX US inflation cooled down in recent months and a 50-bps policy rate cut announced by the Fed in its September meeting helped to support the VND to appreciate 1.5% against the USD in August and 1.2% in September.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.

Vietnam Macro Note - SBV announces readiness to sell USD

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

<ul><li>The broad China stimulus from both monetary and fiscal portray substantial escalation from previous measures, a key game changer.</li><li>A stronger China supports Asia's overall growth outlook, including Indonesia, though not without some challenges.</li><li>USD yield and DXY remains stable despite more recent dovish statement from Fed’s members. A stronger CNY would impact the IDR</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.

The broad China stimulus from both monetary and fiscal portray substantial escalation from previous measures, a key game changer.A stronger China supports Asia's overall growth outlook, including Indonesia, though not without some challenges.USD yield and DXY remains stable despite more recent dovish statement from Fed’s members. A stronger CNY would impact the IDRContent 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.

BRIDS Weekly Update Economic & Fixed Income Research Monday, Sept 30 , 2024

<ul><li>The latest Beige Book report further supports Fed’s rate cut proposition given more signals of economic moderation.</li><li>BI’s historic rate cut consistently reflects anticipatory moves in response to global economic downturn to mitigate the spillover effects.</li><li>While China’s Third Plenum yet to offer substantial reform. The PBOC unprecedented rate cut on the 1Y and 5Y LPR could risk IDR volatility</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.

The latest Beige Book report further supports Fed’s rate cut proposition given more signals of economic moderation.BI’s historic rate cut consistently reflects anticipatory moves in response to global economic downturn to mitigate the spillover effects.While China’s Third Plenum yet to offer substantial reform. The PBOC unprecedented rate cut on the 1Y and 5Y LPR could risk IDR volatilityContent 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.

Macro Strategy: The Monetary Easing Coercion

Cross Asset Strategy

<ul><li>While not immediately creating an ideal situation, the recent positive developments help counter the prolonged negative sentiment.</li><li>Sustained market momentum requires key macroeconomic improvements; but twin deficits and tight liquidity add risk catalysts.</li><li>Bank Indonesia intervention will provide a buffer for liquidity, with its ownership in SBN now the highest, surpassing banking’s.</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.

While not immediately creating an ideal situation, the recent positive developments help counter the prolonged negative sentiment.Sustained market momentum requires key macroeconomic improvements; but twin deficits and tight liquidity add risk catalysts.Bank Indonesia intervention will provide a buffer for liquidity, with its ownership in SBN now the highest, surpassing banking’s.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>The weaker IDR suggests greater possibility of a BI rate hike; however, we note three factors that rate hike is not the ultimate panacea.</li>
<li>The fiscal deficit would surpass 4% if the Debt-to-GDP ratio approaches 48%. More comprehensive fiscal design should result in more clarity.</li>
<li>The DXY is stronger on a weaker Yen as the BoJ delayed providing details of its QT plan. Expect cross currency event risk to prevail in the ST.</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.


The weaker IDR suggests greater possibility of a BI rate hike; however, we note three factors that rate hike is not the ultimate panacea.
The fiscal deficit would surpass 4% if the Debt-to-GDP ratio approaches 48%. More comprehensive fiscal design should result in more clarity.
The DXY is stronger on a weaker Yen as the BoJ delayed providing details of its QT plan. Expect cross currency event risk to prevail in the ST.

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.

BRIDS Weekly Update Economic & Fixed Income Research Monday, Jun 19 , 2024

United States

The U.S. Dollar Index(USDX) indicates the general int'l value of the USD. The USDX does this by averaging the exchange rates between the USD and major world currencies. The ICE US computes this by using the rates supplied by some 500 banks. FOR REAL TIME SEE EIS ICEA<GO>.

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Dollar Index (DXY CURNCY)

Vietnam Macro Note - SBV announces readiness to sell USD

We believe the SBV’s latest move aims to ease sentiment in the FX market given rising pressure on the USD/VND exchange rate in recent weeks.

Vietcap

BRIDS Weekly Update Economic & Fixed Income Research Monday, Sept 30 , 2024

The broad China stimulus from both monetary and fiscal portray substantial escalation from previous measures, a key game changer.

BRI Danareksa Research

Macro Strategy: The Monetary Easing Coercion

BI’s historic rate cut consistently reflects anticipatory moves in response to global economic downturn to mitigate the spillover effects.

BRI Danareksa Research

Macro Strategy: The Amalgam of Catalysts

While not immediately creating an ideal situation, the recent positive developments help counter the prolonged negative sentiment.

BRI Danareksa Research

BRIDS Weekly Update Economic & Fixed Income Research Monday, Jun 19 , 2024

The DXY is stronger on a weaker Yen as the BoJ delayed providing details of its QT plan. Expect cross currency event risk to prevail in the ST.

BRI Danareksa Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)