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. 

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Thematic (Sector/Industry)

<ul><li>By end-April 2023, the Vietnamese government’s estimated disbursement was VND112,786bn, achieving 14.63% of its FY23 target.</li><li>Compared with the Prime Minister’s goal, government disbursement reached 15.65% (4M22: 18.48%); of this, domestic disbursement reached 16.03% (4M22: 19.57%) and foreign disbursement 6.28% (4M22: 3.25%).</li><li>Phase 1 (2017–2020): By end-April 2023, the estimated accumulated disbursement amount was VND49,144bn, achieving 78.7% of the total plan; of this, the amount of 2023 was VND4,029bn, achieving 23.8% of FY23’s plan.</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>

By end-April 2023, the Vietnamese government’s estimated disbursement was VND112,786bn, achieving 14.63% of its FY23 target.Compared with the Prime Minister’s goal, government disbursement reached 15.65% (4M22: 18.48%); of this, domestic disbursement reached 16.03% (4M22: 19.57%) and foreign disbursement 6.28% (4M22: 3.25%).Phase 1 (2017–2020): By end-April 2023, the estimated accumulated disbursement amount was VND49,144bn, achieving 78.7% of the total plan; of this, the amount of 2023 was VND4,029bn, achieving 23.8% of FY23’s plan.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.

Construction Sector - Expectations Priced In & Further Supportive Catalysts Needed

Equity Bottom-Up

Vietnam Construction & Import-Export / Equity Bottom-Up

<ul><li>Vietnam Construction and Import-Export JSC (VCG) reported 2022 revenue of VND8,629bn (50.1% YoY) and earnings before tax of VND1,132bn (57.4% YoY), achieving 56.4% and 64.7% of 2022 fiscal plan, respectively.</li><li>The majority of revenue (70%) came from the construction segment.</li><li>The second largest component was manufacturing, which accounted for 11%, and other services, at 12%.</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>

Vietnam Construction and Import-Export JSC (VCG) reported 2022 revenue of VND8,629bn (50.1% YoY) and earnings before tax of VND1,132bn (57.4% YoY), achieving 56.4% and 64.7% of 2022 fiscal plan, respectively.The majority of revenue (70%) came from the construction segment.The second largest component was manufacturing, which accounted for 11%, and other services, at 12%.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 Construction and Import-Export JSC (VCG VN Equity - Hold) - Update - Pros and cons

<ul><li>Real estate developers suffered serious damage from the corporate bond market’s turmoil, which squeezed their liquidity and consequently delayed the progress of project development. </li><li>Construction’s material prices, including those of steel, cement, concrete, and bricks have surged by 20%–30% since late-2021.</li><li>By end–2022, the estimated government disbursement was VND435,689 bn, achieving 75.1% of the Prime Minister’s FY22 target, and below that ofthe previous period (77.3% YoY).</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>

Real estate developers suffered serious damage from the corporate bond market’s turmoil, which squeezed their liquidity and consequently delayed the progress of project development. Construction’s material prices, including those of steel, cement, concrete, and bricks have surged by 20%–30% since late-2021.By end–2022, the estimated government disbursement was VND435,689 bn, achieving 75.1% of the Prime Minister’s FY22 target, and below that ofthe previous period (77.3% YoY).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 - Construction - Overweight - Buil up the Nation

<p>Vietnam Construction and Import-Export JSC (HOSE: VCG)</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>

Vietnam Construction and Import-Export JSC (HOSE: VCG)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 Construction and Import-Export JSC (VCG VN Equity - Overweight) - Initiation - Challenges from multi-sector strategy

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>
<a href="https://www.smartkarma.com/entities/hagl-jsc" target="_blank" data-smartkarma-citation="entities:6632:1" rel="noopener">Hagl Jsc (HAG VN)</a> is an inclusion while An Phat Holdings (APH VN) and CEO Group (CEO VN) are deletes from the MVIS Vietnam Index at the September rebalance.</li>
<li>There are a lot of float and capping changes that will result in one-way turnover of 12% and a one-way trade of US$45m.</li>
<li>There are a lot of stocks that have over 1 day of ADV to trade and there could be opportunities to enter/exit positions on a move in the stocks.</li>
</ul>



Hagl Jsc (HAG VN) is an inclusion while An Phat Holdings (APH VN) and CEO Group (CEO VN) are deletes from the MVIS Vietnam Index at the September rebalance.
There are a lot of float and capping changes that will result in one-way turnover of 12% and a one-way trade of US$45m.
There are a lot of stocks that have over 1 day of ADV to trade and there could be opportunities to enter/exit positions on a move in the stocks.


MVIS Vietnam Index Rebalance: One Add, Two Deletes

Vietnam

Viet Nam Construction and Import-Export JSC is a construction company that is developing a tourism complex.

Vietnam Construction & Import-Export (VCG VN)

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Vietnam Construction & Import-Export (VCG VN)

Construction Sector - Expectations Priced In & Further Supportive Catalysts Needed

By end-April 2023, the Vietnamese government’s estimated disbursement was VND112,786bn, achieving 14.63% of its FY23 target.

Mirae Asset Securities

Vietnam Construction and Import-Export JSC (VCG VN Equity - Hold) - Update - Pros and cons

Vietnam Construction and Import-Export JSC (VCG) reported 2022 revenue of VND8,629bn (50.1% YoY) and earnings before tax of VND1,132bn (57.4% YoY)

Mirae Asset Securities

Industry Report - Construction - Overweight - Buil up the Nation

Real estate developers suffered serious damage from the corporate bond market’s turmoil, which squeezed their liquidity and consequently delayed...

Mirae Asset Securities

Vietnam Construction and Import-Export JSC (VCG VN Equity - Overweight) - Initiation - Challenges from multi-sector strategy

Vietnam Construction and Import-Export JSC (HOSE: VCG)

Mirae Asset Securities

MVIS Vietnam Index Rebalance: One Add, Two Deletes

There is 1 addition and 2 deletions for the MVIS Vietnam Index. There are a lot of float and capping changes that will result in one-way turnover...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)