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.

Equity Bottom-Up

<ul><li>Leading position in the aviation sector: VietJet has solidified its competitive edge through a low-cost business model, maintaining the top position in the domestic market since 2020, with a market share of 43%. Besides, VietJet Air accounts for 56% of the international market share of 4 Vietnamese airlines.</li><li>Expansive flight network: VietJet operates 155 routes, comprising 43 domestic and 112 international routes, supported by a growing and expanding fleet of aircraft.</li><li>Lower operating costs than competitors: In 2023, fuel costs accounted for 41% of VietJet's total expenses. Through its efficient business model, the airline has successfully reduced fuel costs.</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>

Leading position in the aviation sector: VietJet has solidified its competitive edge through a low-cost business model, maintaining the top position in the domestic market since 2020, with a market share of 43%. Besides, VietJet Air accounts for 56% of the international market share of 4 Vietnamese airlines.Expansive flight network: VietJet operates 155 routes, comprising 43 domestic and 112 international routes, supported by a growing and expanding fleet of aircraft.Lower operating costs than competitors: In 2023, fuel costs accounted for 41% of VietJet's total expenses. Through its efficient business model, the airline has successfully reduced fuel costs.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.

VietJet Aviation JSC  - Impressive Recovery and Growth

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

Thematic (Sector/Industry)

<ul>
<li>Despite a moderate 15.2% YoY expansion in total assets to VND978tr, TCB demonstrated robust growth in core profit-generating assets, including loans and bond investments.</li>
<li>Specifically, the loan book and investment portfolio surged 21.8% YoY and 20.7% YoY, respectively.</li>
<li>Credit growth (including loans and corporate bonds) accelerated 21.7% YoY to VND683tr, comprising 69.8% of total assets.</li>
<li>While TCB’s credit growth trailed some sector leaders, its steady expansion across quarters—without excessive disbursement towards year-end—reflected a prudent and well-calibrated approach. </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>


Despite a moderate 15.2% YoY expansion in total assets to VND978tr, TCB demonstrated robust growth in core profit-generating assets, including loans and bond investments.
Specifically, the loan book and investment portfolio surged 21.8% YoY and 20.7% YoY, respectively.
Credit growth (including loans and corporate bonds) accelerated 21.7% YoY to VND683tr, comprising 69.8% of total assets.
While TCB’s credit growth trailed some sector leaders, its steady expansion across quarters—without excessive disbursement towards year-end—reflected a prudent and well-calibrated approach. 

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)_March 2025

<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

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Skymark Airlines / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/skymark-airlines-inc" target="_blank" data-smartkarma-citation="entities:20430:1" rel="noopener">Skymark Airlines (9204 JP)</a> is looking to raise approximately US$218m in its upcoming Japan IPO.  </li>
<li>Skymark Airlines (SA) is a Japanese low-cost airline, being the third largest domestic airline  according to the company. Unlike major airlines and other low-cost carriers, Skymark operates only domestic flights.</li>
<li>In this note, we talk about the company's past performance.</li>
</ul>



Skymark Airlines (9204 JP) is looking to raise approximately US$218m in its upcoming Japan IPO.  
Skymark Airlines (SA) is a Japanese low-cost airline, being the third largest domestic airline  according to the company. Unlike major airlines and other low-cost carriers, Skymark operates only domestic flights.
In this note, we talk about the company's past performance.


Skymark Airlines Pre-IPO - Highly Leveraged with a History of Bankruptcy

Vietnam

Vietjet Aviation Joint Stock Company provides air transportation services. The Company offers flight and booking information, in-flight, cargo, and baggage services. Vietjet Aviation operates flights to various destinations in Southeast Asia.

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Vietjet Aviation (VJC VN)

VietJet Aviation JSC - Impressive Recovery and Growth

Please change this text!VietJet has solidified its competitive edge through a low-cost business model, maintaining the top position in the domestic...

Mirae Asset Securities

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

Stock Recommendations (Vietnam Market)_March 2025

Despite a moderate 15.2% YoY expansion in total assets to VND978tr, TCB demonstrated robust growth in core profit-generating assets, including...

Mirae Asset Securities

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

Skymark Airlines Pre-IPO - Highly Leveraged with a History of Bankruptcy

Skymark Airlines (9204 JP) is looking to raise approximately US$218m in its upcoming Japan IPO. In this note, we talk about the company's past...

Ethan Aw

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