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

Rong Viet Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>VNM’s Q2-2026 results exceeded our expectation by 16%, with net revenue reaching VND 18,847 bn (+12.5% YoY) and NPAT-MI of VND 3,167 bn (+28.0% YoY).</li><li>The outperformance was driven by solid revenue growth across all segments, favorable input costs, and improved effectiveness of sales support campaigns.</li><li>Specifically, gross margin reached 43.5% (+83bps QoQ, +170bps YoY), higher than our 42.9% forecast, thanks to milk powder prices declining approximately 20.8% YoY, lower unit production costs amid stronger-than-expected sales volume, and a clearer pass-through of selling price increases. </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.

VNM’s Q2-2026 results exceeded our expectation by 16%, with net revenue reaching VND 18,847 bn (+12.5% YoY) and NPAT-MI of VND 3,167 bn (+28.0% YoY).The outperformance was driven by solid revenue growth across all segments, favorable input costs, and improved effectiveness of sales support campaigns.Specifically, gross margin reached 43.5% (+83bps QoQ, +170bps YoY), higher than our 42.9% forecast, thanks to milk powder prices declining approximately 20.8% YoY, lower unit production costs amid stronger-than-expected sales volume, and a clearer pass-through of selling price increases. 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.

VNM - Heading toward a new profit milestone

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back in 2021, <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson (JM SP)</a> took 84.89%-held <a href="https://www.smartkarma.com/entities/jardine-strategic-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15081:1" rel="noopener">Jardine Strategic (JS SP)</a> private by way of an Amalgamation. As Matheson was permitted to vote, the outcome was assured. </li>
<li>Less clear are "fair value" appraisal rights afforded Strategic's dissentient shareholders, the outcome of which navigates the Bermuda/UK courts. To date, dissenters have mostly had their way.</li>
<li>Which may have precipitated Matheson opting for a (full value) Scheme for <a href="https://www.smartkarma.com/entities/mandarin-oriental-international-ltd" target="_blank" data-smartkarma-citation="entities:4773:1" rel="noopener">Mandarin Oriental International (MAND SP)</a>, in which appraisal rights are not afforded.</li>
</ul>


Back in 2021, Jardine Matheson (JM SP) took 84.89%-held Jardine Strategic (JS SP) private by way of an Amalgamation. As Matheson was permitted to vote, the outcome was assured. 
Less clear are "fair value" appraisal rights afforded Strategic's dissentient shareholders, the outcome of which navigates the Bermuda/UK courts. To date, dissenters have mostly had their way.
Which may have precipitated Matheson opting for a (full value) Scheme for Mandarin Oriental International (MAND SP), in which appraisal rights are not afforded.


Matheson's Motive For Avoiding MAND's Dissentient Shareholders

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

Mirae Asset Securities

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>VCB’s balance sheet continued to expand in 1H26, driven mainly by liquidity rather than lending.</li><li>Customer loans increased by 4.8% YTD, trailing total-asset growth of 8.8%, as interbank balances rose 18.9% and deposits at the SBV surged 95.1%.</li><li>Customer deposits grew 3.4% YTD, while CASA declined 1.0% in absolute terms and its weight fell by 1.5%p to 33.9%. </li></ul><div class="content-highlight">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.</div>

VCB’s balance sheet continued to expand in 1H26, driven mainly by liquidity rather than lending.Customer loans increased by 4.8% YTD, trailing total-asset growth of 8.8%, as interbank balances rose 18.9% and deposits at the SBV surged 95.1%.Customer deposits grew 3.4% YTD, while CASA declined 1.0% in absolute terms and its weight fell by 1.5%p to 33.9%. 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)_Oct 2026

<ul>
<li>On the 27th October, <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a> announced an Offer for 88.04%-held <a href="https://www.smartkarma.com/entities/mandarin-oriental-international-ltd" target="_blank" data-smartkarma-citation="entities:4773:1" rel="noopener">Mandarin Oriental International (MAND SP)</a>, after MAND concurrently announced the partial sale of OCB to Alibaba.  </li>
<li>MAND will pocket US$925mn from the sale. The privatisation will set Matheson back ~US$500mn. Alibaba is ostensibly funding MAND's privatisation. And then some.  </li>
<li>Last week Matheson announced it will undertake a US$250mn buyback, which is expected to  complete in 2026.</li>
</ul>


On the 27th October, Jardine Matheson Holdings (JM SP) announced an Offer for 88.04%-held Mandarin Oriental International (MAND SP), after MAND concurrently announced the partial sale of OCB to Alibaba.  
MAND will pocket US$925mn from the sale. The privatisation will set Matheson back ~US$500mn. Alibaba is ostensibly funding MAND's privatisation. And then some.  
Last week Matheson announced it will undertake a US$250mn buyback, which is expected to  complete in 2026.


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

Vietnam

Vinamilk, formally Vietnam Dairy Products Joint Stock Company, is Vietnam's largest dairy company, specializing in the production and distribution of a wide range of dairy products including liquid milk, powdered milk, condensed milk, yogurt, ice cream, and infant cereal. The company also offers soy drinks, fruit juices, and tea. Vinamilk's headquarters are in Ho Chi Minh City, Vietnam, and it was established in 1976.

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Vinamilk (VNM VN)

VNM - Heading toward a new profit milestone

VNM’s Q2-2026 results exceeded our expectation by 16%, with net revenue reaching VND 18,847 bn (+12.5% YoY) and NPAT-MI of VND 3,167 bn (+28.0% YoY).

Rong Viet Securities

Matheson's Motive For Avoiding MAND's Dissentient Shareholders

I see MAND trading at 2.1%/6.9% gross/annualised - assuming late Feb 2026 payment. That's not exciting. I prefer Matheson here.

David Blennerhassett

Stock recommendations (Vietnam Market)_Oct 2026

Customer loans increased by 4.8% YTD, trailing total-asset growth of 8.8%, as interbank balances rose 18.9% and deposits at the SBV surged 95.1%.

Mirae Asset Securities

On Jardine Matheson's Latest Buyback

Matheson has recovered since my last note. I'd still be setting up the stub here. Or buying outright. Management have proactive with HKL and now...

David Blennerhassett

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

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