External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

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Macroeconomics

<ul><li>The VN-Index (VNI) declined 1.8% in October: The VNI started October with four consecutive declining sessions (VNI: -1.7% from October 1st to 7th) due to high profit taking pressure as the VNI approached the 1,300-point level.</li><li>However, the VNI then recovered (VNI: +1.3% from October 7th to 17th) as sentiment improved on upbeat macro data (Vietnam posted +6.8% YoY GDP growth in 9M 2024) and rallies in US equities (S&amp;P500: +2.6%; Nasdaq: +2.5%; DJI: +3.1%) in the same period.</li><li>However, upward momentum was not sustained and the VNI declined towards the end of the month (VNI: -1.7% from October 17th to 31st) due to several reasons, including: (1) profit-taking pressure returned; (2) the SBV resumed T-bill issuance (the SBV net withdrew VND52.1tn (USD2.1bn) from October 18th to November 1st from the banking system); and (3) foreign investors net sold around USD358.3mn on HSX in the second half of October. </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 VN-Index (VNI) declined 1.8% in October: The VNI started October with four consecutive declining sessions (VNI: -1.7% from October 1st to 7th) due to high profit taking pressure as the VNI approached the 1,300-point level.However, the VNI then recovered (VNI: +1.3% from October 7th to 17th) as sentiment improved on upbeat macro data (Vietnam posted +6.8% YoY GDP growth in 9M 2024) and rallies in US equities (S&amp;P500: +2.6%; Nasdaq: +2.5%; DJI: +3.1%) in the same period.However, upward momentum was not sustained and the VNI declined towards the end of the month (VNI: -1.7% from October 17th to 31st) due to several reasons, including: (1) profit-taking pressure returned; (2) the SBV resumed T-bill issuance (the SBV net withdrew VND52.1tn (USD2.1bn) from October 18th to November 1st from the banking system); and (3) foreign investors net sold around USD358.3mn on HSX in the second half of October. 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.

Market Recap October 2024 - VN-Index Declines After Three Months of Gains

<ul><li>The VN-Index (VNI) recovered after a weak start to the month, gaining 0.3% MoM.</li><li>In the first half of the month (September 1st to 16th), the VNI declined 3.5% before it recovered in the second half of the month (VNI: +3.9% from September 16th to 30th).</li><li>The decline in the first half was due to selling pressure increasing as the global stock market declined in the first week of September (from September 1st to 6th, S&amp;P500: - 4.2%; Nasdaq: -5.8%; DJI: -2.9%; Nikkei 225: -5.2%. In addition, Typhoon Yagi brought heavy rain and flooding from September 6th to 14th, placing negative sentiment on the market, especially in the insurance sector. </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 VN-Index (VNI) recovered after a weak start to the month, gaining 0.3% MoM.In the first half of the month (September 1st to 16th), the VNI declined 3.5% before it recovered in the second half of the month (VNI: +3.9% from September 16th to 30th).The decline in the first half was due to selling pressure increasing as the global stock market declined in the first week of September (from September 1st to 6th, S&amp;P500: - 4.2%; Nasdaq: -5.8%; DJI: -2.9%; Nikkei 225: -5.2%. In addition, Typhoon Yagi brought heavy rain and flooding from September 6th to 14th, placing negative sentiment on the market, especially in the insurance sector. 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.

Market Recap September 2024 - VN-Index posts small gain in September

<ul><li>The VN-Index (VNI) increased 2.6% in August. At the beginning of the month (August 1st to 5th), the VNI declined 5.1% as selling pressure occurred across all sectors in line with the negative performance of the global stock market in the same period (S&amp;P500: -4.8%; Nasdaq: -5.8%; DJI: -4.1%; Nikkei 225: -17.5%).</li><li>However, the VNI quickly recovered towards the end of August (+8.1%) due to several factors including: (1) global equity markets rallied with S&amp;P500: +8.9%; Nasdaq: +9.3%; DJI: +7.4%; Nikkei 225: +22.9%, (2) higher expectations about the removal of the "prefunding" bottleneck, which is a key criterion for the market upgrade by FTSE, (3) the appreciation of the VND supported market sentiment (the VND appreciated 1.6% against the USD in August), and (4) real estate stocks increased 4.5% in August as three amended laws (Land Law 2024, Housing Law 2023, and the Real Estate Business Law 2023) took effect from August 1, 2024.</li><li>As of August 30, the VNI closed at 1,283.9 (+2.6% MoM).</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 VN-Index (VNI) increased 2.6% in August. At the beginning of the month (August 1st to 5th), the VNI declined 5.1% as selling pressure occurred across all sectors in line with the negative performance of the global stock market in the same period (S&amp;P500: -4.8%; Nasdaq: -5.8%; DJI: -4.1%; Nikkei 225: -17.5%).However, the VNI quickly recovered towards the end of August (+8.1%) due to several factors including: (1) global equity markets rallied with S&amp;P500: +8.9%; Nasdaq: +9.3%; DJI: +7.4%; Nikkei 225: +22.9%, (2) higher expectations about the removal of the "prefunding" bottleneck, which is a key criterion for the market upgrade by FTSE, (3) the appreciation of the VND supported market sentiment (the VND appreciated 1.6% against the USD in August), and (4) real estate stocks increased 4.5% in August as three amended laws (Land Law 2024, Housing Law 2023, and the Real Estate Business Law 2023) took effect from August 1, 2024.As of August 30, the VNI closed at 1,283.9 (+2.6% MoM).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.

Market Recap August 2024 - VN-Index extends gains in August

Geopolitical Analyst, Steno Research, Steno Research

Mikkel Rosenvold

Geopolitical Analyst, Steno Research

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Cross Asset Strategy

<ul>
<li>Welcome to this week’s edition of the Great Game.</li>
<li>This week, all eyes are on Asia with a series of high-level summits taking place across the continent.</li>
<li>Both U.S. President Joe Biden and VP Kamala Harris will be flying out to attend in person, but what’s at stake and what are they trying to accomplish?</li>
</ul>


Welcome to this week’s edition of the Great Game.
This week, all eyes are on Asia with a series of high-level summits taking place across the continent.
Both U.S. President Joe Biden and VP Kamala Harris will be flying out to attend in person, but what’s at stake and what are they trying to accomplish?


Marketing Director, Asia Frontier Capital

Asia Frontier Capital

Marketing Director

Investing in high growth Asian frontier economies.

Asia Frontier Capital Ltd. is a pioneering fund management company based in Hong Kong that specializes in investing in high growth Asian frontier economies by managing the AFC Asia Frontier Fund , AFC Iraq Fund and the AFC Vietnam Fund.

The AFC Asia Frontier Fund invests in public equities of Asian frontier countries that are seeing increasing consumption due to favorable demographic trends, rising incomes and high GDP growth. The fund invests in listed equities of companies that have their principal business activities in Bangladesh, Bhutan, Cambodia, Iraq, Laos, Maldives, Mongolia, Myanmar (Burma), Nepal, Pakistan, Papua New Guinea, Sri Lanka and Vietnam. The AFC Asia Frontier Fund is positioned to take advantage of the continuing economic shifts in these countries and offers high returns combined with significant diversification opportunities. This fund is directed by the founder and CEO of Asia Frontier Capital, Thomas Hugger, who has been investing in frontier markets across Asia and Africa for more than 20 years.

The AFC Iraq Fund was launched on the 26th June 2015 and aims to achieve long-term capital appreciation for investors by capturing value and growth potential in the post conflict high-growth & resource rich Iraq market. The fund emphasises long term investment horizon to truly capture the opportunity in Iraq. The fund's investable universe consists of locally listed companies that have their principal business activities in Iraq as well as foreign listed companies that have the majority of the business in Iraq as a whole including the prosperous Kurdish Region of Iraq (KRI). The AFC Iraq Fund offers access to investments in post conflict recovery potential of Iraq, including the KRI, and/or stability in its territory. The AFC Iraq Fund is managed by Asia Frontier Capital (Iraq) Limited, Cayman Islands under the executive leadership team of Thomas Hugger (CEO & Fund Manager) and Ahmed Tabaqchali (CIO) who have more than 47 years of investment experience as well as an extensive background covering global, emerging, frontier and MENA markets.

The AFC Vietnam Fund invests exclusively in listed Vietnamese equities to capture value in growth companies with a focus on the small to medium size companies. This market segment offers a unique investment opportunity as the valuation gap between large- and small-cap stocks in Vietnam is presently much wider than in comparable neighboring markets and the valuations are significantly depressed versus their regional peers. The fund adopts a fundamental-quantitative approach and employs an in-house earnings model to identify attractive companies where we see high growth opportunities. In conjunction with targeting the maximum upside potential the portfolio has been structured to mitigate corporate government and liquidity risks. The fund invests in a diversified portfolio of 70-90 attractively valued companies to carefully control concentration risk.  This approach allows the fund to sell, or buy, positions without having a significant market impact. The fund is directed under the executive leadership of Thomas Hugger and Andreas Vogelsanger who have more than 50 years combined experience managing investments in frontier markets, Asia and around the world.

For more information about the fund, management team and investment strategy please contact us at info@asiafrontiercapital.com.

<ul>
<li>Asian frontier markets had another solid month led by gains in Pakistan and Sri Lanka.</li>
<li>The ongoing upward re-rating in Asian frontier markets does not surprise us as we have been communicating since the end of 2022 that this would happen as inflation and interest rates are peaking and our universe will rally strongly given that our markets entered 2023 at significantly discounted valuations.</li>
<li>Year-to-date, many Asian frontier markets have significantly outperformed the region. </li>
</ul>


Asian frontier markets had another solid month led by gains in Pakistan and Sri Lanka.
The ongoing upward re-rating in Asian frontier markets does not surprise us as we have been communicating since the end of 2022 that this would happen as inflation and interest rates are peaking and our universe will rally strongly given that our markets entered 2023 at significantly discounted valuations.
Year-to-date, many Asian frontier markets have significantly outperformed the region. 


The Re-Rating in Asian Frontier Markets Has Begun - July 2023 Update

Vietnam

The Vietnam Stock Index or VN-Index is a capitalization-weighted index of all the companies listed on the Ho Chi Minh City Stock Exchange. The index was created with a base index value of 100 as of July 28, 2000. Prior to March 1, 2002, the market only traded on alternate days.

Vietnam VNIndex (VNINDEX INDEX)

Market Recap October 2024 - VN-Index Declines After Three Months of Gains

The VN-Index (VNI) declined 1.8% in October: The VNI started October with four consecutive declining sessions (VNI: -1.7% from October 1st to 7th)...

Vietcap

Market Recap September 2024 - VN-Index posts small gain in September

In the first half of the month (September 1st to 16th), the VNI declined 3.5% before it recovered in the second half of the month (VNI: +3.9% from...

Vietcap

Market Recap August 2024 - VN-Index extends gains in August

Since the beginning of the year to end-August, the VNI increased 13.6%, outperforming regional markets such as the Philippines’ PCOMP (+6.9%),...

Vietcap

Great Game – Biden on Charm Offensive

Welcome to this week’s edition of the Great Game. This week, all eyes are on Asia with a series of high-level summits taking place across the...

Steno Research

The Re-Rating in Asian Frontier Markets Has Begun - July 2023 Update

The ongoing upward re-rating in Asian frontier markets does not surprise us as we have been communicating since the end of 2022 that this would...

Asia Frontier Capital