Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>Vinhomes launched a roadshow last week to market its debut USD 144A/RegS five-year bullet notes.</li>
<li>The notes are expected to be rated B1 by Moody's and BB- by Fitch, in line with the issuer rating.</li>
<li>The proceeds will be used mainly for debt refinancing and capex.</li>
</ul>


Vinhomes launched a roadshow last week to market its debut USD 144A/RegS five-year bullet notes.
The notes are expected to be rated B1 by Moody's and BB- by Fitch, in line with the issuer rating.
The proceeds will be used mainly for debt refinancing and capex.


Vinhomes - New Issue Assessment - Lucror Analytics

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

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

Market Vectors Vietnam ETF / Equity Bottom-Up

<ul>
<li>In this Postcard Edition, we detour and go international—to the streets, shops, and supermarkets of Vietnam. Choosing Vietnam as a country to explore and begin building our Asian Coverage.</li>
<li>Despite strong manufacturing fundamentals, capital markets remain narrow, with limited institutional participation and underrepresentation of export-led sectors.</li>
<li>Vietnam is on our watchlist for its evolving opportunity set, and we will continue tracking IPO activity, MSCI inclusion efforts, and policy reforms.</li>
</ul>


In this Postcard Edition, we detour and go international—to the streets, shops, and supermarkets of Vietnam. Choosing Vietnam as a country to explore and begin building our Asian Coverage.
Despite strong manufacturing fundamentals, capital markets remain narrow, with limited institutional participation and underrepresentation of export-led sectors.
Vietnam is on our watchlist for its evolving opportunity set, and we will continue tracking IPO activity, MSCI inclusion efforts, and policy reforms.


Postcard from Hanoi | Xin Chào Việt Nam

<ul>
<li>
<a href="https://www.smartkarma.com/entities/baf-vietnam-agriculture-joint-stock-company" target="_blank" data-smartkarma-citation="entities:45291" rel="noopener">BAF Vietnam Agriculture (BAF VN)</a> will be added to the MarketVector Vietnam Local Index at the close on 20 June.</li>
<li>Estimated one-way turnover is 9% and that results in a round-trip trade of US$74m. There are 5 stocks with more than 1x ADV to trade from passives.</li>
<li>
<a href="https://www.smartkarma.com/entities/vingroup-jsc" target="_blank" data-smartkarma-citation="entities:13213:1" rel="noopener">Vingroup Jsc (VIC VN)</a> and <a href="https://www.smartkarma.com/entities/vinhomes-jsc" target="_blank" data-smartkarma-citation="entities:27079:1" rel="noopener">Vinhomes (VHM VN)</a> stock prices have soared over the last few months and capping results in selling at this rebalance.</li>
</ul>



BAF Vietnam Agriculture (BAF VN) will be added to the MarketVector Vietnam Local Index at the close on 20 June.
Estimated one-way turnover is 9% and that results in a round-trip trade of US$74m. There are 5 stocks with more than 1x ADV to trade from passives.

Vingroup Jsc (VIC VN) and Vinhomes (VHM VN) stock prices have soared over the last few months and capping results in selling at this rebalance.


MarketVector Vietnam Local Index Rebalance: One Add, Capping & Float Changes

<ul>
<li>Nam A Commercial Joint Stock Bank (NAB VN) will be added to the MarketVector Vietnam Local Index at the close on 21 March.</li>
<li>Estimated one-way turnover is 3.1% and that results in a round-trip trade of US$26m. There are 3 stocks with more than 1x ADV to trade from passives.</li>
<li>Vietnam is on the watchlist of a global index provider for possible reclassification from Frontier to Secondary Emerging Market and that could lead to inflows to the stocks.</li>
</ul>


Nam A Commercial Joint Stock Bank (NAB VN) will be added to the MarketVector Vietnam Local Index at the close on 21 March.
Estimated one-way turnover is 3.1% and that results in a round-trip trade of US$26m. There are 3 stocks with more than 1x ADV to trade from passives.
Vietnam is on the watchlist of a global index provider for possible reclassification from Frontier to Secondary Emerging Market and that could lead to inflows to the stocks.


Vietnam

Vinhomes Joint Stock Company offers real estate services. The Company provides sale and leasing of residential complexes and apartments, as well as professional and personalized services, community building activities, and other facilities. Vinhomes serves customers in Vietnam.

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Vinhomes (VHM VN)

Vinhomes - New Issue Assessment - Lucror Analytics

Vinhomes launched a roadshow last week to market its debut USD 144A/RegS five-year bullet notes. The notes are expected to be rated B1 by Moody's...

Lucror Analytics

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

Postcard from Hanoi | Xin Chào Việt Nam

Exploring Vietnam's potential for growth and investment opportunities, despite challenges in capital markets and institutional participation....

Pranav Bhavsar

MarketVector Vietnam Local Index Rebalance: One Add, Capping & Float Changes

One add and large capping changes result in one-way turnover of 9% and a round-trip trade of US$74m. Vingroup and Vinhomes stock prices have soared...

Brian Freitas

MarketVector Vietnam Local Index Rebalance: One Add, Capping & Float Changes

Nam A Commercial JSB is an add and there are capping and float changes. Vietnam could move from Frontier to Secondary Emerging Market in a global...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Vinhomes - New Issue Assessment - Lucror Analytics

Vinhomes launched a roadshow last week to market its debut USD 144A/RegS five-year bullet notes. The notes are expected to be rated B1 by Moody's...

Lucror Analytics

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

Postcard from Hanoi | Xin Chào Việt Nam

​Exploring Vietnam's potential for growth and investment opportunities, despite challenges in capital markets and institutional participation....

Pranav Bhavsar

MarketVector Vietnam Local Index Rebalance: One Add, Capping & Float Changes

One add and large capping changes result in one-way turnover of 9% and a round-trip trade of US$74m. Vingroup and Vinhomes stock prices have soared...

Brian Freitas

MarketVector Vietnam Local Index Rebalance: One Add, Capping & Float Changes

Nam A Commercial JSB is an add and there are capping and float changes. Vietnam could move from Frontier to Secondary Emerging Market in a global...

Brian Freitas

Exploring Vietnam's potential for growth and investment opportunities, despite challenges in capital markets and institutional participation....