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>Although the general seaport sector has seen a strong growth in 4M24, with significant support from both macro and industrial areas, we believe there remain uncertainties from macro factors which threats the recovery path in 2024.</li><li>Thus, we maintain our Neutral rating for the Vietnam seaport sector.</li><li>Strong recovery in import-export and clearance activities: Import-export value saw a strong recovery in 4M24, at US$238.8bn (+15.1% YoY). Of this, import and export values reached US$115.2bn (+15.4% YoY) and US$123.6bn (+15.0% YoY), respectively.</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>

Although the general seaport sector has seen a strong growth in 4M24, with significant support from both macro and industrial areas, we believe there remain uncertainties from macro factors which threats the recovery path in 2024.Thus, we maintain our Neutral rating for the Vietnam seaport sector.Strong recovery in import-export and clearance activities: Import-export value saw a strong recovery in 4M24, at US$238.8bn (+15.1% YoY). Of this, import and export values reached US$115.2bn (+15.4% YoY) and US$123.6bn (+15.0% YoY), respectively.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 Seaport Sector (Neutral) - Strong Growth in the First Quarter

<ul><li>Although the Vietnam Textile industry has seen gradual improvement, we believe the business environment in 2024 still faces challenges, mainly from macro uncertainties.</li><li>Thus, we maintain our Neutral rating for the Vietnam Textile industry</li><li>Exports return to growth: Vietnam’s textile industry saw positive growth in exports during 4M24</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>

Although the Vietnam Textile industry has seen gradual improvement, we believe the business environment in 2024 still faces challenges, mainly from macro uncertainties.Thus, we maintain our Neutral rating for the Vietnam Textile industryExports return to growth: Vietnam’s textile industry saw positive growth in exports during 4M24Content 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 Textile Industry (Neutral) - Market Share Maintains Upward Trend

Equity Bottom-Up

Quang Ninh Thermal Power  / Equity Bottom-Up

Quang Ninh Thermal Power Joint Stock Company provides utility services. The Company offers electricity production services. Quang Ninh Thermal Power serves customers in Vietnam.

<ul><li>According to the Power Development Plan VIII (PDP 8), the aggregate growth rate of energy demand in Northern Vietnam for 2021–2030 is forecasted at 11%.</li><li>However, the region could face power shortages from 2024 onwards, due to the El Nino effect, a severe dry season, a lack of new power-generation sources, and increased power demand in the Northern economic area (Hanoi-Haiphong-Quanh Ninh), as well as high-tech industrial parks located in Bac Giang, Bac Ninh, Thai Nguyen, and Ha Nam.</li><li>Quang Ninh Thermal Power (QTP), located in Quang Ninh province, playsan important role in the power supply system for the North.</li></ul><p><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></p>

According to the Power Development Plan VIII (PDP 8), the aggregate growth rate of energy demand in Northern Vietnam for 2021–2030 is forecasted at 11%.However, the region could face power shortages from 2024 onwards, due to the El Nino effect, a severe dry season, a lack of new power-generation sources, and increased power demand in the Northern economic area (Hanoi-Haiphong-Quanh Ninh), as well as high-tech industrial parks located in Bac Giang, Bac Ninh, Thai Nguyen, and Ha Nam.Quang Ninh Thermal Power (QTP), located in Quang Ninh province, playsan important role in the power supply system for the North.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.

Quang Ninh Thermal Power JSC -  Attractive Dividend Growth in the Long Term

Saigon Beer Alcohol Beverage C / Equity Bottom-Up

Saigon Beer - Alcohol - Beverage Corporation produces and distributes alcoholic beverages. The Company offers beer, spirits, soda, and other products. Saigon Beer - Alcohol - Beverage serves clients in Vietnam.

<ul><li>Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a leading beverage corporation in Vietnam, with the second largest domestic market share.</li><li>With a nearly 150-year history, SAB possesses a number of strong brands, such as Saigon Special, 333, and Saigon Lager.</li><li>The company has an extensive domestic distribution system via subsidiaries throughout the country</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>

Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a leading beverage corporation in Vietnam, with the second largest domestic market share.With a nearly 150-year history, SAB possesses a number of strong brands, such as Saigon Special, 333, and Saigon Lager.The company has an extensive domestic distribution system via subsidiaries throughout the countryContent 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.

Saigon Beer - Beverage Corporation - Still Under Pressure

Vietnam Dairy Products JSC / Equity Bottom-Up

Vietnam Dairy Products JSC produces dairy foods. The Company produces milk, condensed milk, milk powder, yoghurt, ice cream and cheese. Vietnam Dairy Products also produces cookies, coffee and tea and bottled water.

<ul><li>Viet Nam Dairy Products JSC (VNM VN) is the leading dairy corporation in Vietnam and boasts the largest domestic market share in the liquid milk segment and second-largest market share in the formula milk segment.</li><li>VNM currently operates 15 farms in the Indochina region and is a major buyer of fresh milk from farmers,with nearly 140,000 cows.</li><li>VNM also boasts a wide distribution system, with over 200,000 points of sale throughout the country, providing it with a solid competitive advantage over peers.</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>

Viet Nam Dairy Products JSC (VNM VN) is the leading dairy corporation in Vietnam and boasts the largest domestic market share in the liquid milk segment and second-largest market share in the formula milk segment.VNM currently operates 15 farms in the Indochina region and is a major buyer of fresh milk from farmers,with nearly 140,000 cows.VNM also boasts a wide distribution system, with over 200,000 points of sale throughout the country, providing it with a solid competitive advantage over peers.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.

Viet Nam Dairy Products JSC (VNM VN/Buy/TP: VND79,500) - Exports fuel growth