PXS is estimated profit after tax at over VND62 billion in the first 6 months. June 2014, trading deficit was $51 million. SELL Price (1.

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1 17 July 2014 Daily Bulletin Market Review: TCSC Research T: E: research@tcsc.vn Slightly rising Company News: In focus: Short News PXS is estimated profit after tax at over VND62 billion in the first 6 months June 2014, trading deficit was $51 million VN-index % (mn shares) Total value (USD Foreign Net Buy (USD Top foreign Trading HSX HNX KDH ,722 HAG ,950 PPC ,880 EIB ,860 PET ,380 VSH ,300 IJC ,900 DXG ,000 HPG ,630 CII ,270 VCG ,100 HNM ,500 PVS ,700 VCR ,900 DBC ,000 SCR ,000 AAA ,000 BTS 5.2 3,000 PVG ,100 PLC ,400 HNX-index % (mn shares) Total value (USD Foreign Net Buy (USD Index Change % DowJones 17, FTSE 100 6, Hangseng 23, Kospi 2, Nasdaq 4, Nikkei , S&P 500 1, Shanghai 2, Thailand 1, P a g e

2 Top 5 stocks bought/sold by foreign investor HPG , PPC , PVD , DRC , MWG , VIC , HAG , HPG , MSN , EIB , PVS , VCG , DBC , AAA , SDT , HNM , KTS , SCR , Market Review VN-Index had a slightly rising session with 0,69 points in equivalence of 0,12% to close at 590,37. Laggards outnumbered advancers, 102:97. The market liquidity decreased sharply by 30,31% in volume and 35,76% in value to 96,55 million shares and VND1.441,59bln, respectively. Trading value in put-through decreased slightly, equal to 5,02% of total trading value in HSX. The foreign investors continued to have net purchased on HSX with total value of VND71,70bln. HNX-Index had a slightly rising session with 0,69 points equal to 0,86% to close at 80,85. Advancers outnumbered laggards, 101:87. The liquidity of market decreased dramatically by 43,34% in volume and 32,70% in value to 41,09 million shares and VND541,04 bln, in turn. Similar to the performance of HSX, the foreign investor has net purchased on HNX with the net buying value of VND10,58 bln. When the ATO phase finished, the market fall slightly to 0,69 points. Start a continuous phase, the supply increased sharply so the market fall strongly, sometimes VN-Index fall 4,30 points. During the continuous phase, the low price demand increased so much and dominated the selling force, it led the market rise again, sometimes it rose to 1.74 points. Nearly the end of continuous trading, profit taking selling pressure has increased back to the VN-Index closed 1.15 points up slightly. To the ATC session, due to profit-taking selling pressure increased so VN-Index closed 0,69 points only slightly. It should be noted in today's session when the market liquidity has declined sharply. However, speculative money flow continued to increase (FLC, HQC, ITA, KSA, IJC). Today, the largecap stocks can not play the role of supporting the majority of the market, if there were not up slightly from the stock GAS (+0.92%), the market will have declined. In today's session, the market is quite fluctuating, selling pressure prevailed in the first period, but later acquired the dominant force. Currently, the VN-Index gained quite a lot from the lowest level is 505 before, so investors strong profits at this point is essential. However, with economic growth forecast stable situation interest rates, exchange rates and gold prices are more volatile, the ability of the market fell sharply in this time is unlikely. Therefore, the market must be more accumulated momentum to break up the 610 mark and beyond. Trading strategy is laid out for investors during this time is to hold and surf. PLC , VCR , P a g e

3 Top 5 largest trading volume stocks FLC ,886,830 HQC 8.1 8,160,690 VHG ,215,420 ITA 8.3 3,617,080 TDC ,118,030 SCR 9.3 4,919,690 PVS ,835,350 PVX 4.6 3,733,410 KLS ,478,450 KLF ,288,400 Top 5 largest trading value stocks (USD In view of the technical analysis charts VN-Index rebounded today after hitting the road MA12, and create 1 hammer up. Further signals from MA12, MA24, MA36 do not have the signs of reversal. However, in the past, the market has fallen sharply after 2 vertex modeler earlier. Therefore, at this time, investors need to be cautious, so just hold and surf. FLC HQC CII VHG HPG PVS SCR KLS FIT PGS In view of technical analysis, the HNX-Index graph today had pretty good gains after a slight adjustment earlier. Currently, graphs HNX- Index finished cup and handle pattern, so the ability in the future, the HNX-Index could approach 86 level, but first it must break from the 82 level. 3 P a g e

4 Trading by sector: Sector Change % Retail 2.74 Insurance 0.16 Technology Petro Public services 0.69 Financial services Consumer Goods Entertainment Commodities 0.91 Chemical 0.22 Banking 0.00 Auto parts Resources 0.88 F&B Media & Telecom 4.82 Construction & Materials 0.39 Health Transactions of 10 largest market cap stocks: % Change OutSt Share ( Market Cap bn) GAS ,895 9,870 VNM ,091 MSN ,062 VIC ,991 VCB ,317 2,842 CTG ,187 2,203 BID ,606 1,839 BVH ,353 HPG ,151 STB ,127 1,078 % Change OutSt Share ( Market Cap bn) ACB PVS SQC SHB VCG PVI OCH LAS KLS NTP Company News PXS is estimated profit after tax at over VND62 billion in the first 6 months PXS is estimated at VND880 billion in revenue in the first 6 months; net profit is estimated at over VND62 billion, completing nearly 80% of the plan allocation of the parent company. Only II/2014, sales was about VND billion and net profit reached about VND40-43 billion. With this business result, PXS was showing positive results when the target net income was nearly 2 times higher than the previous quarter and nearly four times over the same period. A major contribution in this quarter's revenue was P3P4 EPCC projects (66%), followed by Diamond EPCC projects (16%). According PXS, P3P4 project is now complete and most sales were recorded in II/2014. In addition, the profit margin in the quarter improved significantly compared to 10% in the previous quarter by revenue in I/2014 parts procurement phase of this project barely profitable. However, in general terms, the profitability ratio of EPCC projects not as high as Diamond as it is the work of the defense with tight management of costs. In the next quarter, the company continued to record the rest of the Diamond Project and the project was signed earlier as EPCC Pacific (total value was VND600 billion), Thai Binh Thermal Power Project II (total value was VND950 billion), H5 projects (total value was VND169 billion) and a number of other projects. Recently, PXS also signed contracts for the construction and installation of the project "The Nghi Son petrochemical complex", done from March 2015 with a total value of $ Currently the company is still preparing for the search process works contract for the following year while continuing construction contracts signed previously. As a result, revenues of the enterprises are guaranteed. In focus: June 2014, trading deficit was $51 million According to data from the General Department of Vietnam Customs, in 6/2014 merchandise exports of the country reached $12.38 billion, downed by 0.2%; imports reached $12.43 billion, down by 2.7% from the previous month. The sector enterprises with foreign investment (FDI) exports reached nearly $7.5 billion, up 1.3%; imports reached $6.8 billion, up 0.3% compared to 5/2014. Regarding exports, in 6/2014, key export sector of agriculture such as coffee sharply decreased by 20.4%, pepper reduced by 17.3%, rice decreased by 17.2%; crude oil and gas group fall more than 29% in both value and volume; fertilizer fall by 29%; and groups of telephones and accessories dropped 17% compared to 5/ P a g e

5 Rates: Exchange rate(vcb) 16-July 17-July Change (%) US$/VND 21, , EUR/VND 28, , Yen/VND Trade: External factors US$ mn Apr-14 May-14 June-14 Export 12,300 12,000 12,100 Import 12,500 12,400 12,300 Trade Balance Implement FDI 1, Three exports depend heavily on the Chinese market in 6/2014 have exports increased sharply: coal rose by 24.6%; ore and other minerals increased by 42%; rubber increased by 38.8% compared to 5/2014. In addition, in 6/2014 export value of textiles and garments increased by 22.4% compared to 5/2014 and rose higher than the first 6 months compared with the same period last year. In contrast, exports of footwear seems to have been influenced by events occurring plant demolished in 5/2014 while exports rose only 2.3% in June, it was low and belowed the average of 6 months was 22.2%. On the import side, in 6/2014 Vietnam imports fall sharply different means of transport and spare parts (-81.5%); iron and steel (-61%); wood and wood products (-28.6%); household electrical goods and components (-27.4%) compared to 5/2014. In 6 months of the year, exports reached $71.1 billion, up 15.3%; imports reached $69.6 billion, up 11% compared to the same period last year. In particular, FDI exports reached $43.7 billion, up 17.1%; imports reached nearly $39 billion, up 10.7% over the first 6 months of Thus, in June 2014, Vietnam's trade deficit was $ 51 million, through the balance of trade surplus in the first 6 months was $ 1.5 billion. 5 P a g e

6 Event Calendar: s Bourse Ex-right date Event DHG HSX 18/07/2014 Cash divident payment for 2013, VND1.500/share STP HNX 18/07/2014 Cash divident payment for 2013, VND1.000/share GHC UPCOM 21/07/2014 Do the right, rate 1:1 (VND15.000/share) VKC HNX 21/07/2014 Cash divident payment for 2013, VND500/share NLC HNX 22/07/2014 Cash divident payment for 2012, 2013, VND7.200/share CII HSX 22/07/2014 Extraordinary general meeting 2014 CLL HSX 23/07/2014 The second cash divident payment for 2013, VND1.600/share DCS HNX 23/07/2014 Extraordinary general meeting 2014 FLC HSX 23/07/2014 HHS HSX 23/07/2014 Share divident payment for 2013, rate: 100:4 Do the right, rate 1:1, VND10.000/share Share divident payment for 2013, rate: 100:20 Do the right, rate 10:3, VND10.000/share PPC HSX 23/07/2014 The second cash divident payment for 2013, VND700/share SSC HSX 23/07/2014 The second cash divident payment for 2013, VND1.000/share CVT HNX 23/07/2014 Cash divident payment for 2013, VND1.800/share HVT HNX 24/07/2014 Cash divident payment for 2013, VND900/share PVS HNX 24/07/2014 Cash divident payment for 2013, VND1.200/share S55 HNX 24/07/2014 Cash divident payment for 2013, VND2.000/share AGR HSX 25/07/2014 Cash divident payment for 2013, VND250/share SD9 HNX 25/07/2014 Cash divident payment for 2013, VND1.000/share 6 P a g e

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