DHG reached VND272 billion of profit in first 6 months In focus: Vietnam Central Bank Net Injects VND1.331 Tln on July 17. SELL Price (1.

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1 18 July 2014 Daily Bulletin Market Review: TCSC Research T: E: research@tcsc.vn Moderately breaking Company News: DHG reached VND272 billion of profit in first 6 months In focus: Short News Vietnam Central Bank Net Injects VND1.331 Tln on July 17 VN-index % (mn shares) Total value (USD Foreign Net Buy (USD Top foreign Trading HSX HNX PPC ,150 VIC ,090 ITA ,160 VSH ,070 CTG ,600 HT ,520 STB ,030 DIG ,210 DPM ,100 HPG ,830 PVS ,600 HNM ,000 SHB ,000 VIG ,000 VND ,900 SCR ,600 VCG ,200 VKC ,000 DBC ,000 S ,000 HNX-index % (mn shares) Total value (USD Foreign Net Buy (USD Index Change % DowJones 16, 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 DRC , VIC , MSN , PPC , MWG , VIC , PVD , HPG , GAS , MSN , PVS , VND , SHB , VCG , DBC , Market Review VN-Index had a moderately breaking session with 5,89 points in equivalence of 1,00% to close at 596,26. Advancers outnumbered laggards, 104:98. The market liquidity increased dramatically by 49,53% in volume and 75,24% in value to 144,37 million shares and VND2.526,22bln, respectively. Trading value in put-through increased sharply, equal to 18,30% of total trading value in HSX. The foreign investors had net sold on HSX with total value of VND27,17bln. HNX-Index had a slightly rising session with 0,30 points equal to 0,37% to close at 81,14. Laggards outnumbered advancers, 95:80. The liquidity of market increased slightly by 7,04% in volume and 3,00% in value to 43,98 million shares and VND557,26 bln, in turn. Oppose to the performance of HSX, the foreign investor has net purchased on HNX with the net buying value of VND34,72 bln. When the ATO phase finished, the market rose slightly to 0,53 points. Start a continuous phase, the market fluctuated sharply, sometimes VN-Index fall slightly 1,04 points and then back to rise again. Beginning the continuous phase in the afternoon, demand increased so much and dominated the selling force, it led the market rose strongly. Finished the continuous trading session, the market rose 4,59 points. To the ATC phase, demand still increased strongly so VN-Index closed 5,89 points up moderately. It should be noted in today's session when the market liquidity has rebounded strongly after a sharp decline in the previous session. In addition, the next important point today was the bluechips and largecaps had the boom, increasing strength and create excitement for investors. The most typical was FPT and VNM. After the afternoon phase, with the active support information helped stocks rallied (FPT +6,28%; VNM + 3,10%), which created momentum for shares other markets rallied and pulled surpassed the previous peak of 595. Currently, with investors taking profits in the previous trading session, the session is booming today more or less affect their trading psychology. Therefore, the ability of the next session, the market is likely to maintain gaining with large liquidity. HNM , VIG , VCG , SCR , VKC , P a g e

3 Top 5 largest trading volume stocks FLC ,665,050 HQC ,427,440 In view of the technical analysis, VN-Index charts broke through the top 595 strong before with pretty good volume. Moreover, candlesticks pattern in today's strong foundation and stability. However, the VN- Index in the next session will probably check the 595 level so the market can fluctuated sharply. Thus, investors should be careful observations, avoiding chasing high prices. FPT ,985,310 SSI ,102,600 OGC ,799,440 KLS ,558,540 SCR 9.3 3,710,900 PVX 4.6 3,418,770 SHB 9.2 2,918,860 PVS ,916,900 Top 5 largest trading value stocks (USD FLC FPT HQC In view of technical analysis, the HNX-Index graph was located near the channel resistance. Moreover, in 2 day candlestick nearest being covered by the previous fallen candle. Therefore, in the next session, the HNX-Index is likely to decrease slightly to reinforce sustainable uptrend. SSI VNM PVS KLS PVC SCR SHB Company News DHG reached VND272 billion of profit in first 6 months DHG JSC announced consolidated results for the 2nd quarter and first six months of Accordingly, in II/2014 quarter, sales downed nearly VND140 billion compared with the same period in 2013, it also decreased cost of goods sold (mainly trade discount) sharply, from VND350 billion in 2nd quarter of last year to VND13 billion in the 2nd quarter of this year, net sales of DHG was outstanding, it increased by 25.3% compared with the same period. In II/2014 quarter, the cost of sales rose sharply, from VND158 billion to VND251 billion. Profitability gap is so narrow. Results of II/2014 quarter, DHG gained for parent company shareholders VND153.6 billion, up 22.1% over the same period. Accumulated in 6 months, the company's net profit was VND272 billion, up 12.4% compared with the first six months of Explaining cause increased selling expenses, DHG said that in 2014, the company promoted advertising activities media to introduce products to the consumer. 3 P a g e

4 Trading by sector: Sector Change % Retail 0.21 Insurance 1.27 Technology Petro 1.34 Public services 1.55 Financial services Consumer Goods Entertainment 0.11 Commodities 1.22 Chemical Banking Auto parts 1.85 Resources 0.87 F&B 0.02 Media & Telecom Construction & Materials 1.18 Health Transactions of 10 largest market cap stocks: % Change OutSt Share ( Market Cap bn) GAS ,895 9,870 VNM ,249 MSN ,095 VIC ,034 VCB ,317 2,875 CTG ,187 2,233 BID ,606 1,851 BVH ,373 HPG ,151 STB ,127 1,088 % Change OutSt Share ( Market Cap bn) PVS ACB SQC SHB VCG PVI OCH LAS KLS NTP In focus: State Treasury Sells out VND5 Tln G-Bonds on July 17; Yields Down In the auction, the State Treasury planned to sell VND6 trillion worth of government bonds, distributed at VND2 trillion and VND3 trillion for 3- year and 5-year tenors respectively. For 3-year term, VND2 trillion bonds were sold out at 5.79%, down 0.1% from that of the previous auction (July 11, 2014). For 5-year term, VND3 trillion bonds were sold out at 6.83%, down 0.11% from that of the previous auction (July 11, 2014). Year to date, the State Treasury has sold a combined VND131, billion worth of government bonds. Vietnam Central Bank Net Injects VND1.331 Tln on July 17 In details, the SBV neither pumped nor withdrew any money through open market operation. As of July 17, there was no outstanding loan on OMO. On the day, the SBV issued VND3.869 trillion Treasury bills and there were VND5.2 trillion T-bills falling due, resulting in VND1.331 trillion net injection. From Mar 15, 2012 to date, the central bank issued in total VND trillion T-bills, of which VND trillion T-bills have been mature and VND trillion T-bills have not been mature. On the interbank market, overnight, 1 week, 1-month interest rates fell to 2.95%, 3.1% and 3.32% respectively while 3-month rate stayed the same at 4%. Vietnam expects to earn 146 billion USD from exports in 2014 The country s import value would reach billion USD, up 10.2 percent so that Vietnam would have a trade surplus of about 500 million USD this year. Statistics from the MOIT show that in the first half of 2014, Vietnam exported an estimated billion USD worth of products, a rise of 14.9 percent compared with the same period last year and equal to 44.7 percent of the annual plan. The export value of most key products increased with that of 13 products reaching over 1 billion USD each. These included telephones and components, textiles and garments, footwear, computers, electronic products and components, machinery, equipment, instruments and spare parts, crude oil, seafood, wood and wood products, transportation means and spare parts, coffee, rice, handbags, suitcases, headwear, umbrellas, fiber and yarn. Notably, with the import value reaching over billion USD, Vietnam recorded a trade surplus of 1.32 billion USD, equal to P a g e

5 Rates: Exchange rate(vcb) 17-July 18-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, percent of the total export value, in the first six months of this year. This was the brightest point in the economic picture of the first half of However, it s not easy to achieve these results because the economy still faces numerous difficulties. The competition between countries which export to large markets such as the US, Japan and the Republic of Korea is becoming increasingly fierce. The export of agricultural, forest products and seafood continues to face difficulties in terms of price and market. To achieve the export targets set for 2014, Ha said that the MOIT had issued some instructions and proposed many measures to boost exports, especially the export of agricultural products and seafood. Recently, the MOIT and the Ministry of Agriculture and Rural Development met to discuss market-related issues to help businesses boost exports. They agreed that it was necessary to maintain a close relationship between agricultural production, the processing industry and value chains in order to create high-quality agricultural products. The MOIT encouraged businesses to concentrate on investing in technological innovation to improve product quality and reduce production costs, increase the localisation rate and reduce trade deficit. 5 P a g e

6 Event Calendar: s Bourse Ex-right date Event 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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