Liquidity increases. XIN CHAO VIETNAM 25-Sep-18. Market Performance. Fixed-Income and Commodity. Corp.Earnings Forecast by KISVN. VNIndex Trading Map

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1 Millions XIN CHAO VIETNAM 25-Sep-18 Market Performance 25-Sep 1M (%) 3M (%) VN 1, % 2.0% Turnover 4,975 (VNDbn) Foreign Net Buy 82 (VNDbn) Source: Bloomberg-Finpro Liquidity increases Vietnam stock market fluctuated with selling pressure in the afternoon session. The VN- closed almost unchanged at 1, pts. Liquidity increased 198 million order-matching shares or VND3,923bn in value. On HSX, market breadth was positive with 159 advancers vs 118 decliners. The VN30- lost 0.05% while the VNMid- and VNSmall- gained 0.69% and 0.62%. 1,400 1,200 VN 1Y Movement Oil and Gas outperformed the broad market thank to PVD, PVT and PVS. In addition, among the constituents of the VN30-, CII, DPM, HSG, NVL, VRE and PNJ increased, helping the indices narrow the loss. 1, In contrast, selling pressure turned banking stock correct as VCB, CTG, MBB and ACB. Some bluechip stocks closed in red namely BMP, CTD, REE and CTD /17 12/17 03/18 06/18 09/18 Fixed-Income and Commodity 1Y G-bond yield 3Y G-bond yield 10Y G-bond yield WTI ($/bbl) Gold ($/oz) 25-Sep 1M 3M 4.065% 4.175% 2.263% 4.250% 4.525% 3.055% 5.000% 5.200% 4.813% ,200 1,206 1,266 Source: Bloomberg Corp.Earnings Forecast by KISVN Earning Growth (%) 2017 TTM 2018E 2019E 25.6% 26.4% 20.8% 18.7% PER (x) Mr. Phat Pham (+84 28) Ext: 1468 Phat.pt@kisvn.vn Mr. Hieu Tran (+84 28) Ext: 1464 Hieu.ttm@kisvn.vn Foreign investors bought a net value of VND82bn on HSX. VRE, HPG and KBC were bought the most with a net value of VND46.2bn, VND13.5bn and VND11.2bn respectively. On the sell side, they sold heavily VJC, DXG and PGC. Market commentary: Although market correction, the short-term uptrend is still intact. Therefore, traders should hold long position and focus on leading stocks. VN Trading Map HPG CTG VJC MBB ACB SSI VPBPVS ASM VRE IDI DXG SBT HBCHSG VCB SHB TCBID PNJ MWG HDBSTB PLX VGC KBC ROS DIG FLC VCG PVD 0-10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% Note: Vertical axis traded value (VND billion), horizontal axis price change Page 1

2 Technical View VN- Support 1: Resistance 1: 1,030-1,040 Support 2: Resistance 2: 1,060-1,080 Short-term Technical View (20 days) - VN- The VN- formed the Spinning Top candlestick which is a neutral pattern. However, trading volume rose above 10 day moving average reflecting dominant selling positions. Therefore, we can expect strong fluctuation in sessions ahead. Price firmly closed above the MA(5), MA(10) (1,000-1,005 pts) which we believe this price zone will support for price pullback. On the short-term basis (20 days), the indice main trend is up as price firmly held above the MA(10) and price climbed in upward channel. Technical indicator especially the RSI is heading up sharply after crossed above the MA(10) giving bullish signal. Meanwhile, the MACD crossed above the Signal line. Short-term price target for the benchmark is around 1,030 pts or the MA(200). On the medium-term, the VN- still moved sideway which we forecast the bearish trend is not complete yet as the recovery from 885 low is of C wave leg of Flat pattern (marked A-B-C). Wave C leg would extend to 1,024-1,040 pts. Action The VN- technical outlook is still bullish. We recommend trader to increase stock weight at price pullback, especially the stocks that is having strong upward momentum and active trading money. 25/09/2018 Page 2

3 Market Statistics HO CHI MINH STOCK EXCHANGE Change Change % Gain/Loss Statistics VN- 1, % Gainers 159 Trading Vol. ('000 shares) 231,985 45, % Losers 118 Trading Val. (VNDbn) 4, % Unchanged 88 Top 5 Leaders Top 5 Laggards Top Most Liquid (Order Matching) Ticker Price Change Impact Ticker Price Change Impact Ticker Price Volume Value VND VND Point VND VND Point VND mn. shares VNDbn NVL 65,100 1, VCB 64, HPG 41, VRE 39, VHM 102, CTG 27, GAS 118, CTG 27, VJC 152, PVD 19, MBB 22, MBB 22, VHC 96,000 3, BVH 97, FLC 6, Top 5 Advancing Industry Top 5 Declining Industry Industry Change Impact Industry Change Impact % Point % Point Health Care 1.3% 0.13 Financials -0.6% Energy 0.6% 0.20 Information Technology -0.4% Materials 0.5% 0.24 Other -0.1% 0.00 Consumer Discretionary 0.2% 0.07 Consumer Staples 0.2% 0.09 HA NOI STOCK EXCHANGE Change Change % Gain/Loss Statistics HNX % Gainers 112 Trading Vol. ('000 shares) 59,242 10, % Losers 69 Trading Val. (VNDbn) % Unchanged 192 Top 5 Leaders Top 5 Laggards Top Most Liquid (Order Matching) Ticker Price Change Impact Ticker Price Change Impact Ticker Price Volume Value VND VND Point VND VND Point VND mn. shares VNDbn VGC 19, ACB 34, ACB 34, VCG 19, SHB 8, PVS 23, TV2 130,900 11, NVB 8, VCG 19, PVS 23, DNP 14, SHB 8, TNG 17,700 1, PTI 19,000-1, VGC 19, Top 5 Advancing Industry Industry Change Top 5 Declining Industry Impact Industry Change Impact % Point % Point Other 33.7% 0.00 Financials -0.9% Consumer Staples 13.2% 0.02 Industrials 7.8% 0.26 Consumer Discretionary 6.1% 0.06 Energy 4.6% /09/2018 Page 3

4 Foreign Activities HOSE HNX Top 5 Active by Foreigners (Buy) Top 5 Active by Foreigners (Buy) Ticker Price Buy Value Sell value Net Value Ticker Price Buy Value Sell value Net Value VND VNDbn VNDbn VNDbn VND VNDbn VNDbn VNDbn VRE 39, SHB 8, HPG 41, NTP 51, KBC 12, SHS 16, BMP 62, PVS 23, SBT 21, CDN 15, Top 5 Active by Foreigners (Sell) Top 5 Active by Foreigners (Sell) Ticker Price Buy Value Sell value Net Value Ticker Price Buy Value Sell value Net Value VND VNDbn VNDbn VNDbn VND VNDbn VNDbn VNDbn VJC 152, VGC 19, DXG 30, TIG 3, PGC 14, VCS 97, DIG 17, PVB 23, TDH 11, CEO 14, (VNDbn) Sell Buy Net buy Foreign activities 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5, ,000-10,000-15,000 25/09/2018 Page 4

5 Derivatives Short-term Technical View VN30- Support 1: 970 Resistance 1: 990 Support 2: 940 Resistance 2: 1,010 Trend Analysis: The VN30- paused today with Doji candlestick formation. Technical outlook is unchanged as the bullish trend is developing. Technical indicator confirmed the bullish scenario as RSI in particular rose significantly after crossing its MA(10) while the MACD also gave Buy signal. However, market can climb up in zigzag pattern with strong support around pts. Short-term price target for the indice is around 990-1,000 pts. Trading Strategy: -Long VN30F1810 at price pullback with entry around pts. Price target 990 pts. Stop-loss as price breaks decisively below 968 pts. 25/09/2018 Page 5

6 FUTURE CONTRACTS Close Price +/- +/- % Trading Volume Open Interest Expire Date Days to Expires Unit: Points Points % shares/contracts contracts days VN % 55,248,400 VN30F % 62,209 13,283 18/10/ VN30F % /11/ VN30F % /12/ VN30F % /03/ VND Future Price Curves / / / / / /2019 Current 1M 1W VND Historical Price / / / / / /2018 Quote Name Industry Weight VN30 INDEX MEMBERS Current Price Market Cap PER PBR 3M. VOL Foreign Owned Unit: % VND VND bn. x x '000 shares % VND VND BMP Binh Minh Plastics JSC Industrials 0.4% 62,200 5, % 98,800 51,200 CII Ho Chi Minh City Industrials 0.9% 26,500 6,485 #N/A % 39,500 24,200 Infrastructure Investment JSC N/A CTD Coteccons Construction JSC Industrials 1.3% 168,000 13, % 244, ,400 52W High 52W Low CTG Vietnam Joint Stock Financials 1.8% 27, , ,761 30% 38,250 18,300 Commercial Bank for Industry and Trade DHG DHG Pharmaceutical JSC Health Care 0.8% 97,000 12, % 118,900 83,700 DPM Petrovietnam Fertilizer & Materials 0.5% 18,500 7, % 26,600 16,100 Chemicals JSC FPT FPT Corp Information 3.9% 45,900 28, % 56,957 38,500 Technology GAS PetroVietnam Gas JSC Utilities 2.0% 118, , % 136,400 66,900 GMD Gemadept Corp Industrials 0.8% 27,150 8, % 39,473 23,000 HPG Hoa Phat Group JSC Materials 9.2% 41,250 87, ,442 39% 48,429 24,857 HSG Hoa Sen Group Materials 0.5% 12,500 4, ,369 20% 26,636 9,318 KDC KIDO Group Corp Consumer Staples MBB Military Commercial Joint Stock Bank MSN Masan Group Corp Consumer Staples MWG NVL Mobile World Investment Corp No Va Land Investment Group Corp 0.6% 29,650 6,098 #N/A N/A % 45,800 28,350 Financials 4.8% 22,900 49, ,736 20% 31,471 17, % 94,400 99, % 118,000 53,400 Consumer 4.6% 126,300 40, % 138,600 98,000 Discretionary Real Estate 3.6% 65,100 59, % 78,800 45,038 25/09/2018 Page 6

7 PLX Vietnam National Petroleum Energy 1.5% 73,100 84, % 95,500 51,800 Group PNJ Phu Nhuan Jewelry JSC Consumer 2.1% 103,500 16, % 138,733 68,000 Discretionary REE Refrigeration Electrical Industrials 1.1% 36,200 11, % 44,750 29,150 Engineering Corp ROS FLC Faros Construction JSC Industrials 1.0% 40,700 23, ,009 2% 187,500 37,600 SAB SBT Saigon Beer Alcohol Beverage Corp Thanh Thanh Cong - Bien Hoa JSC Consumer Staples Consumer Staples 3.7% 219, , % 347, , % 21,350 10, ,785 9% 27,550 13,300 SSI Saigon Securities Inc Financials 1.7% 32,950 16, ,851 57% 44,400 21,900 STB Saigon Thuong Tin Financials 3.8% 12,650 22, ,408 10% 17,300 9,670 Commercial JSB VCB Bank for Foreign Trade of Financials 4.1% 64, , ,047 21% 76,500 37,100 Vietnam JSC VIC Vingroup JSC Real Estate 8.7% 99, , ,231 8% 113,058 40,331 VJC Vietjet Aviation JSC Industrials 7.2% 152,100 82, % 191,167 86,667 VNM Vietnam Dairy Products JSC Consumer Staples 8.9% 136, , % 179, ,000 VPB Vietnam Prosperity JSC Bank Financials 6.6% 25,900 62, ,491 23% 40,848 21,008 VRE Vincom Retail JSC Real Estate 6.0% 39,850 75, ,314, % 61,500 35,000 25/09/2018 Page 7

8 Event Calendar Ex-right date Ticker Exchange Right 26/09/2018 THG HSX Tạm ứng cổ tức đợt 1 năm 2018 (VND1.200/share) 26/09/2018 BLN Upcom Cash dividend payment (VND230/share) 26/09/2018 VLB Upcom Cash dividend payment (VND1.000/share) 27/09/2018 TRS Upcom ESOP shares buy-back 27/09/2018 SEA Upcom 2018 AGM 27/09/2018 HTV HSX 2017 cash dividend payment (VND1.200/share) 27/09/2018 ST8 HSX 2018 cash dividend payment (VND1.500/share) 27/09/2018 IKH Upcom Cash dividend payment (VND450/share) 27/09/2018 MPC Upcom Additional shares listing 27/09/2018 DAG HSX 2017 cash dividend payment (VND500/share), bonus stock (ratio 20:1) 27/09/2018 KPF HSX Chi cổ tức năm 2016, 2017 (VND1.000/share) 28/09/2018 HBW Upcom Cash dividend payment (VND520/share) 28/09/2018 DBH Upcom Cash dividend payment (VND270/share) 28/09/2018 NBP HNX Cash dividend payment (VND1.020/share) 28/09/2018 UPC Upcom Cash dividend payment (VND1.200/share) 25/09/2018 Page 8

9 Contacts: HCM City Head Office Level 3, Maritime Bank Tower Nguyen Cong Tru St., District 1, HCM City Tel: (+84 28) Fax: (+84 28) Hanoi Branch Level 6, CTM Tower 299 Cau Giay, Cau Giay District, Hanoi Tel: (+84 24) Fax: (+84 24) Institutional Sales Ms. Uyen Lam Head of Institutional Sales (+84 28) (x1444) 25/09/2018 Page 9

10 Disclaimer This report has been issued by the KIS VN Securities Corporation ( KIS ) with the instructional contributions of KIS VN Securities Corporation whose employees are specified in the publication. This report is for information of its institutional and professional customers. This report is and should not be construed as an offer to sell or a solicitation of an offer to purchase or subscribe for any investment. No consideration has been given to the particular investment objectives, financial situation or particular needs of any recipient. Investors are advised make their own financial decisions based on their independent financial advisors as they believe necessary and based on their particular circumstances such as their financial situation, investment objectives and other considerations. In preparing this report, we have relied upon and assumed the accuracy and completeness of all information available from public and other sources which we believe to be reliable, but which we have not independently verified. KIS makes no express or implied guarantee, representation or warranty and accepts no responsibility or liability as to the accuracy or completeness of such information. Opinions, estimates, and projections expressed are current opinions of the authors as of the original publication date appearing on this report only and the information, including the opinions contained herein, and are subject to change without notice. KIS and its affiliates may from time to time perform investment banking or other services for, or solicit investment banking or other business from, companies mentioned herein. Further, KIS and its affiliates, and/or their officers, directors and employees involved in the preparation or issuance of this report may, from time to time, have long or short positions in, and buy or sell, the securities, or derivatives (including options) thereof, of companies mentioned herein, or related securities or derivatives in a manner that may be consistent or inconsistent with this report and opinions expressed therein. As a result, investors should be aware that KIS and its affiliates and/or their officers, directors and employees may have a conflict of interest that could affect this report. This report shall not be copied, reproduced, distributed (in whole or in part) or disclosed by recipients to any other person without the express permission of KIS in writing. 25/09/2018 Page 10