Daily Bulletin. TCSC Research T: E: Market Review: Continued to be Slightly Adjusting Company News:

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1 17 June 2014 Daily Bulletin Market Review: TCSC Research T: E: research@tcsc.vn Continued to be Slightly Adjusting Company News: In focus: Short News Tay Ninh Rubber Company estimated 73 billion net profit in first 5 months of 2014 Disbursements of VND30-trillion home loan package meager VN-index % (mn shares) Total value (USD Foreign Net Buy (USD Top foreign Trading HSX HNX STB ,860 PVD ,280 HT ,000 HAG ,310 DPM ,490 ITA ,730 VSH ,350 PVT ,200 GAS ,960 FCN ,200 PVS ,200 PVX ,400 SHB ,400 VCS ,800 VND ,000 PVG ,000 HPC ,000 EBS ,700 PGS ,300 CVT ,800 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 STB ,096, GAS , HPG , DPM , PVD , GAS , HPG , HAG , MSN , VIC , PVS , VND , SHB , PGS , DBC , Market Review VN-Index continued to have a slighty adjusting session with 0,12 points in equivalence of 0,02% to close at 572,25. Advancers outnumbered laggards, 138:55. The market liquidity increased sharply by 24,06% in volume and rose slightly by 7,01% in value to 108,67 million shares and VND1.584,25bln, respectively. Trading value in put-through fall moderately, equal to 8,71% of total trading value in HSX. The foreign investors has net purchased on HSX with total value of VND14,11bln. HNX-Index had a slighty rising session with 0,57 points equal to 0,74% to close at 76,99. Advancers outnumbered laggards, 114:65. The liquidity of market increased sharply 27,27% in volume and 27,39% in value to 51,62 million shares and VND525,80bln, in turn. Similar to the performance of HSX, the foreign investor has net purchased on HNX with the net buying value of VND16,52bln. At the beginning of today's session, VN-Index had a strongth tension, the stocks with large market capitalization (GAS, BVH, MSN, VIC, VCB) have declined slightly and put pressure on the market. However, the penny and midcap stocks today have gained quite impressive (HQC, DLG, PXS, PTK). It also shows the market s sentiment was very stable now. End the session on today, although the market has declined, the penny and midcap stocks gained pretty good and even the advancers outnumbered laggards. It should be noted in today's trading when the liquidity of the market has continued to increase compared to the previous session in volume and continued to rise slightly in value. This suggests that cash flow in today's session focused heavily on speculative stocks. Although the market continued to decline on today, we found that low demand appears very much. Evolution of the market in the recent period usually follows the trajectory: the large-cap stocks will increase, as the background to keep the beat when the market is not on the cash flow hedge (about 4-5 sessions), then this code will adjust mitigation (mitigation because stocks was fell but most speculative stocks will rise in this period) arround 1-2 sessions to continue uptrend. Therefore, we believe that in the near future, VN-Index will quickly return to trend. We recommend investors disbursed in the adjustment of the market. VCS , PVX , PVG , NLC , CVT , P a g e

3 Top 5 largest trading volume stocks FLC ,461,160 ITA 8.3 9,580,580 In view of the technical analysis of candlestick chart VN-Index on today was touching the top of the range Bollinger Bands (20 + / -1) and turn left, this means positive. Besides, the candlestick on today was reversal hammer, it was positive. And more importantly, continue to increase liquidity in the last few sessions. Therefore, we believe that the market will probably end adjustments in session tomorrow. HQC 7.9 8,850,900 SSI ,977,680 SAM ,262,960 KLF ,815,300 KLS ,248,460 SCR 8.8 4,514,600 PVX 4.3 4,099,340 SHB 9.2 2,833,510 Top 5 largest trading value stocks (USD FLC SSI ITA HQC STB KLF KLS SCR FIT PVS In view of technical analysis, the HNX-Index chart was stable on the upper range of Bollinger Bands (20 +/-1) and range Bolliger Bands are showing signs of contraction. In addition, the candlestick in session today was pretty good candle, it might be a prerequisite for sequence Bollingger Bands unwind and graphs HNX-Index will move sharply upward. With the technical signal as above, we believe that the HNX- Index in the next session may continue to rise slightly and fluctuated in the Company News Tay Ninh Rubber Company estimated 73 billion net profit in first 5 months of 2014 Average price of 1 ton of rubber in 5/2014 of TRC reaches VND45.77 million/tonne. Up to 5 months in year, the rubber price reached VND46.78 million/tonne. With the rubber price situation continues to decline (on average one quarter reached VND47.3 billion), the profits of Tay Ninh Rubber Company in May can reach VND14.2 billion, bringing the cumulative profit 5 months to nearly VND73 billion, of which VND14.8 billion from rubber business, VND15.4 billion from financial activities and VND42.5 billion primarily from other activities - rubber tree disposal. At the end of May, Tay Ninh Rubber Company s inventories was on 1,032 tons of rubber latex, which is 922 tons of latex extraction, the 3 P a g e

4 Trading by sector: Sector Change % Retail Insurance Technology Petro 0.06 Public services 0.49 Financial services 0.53 Consumer Goods Entertainment Commodities Chemical 0.26 Banking Auto parts 1.17 Resources F&B 0.13 Media & Telecom 2.71 Construction & Materials Health Transactions of 10 largest market cap stocks: % Change OutSt Share ( Market Cap bn) GAS ,895 9,421 VNM ,815 VCB ,317 3,292 MSN ,228 VIC ,796 CTG ,187 2,218 BID ,606 1,839 BVH ,282 STB ,127 1,120 HPG ,042 % Change OutSt Share ( Market Cap bn) ACB PVS SQC SHB VCG PVI OCH LAS VNR KLS remaining 110 tons of latex purchasing. IMP is estimated at VND42 billion in 5 months of 2014 In particular May, IMP reaches VND67.1 billion in revenue and earnings, of which VND66.5 billion as net revenue. May IMP s EBIT gained VND8.8 billion, it made the cumulative results of 5 months to be VND42.2 billion, equivalent to 35.2% of the yearly plan. Compared to the same period in 2013, resulting in the first 5 months of business in 2014 declined from 6.8% to 9.8%. Under the IMP, in the first 5 months of the year, a large proportion of the cost of net revenues decreased compared to the same period last year, indicating effective cost control is increasingly improved. However, net sales decline makes the results somewhat diminished business as mentioned above. IMP said the company will continue to strengthen and expand the OTC channel development and develop new products to market, leverage and maximize sales channels ETC and franchising, joint venture with partners... to ensure the implementation of targets for revenue and profit in In focus: Disbursements of VND30-trillion home loan package meager A recent report by the Ministry of Construction showed that disbursements of the package had totaled VND2.16 trillion as of May 31, or one year after the program kicked off. According to the ministry, 5,378 households and individuals had registered to borrow over VND2 trillion from five participating banks, including the Vietnam Bank for Agriculture and Rural Development (Agribank), the Bank for Investment and Development of Vietnam (BIDV) and the Vietnam Joint Commercial Bank for Industry and Trade (VietinBank). Of which, 5,368 borrowers had taken out more than VND1.34 trillion. Besides, more than VND812 billion had been disbursed for 19 housing projects out of more than VND1.89 trillion registered for 23 projects. In HCMC, only one social housing project of Hoang Quan Real Estate Corporation got VND244.6 billion. The ministry said disbursements of the package jumped in the first five months of this year as participating banks inked lending agreements worth VND1.76 trillion at the end of last year but the figure amounted to over VND3.95 trillion as of May 31. The ministry said national real estate inventory decreased by 35% or over VND45 trillion in the first five months of this year compared to the first quarter of 2013, with staggering declines of 36% in Hanoi and 45% in HCMC. IMF: Vietnam Needs a Comprehensive Reform Package for Banking Sector. 4 P a g e

5 Rates: Exchange rate(vcb) 16-June 17-June Change (%) US$/VND 21, , EUR/VND 28, , Yen/VND Trade External factors US$ mn Mar-14 Apr-14 May-14 Export 12,000 12,300 12,000 Import 12,300 12,500 12,400 Trade Balance Implement FDI 1,794 1, IMF stressed that domestic risks could become reality stemming from the difficulties of the banking sector, if there is no comprehensive reform package for the banking sector, especially reform the banking regulatory framework and all relevant fields together with the arrangement of adequate funding sources to carry out banking reform and handle bad debts. Based on the success that has been achieved by the central bank on minimizing systemic risk, improving liquidity and restructuring, the progress over banking reform can be accelerated with the joint efforts of the relevant ministries and agencies. This will be an important basis to reform banking sector effectively, contributing to timely prevention of domestic risks coming from the difficulties of the banking sector, strengthening macroeconomic stability and ability to resist external shocks 5 P a g e

6 Event Calendar: s Bourse Ex-right date Event DIH HNX 18/06/2014 Cash divident payment for 2013, VND800/share V12 HNX 18/06/2014 Cash divident payment for 2013, VND1.200/share DGT UPCOM 18/06/2014 Cash divident payment for 2013, VND500/share CAP HNX 18/06/2014 Cash divident payment for 2013, VND4.000/share NBB HSX 19/06/2014 Cash divident payment for 2013, VND1.000/share Do the right, rate 2:1 LHG HSX 19/06/2014 Cash divident payment for 2012, VND500/share HCI UPCOM 19/06/2014 Cash divident payment for 2013, VND5.000/share NBP HSX 20/06/2014 Cash divident payment for 2013, VND1.300/share PTI HNX 20/06/2014 Cash divident payment for 2013, VND1.000/share VE2 HNX 23/06/2014 Cash divident payment for 2013, VND1.700/share LAS HNX 23/06/2014 The second cash divident payment for 2013, VND3.000/share PJT HSX 24/06/2014 Share divident payment for 2013, rate 100:8 TNM UPCOM 24/06/2014 AGM 2014 BSI HSX 24/06/2014 Extraordinary general meeting 2014 VC3 HNX 25/06/2014 The second cash divident payment for 2013, VND500/share CSC HNX 25/06/2014 Share divident payment for 2011, 2013, rate 10:1 VE3 HNX 25/06/2014 Cash divident payment for 2013, VND1.300/share MPC HSX 26/06/2014 Cash divident payment for 2013, VND1.500/share SPC UPCOM 26/06/2014 Cash divident payment for 2013, VND400/share D11 HNX 17/07/2014 Cash divident payment for 2013, VND1.500/share 6 P a g e

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