The retest of the downtrend line

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1 Millions XIN CHAO VIETNAM 06-Dec-18 Market Performance 6-Dec 1M (%) 3M (%) VN % -0.4% Turnover 3,869 (VNDbn) Foreign Net Buy -65 (VNDbn) Source: Bloomberg-Finpro 1,300 1,200 1,100 1, /17 02/18 05/18 08/18 Fixed-Income and Commodity 6-Dec 1M 3M 1Y G-bond yield 4.137% 4.230% 4.363% 3Y G-bond yield 4.385% 4.500% 4.558% 10Y G-bond yield 5.155% 5.205% 5.238% WTI ($/bbl) Gold ($/oz) 1,236 1,227 1,200 Source: Bloomberg Mr. Phat Pham (+84 28) Ext: 1468 phat.pt@kisvn.vn Mr. Hieu Tran Truong Manh (+84 28) Ext: 1464 hieu.ttm@kisvn.vn VN 1Y Movement The retest of the downtrend line Vietnam stock market continued to close in red territory as selling pressure in the afternoon session. The VN- lost 0.24% to close at 955 pts while liquidity recorded 145 million order-matching shares or VND3,166bn in value. The declining stocks were dominant with 164 decliners outnumbering 118 advancers on HSX. Banking and Staple stocks decreased as VCB fell 1.6%, CTG (-0.6%), HDB (-2.2%), VNM (-1.0%) and MSN (-0.4%). In contrast, Real Estate tickers outperformed the broad market thanks to VHM, VRE, NVL and DXG. Meanwhile, DPM, HSG, MBB, EIB, PAN and HBC rose more than 1%, helping benchmark indices narrow losses. Foreign investors continued to sell with a net of VND65bn on HSX. TIX, HPG and HDB were the most with a net value of VND60bn, VND31bn and VND17bn respectively. On the buy side, VNM, MSN and VCB were at the top of the list. ETFs review-4q2018. With data of 30 Nov 2018, we expect VNM ETF will add GEX in this quarterly review with estimate weight of 2.28% (around 5 million shares) and no exotic ticker is removed. Regarding FTSE Viet Nam, HSG and DXG are expected to be excluded and no ticker is added. Two ETFs will announce the list on 07 Dec and 14 Dec. Market commentary: The market fluctuated as the VN- retests its major downtrend line. However, the short-term uptrend is still intact and the benchmark index holds the major support. Therefore, traders should hold long position and focus on leading stocks. VN Trading Map MBB 150 HPG VNM VCB ROS EIB 100 ACB CTG TCB PVS GASSI VCG STB VPBVJC HDB MSN BIDVRE 50 FCN SHB MWG AAAVND KBC PLX DXG GEX LDG PDRVIC VGCPVD TCM DIG FPT FTMANV TPB PNJ SBTKSB VHM NVLHSG STG DPM 0 HBC -12% -7% -2% 3% 8% -50 Note: Vertical axis traded value (VND billion), horizontal axis price change Page 1

2 Technical View VN- Support 1: Resistance 1: Support 2: Resistance 2: 1,020-1,030 Short-term Technical View (20 days) - VN- The VN- moved sideway in tight range below the trendline resistance. Volume was declining but maintainded above the 10-day moving average which reflected active trading money. On the short-term basis (20 days), the VN- extended the rally originated from November swing low or 895 pts. Price consolidated recently above the MA(5) which is a positive correction. RSI indicator was flat but maintained bullish signal. The benchmark is facing strong resistance zone pts where there is medium trendline risistance and the bullish channel. As long as the price zone is intact, we maintain the upside is limited. On the medium-term, the VN- is moving sideway down since May The current rally still traded below the medium resistance around pts. The uptrend at medium degree will be confirmed by a successful break-out. Action As the uptrend is still in place, trader is recommended to keep the outperformed stock. However, it is necessary to watch for price action around the resistace price zone pts. 06/12/2018 Page 2

3 Market Statistics HO CHI MINH STOCK EXCHANGE Change Change % Gain/Loss Statistics VN % Gainers 118 Trading Vol. ('000 shares) 179,144-33, % Losers 164 Trading Val. (VNDbn) 3, % Unchanged 92 Top 5 Leaders Top 5 Laggards Top Most Liquid (Order Matching) Ticker Price Change Ticker Price Change Ticker Price Volume Value VND VND Point VND VND Point VND mn. shares VNDbn VHM 81, VCB 56, MBB 22, SAB 247,000 1, VNM 131,700-1, HPG 34, EIB 14, GAS 95,100-1, VNM 131, MBB 22, HPG 34, EIB 14, NVL 68, BHN 81,800-3, VCB 56, Top 5 Advancing Industry Industry Change Top 5 Declining Industry Industry Change % Point % Point Industrials 0.6% 0.10 Materials -0.9% Discretionary 0.5% Utilities -0.9% Real Estate 0.3% 0.86 Financials -0.5% Health Care 0.2% 0.02 Energy -0.4% Staples -0.4% HA NOI STOCK EXCHANGE Change Change % Gain/Loss Statistics HNX % Gainers 81 Trading Vol. ('000 shares) 35,016-6, % Losers 90 Trading Val. (VNDbn) % Unchanged 199 Top 5 Leaders Top 5 Laggards Top Most Liquid (Order Matching) Ticker Price Change Ticker Price Change Ticker Price Volume Value VND VND Point VND VND Point VND mn. shares VNDbn PVS 20, ACB 30, ACB 30, VC3 22,800 1, SHB 7, PVS 20, MSC 17,300 1, HHC 80,200-8, VCG 20, DBC 26, LAS 10, SHB 7, CTB 31,900 2, NTP 42,000-1, VGC 17, Top 5 Advancing Industry Industry Change Top 5 Declining Industry Industry Change % Point % Point Staples 17.4% Financials -0.7% Utilities 13.2% Other -0.2% 0.00 Discretionary 8.8% Real Estate 6.3% Energy 6.2% /12/2018 Page 3

4 Foreign Activities HOSE HNX Top 5 Foreign Net Buy Top 5 Foreign Net 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 VNM 131, PVS 20, MSN 83, VGC 17, VCB 56, MST 6, DXG 25, HCC 14, VRE 33, PMC 59, Top 5 Foreign Net Sell Top 5 Foreign Net 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 TIX 26, HUT 4, HPG 34, PVB 18, HDB 30, CEO 13, GAS 95, WCS 130, E1VFVN30 15, CSC 19, (VNDbn) Net Foreign Buy/Sell Sell 20,000 Buy 15,000 Net buy 10,000 5, ,000-10,000-15,000 06/12/2018 Page 4

5 Derivatives Short-term Technical View VN30- Support 1: Resistance 1: 930 Support 2: Resistance 2: 943 Trend Analysis: The VN30- continued to move sideway. However, the candlestick reflects a positive pullback. The uptrend is still in place. The near-term target is around 930 pts while is support. Trading Strategy: Trend following strategy (Long) could be still applied. However, we recommended not to keep position overnight. - Long VN30F1812 with entry around pts. Price target 918 pts. Stoploss at /12/2018 Page 5

6 FUTURE CONTRACTS Close Price +/- +/- % Trading Volume Open Interest Expiration Date Days to Expiration Unit: Points Points % shares/contracts contracts days VN % 61,081,880 VN30F % 143,614 17,755 20/12/ VN30F /01/ VN30F % /03/ VN30F % /06/ VND Future Price Curves / / / /2019 Current 1M 1W VND Historical / / /2018 Historical Quote Name Industry Weight VN30 INDEX MEMBERS Current Price Market Cap PER PBR 3M. VOL Unit: % VND VND bn. x x Foreign Owned 06/12/2018 Page 6 '000 shares 52W High 52W Low % VND VND BMP Binh Minh Plastics JSC Industrials 0.4% 57,400 4, % 95,900 51,200 CII Ho Chi Minh City Infrastructure Investment JSC Industrials 0.8% 26,400 6, % 39,500 22,600 CTD Coteccons Construction JSC Industrials 1.2% 157,000 12, % 233, ,400 CTG Vietnam Joint Stock Commercial Bank for Industry and Trade Financials 1.5% 23,950 89, ,314 30% 38,250 19,950 DHG DHG Pharmaceutical JSC Health Care 0.5% 83,900 10, % 118,000 81,000 DPM FPT Petrovietnam Fertilizer & Chemicals JSC FPT Corp Materials 0.6% 21,800 8, % 26,600 16,100 Information Technology 3.5% 44,400 27, % 56,957 38,500 GAS PetroVietnam Gas JSC Utilities 1.6% 95, , % 136,400 70,000 GMD Gemadept Corp Industrials 1.3% 28,700 8, ,240 49% 39,473 23,000 HPG Hoa Phat Group JSC Materials 7.6% 34,600 73, ,234 39% 48,429 27,143 HSG Hoa Sen Group Materials 0.3% 7,320 2, ,001 16% 26,136 6,300 KDC MBB MSN MWG NVL KIDO Group Corp Military Commercial Joint Stock Bank Masan Group Corp Mobile World Investment Corp No Va Land Investment Group Corp Staples 0.5% 24,550 5,049 N/A % 45,800 24,250 Financials 4.6% 22,500 48, ,752 20% 31,471 18,782 Staples Discretionary 7.6% 83,800 97, % 118,000 66, % 87,900 37, % 101,553 73,502 Real Estate 3.7% 68,000 61, % 78,800 46,565

7 PLX PNJ REE Vietnam National Petroleum Group Phu Nhuan Jewelry JSC Refrigeration Electrical Engineering Corp Energy 1.2% 60,500 70, % 95,500 51,800 Discretionary 2.3% 96,000 15, % 138,733 75,000 Industrials 1.0% 33,250 10, % 44,750 29,150 ROS FLC Faros Construction JSC Industrials 0.9% 36,050 20, ,612 2% 151,417 35,000 SAB SBT Saigon Beer Alcohol Beverage Corp Thanh Thanh Cong - Bien Hoa JSC Staples Staples 4.1% 247, , % 333, , % 19,950 9, ,015 11% 24,600 13,300 SSI Saigon Securities Inc Financials 1.5% 29,400 14, ,790 58% 44,400 24,850 STB VCB Saigon Thuong Tin Commercial JSB Bank for Foreign Trade of Vietnam JSC Financials 3.7% 12,600 22, ,014 13% 17,300 9,670 Financials 3.5% 56, , ,433 21% 76,500 41,600 VIC Vingroup JSC Real Estate 10.8% 102, , % 113,058 57,025 VJC Vietjet Aviation JSC Industrials 6.2% 131,900 71, % 191, ,167 VNM Vietnam Dairy Products JSC Staples 10.5% 131, , % 179, ,500 VPB Vietnam Prosperity JSC Bank Financials 7.1% 22,400 55, ,034 23% 43,259 18,850 VRE Vincom Retail JSC Real Estate 6.0% 33,000 76, ,857 32% 50,204 27,918 06/12/2018 Page 7

8 Event Calendar Ex-right date Ticker Exchange Right 07/12/2018 VHC HSX 2018 cash dividend payment (VND2,000/share) 07/12/2018 SRC HSX 2018 cash dividend payment (VND300/share) 07/12/2018 FTI Upcom Shareholder s poll meeting 07/12/2018 SMB HSX 2018 cash dividend payment (VND2,000/share) 07/12/2018 SJD HSX 2017 cash dividend payment (VND4,500/share) 07/12/2018 HNI Upcom Cash dividend payment (VND2,000/share) 07/12/2018 TTZ HNX 2018 EGM 07/12/2018 DAE HNX Cash dividend payment (VND1,600/share) 07/12/2018 BMP HSX 2018 first cash dividend payment (VND1,500/share) 07/12/2018 HND Upcom 2018 EGM 06/12/2018 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)

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