DAILY MARKET REPORT VCBS COMMENTARY MARKET SNAPSHOT. Thursday, 4 th August, 2016

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1 Thursday, 4 th August, 2016 MARKET SNAPSHOT Indexes suffered mixed tones Liquidity rose slightly but still remained at a low level. Foreign investors were net buyers on both exchanges. Market Highlights HSX HNX Index /- (%) 0.05% -0.12% (share) 111,863,525 41,344,668 Value (VNDmln) 1, Advancers Decliners Unchanged Foreign Investment HSX HNX Buy (VND bln) Sell (VND bln) Net position (VND bln) VCBS COMMENTARY After three consecutive sessions early this week, market recognized a slight recovering phase. Notably VN Index advanced nearly 10 points to around 640 points at a time. However, there was no strong enough bottom-fishing demand to confirm a sustainable recovery trend. Even in the afternoon, investors negative sentiment heated up and caused index to lose most of its daily achievement. From sectors perspective, we believe that today s rally was mainly supported by large-cap tickers such as VNM, VCB and VIC. Meanwhile, for the rest, correction still dominated especially in the context of shortage of support information. Notably, HNG and HAG simultaneously hit the floor prices and joined the group which are trying to find its own trough. Today s we put this slight recovery session down to technical factors. Accordingly, overall indicators are not showing that downtrend has ended. We keep our assessment that recovering phases are opportunities to further lower the share rate in the portfolio. Investors are recommended to limit bottom-fishing or opening new long positions amid market is not likely to exit the distribution period soon.

2 TECHNICAL VIEW Two indices recovered sharply at some point. However, the mainstream is still decline as both indices and liquidity are not showing sustainable recovery signal. Accordingly, we believe that recoveing sessions as today are opportunites for investors to lower share rate in the portfolio instead of bottom-fishing. VN Index VN Index formed a solid green candle with narrow real body and closed nearly the lower of Bollinger Band. Bollinger Band tends to expand. Liquidity rose slightly but still remained at a low level, indicating investors discretion. Support level: 620; resistance level: 640. HNX Index HNX Index formed a solid red candle with narrow real body and long upper shadow, continued to cling to the lower of Bollinger Band. Liquidity rose slightly but still remained at a low level compared to the previous period, indicating that bottom-fishing demand has not appeared. The next candles tend to verify MA200 (80.5 points). Support level: 80.5, resistance level: Page 1

3 ENTERPRISE IN FOCUS NLG NLG Q revenue was VND693 billion (+187% yoy), and NPAT was VND95 billion (+253% yoy). 1H.2016 accumulated revenue was VND1,068 billion (+155% yoy, 33.5% annual target), NPAT was VND137 billion (+123% yoy, 38% annual target). Specifically, 90% of 200 apartments of Fuji Flora phase 1 have been sold (123 apartments have been handed-over with the total value of VND136 billion), and 76% of 49 villas of Fuji Valora phase 1 have been sold. Nguyen Son project has started the construction of main infrastructures; the sale campaign will be launched in Also, the 355 ha Water Point project has completed 99% of the land compensation, and LURs (land-use-rights) for 320 ha have been granted. In April 8 th 2016, Ibeworth Pte. Ltd. (Ibeworth) has bought 500 convertible bonds of NLG with the total value of VND500 billion (VND1 billion/bond). In case Ibeworth converts all of these bonds into stocks, Ibeworth will become the main shareholder of NLG with 15% ownership. Also, ASPL V6 Limited và Vietnam Azalea Fund are going to shut-down their operation due to the license expiration in 2017, and therefore, they are going to divest from all of the projects in Vietnam including NLG forecasting revenue is VND3,190 billion (+62% yoy) over 3,000 apartments/villas have been sold, NPAT is VND360 billion (+75% yoy), which is equivalent to EPS of VND2,553/share and P/E of 8.5. Announced dividend payout ratio is 15%, in which 5% by cash, and 10% by stock. Page 2

4 MARKET STATISTICS (1000) Market supply and demand Buy Aver. Buy (1000) Sell Aver. Sell Aver.B/ Aver.S Last session HOSE 181,950,670 4, ,800,760 5, HNX 56,519,900 4,275 67,489,800 4, ,200 1, Foreign trading Buying value (bn VND) Selling value (bn VND) Top 5 most volatile tickers HOSE HNX Top 5 ticker in liquidity Value Ticker Closing price (1000đ) % change Ticker Closing price (1000đ) % change Advancers GMC SGH HU PGT HOT LTC STG TSB TDW TMX Decliners TTF MHC PNC TCM EVE Code (mln share) % order matching Code Value (blnvnd) % order matching HOSE OGC VNM HAG HPG ITA CII KBC KBC FLC SBT HNX ITQ PVS VCG VCG SCR HKB PVS SCR HKB HUT Top 5 tickers with largest supply-demand gap Buy- Sell Sell- Buy Ticker +/- (share) Ticker +/- (share) HOSE CII 2,165,120 TTF 14,718,940 HHS 2,138,440 QBS 9,777,410 FIT 1,828,170 FLC 7,623,630 HQC 1,247,410 OGC 6,988,180 DCL 721,420 DRH 5,114,510 HNX PVX 971,700 SCR 1,970,100 SDA 382,100 HUT 1,503,700 KVC 314,100 HKB 1,221,500 PVL 251,900 KLF 945,500 IVS 199,100 VCG 616,600 Top 5 tickers net bought/sold by the foreign Buy- Sell Sell- Buy Ticker +/- (share) Ticker +/- (share) HOSE VNM 717,090 HPG 1,128,580 VIC 631,610 VIC 691,220 HPG 477,240 HBC 600,920 PVT 466,450 DLG 600,620 SSI 412,120 SSI 547,510 HNX PVS 810,000 PVS 204,460 VIX 660,100 VNR 100,000 SHS 273,100 AAA 43,000 PGT 154,000 HUT 36,200 TIG 132,700 HHG 16,600 Page 3

5 DISCLAIMER This report is designed to provide updated information on the fixed-income, including bonds, interest rates, some other related. The VCBS analysts exert their best efforts to obtain the most accurate and timely information available from various sources, including information pertaining to market prices, yields and rates. All information stated in the report has been collected and assessed as carefully as possible. It must be stressed that all opinions, judgments, estimations and projections in this report represent independent views of the analyst at the date of publication. Therefore, this report should be best considered a reference and indicative only. It is not an offer or advice to buy or sell or any actions related to any assets. VCBS and/or Departments of VCBS as well as any affiliate of VCBS or affiliate that VCBS belongs to or is related to (thereafter, VCBS), provide no warranty or undertaking of any kind in respect to the information and materials found on, or linked to the report and no obligation to update the information after the report was released. VCBS does not bear any responsibility for the accuracy of the material posted or the information contained therein, or for any consequences arising from its use, and does not invite or accept reliance being placed on any materials or information so provided. This report may not be copied, reproduced, published or redistributed for any purpose without the written permission of an authorized representative of VCBS. Please cite sources when quoting. Copyright 2012 Vietcombank Securities Company. All rights reserved. CONTACT INFORMATION Tran Minh Hoang Le Thu Ha Nguyen Huy Hoang Chief Economist tmhoang@vcbs.com.vn Investment Analyst ltha_ho@vcbs.com.vn Investment Analyst nhhoang@vcbs.com.vn VIETCOMBANK SECURITIES COMPANY Ha Noi Headquarter Ho Chi Minh Branch Da Nang Branch Phu My Hung Transaction Unit Giang Vo Transaction Unit Can Tho Representative Office Vung Tau Representative Office An Giang Representative Office Dong Nai Representative Office HaiPhong Representative Office Binh Duong Representative Office Floor 12th& 17th, Vietcombank Tower, 198 Tran QuangKhai Street, HoanKiem District, Hanoi Tel: (84-4) ext: 140/143/144/149/150/151 Floor 1 st and 7 th, Green Star Building, 70 Pham Ngoc Thach Street, Ward 6, District No. 3, Ho Chi Minh City Tel: (84-8) Floor 12 th, 135 Nguyen Van Linh Street, Thanh Khe District, Da Nang City Tel: (84-511) ext: 801/802 Lawrence Sting Building, 801 Nguyen Luong Bang Street, Phu My Hung Urban Zone, District No. 7, Ho Chi Minh City Tel: (84-8) Floor 1 st, Building C4 Giang Vo, Giang Vo Ward, Ba Dinh District, Hanoi Tel: (84-4) Floor 1 st, Vietcombank Can Tho Building, 7 HoaBinh Avenue, NinhKieu District, Can Tho City Tel: (84-710) Floor 1st, 27 Le Loi Street, Vung Tau City, Ba Ria - Vung Tau Province Tel: (84-64) /75/76/77/78 Floor 6 th, Nguyen Hue Building, 9/9 Tran Hung Dao Street, My Xuyen Ward, Long Xuyen City, An Giang Province Tel: (84-76) F240-F241 Vo Thi Sau Street, 7 th Block, Thong Nhat Ward, Bien Hoa City, Dong Nai Province Tel: (84-61) Floor 2 nd, 11 Hoang Dieu Street, Minh Khai Ward, Hong Bang District, HaiPhong City Tel: (+84-76) Floor 3th, 516 CachMangThang Tam Street, PhuCuong Ward, Thu Dau Mot City, Binh Duong Province. Tel: (+84-76) Page 4