DAILY MARKET REPORT VCBS COMMENTARY MARKET SNAPSHOT. Tuesday, 09 th May, 2017

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1 Tuesday, 09 th May, 2017 MARKET SNAPSHOT Two indices ticked up Liquidity slightly increased. Foreign recorded a net-sold value on both stock exchange. Market Highlights HSX HNX Index /- (%) 0.45% 1.39% (share) 224,609,174 58,153,606 Value (VNDmln) 4, Advancers Decliners Unchanged Foreign Investment HSX HNX Buy (VND bln) Sell (VND bln) Net position (VND bln) VCBS COMMENTARY After two previous adjustment sessions, the market regained its green color. In the morning session, the influence from the previous sessions caused the indices to fall below the reference level. However, after that, the strong demand in the middle of the session caused the indices to rebound strongly with the focus on large cap stocks. In the afternoon session, the rally was extended and spread quite well among stocks that helped the index to close at a high level. The rise in the indices along with higher liquidity and broader market breadth was considered positive signals. From sector s perspective, green was recoded in almost every stock group with the exception of Consumer Food. The most prominent groups are the Banking, Securities, and Real Estate. For banking group, we observe the leading roles of VCB and ACB. We believe that positive movements in this group may result from supportive news such as high credit growth in the first four months of the year or the release of a non-performing loan draft by credit institutions in the incoming meeting of the Standing Committee of the National Assembly. Meanwhile, for the securities group, some key stocks such as HCM, SSI, and VND... also witnessed active trading and reached their new peaks. In another context, HAG and HNG unexpectedly attracted strong demand in today session. The market closed with positive performance as the index rose together with high liquidity and trading volume. Simultaneously, the leading groups still maintained their stability and started to signal the formation of a new price level. However, with the forecast of opportunities in the fragmented market which is suitable for investors who are risk-lover and sensitive to the market, choosing stocks at reasonable price ranges will play a decisive factor. Therefore, chasing-purchase should be minimized. For the majority of investors, opportunities still remain in sectors leading stock groups supported by fundamental factors.

2 ENTERPRISE IN FOCUS NLG 2016 revenue was VND2,533.8 billion (doubled compared to 2015, 79% annual target), NPAT was VND387.6 billion (+85.6%, 96% annual target) equivalent to EPS of VND2,190/share and PE net profit margin was 15.3% - slightly decreased compared to According to Nam Long, the company failed the annual revenue target because of delays of Phu Huu (Valora Kikyo). In 2016, Nam Long has sold around 2,258 real estate products (+26% yoy) mainly Ehome S (Kikyo Residence 719 products), 696 products of Ehome, 650 products of Flora (Fuji Sakura), 293 blocks of land, and 170 products of Valora. Q revenue was VND255.8 billion (-32% yoy), NPAT was VND23.4 billion (-44% yoy). Net profit margin was 9.1% - slightly decreased compared to last year. In Q1.2017, Nam Long has sold 110 products of Valora Kikyo, 76 villas of Fuji Residence, and it is expected to sell 289 products of Flora Fuji in Q According to Nam Long, the company has delivered a number of products which are worth VND2,000 billion, and it is likely to be recorded in 2017 revenue. Nam Long s 2017 target will be 50% higher than In 2017, the company will continue (1) sale campaigns for Camellia, Fuji Residence, Ehome S, and (2) constructions of Kikyo (Phu Huu), Nguyen Son and Hoang Nam. According to the company s annual target, 2017 revenue will reach VND3,500 billion (+38% yoy), NPAT will be VND500 billion (+29% yoy) equivalent to EPS of VND2,816/share and PE of VCBS recommend POSITIVE outlook for NLG. Page 1

3 TECHNICAL VIEW The two indices recorded a positive trading day when the MA20 was successfully tested together with high liquidity. Regarding today trading session, we expect signs of the formation of a new price level in the next sessions. Opportunities for disbursement are still limited and fragmented at this stage. VN Index VN Index formed an empty green candle above the MA 20. High liquidity indicated considerable improvement in demand. Next candles are likely to approach the next resistance level (above the Bollinger Band). Support level: 720; Resistance level: 740. VN30 Index VN30 Index formed an empty candle with long body above the MA 20 Liquidity recovered as demand increased strongly again Next candles are likely to test the MA 20 again before forming a new price level. Support level: 670; Resistance level: 690. HNX Index HNX Index formed an empty green candle with long body. Liquidity increased slightly, indicating considerable improvement in demand. Next candles are likely to approach the upper Bollinger Band. Support level 88, Resistance level Page 2

4 MARKET STATISTICS (1000) Buy Market supply and demand Aver. Buy (1000) Sell Aver. Sell Aver.B/ Aver.S Last session HOSE 418,594,440 5, ,195,170 5, HNX 89,753,100 6,078 94,721,400 6, ,000 2,500 2,000 1,500 1, Foreign trading Buying value (bn VND) Selling value (bn VND) Top 5 most volatile tickers Top 5 ticker in liquidity HOSE HNX Value Advancer s Ticker Closing price (1000đ) % change Ticker Closing price (1000đ) % chang e UDC ALT HAR VMC TIX TV FUCVREIT SEB DTA MDC Code Volum e (mln share) % order matchin g Code Value (blnvnd ) % order matchin g HOSE HNG ROS HQC HNG FLC DXG ITA VNM HAG SSI Decliners STT VID KAC PIT JVC HNX SHB SHB KLF ACB SHS CEO CEO VCG HUT HUT Top 5 tickers with largest supply-demand gap Buy- Sell Sell- Buy Ticker +/- (share) Ticker +/- (share) HOSE QCG 21,091,830 HQC 4,684,780 ROS 19,748,990 OGC 4,611,930 HNG 7,276,390 FLC 3,846,620 DCM 4,913,580 HHS 2,548,240 HAG 4,716,460 SCR 2,401,240 HNX KLF 4,071,300 SHB 3,769,900 SHS 898,000 HKB 2,987,900 TIG 847,900 HUT 1,376,900 LUT 719,400 VCG 1,268,300 VIX 668,700 KHB 1,001,100 Top 5 tickers net bought/sold by the foreign Buy- Sell Sell- Buy Ticker +/- (share) Ticker +/- (share) HOSE PNJ 750,000 STB 1,125,700 SSI 563,250 HPG 792,490 VCB 425,750 PNJ 750,000 GAS 375,810 DRC 661,560 REE 357,670 DCM 479,520 HNX VGC 113,100 PGS 1,150,000 ALV 26,900 CTS 204,600 TEG 26,300 ACM 80,000 PVC 25,100 BVS 77,000 BVS 15,200 ICG 68,500 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 Chief Economist Deputy Head of Research tmhoang@vcbs.com.vn Le Thu Ha Investment Analyst ltha_ho@vcbs.com.vn VIETCOMBANK SECURITIES COMPANY Ha Noi Headquarter Ho Chi Minh Branch Da Nang Branch Nam Sai Gon Transaction Unit Giang Vo Transaction Unit Can Tho Representative Office Vung Tau Representative Office An Giang Representative Office Dong Nai Representative Office Hai Phong Representative Office Binh Duong Representative Office Floor 12 th & 17 th, Vietcombank Tower, 198 Tran Quang Khai Street, Hoan Kiem 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 Floor 3 rd, V6 Tower, Plot V, Him Lam Urban Zone, 23 Nguyen Huu Tho Street, Tan Hung Ward, 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 Hoa Binh Avenue, Ninh Kieu District, Can Tho City Tel: (84-710) Floor 1 st, 27 Le Loi Street, Vung Tau City, Ba Ria - Vung Tau Province Tel: (84-64) /75/76/77/78 Floor 7 th, Vietcombank An Giang Tower, Hai Ba Trung, My Long Ward, Long Xuyen City, An Giang Province Tel: (84-76) Floor 1 st & 2 nd, 79 Hung Dao Vuong, Trung Dung Ward, Bien Hoa City, Dong Nai Province Tel: (84-61) Floor 2 nd, 11 Hoang Dieu Street, Minh Khai Ward, Hong Bang District, Hai Phong City Tel: (+84-76) Floor 3 th, 516 Cach Mang Thang Tam Street, Phu Cuong Ward, Thu Dau Mot City, Binh Duong Province. Tel: (+84-76) Page 4