DAILY MARKET REPORT VCBS COMMENTARY MARKET SNAPSHOT. Thursday, 18 th August, 2016

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1 Thursday, 18 th August, 2016 MARKET SNAPSHOT Indexes suffered mixed tones. Liquidity rose slightly. The Foreign extended net-sold momentum on HOSE to fourth consecutive session. Market Highlights HSX HNX Index /- (%) 0.02% -0.06% (share) 131,545,569 37,855,723 Value (VNDmln) 3, Advancers Decliners Unchanged Foreign Investment HSX HNX Buy (VND bln) Sell (VND bln) Net position (VND bln) VCBS COMMENTARY A fluctuated state was still the highlight of today's session. Excitement in early session caused VN Index quickly conquer level of 665 points. However, selling pressure on many stocks, which focus on some certain blue chips led index s tumble below the reference level. In the afternoon indexes rebounded insignificantly. Market breadth narrowed significantly as decliners outpaced advancers. Stocks relating to SCIC s divestment schedule diverged as only VNM, BMP, BMI, VNR painted with green ink. Therein, gaining momentum of VNM, especially at the close, led Food consumption became the market s spotlight. Some sectors such as Steel or Pharmaceuticals, etc though experienced a nice advance in early session, rapidly decelerated later on. Notably, in the afternoon, MSN unexpectedly recorded a surplus at ceiling price after information that Masan Group decided to buy back up to 20 million shares (approximately 2.64% of charter capital) as treasury stocks from share premium. This is positive news for the stock price performance of MSN in the near future. However, investors should keep a certain discretion when (1) this news did not mention stock repurchase price and (2) MSN is one of stocks were strongly net-sold by foreign investors, especially in chain of 4 phenomenal net-selling sessions since the beginning of the week. On worldwide market, the minutes of FED's July meeting was released. Accordingly, FED's members agreed that it still needs more time to confirm the steady recovery of the economy and labor market. Therefore, FED will almost certainly not raise interest rate in September meeting. However, FED did not exclude the possibility interest rate hike in remaining two meetings. Rotation of inflows between the groups is still a catalyst keeping indexes moving sideways. However, in contrast, we believe that the chain of 4 consecutive net-sold sessions by foreign investors this week is a factor that investors need to monitor, especially when market enters a shortage of information. Accordingly, investors can seek profitable opportunities with short-term buy low - sell high strategy at the stocks leading trend or owning fundamental supporting factors. However, discretion is still essential, as the mid-term trend is not clear.

2 TECHNICAL VIEW Two indices were mixed. Liquidity was stabilized at a high level. VN Index s trend is still moving sideways in a narrow range of points while HNX can remain positive developments. Investors are recommended to maintain the share rate in the portfolio, especially in the stocks leading trend or owning individual stories. VN Index VN Index formed a solid green candle with long real body, remained moving sideways trend in points range. Liquidity rose slightly. The next candles tend to move in a narrow range before forming a new trend. Support level: 650; resistance level: 670. HNX Index HNX Index formed a red candle with long shadow and still closed above MA20. Lower liquidity indicated that selling pressure was not too great. Upcoming candles are likely to approach the upper of Bollinger Band. Support level: 82, resistance level: Page 1

3 ENTERPRISE IN FOCUS MWG Update to 6M.2016: 2Q.2016 witnessed a positive business result of MWG. In details, MWG generated VND 19,650 bn (+80.9% yoy, 57.5% plan) in net revenue, VND834.9bn (+82.9% yoy, 60.2% plan) in NPAT. By June 2016, MWG has 827 mobile stores (+192.3% yoy) and 111 consumer electronic stores (258.1% yoy). While 16 Bach hoa Xanh minimart stores are tested at Ho Chi Minh City market, which NPAT is negative in the first 6M Other information: MWG just launched a beta version vuivui.com, which is B2C and partnership B2C e-commerce website. In addition, MWG intends to open fisrt mobile store in Campuchia market in overseas investment plan prospect: The growth driver will come from The gioi di dong and Dien may Xanh by expanding store chain to mobile stores and 160 consumer electronic stores. Regarding Bach hoa Xanh minimart, MWG will continute phrase 2 of markettesting period by building Distribution Centre and enhancing logistics operation, which is not expected to bring positive NPAT for MWG in General assessment: We forecasts MWG will have VND 50,872 bn (+101.4% yoy, 148.9% plan) in net sales and VND 1,971 bn (+83,3% yoy, 142% plan) in NPAT. Therefore, EPS forward, which is adjusted by ESOP next December 2016, will be 3,843 VND/share. MWG is traded at P/E forward 12. We recommend HOLD for MWG. STK Ending 1H.2016, STK has recorded a poor performance compared to the yearly target that the company had set. Therefore, 1H.2016 revenue was posted at VND billion (+5.26% yoy, 40.34% target) and PAT was posted at VND billion ( % yoy, 25.27% target). We believe that STK will not be able to achieve its financial targets of VND billion (+58.87% yoy) in revenue and of VND billion ( yoy) in PAT since the first half of the year is usually the high season for yarn exporting due to high demand of yarn for fall-winter clothing. However, we think STK will surely complete around 74.67% revenue target, which is VND 1,228 billion (+18.60% yoy) and around 70.81% PAT target, which is VND 90 billion (+26.19% yoy). Hence, forward EPS is estimated at VND 1,682/share, corresponding to a P/E of times. This P/E is higher than the average P/E of other companies that produce materials for textile industry, which is times. Therefore, we put a HOLD recommendation for STK until the end of the year. Page 2

4 MARKET STATISTICS (1000) Market supply and demand Buy Aver. Buy (1000) Sell Aver. Sell Aver.B/ Aver.S Last session HOSE 217,890,830 3, ,399,500 4, HNX 55,763,900 4,362 64,502,600 4, 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 TIX NPS HAS BKC MSN BXH KDC HBE BTP PCG Decliners VAF DTL HNG CLG DRH Code (mln share) % order matching Code Value (blnvnd) % order matching HOSE DLG VNM KBC HPG HAG KBC ITA HSG CII MSN HNX HUT PVS VCG VCG SCR HUT PVS SCR SHB CVT Top 5 tickers with largest supply-demand gap Buy- Sell Sell- Buy Ticker +/- (share) Ticker +/- (share) HOSE CII 2,636,070 TTF 16,147,780 HQC 1,791,740 TNT 8,826,880 DHM 1,146,610 DLG 7,247,500 TCM 849,020 DRH 6,452,310 KDC 793,520 HAG 5,341,190 HNX SCR 1,965,700 KLF 1,538,100 PXA 341,100 PVX 1,207,900 TVC 297,400 HUT 1,104,700 MST 289,900 SHB 729,000 PVS 289,300 KSK 654,800 Top 5 tickers net bought/sold by the foreign Buy- Sell Sell- Buy Ticker +/- (share) Ticker +/- (share) HOSE NBB 3,900,000 NBB 3,900,000 MWG 1,000,000 MSN 1,217,180 VNM 934,180 VNM 1,081,020 FIT 302,000 MWG 1,000,810 PVT 300,060 PVD 864,940 HNX BVS 356,100 HUT 334,500 VND 267,400 VNR 150,000 PVS 157,800 BVS 56,000 NDX 28,800 VND 42,000 SHB 23,000 SCR 40,000 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