Thursday, 11 th August, 2016 MARKET SNAPSHOT VN Index exceeded 660 points, reactivated upward trend. Liquidity was at a high level. Foreign investors were net buyers on both exchanges. Market Highlights HSX HNX Index 660.24 83.24 +/- (%) 1.84% 1.19% (share) 140,823,073 43,741,801 Value (VNDmln) 2,592.07 571.13 Advancers 162 111 Decliners 70 126 Unchanged 61 20 Foreign Investment HSX HNX Buy (VND bln) 420.43 31.02 Sell (VND bln) 380.86 14.66 Net position (VND bln) 39.58 16.36 VCBS COMMENTARY Market recorded its strongest gain in nearly a month. Liquidity surged, accompanied by positive investors sentiment. Highlight was kept on large-cap stocks in VNM and VCB while these two tickers contributed more than 50% index's gain. Meanwhile, the role of VIC temporarily faded when bottom-fishing shares on Monday were available for trading and consequently created a certain profit-realizing pressure. However, bullish momentum continued to spread as advancers completely outpaced decliners. From sectors perspective, the consensus in all stock groups caused indices continuous advance during the session, VN Index successfully exceeded resistance level of 660 points and closed at its highest level today. Therein, besides Banking, Food Consumption, many tickers in Building Materials, Insurance, Automobile, etc extended impressive growth. As mentioned in previous reports, we believe that the banking system s abundant liquidity and steady disbursing momentum of foreigners (excluding transaction at VIC) were the good supporting factors for market's recovery. Indicators signal is confirming the positive trend in short-term as index broke MA20 with high liquidity, inflows continued to rotate. Accordingly, market is likely to maintain recovering momentum in upcoming sessions. However, current phase still derived largely from a few pillars while previous high in July is present. During this stage, investors can consider disbursing partly in blue chips leading the trend or fundamental stocks dropping sharply in recent period instead of chasing buy to keep proactive position and minimize risks.
TECHNICAL VIEW Two indices surged. A high level of liquidity indicated demand is activated strongly. VN Index left MA20 behind and reactivated upward trend. Meanwhile, HNX Index is approaching MA20. Accordingly, in short-term, investors may disburse gradually, focus on blue chips leading the trend or good fundamental stocks dropping sharply in recent period. VN Index VN Index formed the fourth consecutive empty green candle, closed above MA20. Liquidity rebounded, indicating that bottom-fishing demand was reactivated. The next candles tend to verify midterm resistance trend line. Support level: 660; resistance level: 680. HNX Index HNX Index formed the third consecutive empty green candle with long real body and was close to MA20. Liquidity still increased, indicating that demand continued to maintain on the market. Upcoming candles are likely to verify MA20. Support level: 83, resistance level: 85. www.vcbs.com.vn Page 1
ENTERPRISE IN FOCUS FCN FCN has released 1H2016 operating result at revenue of VND644bn (+18,6% yoy, 24,8% target), consolidated net profit reached VND46,5bn (-12,5% yoy, 26,9% target) and EAT of parent company posted at VND45,6bn. Revenue growth increased but lowering in profits as compared to last year is mainly due to corporate management cost and interest expenses were boosting up rapidly as compared to revenue growth. Prospect: By August 2016, FCN s total value of signed contracts hit VND2.300bn. Besides, FCN frequently account business result in Q.4 as regular. We forecasted that in 2016, FCN would reach revenue of VND2.400bn (+13,5% yoy) and EAT from parent company would hit VND162bn (+14,1% yoy), corresponding to EPS forward 2016 which was VND3.543/share. Preliminary Assessment: FCN might continue to maintain their growing momentum in 2016, despite the rapid improvement of corporate management cost and also interest expense should be concerned. In terms of EPS forward 2016 is expected to reach VND3.543/share, equivalent with P/E forward by 5,62 times. Considering reasonable value of VND24.623/share (excluding 10% of net cash dividend), higher than approximately 20% as compared to the market price, which was rather attractive, therefore we suggest to BUY for FCN. www.vcbs.com.vn Page 2
MARKET STATISTICS (1000) Market supply and demand Buy Aver. Buy (1000) Sell Aver. Sell Aver.B/ Aver.S Last session HOSE 320,565,830 5,245 248,178,990 4,674 1.12 0.97 HNX 71,171,600 4,847 67,984,200 4,937 0.98 0.99 500 400 300 200 100 0 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 NKG 29.30 6.93 HGM 44.10 9.98 MHC 9.30 6.90 BSC 31.00 9.93 TCM 18.70 6.86 BXH 18.50 9.47 STK 23.40 6.85 FID 15.90 9.41 HAG 6.30 6.78 VFR 12.90 9.32 Decliners PNC 11.20-13.18 TTF 12.20-12.86 VMD 30.00-8.81 SAV 8.00-6.98 GTA 16.40-6.82 Code (mln share) % order matching Code Value (blnvnd) % order matching HOSE ITA 10.77 7.99 VNM 281.22 11.39 KBC 10.37 7.70 KBC 183.04 7.42 FLC 7.61 5.65 HPG 180.45 7.31 HAG 6.95 5.16 HSG 102.59 4.16 HAR 5.44 4.04 CII 97.21 3.94 HNX VCG 4.06 9.45 VCG 59.48 10.56 SCR 3.54 8.23 PVS 49.52 8.79 PVS 2.50 5.81 DST 45.34 8.05 HKB 2.46 5.73 SCR 34.00 6.04 SHB 2.33 5.41 BII 26.57 4.72 Top 5 tickers with largest supply-demand gap Buy- Sell Sell- Buy Ticker +/- (share) Ticker +/- (share) HOSE ITA 31,139,810 TTF 16,740,140 FLC 10,004,960 DRH 3,309,870 KBC 6,348,410 HAR 1,725,100 HHS 5,532,680 PPI 1,594,130 HAG 5,233,440 NT2 754,270 HNX SHB 1,651,800 PVX 1,174,300 KLF 1,146,600 HUT 798,000 SCR 831,900 ACM 420,000 DCS 570,800 HKB 401,300 PV2 479,200 VND 367,400 Top 5 tickers net bought/sold by the foreign Buy- Sell Sell- Buy Ticker +/- (share) Ticker +/- (share) HOSE FLC 2,592,210 HBC 1,690,180 VNM 1,030,390 JVC 1,329,100 HPG 823,010 VIC 1,044,790 SSI 566,070 VNM 810,820 MBB 470,000 HPG 598,360 HNX PVS 805,000 AAA 114,600 DLR 187,000 NTP 88,400 VND 140,000 VNR 43,000 VIT 70,000 VCG 42,300 BVS 63,900 SCR 24,000 www.vcbs.com.vn Page 3
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 http://www.vcbs.com.vn 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)-39366990 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)-3820 8116 Floor 12 th, 135 Nguyen Van Linh Street, Thanh Khe District, Da Nang City Tel: (84-511)-3888991 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)-54136573 Floor 1 st, Building C4 Giang Vo, Giang Vo Ward, Ba Dinh District, Hanoi Tel: (84-4)-37265551 Floor 1 st, Vietcombank Can Tho Building, 7 HoaBinh Avenue, NinhKieu District, Can Tho City Tel: (84-710)-3750888 Floor 1st, 27 Le Loi Street, Vung Tau City, Ba Ria - Vung Tau Province Tel: (84-64)-3513974/75/76/77/78 Floor 6 th, Nguyen Hue Building, 9/9 Tran Hung Dao Street, My Xuyen Ward, Long Xuyen City, An Giang Province Tel: (84-76)-3949843 F240-F241 Vo Thi Sau Street, 7 th Block, Thong Nhat Ward, Bien Hoa City, Dong Nai Province Tel: (84-61)-3918815 Floor 2 nd, 11 Hoang Dieu Street, Minh Khai Ward, Hong Bang District, HaiPhong City Tel: (+84-76) 3949 843 Floor 3th, 516 CachMangThang Tam Street, PhuCuong Ward, Thu Dau Mot City, Binh Duong Province. Tel: (+84-76) 3949 843 www.vcbs.com.vn Page 4