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MARKET COMMENTARY

Markets at a Glance HSX HNX

Close 604.01 91.13

1 Day Change (%) (0.04%) +1.41%

Volume (Shares) 126,581,590 80,476,769

Value (VNDbn) 2,054 1,174

HSX/HNX-30 641.89 185.92

Gainers 130 125

Losers 80 76

Unchanged 74 68

Foreign Activity HSX HNX

Foreign Buying (VNDbn) 78.2(3.8%)* 20.5(1.7%)*

Foreign Selling (VNDbn) 97.9(4.8%)* 18.6(1.6%)*

Net Buying/Selling (19.7) 1.9* % Total Value

Table of Contents:

Market Commentary Page 1-2

Technical Analysis Page 3

HSX Indices Page 4

Economic News Page 5

Recommendation Page 6

Major Market Movers Page 7

HSX Sector Performance Page 8

Top 5 (By Market Cap) For Each Sector Page 9

ETF Trading Page 10

International Markets Page 11

Neighboring Markets Page 12

Contact Information Page 13

Disclaimer Page 14

The VN-Index edged down while the HNX-Index

surpassed 91

The VN-Index and HNX-Index, after ticking up earl

today, continued to move sideways around 605 and 9respectively thanks to stable supply and deman

forces. On the HSX, certain tickers, such as ASM, BS

DIG, DLG, ITA, KBC, PPI, SRC, VHG, VNE, attracted

strong cash inflow and gained sharply. However, a

blue-chips turned red, including FPT, GAS, GMD, KDC

MSN, the VN-Index closed with a 0.04% decline t

604.01. Meanwhile, on the HNX, alongside heav

demand for securities and petrol tickers, includin

BVS, KLS, VND, PGS, PVC, PVS, and PVX; KL

continued to hit its ceiling price. ACB also rose when

news concerning its additional purchase of 17.4 millioshares as treasury shares was released. Take

together, they boosted the HNX-Index by 1.41% t

reach 91.13. Trading volume on both exchanges

though falling marginally from yesterday, still stood a

a relatively high level.

Foreign investors today net sold VND19.7 billio

(USD934,000) on the HSX with EIB, GAS, PVD. On th

HNX, they net bought mainly AAA, BVS, PLC, SHS

VND, worth VND1.9 billion (USD90,000).

The VN-Index, with todays minor decrease, trade

sideways above the MA100 and below the MA50

Meanwhile the HNX-Indexs breakthrough 90-9

further confirms the possibility of an uptrend. Th

market movements today demonstrate that th

demand forces have restored confidence at hig

prices, which acts as a positive signal. Therefore, w

believe that investors could increase their weight o

stocks when the market maintains its positive signal

over the next several sessions.

DAILY MARKET REVIEWNovember 12, 2014

Please read the disclaimer at the end of this report

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SBV issues new Circular to tighten bank operation and deal with

cross-ownership in the banking system.

The State Bank of Vietnam (SBV) recently issued the Circular 30/2014/TT-NHNN

(Circular 30) which comes into effect on J anuary 1, 2015. The circula

stipulates rules on trustee companies and entrustment receiving profession o

the foreign credit institutions and bank branches.

This Circular replaces Circular 04/2012/TT-NHNN. It overcomes the limitation oCircular 04 and simultaneously prevents cross-ownership in banking systems

The new circular introduces the concept of entrustment profession an

entrustment receiving profession of foreign credit institutions and ban

branches. Particularly, credit institutions and bank branches are granted th

right to entrust and receive entrustment on the following activities: lending

financial leasing, capital contribution, purchasing shares, investment i

production or business projects, purchasing corporate bonds. Additionally, thi

circular also provides guided some specific cases when foreign cred

institutions, bank branches and financial leasing companies could entrust an

receive entrustment legally.

Furthermore, Circular 30 also stipulates the strict regulation in granting cred

when the credit institutions aim to process entrustment and receive

entrustment. An expert in banking systems commented that some bank

avoided the prevailing regulation to carry out the activities of entrustment an

receiving entrustment with the aim of controlling the financial market. Hence

Circular 30 is a step in the restructuring of the banking industry that shoul

improve Vietnams transparency in the eyes of foreign investors.

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HSX Daily Chart (3 Month) VN-Index

Closed above the MA100:The VN-Index move

sideways in a narrow band today before closing nea

the lower band. The technical chart showed a sma

black cande with high volume, reflecting th

accumulation in volume of HSXs stocks. The inde

was still held below the resistance level of 608 - 610

formed by the MA50 but in a positive sign, it close

today above the MA100, which was at 603.

Outlook: The VN-Index is likely to rise tomorrow in a

attempt to break through the threshold of 608 - 610.

HNX-Index

Broke through the Bollinger Bands: The HNX

Index rose sharply today, approaching its previou

peak at 91.9. The technical chart showed a long whit

candle with high volume, which broke through th

upper band of the Bollinger Bands. It was a positiv

signal, which may initiate a new uptrend for the HNX

Index.

Outlook: The HNX-Index is likely to double check th

upper Bollinger band at 90.8 91.0 before closing wit

a gain.

VN30 - Index

Accumulated below the MA100: The VN3

dropped slightly today and formed a small spinnin

top on its technical chart. The index was supported b

the MA5 at 640 - 641 but still held below the resistanc

level of the MA100, which was at 644. This was th

third consecutive session that the VN30 accumulate

in volume below this threshold and we believe that

will generate a break-out signal soon.

Outlook: The VN30 could rise tomorrow in a

attempt to break through the MA100.

HNX Daily Chart (3 Month)

Vn30 Daily Chart (3 Month)

TECHNICAL ANALYSIS

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Source: HS

VNSmall 732.5 1.40% VNMidcap 668.92 0.40%

VN100 584.92 0.05% VNAllshare 593.62 0.15%

540

560

580

600

620

640

660

680

700

720

740

760

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520

540

560

580

600

620

640

660

680

700

08/14 09/14 10/14 11/14

490

510

530

550

570

590

610

630

650

670

690

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490

510

530

550

570

590

610

630

650

670

690

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HSX INDICES

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DOMESTIC NEWS ECONOMIC NEWSVietnams consumer

co nfidence rebounds

Vietnamese banks assets are

on the rise

INTERNATIONAL NEWSNew bank rules proposed to

end to o big to fail

Brent crude prices hit a four-

yea r low on ove rsupp ly

concerns

According to the most recent data on consumer confidence released b

Nielsen, a global information and measurement company, Vietnam

consumer confidence index in the third quarter of 2014 makes a quantum lea

of four points from a quarter earlier and three points from last year. Althoug

savings still top the list of popularity, the number of respondents who prefe

savings diminishes for the first time in several years. The propensity tconsume is now shifting towards holidays, new clothing, latest technologica

products, household appliances replacement, and outdoor activities. Despit

increasing expenditures, 77% of Vietnamese consumers, after covering livin

expenses, still put their idle money in savings account.

The State Bank of Vietnam (SBV) recently posted the healthiest trend i

operation of credit institutions over the past few months with remarkabl

improvements in key indicators. In particular, as of September 30, total asset

of the whole system peaked at VND6,160 trillion (USD292 billion), up 6.12%

and up VND95,464 billion (USD4.5 billion) from August. Total assets acquire

by state-owned commercial banks and joint stock commercial banks swelle

by 8.53% and 5.66%, respectively, as compared to 2013. Meanwhile, the sam

figures for joint venture and foreign banks, and financial leasing companie

fell by 1% and 3.7%, respectively. The amount of banks contributed capita

totaled VND496.3 trillion (USD23.5 billion) in the first nine months, up 3.4%

Further, the capital adequacy ratio of credit institutions far exceeded SBV

requirements, standing at 13.43% as of September.

After the financial crisis in 2007 - 2009, governments had to spend billions o

dollars of taxpayer money to rescue banks that ran into trouble and coul

have threatened the global financial system if allowed to go under. Since then

regulators from the Group of 20 economies have been trying to find ways t

prevent this from happening again. The plans proposed by the Financia

Stability Board envisage that global banks, such as Goldman Sachs (GS.N

and HSBC (HSBA.L), should have a buffer of bonds or equity equivalent to a

least 16% to 20% of their risk-weighted assets, such as loans, from J anuar

2019. The new rule will apply to 30 banks deemed to be globally "systemically

important", though initially three from China on that list of 30 would be

exempt.

Brent crude prices slid to another four-year low on expectations that th

Organization of the Petroleum Exporting Countries (OPEC) would defer actio

to rein in ample global oil supplies. Oil prices have tumbled for months, a

moderate demand growth appeared insufficient to absorb growing crudsupplies. Many market watchers expect that OPEC, which controls more tha

one-third of global oil production, to maintain its collective output target at it

coming meeting on November 27. Brent, the global benchmark, fell 67 cents

or 0.8%, to USD81.67 per barrel on the ICE Futures Europe, the lowes

settlement price since October 19, 2010. Brent prices are down 29% from mid

J une highs. The U.S. Energy Information Administration, the Internationa

Energy Agency and OPEC all cut their forecasts for global oil demand growt

in recent months.

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RECOMMENDATION

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Top 5 Gainers on HSX (*) Top 5 Gainers on HNX (*)

Code Price Net Chg %+/- T %+/-T+3 Volume Code Price Net Chg %+/- T %+/-T+3 Volume

SRC 38,500 2,500 6.9% 4.1% 409,530 ITQ 14,300 1,300 10.0% 23.3% 422,153

BSI 10,800 700 6.9% 6.9% 684,310 KLF 14,300 1,300 10.0% - 20,442,392

PPI 14,300 900 6.7% 3.6% 1,843,890 VIX 62,400 5,600 9.9% 26.8% 739,120

CMG 10,300 500 5.1% 6.2% 204,930 S99 12,600 1,100 9.6% 8.6% 1,215,077

VHG 16,600 800 5.1% 3.1% 5,429,610 PCT 7,100 600 9.2% 12.7% 1,368,264

Top 5 Losers on HSX (*) Top 5 Losers on HNX (*)


PXL 4,300 (100) -0.2% - 288,900 VCS 27,900 (200) -0.7% -1.8% 121,400

HSG 50,500 (1,000) -0.2% -1.0% 133,520 SD6 15,800 (100) -0.6% 0.6% 228,870

VHC 57,000 (1,000) -0.2% 2.7% 920,420 API 14,900 - - -1.3% 390,900

SBA 11,700 (200) -0.2% -4.1% 183,890 PVG 12,000 - - -0.8% 121,300

KDC 61,500 (1,000) -0.2% -0.8% 473,810 CEO 17,000 - - 1.8% 1,040,350

(*) (Market cap. >150 VNDbn, Volume >100,000

Top 5 Volume on HSX Top 5 Volume on HNX (*)


FLC 12,400 200 1.6% 6.0% 17,430,220 KLF 14,300 1,300 10.0% 23.3% 20,442,392

ITA 9,200 400 4.5% 5.7% 11,077,390 SCR 10,600 400 3.9% 3.9% 8,313,558

VHG 16,600 800 5.1% 3.1% 5,429,610 PVC 36,000 2,300 6.8% 7.1% 4,002,041

OGC 9,000 - - -2.2% 5,014,620 PVX 6,500 200 3.2% 1.6% 3,878,603

KBC 18,000 300 1.7% 1.1% 4,543,300 SHS 12,500 300 2.5% 5.9% 3,583,214

Top 5 Net Buying on HSX by Foreign Investors Top 5 Net Buying on HNX by Foreign Investors

Code Price Buy Vol. Sell Vol. Net Vol. Net Value Code Price Buy Vol. Sell Vol. Net Vol. Net Value

KBC 18,000 631,550 52,000 579,550 10,337 SHS 12,500 620,600 - 620,600 7,701

DIG 15,000 442,240 - 442,240 6,532 VND 14,100 378,000 20,000 358,000 5,036

MWG 101,000 62,060 670 61,390 6,200 BVS 15,300 158,300 10,000 148,300 2,266

FLC 12,400 500,000 10 499,990 6,070 PLC 33,500 56,000 - 56,000 1,849

VIC 48,800 113,810 17,630 96,180 4,696 SD9 15,300 36,900 - 36,900 560

Top 5 Net Selling on HSX by Foreign Investors Top 5 Net Selling on HNX by Foreign Investors

Code Price Buy Vol. Sell Vol. Net Vol. Net Value Code Price Buy Vol. Sell Vol. Net Vol. Net Value

GAS 106,000 2,100 218,830 (216,730) (22,974) PVS 41,400 - 330,000 (330,000) (13,519

PVD 92,000 13,450 226,240 (212,790) (19,521) PVC 36,000 500 61,000 (60,500) (2,090

VHC 57,000 - 99,390 (99,390) (5,638) PVE 15,700 - 48,000 (48,000) (749

NBB 20,900 - 131,990 (131,990) (2,741) NBC 12,000 - 34,500 (34,500) (414

BVH 38,800 3,060 72,370 (69,310) (2,679) HMH 26,900 900 10,000 (9,100) (241

Value: in VNDmn and Volume: in shares Source: HSX, HNX, Bloomberg

MAJ OR MARKET MOVERS

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Outperforming

Underperforming

Note: We have chosen to present the sector index graphs on an equal weighting basis, whereas the 1-day and 30-day changes in the table

below are on a market-cap weighted basis. We have done this because a few large-cap companies can often dominate the performance

of a sector when measured on a market cap weighted basis, but this does not give investors an accurate picture of the investment

opportunities available there.

GICS SECTORS Market Cap Weighted Change 1D (%) Change 30D (%) P/E P/

Consumer Staples 23.8% -0.28% -1.81% 20.9 1

Energy 3.5% 0.35% -2.94% 16.4 2

Financials 34.2% 0.44% 0.92% 13.8 1

Health Care 1.5% 0.02% 4.52% 14.8 1

Industrials 7.3% 0.84% 1.69% 14.8 2

Information Technology 1.8% -0.54% -2.15% 16.5 2

Materials 6.5% -0.04% 1.40% 12.0 1

Utilities 21.3% -0.80% -1.86% 10.3 1

Source: Bloomberg, VPBS collecte

-10

0

10

20

30

40

50

60

70

80

90

100

110

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HSX (Equal Weighted) Energy Technology

-10

0

10

20

30

40

50

60

70

80

90

100

110

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HSX (Equal Weighted) Consumer Financials

Health Care Industrials Materials

Utilities

HSX SECTOR PERFORMANCE

i/

(L

s

ain/(Lo

s

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Outperforming Sectors on HSX

Technology Energy

Code P/E P/B ROEMarket Cap.

(VNDbn)Change 30D Code P/E P/B ROE

Market Cap.(VNDbn)

Change 30D

Average 16.5 2.1 16.5% -2.2% Average 16.4 2.1 29.5% -2.9%

FPT 10.5 2.3 23% 17,367 -2.9% GAS 18.0 5.7 0.3 200,870 -6.2%

ELC 14.3 0.9 6% 539 -0.7% PVD 10.9 2.5 25% 27,879 -8.9%

CMG 16.9 1.1 7% 682 6.2% PGD 12.3 1.7 14% 2,064 -4.2%

SGT 17.2 0.9 5% 355 9.1% CNG 8.7 2.5 29% 1,023 -1.8%

TIE 3.1 0.6 19% 152 -6.5% PGC 9.8 1.2 12% 754 -0.7%

Underperforming Sectors on HSX

Health Care Financials



Market Cap.(VNDbn)

Change 30D

Average 14.8 1.7 16.0% 4.5% Average 13.8 1.1 10.6% 0.9%DHG 15.4 3.9 28% 8,498 3.7% VCB 15.3 1.4 11% 72,755 1.1%

TRA 14.1 2.7 22% 1,875 0.0% CTG 9.2 1.0 11% 53,617 -1.4%

J VC 19.0 1.2 7% 2,025 4.3% VIC 13.4 3.8 29% 70,982 0.4%

OPC 14.3 2.0 15% 791 1.7% BVH 21.8 2.3 10% 26,402 -4.0%

DMC 9.1 1.7 19% 1,149 1.2% STB 8.9 1.3 14% 21,822 1.6%

Industrials Consumers



Market Cap.(VNDbn)

Change 30D

Average 14.8 1.1 8.1% 1.7% Average 20.9 1.5 15.2% -1.8%

REE 9.2 1.4 0.2 7,624 -4.0% VNM 18.3 5.7 33% 104,012 -5.5%ITA 67.9 0.8 1% 6,614 3.4% MSN - 4.3 - 61,072 1.8%

GMD 6.8 0.8 13% 3,995 -3.6% KDC 26.4 2.3 9% 15,692 5.1%

BMP 8.2 1.9 25% 3,024 -3.6% VCF 14.3 4.3 34% 5,316 3.1%

PVT 15.9 1.4 8% 4,580 -0.6% DRC 14.8 3.5 25% 4,943 -3.3%

Utilities Materials



Market Cap.(VNDbn)

Change 30D

Average 10.3 1.4 13.3% -1.9% Average 12.0 1.0 11.9% 1.4%

PPC 10.9 1.5 14% 8,081 2.8% HPG 8.8 2.4 31% 27,710 -1.7%

VSH 12.2 1.1 8% 3,011 0.7% DPM 9.5 1.2 12% 11,398 -2.6%

TMP 9.2 2.0 23% 1,785 7.1% HSG 15.1 2.1 14% 4,864 5.0%

TBC 12.0 1.7 15% 1,600 6.3% POM - 0.7 -2% 1,733 -3.1%

BTP 10.0 0.9 9% 895 3.5% DPR 5.9 0.8 13% 1,605 -8.3%

Source: Bloomberg, VPBS collected

TOP 5 (BY MARKET CAP) FOR EACH SECTOR

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ETF TRADING

Ticker NAVDaily

changeNAV

SharesOutstanding

DailyChange in

ShareOutstanding

Lastprice

DailyChange

price

Premium/Discount

Date ofannouncements

VNM $ 21.20 -0.24% 25,850,000 0 $ 21.07 -0.14% -0.62% Price at 11/11/2014NAV at 11/11/2014

FTSE Vietnam $29.54 -0.22% 14,566,400 0 $ 29.53 0.00% -0.03%Price at 11/11/2014NAV at 11/11/2014

Market Vec tor Vietnam ETF FTSE Vietnam ETF

Total Share Outstanding

Difference between Price and NAV (%) Difference between Price and NAV (%)

Source: Bloomberg, VPBS collected

17

18

19

20

21

22

23

24

25

2627

28

29

05/14 06/14 07/14 08/14 09/14 10/14

11

12

13

14

15

05/14 06/14 07/14 08/14 09/14 10/14

-3%

-3%

-2%

-2%

-1%

-1%

0%

1%

1%

2%

2%

05/14 06/14 07/14 08/14 09/14 10/14

-5%

-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

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Dow Jones 17,614.90 0.01% Nasdaq 4,660.56 0.19%

FTSE 6,598.94 -0.43% DAX 9,271.99 -1.04%

NIKKEI 225 17,197.05 0.43% SHANGHAI 2,494.48 1.00%

7,500

8,000

8,500

9,000

9,500

10,000

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2,000

2,100

2,200

2,300

2,400

2,500

2,600

08/14 09/14 10/14 11/14

12,800

13,600

14,400

15,200

16,000

16,800

17,600

08/14 09/14 10/14 11/14

3,910

4,080

4,250

4,420

4,590

4,760

08/14 09/14 10/14 11/14

5,800

6,000

6,200

6,400

6,600

6,800

7,000

08/14 09/14 10/14 11/14

15,000

15,500

16,000

16,500

17,000

17,500

18,000

08/14 09/14 10/14 11/14

INTERNATIONAL MARKETS

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78

88

98

108

118

128

138

148

11/13 01/14 03/14 05/14 07/14 09/14 11/1

Ho Chi Minh Stock Exchange MSCI EFM ASIA Index Bangkok Stock Exchange

Jakarta Stock Exchange Philippines Stock Exchange

0

4

8

12

16

20

24

P/E P/B ROE ROA

Bangkok Stock Exchange Jakarta Stock Exchange

Philippines Stock Exchange Ho Chi Minh Stock Exchange

MarketBangkok

StockExchange

J akartaStock

Exchange

PhilippinesStock

Exchange

Ho ChiMinh StocExchang

P/E 18.5 19.5 20.9 14

P/B 2.2 2.5 2.9 2

ROE 12.7 12.7 14.5 13

ROA 3.0 3.1 3.3 2

Market Cap.(USDbn)

436.4 386.8 182.0 51

Foreign Net Inflow- YTD (USDmn)

(446.2) 4,042.6 786.4 178

Foreign Net Inflow- 5D (USDmn)

133.9 74.0 14.3 2

GDP Growth(%yoy)

2.9 5.8 7.2 5


NEIGHBORING MARKETS

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C ONTAC T INFORMA TION

For further information regarding this report, please contact the f ollow ing mem bers of the VPBSresearch department:

Barry David WeisblattHead of [email protected]

Nguyen Thi Thuy LinhDirector M acro & [email protected]

Vu Minh Duc Director - Technical [email protected]

Nguyen Ba HoanSenior [email protected]

C ao Tien CuongJ unior [email protected]

Hoang Thuy LuongResearch [email protected]

For any questions regarding your account, please contact the following:

Marc Djandji, C FAHead of Institutional Sales & Brokerage& Foreign [email protected]+848 3823 8608 Ext: 158

Ly Dac DungDirector of Retail Sales & [email protected]+ 844 3974 3655 Ext: 335

Vo Van PhuongVice President of Retail Sales &[email protected]+848 6296 4210 Ext: 130

DomaluxVice President of Retail Sales &[email protected]+848 6296 4210 Ext: 128

Tran Duc VinhVice President of Retail Sales &[email protected]+848 3835 6688 Ext: 369

Nguyen Danh V inhAssociate Vice President of RetailSales & [email protected]+848 3823 8608 Ext: 146

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