VPBSDailyMarketReview2014.06.03E

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MARKET COMMENTARY

Markets at a Glance HSX HNX

Close 558.76 74.96

1 Day Change (%) +0.35% +0.21%

Volume (Shares) 58,635,970 36,992,408

Value (VNDbn) 895 345

HSX/HNX-30 612.49 149.24

Gainers 102 98

Losers 78 81

Unchanged 96 59

Foreign Activity HSX HNX

Foreign Buying (VNDbn) 215.7(24.1%)* 13.5(3.9%)*

Foreign Selling (VNDbn) 73.9(8.3%)* 2.7(0.8%)*

Net Buying/Selling 141.8 10.8

* % Total Value

Table of Contents:

Market Commentary -2

Market Activity Page 3

Technical Analysis Page 4

HSX Indices Page 5

Company News Page 6

Economic News Page 7

Major Market Movers Page 8

HSX Sector Performance Page 9

Top 5 (By Market Cap) For Each Sector Page 10

ETF Trading Page 11

International Markets Page 12

Neighboring Markets Page 13

Disclaimer Page 14

Weak market rally still fails to break through resistance levels

The indices demonstrated some efforts to rise today. On the HSX, foreign investors sustained their massive net buying activities in the amount of VND141.8 billion, mainly in blue-chips such as STB, DPM, MSN, VIC, VCB and BVH. At one point, this created momentum to push the VN-Index through the resistance level of 560 points. Meanwhile, on the HNX, three successive losing sessions created buying forces to revert on SHB, SHS, SCR, VCG and KLF. At times the HNX-Index even approached its MA10 at 75.5 points.

However, demand for purchases at high prices on both exchanges was unstable. As a result, the two indices closed with only slight increases. The VN-Index ended the trading session at 558.76 points, up by 0.35% while the HXN-Index closed at 74.96 points, after an increase of 0.20%. Notably, liquidity tumbled compared to previous sessions, reflecting the weakening buying forces at the resistance levels.

Accordingly, we do not believe that the market rally today should be a signal of breaking through the VN-Index medium term resistance level of around 560 points. On the contrary, the weakening buying forces at high prices may bring a downward trend to the market in tomorrow’s trading session and subsequent sessions. Therefore, we maintain our position that the VN-Index is likely to see a correction to the area of 530 to 535 points before recovering.

DAILY MARKET REVIEW June 3, 2014

Please read the disclaimer at the end of this report


Garment and textile industry to search for other potential markets for raw materials

A recent report on the garment and textile industry shows that May’s production volume declined compared to April as protests against China caused disruptions in some firms. According to the report, total exports of garment and textiles in the first five months of this year are estimated at USD7.44 billion, up 17 percent y-o-y. The garment and textile sector is currently proactively searching for supply sources to be ready for the TPP. Many large firms are planning to expand their business and improve yarn supply ability, reducing import value.

The garment and textile industry ranked second in total export turnover last year with USD17.9 billion, which accounted for 13.5 percent of the total exports. The United States, European Union, Japan and Korea are main destinations for Vietnam’s garment and textile exports. However, Vietnam depends heavily on imported materials from China. In 2013, 45 percent of the value of imported fabric and 36 percent of garment and textile materials were from China.

The rising tension between Vietnam and China in the East Sea may strongly affect garment and textile sourcing. Thus, Vietnam’s garment and textile association has released a document calling on all firms in the industry to search for other potential markets from which to import materials. This is also a chance for Vietnam’s garment and textile industry to reduce it’s dependent on China and to improve the production capability of the raw materials, which will help this industry to meet the “yarn forward” condition of the TPP which states that in order to be fully eligible for zero tariff treatment, a products raw materials must be sourced from TPP member countries.


HSX- Intraday

HNX – Intraday

Market Highlights

Both the HSX and HNX partially recovered yesterday’s losses. Particularly, the HNX experienced a rebound after three successive adjustments. However, liquidity tumbled on both exchanges.

HSX

After yesterday’s correction, the HSX experienced a relatively quiet day of trading as most investors sat on the sidelines and observed the market as spectators rather than as traders. Money poured mainly into FLC, LCG, HQC, ITA, IJC, STB, OGC, HAG and VHG while other large-, medium- and small-cap stocks sat much more idle. Investors seem to have diminished patience for holding stocks yet are reluctant to sell at low prices. Conversely, investors with abundant cash-in-hand were reticent to disburse even at high price levels. The VN-Index closed at 558.76 points, up by 0.35% but liquidity tumbled by 27% to 58.6 million shares.

HNX

After three successive corrections, the HNX today experienced an inactive trading session as investors limited their trading activities. Today’s money was directed mainly towards KLF, KLS, SCR, SHB, SHS and VCG which helped these tickers bump up slightly. The HNX-Index closed at 74.96 after a recovery of 0.21%. Nevertheless, liquidity dropped sharply by 29.3% to 37 million shares.

Foreign investors

Foreign investors continued their net buying status on both exchanges. They net bought VND141.8 billion on the HSX, focusing on DPM, DXG, GAS, GMD, ITA, MSN, STB and VCB. On the HNX, they net purchased VND10.8 billion, directing their attention towards IVS, PVS, SHB, VCG, VIG and VND.

MARKET ACTIVITY

552

555

558

561

564

9:00 10:00 11:00 12:00 1:00 2:00 3:00

74,0

74,5

75,0

75,5

9:00 10:00 11:00 12:00 1:00 2:00 3:00

75.5

75.0

74.5

74.0


HSX – Daily Chart (3 Month)

VN-Index

The chart showed a “no demand” candle: The VN-Index rose slightly today and closed at 558.76, equivalent to the 5-day moving average. However, the volume fell sharply with only 58.6 million shares traded, indicating, once again, the weakness of the demand. Within the domain of technical chart analysis, we classify a day like the one we saw in today’s market (with the above characteristics) as “no demand.”

Outlook: Following this no demand candle, the VN-Index is likely to continue falling tomorrow. The MA10 support level is now at 552.

HNX-Index

The HNX-Index witnessed a modest gain: The HNX-Index tried to rally in today’s session but weak demand put the brakes on any significant movement. The market closed with a small white candle and the volume sharply declining. The HNX-Index is still pegged below the MA10, indicating further declines are highly probable in the next few sessions.

Outlook: The HNX-Index is likely to go down tomorrow to test the support level of the MA20 at 74.

VN30 - Index

The volume fell sharply: Similar to the scenario we saw with the VN-Index, the VN30 witnessed a small gain today and then closed below the MA5. The volume also fell sharply from 24 million shares yesterday to only 15.2 million this session. This lackluster activity continues to underscore the weakening of demand in the high price areas of VN30 stocks.

Outlook: The VN30 is likely to fall tomorrow to test the support level of the MA10 at 600.

HNX – Daily Chart (3 Month)

Vn30 – Daily Chart (3 Month)

TECHNICAL ANALYSIS


Source: HSX

VNSmall 569,57 -0,01%

VNMidcap 559,05 0,17%

VN 100 546,47 0,21%

VNAllshare 547,95 0,20%

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HSX INDICES


COMPANY NEWS VNM: Vietnam Dairy JSC was granted investment certificate for a project in Poland

VHC: Vinh Hoan Corporation transfers its subsidiary for USD19.6 million

Vietnam Dairy JSC, Vinamilk (Ticker: VNM – HSX) was granted a certificate for overseas investment in Poland by the Ministry of Planning and Investment on May 30, 2014. As such, the Company will establish Vinamilk Europe Limited Company, 100% owned by VNM, in Poland. With investment capital of USD3 million, the new company is charged with trading agricultural materials (livestock, materials for dairy production, foods and beverages), wholesaling and retailing dairy products, etc. Recently, Vinamilk has executed a series of overseas investments. In December 2013, VNM increased its investment capital in Miraka Limited in New Zealand, from NZD12.5 million to NZD14.4 million, equivalent to a 19.3% ownership stake. In early 2014, the Company was granted permission establish a joint venture, a dairy factory, with a Cambodian partner, Angkor Dairy Products. The factory has total investment capital of USD23 million, of which Vinamilk owns 51% and the Cambodian partner contributes 49%. Further, Vinamilk also acquired 70% stake of Driftwood, a company based in the United States. VNM’s shares today closed at VND124, 000 per share, unchanged vs yesterday price P/E of 16.2 times.

Vinh Hoan Corporation (Ticker: VHC – HSX) has recently contracted to sell its entire ownership of 70% in Vinh Hoan 1 Aqua-feed JSC (VHF) at a price of USD19.6 million. VHC targets to deploy an integrated vertical value chain and continue its core business strategy of focusing on pangasius farming and processing,. As such, the Company is in the middle of restructuring its investment portfolio to optimize revenue and profit. The liquidation of all its ownership stakes in VHF was a step consistent with its implementation of their corporate strategy. The transaction partner was Pilmico International Pte. Ltd., a subsidiary of Aboitiz Equity Venture, Inc., that specializes in animal feed in the Philippines. The revenue of the stock liquidation will be recorded in July, 2014 after the transaction is completed. The cost of investment incurred by VHC was VND70 billion. Further, Vinh Hoan is the only Vietnamese enterprise entitled to a favorable anti-dumping tax rate of USD0 per kg according to the final determination made by The US Department of Commerce in their ninth anti-dumping duty administration review conducted between August 1, 2011 and July 31, 2012 (POR 9).

VHC’s shares today closed at VND32, 100 per share, unchanged vs yesterday price, P/E of 16.3 times.


DOMESTIC NEWS ECONOMIC NEWS Vietnam's public debt index currently stands at safe level

U.S. pledges continued support to Vietnam’s economic development

INTERNATIONAL NEWS Manufacturing growth slows in eurozone

MSCI: Qatar and the United Arab Emirates (UAE) secure "emerging market" status

On June 2, Mr Nguyen Thanh Do, the Head of the Department of Debt Management and External Finance (DMEF), a sub-unit of the Ministry of Finance, reported that through the end of 2013 Vietnam’s public debt indexes are as follows: public debt/GDP was 47.8 percent, government debt/GDP was 41.5 percent and overseas loans/GDP was 37.2 percent. Some of the indexes provided repayment projections, as follows: government obligations of debt repayment against budget revenues is 22.3 percent (if removing the obligation to repay the principal amounts, this rate would be much lower), obligation of medium- and long-term debt repayment compared to total export value is 4.2 percent, foreign reserves compared to short-term overseas debt is 345 percent. All indicators of the current status of Vietnam's public debt remain below the safety levels recommended by international financial institutions such as the International Monetary Fund and the World Bank.

U.S. Secretary of Commerce Penny Pritzker made the above remark at a press conference in Hanoi on June 2. Her comments serve to reinforce the long-term relationship between U.S. enterprises and their partners in Vietnam, regardless of tensions in the East Sea. At this meeting, Secretary Pritzker noted that normalization of Vietnam-U.S. relations has witnessed a significant milestone with two-way trade increasing by 20 times to USD30 billion during the past fifteen years. Last year, the U.S. exported goods worth more than USD5 billion to Vietnam, up 8.0% against the previous year and imported USD24.6 billion from Vietnam, up 21.6% compared to 2012.

Markit Economics (an independent, global provider of some of the world's most influential business surveys) said that the Purchasing Managers Index (PMI) of May for the eurozone fell to 52.2 from 53.4 in April, lower than the estimated 52.5 when the preliminary results were published last month. However, the PMI of the region was still above 50 (the index showing expansionary activities) for eleven successive months. According to the report, new orders of the region fell in May. Almost all of the nations covered saw their PMI remain above the 50 no-change mark, but only the Netherlands and Spain reported faster rates of growth. According to Markit Economics, the PMI survey showed the eurozone’s economy is on track to grow by 0.5% in the quarter II/2014. The region's GDP rose 0.2% in the first quarter.

Morgan Stanley Capital International (MSCI), a network of widely tracked global equity benchmarks, has officially classified both Qatar and the United Arab Emirates (UAE) as "emerging markets" on June 3. Consequently, both countries' stock markets will be added to its emerging market index. The move now puts UAE and Qatar on the same footing as the BRIC economies of Brazil, Russia, India and China. Qatar is planning to raise the limit on foreign ownership on listed companies to 49 percent in the hope of driving additional investment into its market. The Doha Exchange has gained 50 percent during the past twelve months. In the UAE, the Abu Dhabi Security Exchange General Index is up by a similar margin.


Top 5 Gainers on HSX (*)

Top 5 Gainers on HNX (*)

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


HQC 6,700 300 4.7% -2.9% 2,541,170

KLF 11,100 600 5.7% -0.9% 6,628,300

TTF 8,500 300 3.7% 1.2% 500,250

DCS 5,400 200 3.9% -6.9% 618,800

TDC 9,400 300 3.3% -3.1% 501,950

VGS 6,500 200 3.2% -4.4% 339,100

AGR 6,500 200 3.2% -3.0% 283,530

PVG 10,100 300 3.1% -6.5% 104,500

LCG 6,600 200 3.1% -2.9% 3,564,680

PVL 3,600 100 2.9% -2.7% 510,000

Top 5 Losers on HSX (*)

Top 5 Losers on HNX (*)



NBB 22,300 (700) -3.0% -5.1% 196,850 PFL 3,200 (100) -3.0% -11.1% 104,100

CTG 14,600 (200) -1.4% -1.4% 127,840 VND 14,200 (200) -1.4% -5.3% 892,366

HAR 8,500 (100) -1.2% -5.6% 568,660 ACB 15,300 (200) -1.3% -2.5% 228,547

CII 18,000 (200) -1.1% -3.7% 1,141,230 PVS 26,300 (100) -0.4% -2.6% 590,894

FLC 10,500 (100) -0.9% -6.3% 10,551,200 HPC 4,600 - - -4.2% 268,551

(*) (Market cap. > 150 VNDbn, Volume > 100,000 Top 5 Volume on HSX

Top 5 Volume on HNX (*)



FLC 10,500 (100) -0.9% -6.3% 10,551,200

KLF 11,100 600 5.7% -0.9% 6,628,300

LCG 6,600 200 3.1% -2.9% 3,564,680

PVX 5,100 - - - 3,240,976

HQC 6,700 300 4.7% -2.9% 2,541,170

KLS 10,900 100 0.9% -5.2% 2,842,330

ITA 7,800 100 1.3% -2.5% 2,016,910

SCR 8,200 100 1.2% -4.7% 2,759,825

IJC 11,900 200 1.7% -8.5% 1,862,960

ITQ 8,900 (600) -6.3% -23.3% 1,974,510

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

KDH 16,600 3,700,000 - 3,700,000 61,050

PVS 26,300 213,800 - 213,800 5,647

MSN 99,500 175,110 5,390 169,720 16,811 VND 14,200 120,000 1,000 119,000 1,713

GAS 98,000 189,140 21,100 168,040 16,364

VCG 12,200 106,200 - 106,200 1,305

DPM 32,100 328,020 37,440 290,580 9,304

SHB 8,900 140,600 - 140,600 1,253

STB 20,300 415,890 79,340 336,550 6,753

IVS 7,600 140,000 - 140,000 1,134

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

HAG 23,900 163,570 397,520 (233,950) (5,620)

PVC 15,300 - 75,000 (75,000) (1,130)

NBB 22,300 - 88,310 (88,310) (1,979)

EBS 7,400 - 47,300 (47,300) (350)

LAF 10,000 - 150,000 (150,000) (1,476)

PLC 21,500 - 14,000 (14,000) (302)

KDC 60,000 390 22,250 (21,860) (1,301)

EFI 6,200 - 19,500 (19,500) (120)

EIB 13,300 - 78,000 (78,000) (1,031)

VTV 13,200 - 7,000 (7,000) (92)

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

MAJOR MARKET MOVERS


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/B

Consumer Staples 24.3% 0.38% -0.48% 19.8 1.3

Energy 3.1% 0.64% -0.93% 14.4 1.7

Financials 35.6% -0.23% 2.16% 12.0 0.9

Health Care 1.3% -0.13% -4.24% 13.5 1.6

Industrials 6.3% 0.66% -2.45% 14.1 0.9

Information Technology 1.5% -0.31% -11.55% 9.8 0.9

Materials 6.2% 0.27% 2.60% 11.0 0.8

Utilities 21.6% 1.39% 1.10% 8.3 1.2

Source: Bloomberg, VPBS collected

-20

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06/13 08/13 10/13 11/13 01/14 03/14 05/14

HSX (Equal Weighted) Energy Health CareIndustrials Technology Utilities

-20

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20

40

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100

120

06/13 08/13 10/13 11/13 01/14 03/14 05/14

HSX (Equal Weighted) Consumer Financials Materials

HSX SECTOR PERFORMANCE

% G

ain

/(Lo

ss)

% G

ain

/(Lo

ss)


Outperforming Sectors on HSX

Technology

Industrials

Code P/E P/B ROE Market Cap.

(VNDbn) Change 30D

Code P/E P/B ROE

Market Cap. (VNDbn)

Change 30D

Average 9.8 0.9 18.3%

-11.5%

Average 14.1 0.9 6.8%

-2.5%

FPT 9.6 2.1 23% 15,544 -17.5%

REE 5.6 1.3 0.2 6,508 -10.6%

ELC 16.9 1.0 6% 649 -2.3%

ITA 89.8 0.7 1% 5,600 -7.1%

CMG 43.7 0.7 2% 391 -19.2%

GMD 92.7 0.8 1% 3,753 7.2%

SGT 13.6 0.7 5% 281 11.8%

BMP 7.8 1.9 26% 3,047 -10.7%

TIE 2.7 0.5 21% 143 -11.8%

PVT 12.2 1.1 9% 3,047 -7.1%

Underperforming Sectors on HSX

Energy

Financials


(VNDbn) Change 30D

Code P/E P/B ROE

Market Cap. (VNDbn)

Change 30D

Average 14.4 1.7 30.6%

-0.9%

Average 12.0 0.9 11.4%

2.2%

GAS 15.1 5.6 0.4 185,710 -1.5%

VCB 15.2 1.5 10% 66,973 0.3%

PVD 9.8 2.2 23% 22,984 -1.8%

CTG 8.4 1.0 13% 54,362 -7.6%

PGD 10.7 1.9 17% 2,022 1.9%

VIC 7.7 3.9 57% 59,914 3.1%

CNG 8.6 2.5 30% 1,061 -9.2%

BVH 23.1 2.2 9% 27,015 8.2%

PGC 6.2 0.9 14% 583 -6.5%

STB 10.5 1.4 14% 23,193 3.0%

Health Care

Consumers


(VNDbn) Change 30D

Code P/E P/B ROE

Market Cap. (VNDbn)

Change 30D

Average 13.5 1.6 16.6%

-4.2%

Average 19.8 1.3 15.8%

-0.5%

DHG 14.9 4.2 30% 8,803 -4.5%

VNM 16.2 5.5 36% 103,346 -10.8%

TRA 13.4 2.7 24% 1,826 -7.5%

MSN 219.6 4.9 2% 73,124 3.6%

JVC 17.2 0.8 5% 795 -4.1%

KDC 19.7 2.0 11% 10,358 7.1%

OPC 12.7 2.1 17% 813 -6.6%

VCF 12.6 3.2 28% 3,854 -4.0%

DMC 9.2 1.6 18% 1,036 -8.7%

DRC 9.6 2.5 28% 3,672 0.2%

Utilities

Materials


(VNDbn) Change 30D

Code P/E P/B ROE

Market Cap. (VNDbn)

Change 30D

Average 8.3 1.2 14.1%

1.1%

Average 11.0 0.8 12.2%

2.6%

PPC 7.5 1.2 17% 6,777 2.4%

HPG 10.4 2.4 25% 24,577 2.6%

VSH 13.4 1.2 8% 3,341 -1.8%

DPM 6.4 1.4 21% 12,196 -7.2%

TMP 8.1 1.4 18% 1,386 1.0%

HSG 7.6 1.8 26% 4,238 -11.3%

TBC 8.1 1.4 17% 1,289 0.0%

POM - 1.0 -8% 2,329 -3.8%

BTP 11.8 0.8 7% 798 -10.8%

DPR 4.9 0.7 15% 1,685 -5.2%


TOP 5 (BY MARKET CAP) FOR EACH SECTOR


ETF TRADING

Ticker NAV Daily

change NAV

Shares Outstanding

Daily Change in

Share Outstanding

Last price

Daily Change

price

Premium/Discount

Date of announcements

VNM $ 20.32 -0.66% 25,800,000 150,000 $ 20.30 0.15% -0.09% Price at 02/06/2014, NAV at 02/06/2014

FTSE Vietnam $ 27.38 -1.15% 13,446,400 0 $ 27.36 -1.33% -0.09% Price at 02/06/2014, NAV at 02/06/2014

Market Vector Vietnam ETF

FTSE Vietnam ETF

Total Share Outstanding

Difference between Price and NAV (%)

Difference between Price and NAV (%)


17

18

19

20

21

22

23

24

25

26

27

12/13 01/14 01/14 02/14 03/14 04/14 05/1411

12

13

14

12/13 01/14 01/14 02/14 03/14 04/14 05/14

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

12/13 01/14 01/14 02/14 03/14 04/14 05/14-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

12/13 01/14 01/14 02/14 03/14 04/14 05/14



Dow Jones 16,743.63 0.16% Nasdaq 4,237.20 -0.13%

FTSE 6,841.25 -0.33% DAX 9,923.74 -0.27%

NIKKEI 225 15,034.25 0.66% SHANGHAI 2,038.31 -0.04%

8,500

9,000

9,500

10,000

10,500

03/14 03/14 04/14 05/14

1,890

1,960

2,030

2,100

2,170

03/14 03/14 04/14 05/1412,800

13,600

14,400

15,200

16,000

03/14 03/14 04/14 05/14

3,740

3,910

4,080

4,250

4,420

03/14 03/14 04/14 05/14

6,200

6,400

6,600

6,800

7,000

03/14 03/14 04/14 05/14

15,400

15,750

16,100

16,450

16,800

03/14 03/14 04/14 05/14

INTERNATIONAL MARKETS



70

80

90

100

110

120

130

140

06/13 08/13 10/13 12/13 01/14 03/14 05/14

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

Market Bangkok

Stock Exchange

Jakarta Stock

Exchange

Philippines Stock

Exchange

Ho Chi Minh Stock Exchange

P/E 17.1 21.0 21.5 13.2

P/B 2.1 2.5 2.8 1.9

ROE 12.7 13.1 13.5 14.5

ROA 2.9 3.3 3.2 2.5

Market Cap. (USDbn)

391.5 388.0 171.6 46.3

Foreign Net Inflow - YTD (USDmn)

(1,152.3) 3,671.3 952.8 225.5

Foreign Net Inflow - 5D (USDmn)

(213.4) 59.6 (6.4) 30.4

GDP Growth (%yoy)

2.9 5.8 7.2 5.4

NEIGHBORING MARKETS

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


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Barry David Weisblatt Head of Research [email protected] Nguyen Thi Thuy Linh Director - Macro and Financials [email protected] Vu Minh Duc Director - Technical Analysis [email protected] Hanoi Head Office 362 Hue St., Hai Ba Trung District, Hanoi T - +84 (0) 4 3974 3655 F - +84 (0) 4 3974 3656 Ho Chi Minh City Branch 76 Le Lai St. District 1, Ho Chi Minh City T - +84 (0) 8 3823 8608 F - +84 (0) 8 3823 8609 Danang Branch 112 Phan Chau Trinh St. Hai Chau District, Danang T - +84 (0) 511 356 5419 F - +84 (0) 511 356 5418

VPBSDailyMarketReview2014.06.03E

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