All Report Types

Vietnam Today
Pts (4.46) 11.39 304.17 (5.39) 111 14 % (0.9) 32.0 62.4 (1.0) 103 29
(m) 160 120 80 400 350 300 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Mar-13 40 0

Thursday, March 7, 2013

Investors indecisive; Hanoi Trip

Big 3 BVH MSN VIC Biggest losers After snapping a 2-day loss yesterday, the VNI closed in the red at 466.63, losing 4.46 points with BVH MSN VIC accounting for 3.56 points of the loss. Bao Viet Holdings was down 5.6%, Masan down 2.6% and Vingroup was down 2.3%. Trading volume improved by 32% (buoyed by block deals) on the HOSE but was down about 6% on the HNX. The trading pattern and lack of liquidity indicate that sentiment seems to be fragile and investors remain indecisive. We would not be surprised to see the market trade in a narrow band and a possible test of the 460 resistance in the next 1-2 sessions. Tan Tao (ITA) was the most heavily traded stock again. Today, ITA bounced 4.6% and closed at VND7,200 halting a 27% slide from a closing price of VND9,500 on 20 February. Foreigners bought nearly a third of the 3.2mn shares of ITA traded in todays today. Trip to Hanoi reveals challenges remain We just spent four days in Hanoi meeting with officials of the Ministry of Finance, SBV and GSO among others. Our overall impression is that the economy is still struggling, with production rebounding slightly and consumption remaining weak. Banks have surplus funds to lend, but they are reluctant to lend and businesses are reluctant to borrow. Cost-push inflation remains a real risk as many provinces have yet to adjust their health service prices. Please download our Macro News Flash Key points from a trip to Hanoi from our website. HPG Vinacapital fund registers to buy additional 4mn shares Vinacapitals Vietnam Opportunity Fund has registered to buy additional 4mn shares of HPG via put-through and open market or equivalent to four days of trading volume. VOF currently holds 18mn shares of HPG (~4.3% stake). If the transaction is successful, VOF would hold 22mn shares (~5.2% stake). The transaction period is 11 March 9 April. HPG advanced 4.6% to VND23,600 in trading today. We currently have a HOLD recommendation on HPG with a target price of VND20,800/share, based on a target P/B of 1x, which is equal to forward P/E of 10x.

VNI Volume (m) Value (VND bn) VN30

466.63 46.95 791.99 533.69

Gain/Lag/NC 99 Limit up/down 10 Foreign Net Inflow (VND bn)

VNI (lhs) & Volume (rhs)

550 500 450

HNI Volume (m) Value (VND bn) HN30

60.15 38.17 272.93 116.49

Pts (0.67) (2.24) (38.38) (0.67) 129 19

% (1.1) (5.5) (12.3) (0.6) 208 4

(m) 160 120 80 40 0

Gain/Lag/NC 60 Limit up/down 16 Foreign Net Inflow (VND bn)

HNI (lhs) & Volume (rhs)

70 65 60 55 50 45 40 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Mar-13

www.vcsc.com.vn | VCSC<GO>
See important disclosure at the end of this document

Viet Capital Securities | 1

All Report Types

Vietnam Today

Thursday, March 7, 2013

Notable Corporate Actions (8 March 2013)

STC: ex-right date of second dividend payment 2012 in cash, ratio 7%. L35: ex-right date of dividend payment 2012 in cash, ratio 10%. PRC: ex-right date of dividend payment 2012 in cash, ratio 8%.

News Highlights:
Vietnam Realty Developer DXG to Issue 10.5M New Shares for Capital Hike Dat Xanh Real Estate Service & Construction Corporation (DXG), listed on the Hochiminh Stock Exchange, has approved a plan to issue 10.5 million new shares in a move to raise its registered capital to VND525 billion ($25 million) from the current VND420 billion. Of the amount, DXG will issue 8.4 million shares to pay dividend at a 1-for-5 ratio and the remaining 2.1 million shares for bonus giving at a 1-for-20 ratio. DXG projects to offer VND300 billion worth of bonds in a private placement. The proceeds will be used to invest in the Sunview Town project in Ho Chi Minh city. This year, the company targets a net profit of VND70 billion on revenue of VND450 billion, up 18.5% and 11.5% on year, respectively. (tinnhanhchungkhoan.vn Mar 7) Vietnam Sugar Firm KTS OKed to List 1.17M New Shares on HNX Kon Tum Sugar Joint Stock Company (KTS) has received approval from the Hanoi Stock Exchange (HNX) to list 1.17 million new shares on the bourse. The shares were earlier offered for 2012 dividend payout, the bourse said on its website, giving no listing date. The additional listing will help the company raise its total volume of shares to 6.24 million shares. KTS made a net profit of VND27.87 billion ($1.33 million) on revenue of VND313.71 billion last year, down 58.33% and 0.23% on year, respectively. (hnx.vn Mar 6) Vietnam Realty Firm HBC Targets Net Profit of VND185B in 2013 Hoa Binh Construction & Real Estate Corporation (HBC), listed on the Hochiminh Stock Exchange, targets a net profit of VND185 billion ($8.81 million) this year, rising by 39% from a year earlier. Revenue is projected to reach VND5 trillion in 2013, up 23% on year, HBC said in a statement sent to the bourse. HBC also plans to increase its net profit to VND250 billion, VND330 billion and VND450 billion in 2014, 2015, 2016, respectively. The company expects to issue 15 million new shares in a private placement to strategic investors at a price equal to the book value of VND20,700 each in order to raise its registered capital. HBC also plans to sell four million treasury shares at not below VND24,000 each. (hsx.vn Mar 6. Gafin.vn Mar 6) Vietnam Firm AGM Targets Net Profit at VND41.25B in 2013 An Giang Import-Export JSC (AGM), listed on the Hochiminh Stock Exchange (HOSE), targets a net profit of VND41.25 billion ($1.96 million) this year, falling by 19% from a year earlier. Revenue is projected to reach VND2.678 trillion in 2013, up 20% on year, AGM said in a statement posted on its website. Its full-year earnings per share is expected to go up by VND2,266. The company plans to pay a dividend equivalent to between VND1,500 and VND2,000/share for 2012. (http://www.angimex.com.vn Mar 6)

www.vcsc.com.vn | VCSC<GO>
See important disclosure at the end of this document

Viet Capital Securities | 2

All Report Types

Vietnam Today
Market Summary
Ho Chi Minh Stock Exchange (HSX)
Transactions Put-through Foreign activity Total Turnover Val (VND bn) 167.8 29.1 792.0 Price % 4.5% 3.5% 3.0% (2.6%) (5.6%) (2.3%) % of Turnover 21.2% 3.7%

Thursday, March 7, 2013

Hanoi Stock Exchange (HNX)

Transactions Put-through Foreign activity Total turnover Val (VND bn) 7.8 4.1 272.9 Price % 8.9% 8.5% 4.5% (4.5%) (2.9%) (0.6%) % of Turnover 2.9% 1.5%

Index Movers Positive to VNI Positive to VNI Positive to VNI Negative to VNI Negative to VNI Negative to VNI Volume Leaders ITA HPG DHM CTG SAM Volume Heat Seekers*

Ticker PVD HPG VCF MSN BVH VIC

Pts to VNI 0.23 0.22 0.10 (1.34) (1.32) (0.90) Value Leaders HPG DRC DPM CTG HSG Avg # Shares Trade 10 Days

Index Movers Positive to HNI Positive to HNI Positive to HNI Negative to HNI Negative to HNI Negative to HNI Volume Leaders PVX SHB SCR VND KLS Volume Heat Seekers* GGG BKC CIC SPI API HDO ASA HPC EBS VKC

Ticker TCT PVR VCS VCG SHB ACB

Pts to HNI 0.02 0.01 0.01 (0.15) (0.12) (0.06) Value Leaders SHB PVX SCR KLS FLC Avg # Shares Trade 10 Days 23,980 26,040 36,570 49,090 45,190 176,440 63,470 385,390 117,010 179,330

Shares 3,251,180 1,439,190 1,361,650 1,253,400 1,193,350 Shares Traded Today

VND bn 34.2 32.1 30.3 23.8 23.4

Shares 6,421,800 6,253,200 4,448,500 2,497,200 2,005,400 Shares Traded Today 68,400 73,100 76,800 102,200 86,800 328,400 95,600 532,300 156,000 206,100

VND bn 42.7 35.8 34.0 17.7 11.8

% Change

% Change 185% 181% 110% 108% 92% 86% 51% 38% 33% 15%

CMG
DHM

70,890
1,361,650

11,869
454,949

497%
199%

BBC LAF
FCN VPK PHR VIC HAR NHS

53,250 85,200
328,120 174,200 117,480 283,370 138,230 83,570

17,929 33,693
140,663 86,101 60,204 188,165 96,749 60,041

197% 153%
133% 102% 95% 51% 43% 39%

*Stocks with at least 50,000 shares traded today

www.vcsc.com.vn | VCSC<GO>
See important disclosure at the end of this document

Viet Capital Securities | 3

All Report Types

Vietnam Today
Ho Chi Minh Stock Exchange (HSX)
Foreign Activity VND billion Buy value 218.8 Sell value 189.7 Net Inflows 29.1 VND bn 400 300 200 100 0 -100 -200 -300

Thursday, March 7, 2013

Hanoi Stock Exchange (HNX)

Foreign Activity VND billion Buy value 11.8 Sell value 7.8 Net Inflows 4.1 VND bn 70 60 50 40 30 20 10 0 -10 -20 -30 21-Jan-13 23-Jan-13 25-Jan-13 29-Jan-13 31-Jan-13

Foreign Net Inflow on HSX

Foreign Net Inflows on HNX

4-Feb-13

6-Feb-13

21-Feb-13

19-Feb-13

25-Feb-13

27-Feb-13

21-Jan-13

23-Jan-13

25-Jan-13

29-Jan-13

31-Jan-13

8-Feb-13

19-Feb-13

21-Feb-13

25-Feb-13

27-Feb-13

4-Feb-13

6-Feb-13

8-Feb-13

7-Mar-13

1-Mar-13

5-Mar-13

1-Mar-13

5-Mar-13

VCSC Recommendations
Stock Ticker CII CNG CSM CTG DBC DHG DIG DPM DRC EIB FPT GAS HAG HBC HPG HVG KDC KDH LSS MBB MSN PET PGD PNJ PVD REE SBT SJS TDH VCB VNM Current price 23,100 27,700 27,200 18,900 21,500 73,000 12,600 43,000 35,200 15,100 36,000 45,600 26,400 16,200 23,600 28,000 47,000 7,900 12,900 13,100 112,000 13,900 30,800 30,000 39,200 18,500 15,700 20,500 11,900 32,200 105,000 Target price 16,000 29,400 26,000 19,800 27,700 90,200 16,300 41,600 24,300 15,900 48,200 53,600 32,900 20,000 20,800 28,200 45,200 21,200 16,400 17,500 110,700 28,000 29,900 46,300 51,900 23,700 25,100 49,500 14,800 26,800 115,000 % to target -31% 6% -4% 5% 29% 24% 29% -3% -31% 5% 34% 18% 25% 23% -12% 1% -4% 168% 27% 34% -1% 101% -3% 54% 32% 28% 60% 141% 24% -17% 10% Analyst Rec SELL HOLD HOLD HOLD BUY BUY BUY HOLD SELL HOLD BUY ADD BUY BUY REDUCE HOLD HOLD BUY BUY BUY HOLD BUY HOLD BUY BUY BUY BUY BUY BUY REDUCE HOLD FY13 PER 10.2 3.8 6.3 10.1 6.3 7.6 17.9 6.8 8.7 8.2 4.6 8.0 42.2 5.0 11.5 6.5 16.8 1.5 7.3 4.2 24.1 3.8 7.7 9.3 6.2 7.0 4.4 9.1 16.7 15.2 13.4 FY14 PER 12.0 3.0 8.7 9.6 6.5 8.6 15.2 7.3 9.4 7.7 3.9 6.9 22.6 4.1 4.6 5.7 13.3 1.3 7.6 3.7 13.8 2.6 8.2 8.3 6.1 6.5 4.3 5.1 13.7 11.5 11.6

Daily Sector Performance

Sector Auto & Parts Banks Basic Resources Chemicals Const & Materials Financial Services Foods & Beverages Healthcare Ind Goods & Services Insurance Media Oil & Gas Personal & Household Real Estate Retail Technologies Travel & Leisure Utilities % Weight on HSX 0.7% 23.4% 2.7% 3.3% 1.8% 2.7% 25.8% 1.2% 2.7% 5.1% 0.0% 1.0% 0.8% 13.3% 0.2% 1.7% 0.2% 13.3% % Weight on HNX 0.1% 25.3% 12.8% 3.8% 18.4% 7.3% 2.7% 0.7% 3.9% 6.2% 0.7% 8.1% 1.0% 3.6% 0.5% 0.5% 2.4% 2.1% %DoD on HSX 1.2 (0.5) 1.8 0.6 (0.3) (0.9) (1.0) 1.1 (0.2) (5.3) 0.0 4.5 1.1 (1.9) 0.8 (0.5) 0.5 (0.6) %DoD on HNX 1.0 (1.1) 0.1 (1.0) (1.8) (2.3) (0.1) 0.1 1.2 0.0 0.2 (0.7) (1.4) (2.8) 0.0 (1.6) 1.1 (1.1)

www.vcsc.com.vn | VCSC<GO>
See important disclosure at the end of this document

Viet Capital Securities | 4

7-Mar-13

All Report Types

Vietnam Today
Contacts
Head office th Bitexco Financial Tower, 15 Floor, 2 Hai Trieu, District 1, HCMC +84 8 3914 3588 Transaction office Vinatex-Tai Nguyen Building, 3rd Floor, 10 Nguyen Hue, District 1, HCMC +84 8 3914 3588

Thursday, March 7, 2013

Hanoi branch 109 Tran Hung Dao, Hoan Kiem District, Hanoi +84 4 6262 6999 Transaction office Artex Saigon Building 236 - 238 Nguyen Cong Tru, District 1, HCMC +84 8 3914 3588

Research
Head of Research Robert Zielinski, ext 145 robert.zielinski@vcsc.com.vn Associate Director, Mr. Tu Vu, ext 105 Manager, Ms. Phuong Ton, ext 146 Senior Analyst, Ms. Hoa Dinh, ext 140 Senior Analyst, Mr. Huy Nguyen, ext 139 Senior Analyst, Mr. Anh Nguyen, ext 194 Research Team +84 8 3914 3588 research@vcsc.com.vn Analyst, Ms. Ly Vu, ext 147 Analyst, Mr. Viet Vu, ext 143 Analyst, Ms. Duong Pham, ext 130 Analyst, Ms. Trang Nguyen, ext 116 Macro Analyst, Mr. Phong Nguyen, ext 120 Technical Analyst, Mr. Minh Nguyen, ext 142

Institutional Sales & Brokerage

& Foreign Individuals Head of Institutional Sales Michel Tosto, M.Sc. +84 8 3914 3588, ext 102 michel.tosto@vcsc.com.vn Vietnamese Sales Nguyen Quoc Dung +84 8 3914 3588, ext 136 dung.nguyen@vcsc.com.vn

Retail & Corporate Sales & Brokerage

Ho Chi Minh City Quynh Chau +84 8 3914 3588, ext 222 quynh.chau@vcsc.com.vn Hanoi Quang Nguyen +84 4 6262 6999, ext 312 quang.nguyen@vcsc.com.vn

Disclaimer
Copyright 2013 Viet Capital Securities Company. All rights reserved. This report has been prepared on the basis of information believed to be reliable at the time of publication. VCSC makes no representation or warranty regarding the completeness and accuracy of such information. Opinions, estimates and projection expressed in this report represent the current views of the author at the date of publication only. They do not necessarily reflect the opinions of VCSC and are subject to change without notice. This report is provided, for information purposes only, to institutional investor and retail clients of VCSC, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction. Investors must make their investment decisions based upon independent advice subject to their particular financial situation and investment objectives. This report may not be copied, reproduced, published or redistributed by any person for any purpose without the written permission of an authorized representative of VCSC. Please cite sources when quoting.

www.vcsc.com.vn | VCSC<GO>
See important disclosure at the end of this document

Viet Capital Securities | 5