MACRO WRAP

Retail Research and Investment Advisory

IM NHN TH TRNG

01st November 2016

CONTENT

MARKET WRAP

Market Wrap

Macro Wrap

Equity Wrap

Foreign Trading

Trading Statistics

Stock Screening

Download data
OVERVIEW
VN-Index
Close

HNX-Index

676.60

Change

82.32

0.80

0.07

0.12%

0.09%

118.7

35.9

1,867.9

326.2

Buy

170.5

7.9

Sell

158.9

9.8

11.5

-1.86

Trading vol (mn)

Turnover
Foreign trading

Net Value

Unit: bn VND

The VN-Index was up 0.12% to 676.60 pts. and the HNX-Index increased
0.08% to 82.32 pts.
On HOSE

VN-INDEX
677

The VN-Index was in a tug-of-war all day long and was traded in a narrow
range yesterday. Although both indices managed to close slightly over the
reference price at the end, yet the number of laggards outnumbered gainers
on both bourses. Pharmaceutical stocks witnessed a positive trading day
as DHG, TRA, IMP, DCL and specifically DMC. DMC strongly advanced
yesterday on a technical rebound after being heavily sold in the past
month. On the other side, textile and garments producers TCM, TNG, EVE
and KMR recorded losses. Liquidity once again retreated, totaling USD
98mn.

0.001

0.0009
676
0.0008

675

0.0007

0.0006
674
0.0005

673

0.0004

0.0003

672

0.0002
671

Big-caps ended as VIC, GAS, BVH while VNM, MSN declined at the end
Real estate tickers ended mixed as CII, DXG, ITA, BCI were up; TDH,
HDC, KDH moved sideways while LDG, HBC, HDG, C32, VIP, NLG,
HQC, DIG, TDC, VPH dropped at market close
Banking stocks ended mixed as BID, EIB increased; MBB stayed flat
while VCB, CTG declined at the end
Securities tickers ended as AGR moved sideways while SSI, HCM, BSI
declined at market close
Oil & Gas tickers ended as GAS, PGD advanced while PVD, PXS, PXI
decreased at the end
FLC was most-traded ticker with over 22 million shares changing hands,
closing up 4.6% to VND 7,020
Put-through transactions value reached VND 270 billion, reflecting net
crosses of 0.3 million shares of VNM for over VND 40 billion.
Foreign investors were net-buyers on HOSE for VND 11 billion, net
buying GAS for VND 10 billion, while net selling VNM for VND 19 billion.

0.0001
VOLUME

VNINDEX

670

HNX-INDEX

82.5

0.001

82.4

0.0009

82.3

0.0008

82.2

0.0007

82.1

0.0006

82

0.0005

81.9

0.0004

81.8

0.0003

81.7

0.0002

81.6

Top leading market indicators ended mixed as ACB, BVS, VCG

advanced; SHB moved sideways while SCR, VND decreased at market
close
Oil & Gas tickers ended mixed as PGS, PVB were up; PVE, PVC, PVG
moved sideways while PVS were down at the end
Foreign investors registered their net-selling status on HNX for VND 1.8
billion, net buying BVS for VND 0.6 billion, while net selling PVS for VND
2.9 billion.

0.0001
VOLUME

81.5

On HNX

HNX-INDEX
0

www.ssi.com.vn - 1

MACRO WRAP

Retail Research and Investment Advisory

IM NHN TH TRNG

MACRO WRAP
The increase in October inflation attracted scrutiny from the government in the context that it
tried to lower interest rate to support growth. The following key policy guidelines to the yearend:
Core inflation target is 1.81-2% in 2016: Although setting a target for inflation is not standard
practice, the government still requested the Central Bank to maintain core inflation at this
range, while maintaining credit flow into preferred sectors, including agriculture, export,
supporting industries, SMEs, start-ups (or innovation) and social housing.
On key consumer staple and utility prices, the government requested the Ministry of Industry
and Trade to maintain electricity retail price stable to the end of 2016, and effectively employ
the price stability fund to ease pressure on gasoline prices. For other products, powder milk
for infant will still be stabilized to the year end (and next year measure should be submitted to
the government soon also), and more flexibility on the tariff-rate quota for sugar before the
festive season. For freight rate, to tame inflation expectation, BOT fees need to be curtailed
in at least 10 toll booths.
Healthcare price was also a topic of discussion as it is one of the main attributes for the
recent increase in inflation. The following are measures introduced to tame health care price:
i) More competitive bidding for medicines to keep prices lower, on the mandate of the
Ministries of Health, Finance and the Vietnam Social Insurance. ii) No liberalization for
healthcare price on medicines and services not to be paid by Social Insurance in 2016. The
price hike might take place next year, but it requires careful deliberation, spearheaded by the
Ministry of Health. iii) For medicines and healthcare services to be paid by Social Insurance,
after two price hikes in Sep and Oct, the next adjustment needs to be approved by the
government, after consulting with related government bodies, including the Government
Statistics Office (which calculates CPI), the Ministry of Health and local authorities.

www.ssi.com.vn - 2

EQUITY WRAP

Retail Research and Investment Advisory

CP NHT CNG TY

Petrovietnam Fertilizer and Chemicals Corporation

(DPM: HOSE)
Outstanding shares: 391 mil; Market Cap: USD 487 mil; Average trading value 3M:
USD 0.68 mil, Market price: VND 27,800; and Foreign ownership: 23.15%
Fertilizer Analyst: Nga Nguyen, ngantp@ssi.com.vn
9M16 earnings review
DPMs 9M16 business results
(bn VND)

9M2016 9M2015

Net sales
Gross profit
Operating profit
EBIT
EBITDA
Pretax profit
Net income
NI attributable to shareholders

6,246.9
2,018.3
1,233.4
1,236.6
1,434.7
1,232.1
1,008.7
989.5

7,397.5
2,337.2
1,431.2
1,454.3
1,652.7
1,452.0
1,203.3
1,177.9

YoY

% annual target completed

-15.6%
-13.6%
-13.8%
-15.0%
-13.2%
-15.1%
-16.2%
-16.0%

68.6%

Margin
9M2016 9M2015

84.0%
82.1%

32.3%
19.7%
19.8%
23.0%
19.7%
16.1%
15.8%

31.6%
19.3%
19.7%
22.3%
19.6%
16.3%
15.9%

2015
32.3%
16.5%
19.3%
22.0%
19.3%
15.6%
15.2%

Source: DPM, SSI Research

DPMs 9M16 net sales totaled VND 6,247 bn (-15.6% YoY), while 9M16 pretax profit was VND
1,232 bn (-15.1% YoY). Sales volume of urea, ammoniac and other fertilizer amounted to
642K tons (+4% YoY), 26K tons (+30% YoY) and 265K tons (-6% YoY), respectively.
Nevertheless, 9M16 urea ASP was VND 6,210/kg (-17% YoY) due to competition from cheap
imported urea and poor weather conditions in the period. In addition, gas input cost fell by
27% YoY, hence GPM widened to 32.3% in 9M16, compared with 31.6% in 9M15.
3Q16 earnings review
DPMs 3Q16 business results

(bn VND)
Net sales
Gross profit
Operating profit
EBIT
EBITDA
Pretax profit
Net income
NI attributable to shareholders

3Q16

3Q15

YoY

2Q16

QoQ

1,822.6
489.3
260.8
258.9
326.9
256.2
209.7
203.5

2,269.5
770.9
479.3
500.4
567.0
499.4
417.8
409.6

-19.7%
-36.5%
-45.6%
-48.3%
-42.3%
-48.7%
-49.8%
-50.3%

2,432.7
739.5
480.6
484.7
552.0
484.7
386.2
379.2

-25.1%
-33.8%
-45.7%
-46.6%
-40.8%
-47.1%
-45.7%
-46.4%

% annual
target
completed
68.6%

84.0%
82.1%

Margin
3Q16

3Q15

2Q16

2015

26.8%
14.3%
14.2%
17.9%
14.1%
11.5%
11.2%

34.0%
21.1%
22.0%
25.0%
22.0%
18.4%
18.1%

30.4%
19.8%
19.9%
22.7%
19.9%
15.9%
15.6%

32.3%
16.5%
19.3%
22.0%
19.3%
15.6%
15.2%

Source: DPM, SSI Research

3Q16 revenue and pretax profit amounted to VND 1,823 VND (-19.7% YoY) and VND 256 bn
(-48.7% YoY). 3Q16 urea sales volume stood at 179K tons, similar to 3Q15 volume. Although
Ninh Binh Urea stopped operation in September (the second time this year), in 3Q16 DPM did
not benefit much in terms of urea sales volume as (1) the incident happened at the very end of
3Q16 and (2) DPMs production capacity is rather full. Yet in terms of selling price, the event
helped to lessen the downward pressure from Chinese urea on urea DPMs ASP. In the
context of oil price increase, 3Q16 DPMs ASP declined by 20% YoY and 4%QoQ, while
Chinese prilled urea price dropped by roughly 30% YoY. On the other hand, gas input cost
was approx. USD 3.74/mmbtu (-4.6% YoY). The decline in gas input cost was insignificant

www.ssi.com.vn - 3

EQUITY WRAP

Retail Research and Investment Advisory

CP NHT CNG TY
compared with the drop of -19.7% YoY in revenue, thus dragging down gross profit
significantly.
DPMs urea historical production

Desgined capacity (tons)

Actual production (tons)

2012
800,000
856,462

2013
800,000
822,000

2014
800,000
850,000

2015
800,000
819,000
Source: DPM

Domestic urea market and outlook

The domestic urea production capacity is roughly 2.6 mn tons/year, oversupplied by 400K
tons/year. Nonetheless, in 9M16 Ha Bac Nitrogenous Fertilizer & Chemicals Limited Company
and Ninh Binh Nitrogenous Fertilizer Limited Company (Ha Bac and Ninh Binh) operated at
only approx. 60% of their designed capacity due to (1) the inability to compete with cheap
imported urea and gas-based urea, (2) financial difficulties and (3) technological issues. While
the latter two reasons are endogenous, the inability to compete with imported urea and gasfired urea can be explained by the following market conditions:
Ha Bac and Ninh Binh are coal-based, while DPM and DCM are gas-based urea plants. Amid
the low oil price environment, DPM was hurt by the low urea selling price, yet the company
was compensated in terms of low gas input cost. Nevertheless, Ha Bac and Ninh Binh
suffered in terms of low urea selling price; while coal input cost did not change much. Hence,
at a certain urea price level those two companies could not compete with cheap imported
urea.
With the unstable production of Ha Bac and Ninh Binh, we think DPM would likely not benefit
in terms of extra sales volume as the company has been operating in excess of designed
capacity (840K tons/year, compared with the designed capacity of 800K tons/year). However,
urea importers do not have a wide distribution network as DPM, so imported urea may not
timely reach Ha Bac and Ninh Binhs clients when needed. Thus, there would be a temporary
shortage of urea which would partially help to raise urea ASP. More favorable weather
conditions thanks to La Nina and higher oil price next year would remain the main reason for
our expectation on 2017 urea price recovery. Yet we expect the recovery in urea price to be
insignificant. If urea price rises significantly, Ha Bac and Ninh Binh would likely resume
operation at full capacity, thus causing domestic oversupply which would again reduce urea
price.
Based on assumption that average oil price next year will be 50USD as compared with
45USD/barrel in 2016, we revise our 2017 gas input cost to USD 3.68/mmbtu (8.6% higher
than our previous assumption). Due to the oversupply situation in both global and domestic
market (which was reflected in a lag in urea price recovery in 3Q16), we revise down 2016 and
2017 urea ASP to VND 6,400/kg (-13.4% YoY) and VND 6,750/kg (+5.5% YoY), respectively.
As such, 2016 and 2017 net sales are estimated at VND 8,818 bn (-9.7% YoY) and VND
9,142 bn (+3.7% YoY), translating to 2016EPS and 2017EPS of VND 3,136 (-4.8% YoY) and
VND 3,072 (-2% YoY), respectively.
Investment view
At the current price of VND 27,800/share, DPM is being traded at 2016PER of 8.9x and
2017PER of 9.0x, which are fair in our view. As 2016 market PER is 14.2x, compared with
2015 market PER of 12.8x, we raise our target PER to 9x (from the previous 8.5x). Our target
price is arrived at VND 27,700/share (-0.4% from the current price). As such, we maintain
HOLD recommendation for the stock for 1Y horizon. DPM remains a defensive stock with high
dividend yield in our view.

www.ssi.com.vn - 4

FOREIGN TRADING

Retail Research and Investment Advisory

IAO DCH NH U T NC NGOI

Market Vectors Vietnam ETF
Ticker
VCB
VIC
MSN
STB
BVH
HPG
SSI
DPM
SBT
NT2
PVS
HAG
KDC
PVD
ITA
VCG
FLC
KBC
SHB
PVT
VNM

Exchange

Shares

Weight

Trading
volume on
31.10

HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HNX
HOSE
HOSE
HOSE
HOSE
HNX
HOSE
HOSE
HNX
HOSE
HOSE

13,568,162
14,959,352
6,930,820
32,628,202
7,250,706
9,063,390
17,020,441
9,638,220
9,229,036
7,016,249
8,361,450
24,901,794
5,875,690
5,486,187
32,354,051
17,841,397
22,628,642
6,941,870
21
1,036,032
3,972,990

8.09%
10.54%
7.54%
4.77%
7.68%
6.12%
5.93%
4.44%
4.02%
4.07%
2.65%
2.15%
3.53%
2.19%
2.61%
4.70%
2.51%
2.00%
0.00%
0.22%
9.35%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

5 days
Trading
volume
-31,010
-34,190
-15,840
-74,560
-16,570
-20,710
-38,900
-22,030
-21,090
-16,030
-19,100
-56,910
-13,430
-12,540
-73,940
-40,800
-51,710
-15,860
0
0
-9,080

Price
(VND)

EPS

35,900
42,750
65,500
8,500
65,500
40,400
20,850
27,800
24,900
34,950
18,800
5,100
35,800
24,100
4,920
16,000
7,020
17,450
5,400
12,750
141,900

1,875
731
3,703
-34
1,841
6,191
2,181
3,359
1,265
4,599
2,366
-1,330
5,298
466
103
906
1,981
1,689
901
1,617
6,521

PE

Price
T+3

Price
T+15

19.14
58.46
17.69
-248.02
35.58
6.53
9.56
8.28
19.68
7.60
7.95
-3.84
6.76
51.72
47.71
17.67
3.54
10.33
5.99
7.88
21.76

-1.10%
-0.12%
0.00%
-5.03%
-2.24%
2.15%
0.24%
0.18%
-7.61%
-0.14%
-5.53%
-2.67%
-1.10%
-6.59%
0.00%
1.27%
16.42%
-0.85%
1.89%
-4.14%
-0.42%

-5.03%
1.54%
-4.10%
-8.11%
-9.03%
-3.58%
-2.34%
-2.46%
-1.39%
-6.30%
-13.76%
0.00%
-3.76%
-14.23%
8.13%
1.27%
13.96%
-3.59%
14.89%
-8.60%
1.00%

db x-trackers FTSE Vietnam UCITS ETF

Ticker

Exchange

VIC
HOSE
MSN
HOSE
VNM
HOSE
HPG
HOSE
VCB
HOSE
SSI
HOSE
STB
HOSE
DPM
HOSE
PVD
HOSE
KBC
HOSE
HSG
HOSE
KDC
HOSE
BVH
HOSE
NT2
HOSE
SBT
HOSE
GTN
HOSE
ITA
HOSE
HAG
HOSE
PGD
HOSE
PVT
HOSE
ASM
HOSE
FLC
HOSE
PDR
HOSE
HQC
HOSE
HNG
HOSE
BHS
HOSE
HVG
HOSE
(*) SSI estimated

Share (*)
24,539,024
15,731,019
5,321,981
11,957,200
9,387,629
10,739,023
23,627,631
6,964,006
7,296,246
9,665,934
4,144,058
4,420,381
2,360,059
4,220,840
4,524,651
17,715,146
5,778,220
1,831,233
16,888,473
6,116,021
4,770,317
3,691,081
8,759,347
8,970,929
7,423,958
2,648,521
3,341,601

Last updated on:

Exchange

28-Oct

Weight

Price (VND)

EPS

PE

Price T+3

Price T+15

14.19%
13.94%
10.22%
6.54%
4.56%
3.03%
2.72%
2.62%
2.38%
2.28%
2.28%
2.14%
2.09%
2.00%
1.52%
1.18%
1.42%
1.10%
1.17%
1.06%
1.01%
0.69%
0.83%
0.62%
0.60%
0.59%
0.47%

42,750
65,500
141,900
40,400
35,900
20,850
8,500
27,800
24,100
17,450
40,700
35,800
65,500
34,950
24,900
18,100
4,920
5,100
44,500
12,750
15,600
7,020
13,850
5,140
6,000
16,450
10,300

731
3,703
6,521
6,191
1,875
2,181
-34
3,359
466
1,689
7,637
5,298
1,841
4,599
1,265
359
103
-1,330
2,907
1,617
669
1,981
730
1,480
-1,032
2,388
1,379

58.46
17.69
21.76
6.53
19.14
9.56
-248.02
8.28
51.72
10.33
5.33
6.76
35.58
7.60
19.68
50.37
47.71
-3.84
15.31
7.88
23.31
3.54
18.97
3.47
-5.82
6.89
7.47

-0.12%
0.00%
-0.42%
2.15%
-1.10%
0.24%
-5.03%
0.18%
-6.59%
-0.85%
5.17%
-1.10%
-2.24%
-0.14%
-7.61%
0.28%
0.00%
-2.67%
-3.26%
-4.14%
-0.32%
16.42%
2.97%
-2.84%
2.56%
-4.91%
-5.07%

1.54%
-4.10%
1.00%
-3.58%
-5.03%
-2.34%
-8.11%
-2.46%
-14.23%
-3.59%
4.90%
-3.76%
-9.03%
-6.30%
-1.39%
-4.74%
8.13%
0.00%
1.14%
-8.60%
-0.95%
13.96%
5.73%
-3.02%
8.70%
-6.00%
-1.44%

Net Profit
Growth
6T16 vs
6T15
112.2%
184.3%
32.9%
61.4%
39.2%
-5.2%
-73.8%
2.2%
-92.5%
55.2%
140.8%
-96.8%
8.9%
11.7%
10.1%
-63.4%
-85.0%
-91.7%
13.6%
33.8%
235.6%
66.8%
3.8%
31.9%
-84.3%
133.0%
204.6%

Last updated on:

28-Oct

iShares MSCI Frontier 100 Index Fund

Ticker

Net Profit
Growth
6T16 vs
6T15
39.2%
112.2%
184.3%
-73.8%
8.9%
61.4%
-5.2%
2.2%
10.1%
11.7%
-23.1%
-91.7%
-96.8%
-92.5%
-85.0%
7.3%
66.8%
55.2%
14.3%
33.8%
32.9%

Shares

Weight

Price (VND)

EPS

PE

Price T+3

Price
T+15

Net Profit
Growth
6T16 vs
6T15

3,703

17.69

0.00%

-4.10%

184.3%
112.2%

MSN

HOSE

1,908,030

1.14%

65,500

VIC

HOSE

4,426,490

1.73%

42,750

731

58.46

-0.12%

1.54%

VCB

HOSE

1,997,795

0.66%

35,900

1,875

19.14

-1.10%

-5.03%

39.2%

STB

HOSE

3,061,959

0.25%

8,500

-34

-248.02

-5.03%

-8.11%

-73.8%

www.ssi.com.vn - 5

FOREIGN TRADING

Retail Research and Investment Advisory

IAO DCH NH U T NC NGOI

VN-Index vs MSCI EFM Asia Index
120%
115%

110%
105%
100%
95%
90%
85%

80%
75%
70%
Feb-15

May-15

Aug-15

Nov-15

Feb-16

MXFMEAS Index

May-16

Aug-16

VNINDEX Index

Net Buy/(Sell) of Foreign Investors in the last 20 trading days (VND bn)
VN-Index
700

450

690

Bn VND

300

680
670

150

660
0

650
640

-150

630
620

-300
5-Oct
HOSE
2.90
HNX
3.32
VN-Index 687.04

6-Oct
71.63
16.85
687.32

7-Oct
(130.0
6.04
683.95

10-Oct
(31.51
13.61
674.19

11-Oct
14.91
15.12
682.36

12-Oct
91.73
4.52
682.45

13-Oct
(33.04
(2.69)
685.23

14-Oct
332.17
(13.13
687

17-Oct
(55.48
(16.84
680.95

18-Oct
(44.02
(3.20)
682.02

19-Oct
43.64
2.00
688.89

20-Oct
(29.06
(2.46)
686.39

21-Oct
(8.71)
11.23
684.83

24-Oct
(31.96
3.02
678.02

25-Oct
(28.73
11.66
676.18

26-Oct
10.42
9.42
673.61

27-Oct
(19.96
0.92
676.9

28-Oct
87.66
1.72
682.25

31-Oct
53.67
(2.15)
675.8

1-Nov
11.53
(1.86)
676.6

www.ssi.com.vn - 6

TRADING STATISTICS

Retail Research and Investment Advisory

IAO DCH NH U T NC NGOI

1
2
3
4
5

VN - INDEX LEADING MOVERS

Ticker ClosePrice Change
%Change Index pt
Vol
BID
17,000
300
1.80%
0.52 1,407,290 1
BVH
65,500
1500
2.34%
0.52
164,540 2
GAS
66,500
500
0.76%
0.49
395,650 3
VIC
42,750
250
0.59%
0.33
307,880 4
HT1
23,400
1500
6.85%
0.24
306,450 5

HNX - INDEX LEADING MOVERS

Ticker ClosePrice Change
%Change Index pt
Vol
ACB
19,200
200
1.05%
0.10
251,218
NVB
6,000
300
5.26%
0.05
100
VNR
20,700
600
2.99%
0.04
24,665
HUT
12,900
300
2.38%
0.03 2,401,234
VCG
16,000
100
0.63%
0.02 1,130,915

1
2
3
4
5

VN INDEX LAGGING MOVERS

Ticker ClosePrice Change
%Change Index pt
Vol
ROS
85,000
-1300
-1.51%
-0.28 2,116,350 1
STB
8,500
-320
-3.63%
-0.24
877,760 2
CTG
16,750
-100
-0.59%
-0.19
279,000 3
HPG
40,400
-350
-0.86%
-0.15 1,564,710 4
SBT
24,900
-1400
-5.32%
-0.14 2,017,680 5

HNX - INDEX LAGGING MOVERS

Ticker ClosePrice Change
%Change Index pt
Vol
PHP
17,000
-900
-5.03%
-0.16
900
PVS
18,800
-400
-2.08%
-0.10 1,518,697
DGC
44,200
-1800
-3.91%
-0.04
68,597
SAF
62,200
-6900
-9.99%
-0.03
200
VCS
131,000
-1000
-0.76%
-0.03
64,008

TOP 5 GAINERS (MARKET CAP>100 BIL. VND, AVER. VOL>30,000)

Ticker ClosePrice Change
%+/- T
%+/-T+3
Volume
1
TNT
2,380
150
6.73%
21.43%
281,820
2
ATA
830
50
6.41%
20.29%
54,410
3
SVC
43,700
700
1.63%
7.11%
35,920
4
SII
31,900
0
0.00%
6.87%
20
5
ITD
23,000
-150
-0.65%
6.73%
41,830

TOP 5 GAINERS (MARKET CAP>100 BIL. VND, AVER. VOL>30,000)

Ticker ClosePrice Change
%+/- T
%+/-T+3 Volume
1 CPC
25,300
2300
10.00%
15.53%
4,853
2 SDG
22,000
1900
9.45%
10.55%
210
3 SGC
51,500
4600
9.81%
10.04%
100
4 HTC
34,000
-1000
-2.86%
10.03%
7,700
5
SAF
62,200
-6900
-9.99%
3.84%
200

TOP 5 LOSERS (MARKET CAP>100 BIL. VND, AVER. VOL>30,000)

Ticker ClosePrice Change
%+/- T
%+/-T+3
Volume
1 VHG
2,700
-200
-6.90%
-12.62% 1,063,620
2 LDG
5,020
-280
-5.28%
-10.83% 1,382,910
3 HOT
20,550
-1500
-6.80%
-10.65%
10
4
PXT
4,750
-300
-5.94%
-8.65%
18,920
5
TMT
13,500
850
6.72%
-7.22%
309,990

TOP 5 LOSERS (MARKET CAP>100 BIL. VND, AVER. VOL>30,000)

Ticker ClosePrice Change
%+/- T
%+/-T+3 Volume
1 NHP
5,200
-500
-8.77% -24.64%
145,700
2
SCJ
3,200
-300
-8.57% -15.79%
100
3 HKB
4,700
200
4.44% -14.55% 5,310,306
4
TA9
22,700
-2300
-9.20% -14.02%
43,100
5
ALV
3,100
-200
-6.06% -13.89%
27,200

1
2
3
4
5

Ticker
ROS
FLC
VNM
CII
ITA

TOP 5 LEADING TURNOVER

Turnover ClosePrice
Change
%+/- T
174.74
85,000
-1300
-1.51%
151.45
7,020
310
4.62%
119.78
141,900
-100
-0.07%
83.61
28,700
200
0.70%
71.92
4,920
60
1.23%

%+/-T+3
7.46%
16.42%
-0.42%
-0.35%
0.00%

1
2
3
4
5

Ticker
HUT
PVS
DST
HKB
VCG

TOP 5 LEADING TURNOVER

Turnover ClosePrice
Change
%+/- T
30.91
12,900
300
2.38%
28.79
18,800
-400
-2.08%
28.49
37,100
300
0.82%
22.60
4,700
200
4.44%
18.22
16,000
100
0.63%

%+/-T+3
3.20%
-5.53%
8.16%
-14.55%
1.27%

1
2
3
4
5

Ticker
TCO
TV1
TMT
BGM
HDG

TOP 5 VOLUME RISING SURPRISES

Volume
%Change ClosePrice Change
79,700
1498%
11,500
150
30,410
730%
16,050
1050
309,990
573%
13,500
850
375,920
555%
1,190
20
81,990
476%
23,200
-400

%+/-T
1.32%
7.00%
6.72%
1.71%
-1.69%

1
2
3
4
5

Ticker
THB
VGP
KVC
MCC
V21

TOP 5 VOLUME RISING SURPRISES

Volume
%Change ClosePrice Change
35,811
29733%
19,800
1600
66,900
1737%
25,500
-2000
1,904,300
1105%
3,300
300
95,000
1061%
17,000
200
50,699
389%
7,100
400

%+/-T
8.79%
-7.27%
10.00%
1.19%
5.97%

1
2
3
4
5

TOP 5 NET BUY VOLUME BY FOREIGN

Ticker ClosePrice Buy Vol.
Sell Vol.
Net Vol. Net Value
GAS
66,500
329,990
175,990
154,000
10.13 1
CII
28,700
418,800
78,000
340,800
9.72 2
HT1
23,400
233,720
5,000
228,720
5.25 3
KBC
17,450
262,920
262,920
4.54 4
VCB
35,900
198,110
75,950
122,160
4.39 5

TOP 5 NET BUY VOLUME BY FOREIGN

Ticker ClosePrice Buy Vol.
Sell Vol.
Net Vol. Net Value
BVS
16,900
40,700
40,700
0.68
HDA
13,500
28,600
28,600
0.39
NET
35,700
14,000
4,700
9,300
0.33
S55
42,500
6,200
6,200
0.26
GMX
25,500
9,900
9,900
0.25

1
2
3
4
5

TOP 5 NET SELL VOLUME BY FOREIGN

Ticker ClosePrice Buy Vol.
Sell Vol.
Net Vol. Net Value
VNM
141,900
349,090
482,380
-133,290
-18.91 1
DXG
11,650
200
782,780
-782,580
-9.14 2
MSN
65,500
10,890
105,910
-95,020
-6.21 3
BID
17,000
290
351,000
-350,710
-5.88 4
PHR
21,550
1,000
80,990
-79,990
-1.72 5

TOP 5 NET SELL VOLUME BY FOREIGN

Ticker ClosePrice Buy Vol.
Sell Vol.
Net Vol. Net Value
PVS
18,800
175,000
330,000 -155,000
-2.95
HAD
48,500
200
13,900
-13,700
-0.65
THB
19,800
600
28,500
-27,900
-0.55
VGS
10,100
38,300
-38,300
-0.39
DBC
38,500
2,000
10,400
-8,400
-0.32

www.ssi.com.vn - 7

STOCK SCREENING

Retail Research and Investment Advisory

IAO DCH NH U T NC NGOI

Dividend Schedule
Ex-right date

Record date

Exercise
date

Ticker

Content

Ratio

Price

Dividend
Yield

1/11/2016

2/11/2016

17/11/2016

VNT

Cash dividend

10%

28,000

5.4%

2/11/2016

3/11/2016

21/11/2016

CSV

Cash dividend

8%

28,100

5.0%

3/11/2016

4/11/2016

21/11/2016

BID

Cash dividend

9%

17,000

4.1%

4/11/2016

7/11/2016

18/11/2016

PSW

Cash dividend

6%

15,400

7.8%

7/11/2016

8/11/2016

ADS

Stock dividend

20:1

18,500

8.1%

8/11/2016

9/11/2016

30/11/2016

GMX

Cash dividend

15%

25,500

0.0%

8/11/2016

9/11/2016

28/11/2016

SBA

Cash dividend

8%

11,250

8.9%

8/11/2016

9/11/2016

PVD

Stock dividend

10%

24,100

0.0%

8/11/2016

9/11/2016

18/11/2016

GLT

Cash dividend

19%

31,000

6.5%

9/11/2016

10/11/2016

SLS

Stock dividend

20%

134,900

3.0%

14/11/2016

15/11/2016

15/12/2016

PHP

Cash dividend

4%

17,000

4.7%

www.ssi.com.vn - 8

Retail Research and Investment Advisory

CONTACT
Retail Research and Investment Advisory
Linh Nguyen
Director
linhndh@ssi.com.vn

RATING
Within 12-month horizon, SSIResearch rates stocks as either BUY, HOLD or
SELL determined by the stocks expected return relative to the market required
rate of return, which is 18% (*). A BUY rating is given when the security is
expected to deliver absolute returns of 18% or greater. A SELL rating is given
when the security is expected to deliver returns below or equal to -9%, while a
HOLD rating implies returns between -9% and 18%.
Besides, SSIResearch also provides Short-term rating where stock price is

Tan Nguyen

expected to rise/reduce within three months because of a stock catalyst or

Research Assistant

event.Short-term rating may be different from 12-month rating.

tanntk@ssi.com.vn

Industry Rating: We provide the analyst industry rating as follows:

Overweight: The analyst expects the performance of the industry over

the next 6-12 months to be attractive vs. the relevant broad market

Neutral: The analyst expects the performance of the industry over the
next 6-12 months to be in line with the relevant broad market

Underweight: The analyst expects the performance of the industry over

the next 6-12 months with caution vs. the relevant broad market.

*The market required rate of return is calculated based on 5-year Vietnam

government bond yield and market risk premium derived from using
Relative Equity Market Standard Deviations method. Our rating bands are
subject to changes at the time of any significant changes in the above two
constituents.

DISCLAIMER

The information, statements, forecasts and projections contained herein,

including any expression of opinion, are based upon sources believed to be
reliable but their accuracy completeness or correctnessare not guaranteed.
Expressions of opinion herein were arrived at after due and careful consideration
and they were based upon the best information then known to us, and in our
opinion are fair and reasonable in the circumstances prevailing at the time.
Expressions of opinion contained herein are subject to change without notice.
This document is not, and should not be construed as, an offer or the solicitation
of an offer to buy or sell any securities. SSI and other companies in the SSI
and/or their officers, directors and employees may have positions and may affect
transactions in securities of companies mentioned herein and may also perform
or seek to perform investment banking services for these companies.
This document is for private circulation only and is not for publication in the press
or elsewhere. SSI accepts no liability whatsoever for any direct or consequential
loss arising from any use of this document or its content. The use of any
information, statements forecasts and projections contained herein shall be at
the sole discretion and risk of the user.

www.ssi.com.vn - 9