The markets rose today and in decent volumes. Market breadth broadened
and also we additionally see that 41 concerns visited the ceiling while 13 stocks droppeded to the
flooring. Immigrants were fairly energetic and net customers to a moderate level. The
executed market saw a big sell VCF and PVI and after that a smaller sized
trade in VNM.
The marketplaces increased today as the revived FOL theme pulled in much more investors.
Regional markets offered a secure background while crude oil costs
trended higher. That sufficed to allow capitalists to spend for a residential
theme; namely growing indicators that a number of firms are enhancing
their FOL. This motif really started to restore energy just after Tet
with VNM revealing strategies to tidy up their charter capital. As well as since then
names such VHC; EVE; MBB and also BIC have all raised their FOL for one factor
or an additional. With indicators that an additional handful of companies will certainly do the same running
up to the AGM season.
• Banks were extensively combined to higher today led by PROPOSAL & VCB. Also as
EIB & STB dropped back. While MBB; ACB and also CTG were unchanged.
• BVH made headway while SSI as well as HCM delighted in quite strong gains on the
extensive FOL style. News that Daiwa securities plans to boost its risk
in SSI was greeted well.
• Core SCIC 10 names such as VNM; FPT as well as BMP all made wonderful gains.
While numerous newer FOL relevant names such as HHS; MWG & FCN
revealed quite strong gains today.
• Resource names were relatively strong led by GAS & PVD although they
shut below the highs of the day.
• Realty names were much more low-key today with small moves by VIC &
BCI.
• Pharmaceutical names ran greater led by DHG again on proceeding supposition.

The VN index just about confirmed a near term outbreak today with strong turnover
and modest foreign internet purchasing. For now residential capitalists will do a lot
of the running as many of these FOL names are currently near to immigrants.
However with MBB merely opened up for the first time even we are likely to
continuously see strong overseas passion there. The VN index will certainly continue
to content greater for the time being as long as the overseas markets play along
somewhat. Nevertheless for the very first time since last November we have the
probability of partially decoupling from the abroad markets.
FOL style continuouslies thrill market. A lots or so
names included.
Head of Research - Fiachra Mac Cana
The marketplace took hold of the FOL motif today once more and also pushed up the
costs of stocks where (1) the core company has no restrictions as well as where
the BOD have either announced the purpose to raise the FOL and also (2) the
core company has no restrictions yet FIGURE has actually not made any sort of news
concerning its intents.
For some firms they just need to cleaning the firm charter
- In the very first instance, the hurdles are rather simple; particularly getting rid of
recommendations to any kind of restricted companies from the firm charter (these.
are tradition issues when companies looked for to point out as lots of businesses.
as possible in the company charter and in a lot of cases never entered into.
the majority of them). As a whole the timeline to clear away these obstacles could be.
determined in weeks and also the FOL of one more 3-4 business might open soon.
(Continued overleaf).
Sector Movers.
(composite).
1D chg Weight.
Products +0.42 % 6.39 %.
Consumer Staples +1.51 % 23.05 %.
Customer Discretion +1.36 % 3.92 %.
Financials +1.16 % 43.25 %.
Healthcare +3.68 % 1.28 %.
Industrials +1.23 % 8.69 %.
Energy +2.46 % 1.29 %.
Infotech +0.88 % 2.06 %.
Energies +0.79 % 10.07 %.
The Vietnam Daily.
February 22nd 2016.
HO CHI MINH CITY SECURITIES COMPANY.
MARKET COMMENTARY.
Page 2.
FOL relevant tickers.
Firms whose core business is not restricted. As well as FIGURE has shown it wishes to increase FOL.
Ticker Market capitalisation (VNDmn) Market capitalisation (US$ mn) Notes.
VHC 2,993,888 133.66 VHC has actually simply been given approval to raise FOL to 100 %.
SSI 10,705,279 477.91 The very first business to lift their FOL to 100 % last September. Possession.
already over 51 % foreign possessed. And Daiwa Securities will obviously.
boost risk from 10-15 %.
BIC 2,251,716 100.52 Reported training of FOL to 49 %.
VNM 156,018,122 6,965.09 Working to change the firm charter by delting recommendations to restricted.
companies. Likely to complete in March.
STK 1,437,957 64.19 No limited companies. Awaiting main guidance.
BMP 5,957,681 265.97 No limited company in the business charter and also the firm intends to.
boost FOL.
HHS 2,563,995 114.46 No limited business in the business charter and also the company wishes to.
rise FOL.
HTL 1,092,000 48.75 No limited company in the company charter and the firm wants to.
increase FOL.
FCN 909,885 40.62 FCN would love to open up the FOL to 100 %. The FOL is full at 32.4 %.
currently as some is reserved for the CB conversion. FCN will certainly send the.
request for FOL open in the yearly investors' conference which possibly.
will be held by the end of March.
CII 5,682,818 253.70 In October shareholders authorized to eliminate restricted businesses from.
firm charter. However since then the company has made little development.
provided issues over the property company.
Companies whose core company is not restricted. Yet no objective from BODY to raise FOL yet.
Ticker Market capitalisation (VNDmn) Market capitalisation (US$ mn) Notes.
HVG 3,102,839 138.52 No limited business in the business charter. However the business has not.
made a decision to take any kind of action yet.
MSN 55,630,481 2,483.50 There is no limited business in the firm charter. However they have no.
plan to enhance FOL until now.
VCF 4,119,766 183.92 There is no limited business in the company charter. Yet they have no.
strategy to increase FOL so far.
KDC 4,524,545 201.99 Unrestricted. But the company does not want to increase FOL. Treasury.
buyback suggest that they are tightening ownership in fact.
HCM 3,726,533 166.36 Unrestricted. The company has actually thought about raising the FOL. Concerns over.
functional constraints it were to end up being an international had firm.
TCM 1,428,795 63.79 There are 2 limited companies in the charter specifically clinical solutions.
and also transportation by roadway. BOM is considering exactly what to do.
MWG 11,146,943 497.63 Unrestricted. Nevertheless issues over whether or not they would be.
dealt with as an international firm. As a retailer this is very important.
Other business choose to wait and also see in the meantime - After that we have a list of business where the core business isn't really.
restricted, nevertheless administration hasn't already made any type of conclusive choice on whether or not to boost the international area. In.
some cases they might be merely waiting and also seeing specifically if the room is presently open and also there is therefore little stress.
to act. In other instances the lack of guidelines looks the main hurdle. The fear of a leap into the dark so to speak.
Some firms as a matter of fact wait for more info or guidelines - For example; a number of business such as MWG; HCM.
and also STK seem concerned about the implications of becoming bulk foreign possessed. In STK's situation this appears.
to be a problem over possible extra reporting needs if they come to be an international firm. In the various other 2 situations.
there are clear operational problems given possible limitations to certain activities if they are regarded as international possessed.
SSC lately hinted it could raise ceiling on interpretation of majority international owned from 51 % to 65 % this year - Currently as.
stated prior to the SSC has hinted that they may revisit their earlier proposal to lift the ceiling at which a business is.
considered as foreign possessed from 51 % to 65 %. Which may urge more business to take the plunge. If they were.
persuaded that other branches of government as well as not just the SSC identified the same difference.
(Proceeded overleaf).
The Vietnam Daily.
February 22nd 2016.
HO CHI MINH CITY STOCKS CORPORATION.
MARKET COMMENTARY.
FOL has returned as the significant market motif - Nevertheless we have our significant market style currently and the brand-new micro.
driven FOL motif has something that the earlier top down FOL theme never ever truly had; trustworthiness driven by concrete activity.
on the ground. This has the terrific benefit of being very visible and not reliant on behind the scenes tasks by.
regulators. As well as as a result capitalists are most likely to take it a great deal a lot more seriously. On the various other hand the variety of business.
involved at this stage isn't huge; possibly 2 dozen or two.
MBB & BIC not component of the primary FOL story however their timing has been very good - Specifically if we consist of some.
companies such as MBB & BIC that together have actually decided to lift the FOL which had actually been voluntarily reserved by.
the BODY for an entirely different function. And also while perhaps there are not component of the primary FOL tale their timing has.
been really arbitrary. MBB's situation in particular has drawn market focus with merely over 71 million shares still readily available.
on the foreign side since the close of company today.
In company information we had the following;.
DXG numbers on course. Onward potential excellent. Restate BUY.
Expert - Nguyen Thi Yen.
PRIMARY TAKEAWAY-- Above target numbers on really strong incomes from all 3 core businesses.
Nevertheless GPM landeded on a damage in product mix and as the local margins in.
the currently reduced margin building as well as advancement sections fell additionally. Net economic.
earnings slipped although luckily so did SG&A as a % of sales. DXG was really energetic to acquire.
projects from failing programmers at affordable cost and so expanded their land banking institution as a result.
Several brand-new jobs being available in a rather active pipeline. HSC forecasts that FY2016 NPAT.
will certainly enhance by 58 %. Resources elevating strategy will double chartered resources this year.
ACTION-- State Purchase. Extremely sensible as it is trading at 6xs totally weakened ahead P/E and.
a 25 % discount rate to RNAV. Development potential clear provided active job M&A although dilution.
may be a future worry if they remain to broaden at this rate.
Dat Xanh Team (DXG-- BUY) just recently launched over target numbers - FY2015 examined combined outcomes came.
out showing internet sales of VND1,395 billion (+175 % y/y) and also NPATMI of VND337 billion (+101 % y/y) which were 3.3 % as well as.
39 % above the firm's target respectively. This outcome was generally according to our projection nonetheless. In our design, we.
projection FY2015 net sales of VND1,385 billion (+174 % y/y) as well as NPATMI of VND331 billion (+97 % y/y).
Brokerage division saw a large development in revenues - DXG's brokerage department had a fairly effective year with overall.
sales quantity amounting to 8,955 devices (+33.2 % y/y), or a 16.1 % nationwide market share (below a 24 % share.
in FY2014). As well as the brokerage firm solutions and wholesale financial investment section added VND753 billion in profits.
(+145 % y/y) which income from wholesale investment alone represented VND87 billion (+54 % y/y).
Property development incomes greater than increased - Revenue from property growth involved VND488 billion.
(+216 % y/y), originating from 2 essential projects namely Sunview Community (VND438 billion; there were no bookings in FY2014).
and also Gold Hillside (VND50 billion; -41 % y/y);.
• By the end of FY2015, DXG had actually offered all 1,639 devices in the Sunview Community project (Thu Duc) at a typical marketing.
cost of VND14.5 million each sqm (including VAT). This four-block task was introduced in Q3 FY2013 and to this day,.
DXG has completed construction of 2 blocks totaling 660 units. During the 2-H FY2015, the company already handed.
over around 592 units to buyers and they prepare to hand over the remaining 1,047 devices in FY2016.
• For the Gold Hillside suburb job which covers 26.57 ha in Dong Nai, DXG marketed 180 land plots in FY2015. To.
date, the business has marketed 967 stories out of a total of 1,044 land plots at an ordinary selling price of VND3.5 million.
per sqm. Then finished framework and also turned over 619 plots to the buyers.
(Continued overleaf).
Page 3.
The Vietnam Daily.
February 22nd 2016.
HO CHI MINH CITY SECURITIES CORPORATION.
MARKET COMMENTARY.
As did the building department - The building division which is handled by its subsidiary, ECI building, added.
VND153 billion in income (+244 % y/y) from Third party projects such as Full House (Binh Tan) and Topaz Yard.
(Tan Phu). Total brand-new signed agreement in FY2015 amounted to VND2,601 billion (+396 % y/y) and by the end of FY2015,.
we estimate total stockpile transferring to FY2016 is around VND2,708 billion (+432 % y/y).
GPM slipped as product mix aggravated - Gross earnings concerned VND659 billion (+118 % y/y). By department gross profit from.
brokerage firm & wholesale financial investment pertained to VND544 billion (+136 % y/y); gross earnings from real estate growth came.
to VND108 billion (+83 % y/y). While gross earnings from building tasks involved VND7.8 billion (-37 % y/y). Then.
overall gross revenue margins dropped to 47.3 % from 59.6 % in FY2014 as GPM of all segments went down. We saw a higher.
earnings weight of low gross profit margin departments while the GPM itself in those departments dropped back visibly. We saw.
that the GPM for brokerage & wholesale financial investment went down slightly to 72 % from 73 % at the same time GPM for real estate.
advancement declined to 22 % from 40 % and GPM for design sector were at 5 % compared with 28 % in 2013.
Internet financial revenue decreased by 66 % y/y to VND28.3 billion mainly as the one-off gain completing VND67 billion from task.
disposals quit in FY2015. Monetary income involved VND36.8 billion (-56 % y/y), primarily from passion revenue.
While economic costs rose to VND8.5 billion (+1,066 % y/y) on the combo of a loss from financial investment.
disposal and a passion expenditure increase provided higher debt.
SG&An expenses increased significantly by 97 % y/y to VND269 billion although the SG&A to sales proportion still went down from.
27 % to 19 %. Generally due to an increase in advertising and marketing expenditures connected to project launches.
The company also videotaped VND67 billion benefit from associate business, mainly from Long Dien Group (LDG) which.
is participated in household, metropolitan area & hotel development. Lengthy Dien focuses on residential growth in other.
districts such as Dong Nai, not focus on HCMC like DXG. They additionally invest in a hotel in Phu Quoc DXG presently.
holds a 41.5 % stake in LDG which 16.2 % is straight held by DXG as well as the balance of 25.3 % is indirectly held via.
2 subsidiaries.
Available land has increased practically 50 % as a result of active job M&A - In FY2015, DXG participated in some considerable.
M&A getting a total of 8 tasks related to inexpensive and mid-end flat tasks. After acquiring these 8 projects,.
DXG's overall land banking institution increased to 44.5 ha from 30.2 ha. There are at various stages with many having removed land.
Nonetheless in 4 tasks the LUR has been paid as well as in 4 jobs it has actually not yet been paid.
Acquisition trail continues - Just recently, the firm additionally revealed that they will obtain additionally 4 jobs including.
a workplace structure task and also 3 domestic jobs. Of which, there is a huge project in district 2, namely Venice, which.
covers an area of 6.7 ha and is created for 3,100 houses with complete investment funds of VND5,145 billion.
Constant launch of brand-new projects - DXG released a brand-new 2-block task specifically Luxcity in district 7 into the marketplace from.
Q3, FY2015 at the asking price ranging from VND23 million to VND26 million per sqm. To this day they have availabled about.
300 systems out of an overall of 426 systems. They additionally prepare to introduce 2 brand-new tasks in Q1 FY2016 specifically Opal Riverside in Thu
. Duc and also Auris City in district 8. However, the company has not divulged the expected market price yet.
HSC projections NPAT will certainly broaden an additional 58 % this year - For FY2016, we anticipated internet sales of VND2,462 billion.
(+76 % y/y) and NPATMI of VND532 billion (+58 % y/y) offered our assumptions:.
(1) We anticipated sales growth of 11 % y/y in the broker agent & wholesales division, to VND833 billion based on our presumption.
that they will available 9,350 devices on behalf of customer.
(2) We expect sales from development segment will amount to VND1,453 billion (+198 % y/y) as the company continuouslies.
book profits from the Gold Hillside (VND115 billion) and also Sunview Community (VND1,029 billion) task. We also assume that.
the business will certainly reserve component of the earnings from the Luxcity task (VND309 billion) as they intend to turn over the barefinished.
units (a total of 426 systems) in Q4 FY2016.
(3) We assume the design section will grow 15 % y/y to VND173 billion given the most likely speed of design.
progression of the current pipeline.
(Continued overleaf).
Page 4.
The Vietnam Daily.
February 22nd 2016.
HO CHI MINH CITY SECURITIES COMPANY.
MARKET COMMENTARY.
(4) We additionally forecast gross profit of VND952 billion (+44 % y/y) as well as a lower GPM of 38.7 % for the second consecutive.
year. By department, we think GPM from broker agent will be steady at 72 % at the same time we presume that the GPM from household.
growth will be 23 % which design section GPM will be merely 5 %.

(5) Think that SG&An expenditures will enhance to VND322 billion (+19.7 % y/y) on greater sales.
(6) Presume net financial earnings will rose a little by 9.5 % y/y to VND31 billion given greater passion income as cash.
equilibrium boosts.

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