DAILY MARKET REVIEW

June 3, 2014

MARKET COMMENTARY
Markets at a Glance

HSX

Close

558.76

74.96

+0.35%

+0.21%

58,635,970

36,992,408

895

345

1 Day Change (%)

Volume (Shares)

HNX

Value (VNDbn)
HSX/HNX-30

612.49

149.24

Gainers

102

98

Losers

78

81

Unchanged

96

59

HSX

HNX

Foreign Buying (VNDbn)

215.7(24.1%)*

13.5(3.9%)*

Foreign Selling (VNDbn)

73.9(8.3%)*

2.7(0.8%)*

141.8

10.8

Foreign Activity

Net Buying/Selling
* % Total Value

Table of Contents:
Market Commentary

Page 1-2

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

www.VPBS.com.vn

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 VNIndex 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 tomorrows 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.

Please read the disclaimer at the end of this report

Page | 1

Garment and textile industry to search for other potential markets

for raw materials
A recent report on the garment and textile industry shows that Mays
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 Vietnams 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, Vietnams 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 Vietnams garment and textile industry to reduce its 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.

www.VPBS.com.vn

Page | 2

MARKET ACTIVITY
HSX- Intraday

Market Highlights

564

Both the HSX and HNX partially recovered

yesterdays losses. Particularly, the HNX experienced
a rebound after three successive adjustments.
However, liquidity tumbled on both exchanges.

561

HSX
558

555

552
9:00

10:00

11:00

12:00

1:00

2:00

3:00

HNX Intraday
75.5
75,5

75.0
75,0

HNX

74.5
74,5

74.0
74,0
9:00

After yesterdays 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.

10:00

11:00

12:00

1:00

2:00

3:00

After three successive corrections, the HNX today

experienced an inactive trading session as investors
limited their trading activities. Todays 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.

www.VPBS.com.vn

Page | 3

TECHNICAL ANALYSIS
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 todays market
(with the above characteristics) as no demand.
Outlook: Following this no demand candle, the VNIndex is likely to continue falling tomorrow. The MA10
support level is now at 552.

HNX Daily Chart (3 Month)

HNX-Index
The HNX-Index witnessed a modest gain: The
HNX-Index tried to rally in todays 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 Daily Chart (3 Month)

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.

www.VPBS.com.vn

Page | 4

HSX INDICES
VNSmall

569,57

-0,01%

VNMidcap

559,05

0,17%

VNAllshare

547,95

0,20%

700
720

680

700

660

680
640

660

620

640

600

620

580

600

560

580
560

540

540

520

520

500

VN 100

546,47

0,21%

700

700

680

680

660

660

640

640

620

620

600

600

580

580

560

560

540

540

520

520

500

500

Source: HSX

www.VPBS.com.vn

Page | 5

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

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.
VNMs shares today closed at VND124, 000 per share, unchanged vs
yesterday price P/E of 16.2 times.

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

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

www.VPBS.com.vn

Page | 6

DOMESTIC NEWS

ECONOMIC NEWS

Vietnam's public debt index currently

stands at safe level

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 Vietnams 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. pledges continued support to

Vietnams economic development

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 VietnamU.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.

INTERNATIONAL NEWS
Manufacturing
eurozone

in

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 eurozones 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.

MSCI: Qatar and the United Arab

Emirates (UAE) secure "emerging
market" status

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.

www.VPBS.com.vn

growth

slows

Page | 7

MAJOR MARKET MOVERS

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

TTF

8,500

300

3.7%

1.2%

TDC

9,400

300

3.3%

AGR

6,500

200

LCG

6,600

200

Price

Net Chg

%+/- T

%+/-T+3

Volume

KLF

11,100

600

5.7%

-0.9%

6,628,300

500,250

DCS

5,400

200

3.9%

-6.9%

618,800

-3.1%

501,950

VGS

6,500

200

3.2%

-4.4%

339,100

3.2%

-3.0%

283,530

PVG

10,100

300

3.1%

-6.5%

104,500

3.1%

-2.9%

3,564,680

PVL

3,600

100

2.9%

-2.7%

510,000

Top 5 Losers on HSX (*)

Code

Top 5 Losers on HNX (*)

Code

Price

Net Chg

%+/- T

%+/-T+3

Volume

Code

Price

Net Chg

%+/- T

%+/-T+3

Volume

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

Price

Net Chg

%+/- T

%+/-T+3

Volume

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

Top 5 Volume on HSX
Code

Top 5 Volume on HNX (*)

Price

Net Chg

%+/- T

%+/-T+3

Volume

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

Code

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

www.VPBS.com.vn

Source: HSX, HNX, Bloomberg

Page | 8

HSX SECTOR PERFORMANCE

Outperforming

140

HSX (Equal Weighted)

Industrials

Energy
Technology

Health Care
Utilities

120

% Gain /(Loss)

100
80
60
40
20
0
06/13
-20

08/13

10/13

11/13

01/14

03/14

05/14

Underperforming
HSX (Equal Weighted)

Consumer

Financials

Materials

120

% Gain /(Loss)

100
80
60
40
20
0
06/13
-20

08/13

10/13

11/13

01/14

03/14

05/14

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

24.3%

0.38%

-0.48%

19.8

1.3

3.1%

0.64%

-0.93%

14.4

1.7

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

21.6%

1.39%

1.10%

8.3

1.2

Consumer Staples
Energy
Financials

Utilities

Source: Bloomberg, VPBS collected

www.VPBS.com.vn

Page | 9

TOP 5 (BY MARKET CAP) FOR EACH SECTOR

Outperforming Sectors on HSX
Technology

Industrials

Code

P/E

P/B

ROE

Average

9.8

0.9

18.3%

FPT

9.6

2.1

23%

ELC

16.9

1.0

CMG

43.7

SGT

13.6

TIE

2.7

Market Cap.
(VNDbn)

Change 30D

Market Cap.
(VNDbn)

Code

P/E

P/B

ROE

Change 30D

-11.5%

Average

14.1

0.9

6.8%

15,544

-17.5%

REE

5.6

1.3

0.2

6,508

-10.6%

6%

649

-2.3%

ITA

89.8

0.7

1%

5,600

-7.1%

0.7

2%

391

-19.2%

GMD

92.7

0.8

1%

3,753

7.2%

0.7

5%

281

11.8%

BMP

7.8

1.9

26%

3,047

-10.7%

0.5

21%

143

-11.8%

PVT

12.2

1.1

9%

3,047

-7.1%

Market Cap.
(VNDbn)

Change 30D

-2.5%

Underperforming Sectors on HSX

Energy

Financials
Market Cap.
(VNDbn)

Code

P/E

P/B

ROE

Average

14.4

1.7

30.6%

GAS

15.1

5.6

0.4

185,710

PVD

9.8

2.2

23%

22,984

PGD

10.7

1.9

17%

CNG

8.6

2.5

PGC

6.2

0.9

Change 30D

Code

P/E

P/B

ROE

Average

12.0

0.9

11.4%

-1.5%

VCB

15.2

1.5

10%

66,973

0.3%

-1.8%

CTG

8.4

1.0

13%

54,362

-7.6%

2,022

1.9%

VIC

7.7

3.9

57%

59,914

3.1%

30%

1,061

-9.2%

BVH

23.1

2.2

9%

27,015

8.2%

14%

583

-6.5%

STB

10.5

1.4

14%

23,193

3.0%

Code

P/E

P/B

ROE

Market Cap.
(VNDbn)

Change 30D

-4.2%

Average

19.8

1.3

15.8%

-0.9%

Health Care

2.2%

Consumers
Market Cap.
(VNDbn)

Code

P/E

P/B

ROE

Change 30D

Average

13.5

1.6

16.6%

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%

Code

P/E

P/B

ROE

Market Cap.
(VNDbn)

Change 30D

1.1%

Average

11.0

0.8

12.2%

Utilities

-0.5%

Materials
Market Cap.
(VNDbn)

Code

P/E

P/B

ROE

Change 30D

Average

8.3

1.2

14.1%

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%

2.6%

Source: Bloomberg, VPBS collected

www.VPBS.com.vn

Page | 10

ETF TRADING
Daily
change
NAV

Shares
Outstanding

Daily
Change in
Share
Outstanding

Daily
Premium/
Change
Discount
price

Last
price

Date of
announcements

Ticker

NAV

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

$ 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

14

27
26
25
24

13

23
22
21
12

20
19
18
17
12/13

01/14

01/14

02/14

03/14

04/14

05/14

11
12/13

Difference between Price and NAV (%)

4%

10%

3%

8%

2%

6%

1%

4%

0%

2%

-1%

0%

-2%

-2%

-3%

01/14

01/14

02/14

03/14

01/14

02/14

03/14

04/14

05/14

Difference between Price and NAV (%)

12%

-4%
12/13

01/14

04/14

05/14

-4%
12/13

01/14

01/14

02/14

03/14

04/14

05/14

Source: Bloomberg, VPBS collected

www.VPBS.com.vn

Page | 11

INTERNATIONAL MARKETS
Dow Jones

16,743.63

0.16%

Nasdaq

16,800

4,420

16,450

4,250

16,100

4,080

15,750

3,910

15,400
03/14

FTSE

03/14

6,841.25

04/14

05/14

-0.33%

3,740
03/14

DAX

7,000

10,500

6,800

10,000

6,600

9,500

6,400

9,000

6,200
03/14

NIKKEI 225

03/14

15,034.25

04/14

05/14

0.66%

8,500
03/14

SHANGHAI

16,000

2,170

15,200

2,100

14,400

2,030

13,600

1,960

12,800
03/14

03/14

04/14

05/14

1,890
03/14

4,237.20

03/14

04/14

9,923.74

03/14

05/14

-0.27%

04/14

2,038.31

03/14

-0.13%

05/14

-0.04%

04/14

05/14

Source: Bloomberg, VPBS collected

www.VPBS.com.vn

Page | 12

NEIGHBORING MARKETS
Ho Chi Minh Stock Exchange
Jakarta Stock Exchange

140

MSCI EFM ASIA Index

Philippines Stock Exchange

Bangkok Stock Exchange

130
120
110
100
90
80
70
06/13

08/13

10/13

Bangkok Stock Exchange

Jakarta Stock Exchange

Philippines Stock Exchange

Ho Chi Minh Stock Exchange

12/13

Market

01/14
Bangkok
Stock
Exchange

03/14
Jakarta
Stock
Exchange

05/14

Philippines
Stock
Exchange

Ho Chi
Minh Stock
Exchange

24

P/E

17.1

21.0

21.5

13.2

20

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

391.5

388.0

171.6

46.3

(1,152.3)

3,671.3

952.8

225.5

(213.4)

59.6

(6.4)

30.4

2.9

5.8

7.2

5.4

16
12

Market Cap.
(USDbn)
Foreign Net Inflow
- YTD (USDmn)
Foreign Net Inflow
- 5D (USDmn)
GDP Growth
(%yoy)

8
4
0
P/E

www.VPBS.com.vn

P/B

ROE

ROA

Source: Bloomberg, VPBS collected

Page | 13

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