DAILY MARKET REVIEW MARKET COMMENTARY · weights in the VNM ETF were predicted to go up. Table of Contents: Market Commentary Page 1-2 Technical Analysis Page 3 HSX Indices Page 4

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MARKET COMMENTARY

Markets at a Glance HSX HNX

Close 564.13 76.69

1 Day Change (%) +0.15% +0.08%

Volume (Shares) 74,657,307 26,467,617

Value (VNDbn) 1,224 289

HSX/HNX-30 576.78 142.32

Gainers/Ceiling 104/8 80/9

Losers/Floor 85/9 98/10

Unchanged 88 66

Foreign Activity HSX HNX

Foreign Buying (VNDbn) 175.2(14.6%)* 6.1(2.1%)*

Foreign Selling (VNDbn) 198.4(16.5%)* 46.0(15.9%)*

Net Buying/Selling (23.2) (39.9)

* % Total Value

Table of Contents:

Market Commentary Page 1-2

Technical Analysis Page 3

HSX Indices Page 4

Recommendation Page 5-6

Major Market Movers Page 7

HSX Sector Performance Page 8

Top 5 (By Market Cap) For Each Sector Page 9

Foreign ETF Trading Page 10

Domestic ETF Trading Page 11

International Markets Page 12

Neighboring Markets Page 13

Contact Information & Disclaimer Page 14-15

BID had excess selling orders for millions of

shares at its floor after being dropped from the

VNM ETF. The market remained otherwise quiet.

Van Eck Global suddenly announced last evening that

BID would not be added to its VNM ETF portfolio after

the Q3 2015 review came out. This unprecedented

incident in Vietnam surprised all investors and BID

was immediately sent to its floor right from the

beginning of the session with excess selling orders in

the ATO session of nearly 10.7 million shares. Very

few transaction orders of BID were matched and the

stock had excess selling orders of millions of shares

until the market closed. (See our detailed report here)

This seemed to make investors more cautious with

other bank stocks such as CTG, MBB, and EIB, leading

them to fall. Other stocks including HAG and KDC

attracted strong demand and increased as their

weights in the VNM ETF were predicted to go up. The

recovery of these stocks and other blue chips such as

BVH, DPM, GAS, HPG, MSN, PPC, and PVD helped the

VN-Index to increase slightly by 0.15 percent to 564.13.

On the HNX, losers still outnumbered gainers but

positive movements of CEO, HUT, PVC, PVS, SHB,

VCG, and VND were enough to pull the HNX-Index

slightly up by 0.08 percent to close at 76.69. The

market was generally quiet, pushing liquidity to low

levels on both exchanges.

Foreign investors unexpectedly net sold VND23.2

billion (USD1.03 million) on the HSX while they net

bought VND55.7 billion (USD2.48 million) yesterday.

Top sells on this exchange were VIC, BVH, STB, TTF,

and MSN. They also net sold VND39.9 billion (USD1.77

million) on the HNX, focusing on VCG with net selling

value of VND38.6 billion (USD1.72 million), followed

by NTP, PGS, PLC, and PVC.

DAILY MARKET REVIEW September 16, 2015

Please read the disclaimer at the end of this report

https://www.vpbs.com.vn/

http://www.vpbs.com.vn/Images/research/ETF0916E.pdf


Today’s small gain did not change the market trend as the VN-Index stayed barely above the MA10 while the HNX-

Index remained right below its MA20. Low liquidity again showed that both buyers and sellers were highly cautious.

Only stocks related to the Q3 review of two ETFs, which ended this Friday, experienced strong demand but this did

not affect other stocks significantly. Thus, we recommend that investors observe the market from the sidelines.

Vietnam recorded trade surplus in August despite yuan devaluations

Contrary to the estimated trade deficit of USD100 million, previously released by the General Statistics Office (GSO),

yesterday’s report from the General Custom Office showed that Vietnam achieved a trade surplus of USD356.43

million in August, the second monthly surplus this year. The previous trade surplus was for USD150 million in April.

In the eight months through August 2015, export turnover increased 9.5 percent to reach USD106.5 billion, mainly

thanks to FIEs which contributed 67.35 percent of total export turnover. Meanwhile, import turnover was USD110.26

billion, up 17.1 percent y-o-y. These led to a trade deficit of USD3.76 billion through the end of August versus a

trade surplus of USD3.07 billion for the same period last year.

Source: General Custom Office, VPBS

Major exported items include mobile phones and accessories (USD20.18 billion, up 32.6 percent), textiles (USD14.88

billion, up 9.9 percent), computers and accessories (USD9.99 billion, up 53.5 percent), and shoes and sandals

(USD7.95 billion, up 19.1 percent). Meanwhile, major imports were machinery, equipment and spare parts

(USD18.54 billion, up 30.9 percent), computers and components (USD15.19 billion, up 35.6 percent), mobile phones

and spare parts (USD7.18 billion, up 37.5 percent).

The US and EU are the largest and second largest export markets of Vietnam with total export turnover of

USD21.85billion and USD20.2 billion, respectively. They are followed by ASEAN, China, Japan and Korea.

Meanwhile, China is Vietnam’s largest import market with total import value of USD32.55 billion, accounting for

29.52 percent of the total import turnover.

The recent devaluations of Chinese yuan were expected to enlarge Vietnam’s trade deficit as China is Vietnam’s

largest import market and a major competitor to Vietnam’s export markets and that in turn could hurt the country’s

economy. However, the August trade surplus indicates that the recent adjustments by the State Bank of Vietnam,

which included devaluing the dong by one percent and widening the trading band to three percent, have partly

eased the impacts of yuan devaluation.

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20000Export (USD Bn, L) Import (USD Bn, L)

Trade Balance (USD bn, R)

Monthly trade balance



HSX – Daily Chart (3 Month)

VN-Index

Inched up: The VN-Index rose slightly today because

of its MA20 support level at 560. Buying force was not

very strong with liquidity lower than yesterday. The

technical chart shows a small white candle, barely

crossing the MA10 at 563. However, it still closed

below the MA5 at 566 to generate mixed signals for

the short-term trend. Therefore it remains neutral.

Outlook: The VN-Index could drop tomorrow from its

MA5 at 566.

HNX-Index

Moved sideways: Retreating from an early gain, the

HNX-Index spent most of the session fluctuating in the

red (below the reference point of 76.64). It closed with

a small loss amid selling force that was not particularly

aggressive. The technical chart shows a hammer

candle with lower volume than yesterday, indicating a

degree of reluctance from investors. It closed below

the MA10 and MA20 resistance levels at 77 to remain

bearish.

Outlook: The HNX-Index could decline tomorrow due

to its resistance level at 77.

VN30 - Index

Rebounded to test resistance: The VN30 rose today

as investors went bottom-fishing for some large cap

stocks. The technical chart shows a white candle but

liquidity was barely lower than yesterday. This

indicates buying force in high price areas was not

particularly strong. Because of this, the index still

closed below its resistance level at 580, formed by a

combination of the MA5 and MA10. Thus the short-

term signal remains bearish.

Outlook: The VN30 could decline tomorrow from its

resistance level at 580.

HNX – Daily Chart (3 Month)

Vn30 – Daily Chart (3 Month)

TECHNICAL ANALYSIS



Source: HSX

VNSmall 632.79 0.12% VNMidcap 639.16 0.18%

VN100 537.14 0.77% VNAllshare 543.21 0.71%

590

605

620

635

650

665

680

695

06/15 07/15 08/15 09/15

590

605

620

635

650

665

680

695

710

06/15 07/15 08/15 09/15

500

515

530

545

560

575

590

605

620

06/15 07/15 08/15 09/15510

525

540

555

570

585

600

615

630

06/15 07/15 08/15 09/15

HSX INDICES



Ticker

Current

Price

(9/16/2015)

Recommen

-dation

Long-term

Value

Target

Price

(FA)

Short-

term

Trend

Support

Level

Resistance

Level P/E P/B

EPS

2015

Growth

Foreign

ownership

BTP 12,400 BUY Undervalued 14,100 Neutral 12,000 15,000 14.2 0.8 76% 9.8%

CSM 27,600 BUY Undervalued 36,100 Neutral 23,500 35,000 6.4 1.5 -13% 16.1%

FCN 20,100 BUY Undervalued 23,200 Neutral 20,000 23,000 7.1 1.2 2% 31.9%

FPT 43,700 BUY Undervalued 55,500 Neutral 42,500 45,000 10.0 2.0 14% 49.0%

GMD 32,300 BUY Undervalued 38,200 Neutral 30,500 36,000 15.4 0.8 204% 20.4%

HAG 15,300 BUY Undervalued 21,100 Neutral 12,500 21,000 7.3 0.9 -22% 18.5%

HUT 10,400 BUY Undervalued 12,800 Neutral 8,500 12,500 3.6 0.8 -69% 20.5%

IJC 8,600 BUY Undervalued 14,300 Neutral 8,000 14,000 9.1 0.8 20% 10.1%

IMP 42,000 BUY Undervalued 53,000 Neutral 35,000 48,000 11.0 1.4 -15% 49.0%

MBB 14,800 BUY Undervalued 15,700 Neutral 13,000 16,500 7.1 1.1 -8% 10.0%

PGS 18,500 BUY Undervalued 25,500 Neutral 17,000 24,000 6.3 1.0 10% 21.7%

PPC 17,100 BUY Undervalued 19,400 Neutral 15,500 23,000 4.3 1.0 -42% 15.3%

PVT 10,100 BUY Undervalued 15,000 Neutral 9,000 15,000 7.4 0.8 -35% 15.4%

SHB 6,700 BUY Undervalued 6,750 Neutral 6,500 9,000 8.0 0.6 -16% 11.5%

SSI 24,500 BUY Undervalued 26,600 Neutral 24,000 26,000 15.6 1.9 40% 48.1%

STB 16,200 BUY Undervalued 17,700 Neutral 15,000 21,000 8.7 1.0 -87% 9.8%

TRC 22,900 BUY Undervalued 35,400 Neutral 18,500 30,000 7.6 0.5 -44% 12.5%

VIC 41,700 BUY Undervalued 50,500 Neutral 41,000 48,000 35.9 3.3 3% 14.7%

VNS 32,000 BUY Undervalued 35,800 Neutral 32,000 34,000 6.8 1.3 -13% 49.0%

VSH 14,300 BUY Undervalued 14,900 Bullish 13,000 15,000 6.5 1.0 74% 27.4%

ACB 18,700 HOLD Fully-valued 20,200 Neutral 18,000 24,000 17.8 1.4 62% 30.0%

BID 26,600 HOLD Overvalued 19,000 Bullish 22,000 28,500 14.2 2.5 11% 1.9%

DBC 24,400 HOLD Fully-valued 25,400 Neutral 22,000 27,000 5.8 0.8 -16% 29.8%

DCM 12,800 HOLD Undervalued 15,000 Bearish 11,800 13,800 8.3 1.2 -14% 3.3%

DHG 64,500 HOLD Undervalued 81,000 Bearish 63,000 90,000 10.8 2.5 19% 49.1%

DMC 38,000 HOLD Undervalued 46,200 Bearish 36,500 46,000 7.4 1.4 2% 49.0%

DPM 30,500 HOLD Undervalued 34,600 Bearish 30,000 34,000 9.5 1.3 43% 26.5%

DRC 44,400 HOLD Undervalued 48,600 Bearish 42,500 63,000 10.7 2.8 7% 38.1%

EIB 11,800 HOLD Fully-valued 11,400 Neutral 10,000 14,200 NA 1.0 6% 26.5%

HBC 15,000 HOLD Undervalued 21,500 Bearish 14,000 18,000 8.8 1.1 125% 44.2%

HPG 29,700 HOLD Undervalued 33,533 Bearish 25,000 36,000 6.7 1.7 -48% 39.5%

HSG 40,200 HOLD Undervalued 45,000 Bearish 40,000 45,000 6.3 1.5 -3% 45.3%

MSN 76,000 HOLD Undervalued 94,000 Bearish 72,000 90,000 31.9 3.6 44% 35.2%

MWG 59,000 HOLD Undervalued 97,000 Bearish 50,000 82,000 9.9 4.3 26% 49.1%

PHR 17,200 HOLD Undervalued 24,600 Bearish 16,500 21,500 6.6 0.6 -28% 19.4%

REE 25,000 HOLD Undervalued 30,700 Bearish 24,000 31,000 6.6 1.1 -11% 43.7%

TRA 79,000 HOLD Undervalued 89,100 Bearish 75,000 90,000 12.0 2.5 16% 45.7%

VHC 36,200 HOLD Undervalued 49,000 Bearish 32,500 42,500 6.6 1.7 -23% 30.1%

RECOMMENDATION



VNM 97,500 HOLD Undervalued 113,000 Bearish 92,000 109,000 17.4 5.6 -1% 49.0%

BVH 44,800 SELL Overvalued 30,500 Neutral 42,500 52,000 22.5 2.5 -9% 24.8%

CTG 19,700 SELL Overvalued 18,300 Neutral 19,500 23,000 12.8 1.3 -6% 29.5%

HCM 36,100 SELL Overvalued 33,800 Bearish 35,000 40,000 17.7 2.1 -27% 49.0%

TCM 34,000 SELL Overvalued 30,000 Bearish 33,000 40,000 9.8 2.0 5% 49.1%

VCB 44,000 SELL Overvalued 32,300 Neutral 42,000 55,000 23.2 2.6 30% 21.1%

VND 13,600 SELL Overvalued 12,400 Bearish 11,000 15,000 10.2 1.2 -27% 44.7%

Note:

Undervalued: Expected return, including dividends, over the next 12 months is greater than 10 percent.

Fully-valued: Expected return, including dividends, over the next 12 months is from zero to 10 percent.

Overvalued: Expected return, including dividends, over the next 12 months is below zero.

Stock with changed in recommendation



Top 5 Gainers on HSX (*)

Top 5 Gainers on HNX (*)

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


SHI 12,500 800 6.8% 2.5% 2,573,350

HUT 10,400 400 4.0% 5.1% 1,242,832

TTF 18,000 800 4.7% 3.4% 653,580

VCG 11,000 300 2.8% -2.7% 4,022,208

KSA 4,800 200 4.3% 11.6% 678,070

WSS 8,200 200 2.5% - 1,010,300

HAG 15,300 600 4.1% 3.4% 2,887,340

SHN 8,800 200 2.3% -1.1% 164,600

ITA 5,300 200 3.9% -1.9% 1,483,370

PVS 20,500 400 2.0% -1.0% 591,535

Top 5 Losers on HSX (*)

Top 5 Losers on HNX (*)



BID 26,600 (1,900) -6.7% 6.4% 130,560

VMI 24,200 (2,600) -9.7% -26.7% 384,600

DIC 7,200 (200) -2.7% -4.0% 192,030

ACM 3,700 (300) -7.5% -5.1% 191,170

HNG 29,300 (600) -2.0% 4.3% 216,990

ITQ 9,000 (500) -5.3% -5.3% 414,300

HAR 5,800 (100) -1.7% -6.5% 3,748,650

NHA 13,100 (500) -3.7% -9.7% 518,200

AMD 11,700 (200) -1.7% 2.6% 835,690

DCS 3,100 (100) -3.1% -6.1% 100,627

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

Top 5 Volume on HSX

Top 5 Volume on HNX (*)



HAR 5,800 (100) -1.7% -6.5% 3,748,650

VCG 11,000 300 2.8% -2.7% 4,022,208

SBT 13,900 200 1.5% 5.3% 3,176,700

TIG 11,100 (100) -0.9% -1.8% 3,232,100

FLC 6,500 100 1.6% -1.5% 3,045,230

KLF 4,500 - - -2.2% 1,685,996

HAG 15,300 600 4.1% 3.4% 2,887,340

SHB 6,700 100 1.5% -1.5% 1,542,757

SHI 12,500 800 6.8% 2.5% 2,573,350

HUT 10,400 400 4.0% 5.1% 1,242,832

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


NT2 25,200 882,140 126,700 755,440 19,047

HUT 10,400 100,000 - 100,000 1,040

SSI 24,500 625,700 55,200 570,500 14,092

BCC 13,100 40,000 1,200 38,800 520

E1VFVN30 9,100 1,100,000 - 1,100,000 10,040

SHB 6,700 29,000 - 29,000 194

VCB 44,000 141,570 1,370 140,200 6,126

CMS 10,200 18,400 - 18,400 187

CTG 19,700 172,200 15,760 156,440 3,099

DXP 44,400 2,400 - 2,400 106

Top 5 Net Selling on HSX by Foreign Investors

Top 5 Net Selling on HNX by Foreign Investors



VIC 41,700 464,420 1,114,580 (650,160) (27,131)

VCG 11,000 15,600 3,605,000 (3,589,400) (38,617)

BVH 44,800 186,720 555,360 (368,640) (16,401)

NTP 46,000 - 40,000 (40,000) (1,845)

STB 16,200 - 475,200 (475,200) (7,536)

PGS 18,500 - 26,000 (26,000) (480)

TTF 18,000 - 399,850 (399,850) (7,134)

PLC 31,900 - 13,228 (13,228) (421)

MSN 76,000 499,270 581,380 (82,110) (6,124)

PVC 19,900 170,000 190,000 (20,000) (386)

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

MAJOR MARKET MOVERS



% G

ain

/(L

oss

)

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 24.2% 0.5% -6.1% 13.2 1.4

Energy 1.6% 0.7% -8.6% 6.7 1.4

Financials 46.1% -0.4% 2.8% 17.4 1.0

Health Care 1.1% -0.6% -6.8% 9.2 1.0

Industrials 7.7% 0.5% -2.9% 9.1 1.4

Information Technology 1.9% 0.2% -4.1% 10.0 1.4

Materials 6.5% 0.9% -4.7% 9.2 0.9

Utilities 10.8% 0.8% -5.9% 6.1 1.4

Source: Bloomberg, VPBS collected

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0

10

20

30

40

50

09/14 10/14 11/14 12/14 01/15 02/15 03/15 04/15 05/15 06/15 07/15 08/15 09/15

HSX (Equal Weighted) Consumer Technology Utilities Industrials

-40

-30

-20

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0

10

20

30

40

09/14 10/14 11/14 12/14 01/15 02/15 03/15 04/15 05/15 06/15 07/15 08/15 09/15

HSX (Equal Weighted) Energy Financials Health Care Materials

HSX SECTOR PERFORMANCE

% G

ain

/(L

oss

)



Outperforming Sectors on HSX

Underperforming Sectors on HSX

Technology

Healthcare

Code P/E P/B ROE Market Cap.

(VNDbn) Change 30D

Code P/E P/B ROE

Market Cap.

(VNDbn) Change 30D

Average 10.0 1.4 21.5%

Average 9.2 1.4 16.2%

FPT 10.0 2.0 21.4% 17,369 -6.6%

DHG 10.8 2.5 24.6% 5,608 -11.6%

MWG 20.4 4.3 41.2% 8,243 -16.9%

TRA 12.0 2.5 21.8% 1,949 -3.7%

DGW 3.0 1.2 43.8% 1,043 -8.8%

IMP 11.0 1.4 11.9% 1,216 -1.6%

CMG 8.2 1.1 15.8% 888 -5.0%

DMC 7.4 1.4 19.8% 1,015 -6.2%

ELC 10.2 1.0 10.2% 670 1.9%

OPC 8.3 1.5 16.1% 662 1.2%

Consumers

Materials


(VNDbn) Change 30D

Code P/E P/B ROE

Market Cap.

(VNDbn) Change 30D

Average 13.2 1.4 20.4%

Average 9.2 0.9 13.0%

VNM 17.4 5.6 34.6% 117,014 -7.1%

HPG 6.7 1.7 27.1% 21,768 -8.9%

MSN 31.9 3.6 12.0% 56,751 -11.6%

DPM 9.5 1.3 13.6% 11,588 -4.1%

HNG 15.4 1.7 11.6% 20,749 4.6%

HT1 10.2 1.7 18.7% 7,027 -0.5%

KDC 1.0 0.5 65.1% 5,573 -5.6%

HSG 6.3 1.5 24.3% 3,872 -6.3%

VCF 16.4 3.0 20.3% 4,598 -7.0%

POM - 0.5 -1.3% 1,192 -7.2%

Industrials

Financials


(VNDbn) Change 30D

Code P/E P/B ROE

Market Cap.

(VNDbn) Change 30D

Average 9.1 1.0 11.4%

Average 17.4 1.0 9.4%

REE 6.6 1.1 18.2% 6,727 -10.4%

VCB 23.2 2.6 10.7% 117,261 1.6%

CII 4.8 1.3 30.2% 4,438 -14.1%

VIC 35.9 3.3 9.9% 76,981 -0.2%

ITA 19.2 0.5 2.5% 4,443 -8.6%

CTG 12.8 1.3 10.6% 73,351 -4.8%

BMP 9.8 2.4 27.0% 4,502 -2.0%

BVH 22.5 2.5 11.4% 30,485 -8.2%

CTD 10.0 1.6 16.1% 3,995 0.5%

STB 8.7 1.0 11.8% 18,509 -6.9%

Utilities

Energy


(VNDbn) Change 30D

Code P/E P/B ROE

Market Cap.

(VNDbn) Change 30D

Average 6.1 1.4 18.8%

Average 6.7 1.4 28.4%

PPC 4.3 1.0 23.6% 5,440 -15.8%

GAS 7.1 2.2 34.4% 87,332 -12.2%

VSH 6.5 1.0 16.5% 2,949 2.1%

PVD 6.4 0.9 17.5% 12,077 -11.9%

TMP 7.5 2.2 30.3% 2,121 1.0%

PGD 9.1 1.8 21.1% 2,298 2.7%

TBC 12.3 2.0 16.1% 1,753 6.2%

CNG 7.5 2.1 30.7% 794 -0.7%

SJD 5.8 1.1 19.9% 1,196 -10.3%

PGC 8.2 1.1 13.6% 719 -0.7%


TOP 5 (BY MARKET CAP) FOR EACH SECTOR



FOREIGN 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 $15.68 -0.47% 26,450,000 (300,000) $15.56 0.06% -0.79% Price at 09/15/2015,

NAV at 09/15/2015

FTSE Vietnam $22.52 -0.84% 15,592,900 0 $23.08 2.53% -0.03% Price at 09/16/2015,

NAV at 09/15/2015

Total Shares Outstanding Difference between Price and NAV (%)

VNM

FTSE

Vietnam


17

19

21

23

25

27

29

31

03/15 04/15 05/15 06/15 07/15 08/15 09/15

-6%

-4%

-2%

0%

2%

4%

6%

03/15 04/15 05/15 06/15 07/15 08/15 09/15

12

13

14

15

16

03/15 04/15 05/15 06/15 07/15 08/15 09/15

-3%

-2%

-1%

0%

1%

2%

3%

4%

03/15 04/15 05/15 06/15 07/15 08/15 09/15



DOMESTIC ETF TRADING

Ticker NAV

Daily

change

NAV

Shares

Outstanding

Daily

Change in

Share

Outstanding

Last

price

Daily

Change

price

Premium/

Discount

Date of

announcements

VFMVN30 VND9,198 - 34,800,000 0 VND9,100 0.00% 1.10% Price at 09/16/2015,

NAV at 09/02/2015

E1SSHN30 VND7,886 - 10,100,010 0 VND9,500 0.00% 20.46% Price at 09/16/2015,

NAV at 09/11/2015

Total Shares Outstanding Difference between Price and NAV (%)

VFMVN

30

E1SSHN

30


-

5

10

15

20

25

30

35

40

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

-

2

4

6

8

10

12

0%

5%

10%

15%

20%

25%

30%




Dow Jones 16,599.85 1.40% Nasdaq 4,860.52 1.14%

FTSE 6,172.02 0.56% DAX 10,252.84 0.64%

NIKKEI 225 18,171.60 0.81% SHANGHAI 3,152.26 4.89%

9,000

9,600

10,200

10,800

11,400

12,000

06/15 07/15 08/15 09/15

2,500

3,100

3,700

4,300

4,900

5,500

06/15 07/15 08/15 09/15

17,000

18,000

19,000

20,000

21,000

22,000

06/15 07/15 08/15 09/15

4,200

4,500

4,800

5,100

5,400

06/15 07/15 08/15 09/15

5,200

5,600

6,000

6,400

6,800

7,200

06/15 07/15 08/15 09/15

15,000

15,700

16,400

17,100

17,800

18,500

06/15 07/15 08/15 09/15

INTERNATIONAL MARKETS



70

75

80

85

90

95

100

105

110

115

09/14 11/14 01/15 03/15 05/15 07/15 09/15

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

Jakarta Stock Exchange Philippines Stock Exchange

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

Market

Bangkok

Stock

Exchange

Jakarta

Stock

Exchange

Philippines

Stock

Exchange

Ho Chi

Minh Stock

Exchange

P/E 17.2 22.4 20.1 11.1

P/B 1.8 2.1 2.5 1.7

ROE 10.7 10.1 13.2 15.8

ROA 2.6 2.5 3.0 2.9

Market Cap.

(USDbn) 359.8 288.5 176.2 48.7

Foreign Net Inflow

- YTD (USDmn) (2667.7) (604.8) (794.5) 199.7

Foreign Net Inflow

- 5D (USDmn) (9.3) (54.0) (557.8) 10.0

Government bond

yield 5Y %) 2.11% 9.12% 3.62% 6.69%


NEIGHBORING MARKETS



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