SSI DAILY CALL

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March 12 2014
SUMMARY
Market wrap: Both indexes continued the rally as demand forces overwhelmed selling forces and propelled the market. Investors boisterous conviction
remained unharmed and thus helped liquidity increase given optimistic investing atmosphere.
Macro wrap: Update on Samsung Mobile Factory
Equity wrap: Update on FPT, NTP, BMP 4Q13

MARKET WRAP

VN- I NDEX

Top 5 big caps diverged as VIC dropped 0.66%; VNM stayed flat; while BVH, GAS and MSN jumped up
under strong buying force. Real estate tickers diverged as CII, DIG, HAR, HQC, IJC, ITC, KDH, SC5, SII,
VNI, VPH tumbled down; DRH, DXG, KBC, LCG, MCG, NTL, PDR, TDC, TDH, VRC moved sideways; while
BCI, HAG, HBC, HDC, HDG, ITA, LGL, NLG, NVN, NVT, PTL, PXL, QCG, SJS, UDC advanced or even hit
ceiling in the end. Banking group also diverged as BID, EID and STB slumped; CTG remained unchanged;
while MBB and VCB hiked 0.66% and 0.97% respectively. Divergence was also seen among the securities
brokerage as HCM and SSI decreased 1.14% and 0.38% each; while AGR and BSI altogether moved up or
even scored a homerun at market close.
ITA topped of the liquidity list with over 9.45 mil shares changing hands. The ticker closed the day at
VND 8,900, up 2.3%.

MARKET MOVEMENTS

On HOSE

Value: VND 2,560.8 bn

Foreigners (net):VND (41.1)bn

HNX- I NDEX
Value: VND 1,111.9 bn
Foreigner (net): VND (2.9) bn

588.50
4.81 (0.82%)

83.64
0.83 (1.01%)

VN Index Intra Day

Put-through value amounted to approx. VND 132.36 bil VND. VNM was the most crossed ticker
(235,540 shares) with net crossing value of approx. 35.04 VND bil.
Foreign investors maintained their net sell status on HOSE with net value of approx. 41.1 bil VND. They
mostly registered net buys of HAG with net value of approx. VND 15.17 bil while net sells of OGC with net
value of approx. VND 18.17 bil.
On HNX
Top leading market indicators diverged as KLS, VND SCR suddenly plunged; ACB and SHB stayed flat;
while BVS, PVX and, VCG accelerated under strong buying pressure.

HNX Index Intra Day

PVX topped the liquidity list with over 20.4 mil shares being exchanged. The ticker closed the day hit
ceiling, at VND 5,100.
Foreign investors continued to register as a net seller on HNX with value of approx. 2.89 bil VND. KLS
was the most accumulated ticker with net value of approx. 3.06 bil VND while PVS was the most unloaded
name with net value of approx. 8.78 bil VND.

ECONOMIC WRAP
It was reported that Samsung Thai Nguyen began operation on March 10, 2014. The initial output would be 2
mil phones/month starting from July, and 8-9 mil phones/month from August, 2014. To put everything in
perspective, Samsung Bac Ninh currently produces around 13-15 mil phones/month with export revenue
reaching roughly USD 24 bn in 2014 (Samsung data) and USD 21 bn (Vietnam customs data). So a rough
estimate reveals that Samsung Thai Nguyens export revenue might reach anywhere from USD 7 bn in 2014
(while initial plan from Samsung would be around USD 14-15 bn), and if this is the case, it would solidify our
initial estimate and we would not have to revise up our foreign trade estimate for the time being. We will
continue to monitor the trade data to scan for any abnormal growth for handphone export.
On March inflation, the Ministry of Finance announced that food & foodstuff price remained stable, and
upward pressure could only come from gasoline price. At the moment, calculations revealed that traders lost
nearly VND 200/liter for gasoline, and if the global price rally continues, chances are high for a retail price hike
within a week.

VN Index YTD

HNX Index YTD

Source: Stockbiz .vn

MARKET SUMMARY (click here)

VIETNAM MACRO SUMMARY (click here)

No part of this material may be (i) copied, photocopied or duplicated in any form by any mean or (ii)
redistributed without the prior written consent of Saigon Securities Incorporation.

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EQUITY WRAP

FPT Corporation (FPT:HOSE)

Analyst: Kien Nguyen, kiennt@ssi.com.vn
FPT has announced its Mar2013 resolution of BOM as followed:
-

Increase 2013 cash dividend to 30% from the initial plan of 20%. 15% cash dividend was advanced in 2013. The
remainder will be paid in 2Q14.

Pay 25% stock dividend in 2Q14, increasing its charter capital to VND 3,439bn. The new 25% shares will be listed
immediately after issuance.

Although FPT is trading at high PER of 10x, we believe the news will positively impact the shares prices in the short term.
For 1Y horizon, we reiterate our HOLD recommendation at 1Y target price of VND 69,500/share.

Binh Minh Plastic JSC (BMP:HOSE) and TienPhong

Plastic JSC( NTP:HNX)
Analyst: Kien Nguyen, kiennt@ssi.com.vn
As expected, price war has dampened profit margin
-

BMP's gross profit margin remained high but revenue growth reduced due to NTPs discount policy, affecting BMP in
the North

NTPs revenue is boosted but margin contracted as NTP increased its discounts to agents.

Whats new?
BMP posted its 2013 revenue and profit before tax of VND 2,088bn and 496bn, increasing 10.4% and 3.4% YoY
respectively, a result from output growth in 2013. In 2013, output reached 48mn tons, similar to that of NTP. Gross profit
contracted to its normal level of 30% due to resin price hike. In 2013, BMP recorded one third of the bad debt provision for
Duc Thanh Agent, limiting PBT margin and growth.
It should be noted that BMP already paid VND 71bn of tax collection to the HCMs Taxation Department but recorded the
amount as other receivable before a final decision was made on whether BMP must pay the amount. BMP has not yet paid
the fine on the tax of more than VND 30bn. However, we believe that BMP is not obligated to pay the fine as BMP strictly
complied with the guidance of HCMs taxation department.
NTP posted its 2013 revenue and PBT of 2,481bn and 385bn, adding 5% and 0% YoY respectively. NTPs output remained
flat in 2013. By contrast to BMP, NTPs gross profit improved slightly by 1% YoY as the company speculated low cost
materials by the end of 2012, which helped boost profit margin of NTP in 1H13.
It should be noted that NTPs selling expense continued to expand faster than its revenue. As mentioned in our 3Q earnings
review, NTP increased its discounts to its exclusive agents by 3%/revenue to gain more market share. According to NTP,
there are 250 direct agents selling NTPs products, of which 70% are exclusive agents. NTP targets the proportion will be
100% in 2014, and NTP will gain 10% of the countrys market share in the next 2 years.

No part of this material may be (i) copied, photocopied or duplicated in any form by any mean or (ii)
redistributed without the prior written consent of Saigon Securities Incorporation.

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What to expect?
BMP: In 2014, we expect BMPs revenue will expand modestly by 6% YoY, lower than that in 2013 as NTPs discount policy
will lower the output of BMP in the North. Profit margin will continue to decline when resin price increases as it is difficult to
transfer the risk to end users due to fierce competition. BMP will continue to record VND 11bn of bad debt provision for Duc
Thanh Agent in 2014.
NTP: Contrastingly, NTPs revenue is expected to grow by 10% YoY in 2014 thanks to its discount policy. However, due to
high selling expenses, NTPs PBT is expected to remain flat in 2014.
NTP completed the construction of its factory in the Central of Vietnam on Sept 2013. Thanks to tax incentives, (4 years of
tax exemption), NTP will transfer 15% of its revenue to this branch in 2014. We expect NTP in Central Vietnam will
contribute 15% and 20% to revenue and PBT to consolidated NTP. Tax incentives will help save 18-20bn in corporate
income tax in 2014.
NTP is going to pay 30% stock dividend in 2014, increasing its charter capital to 563.4bn in 2014.
What we recommend?
With 2014 diluted EPS of BMP and NTP of VND 8,672 (+ 6.4 % YoY) and VND 5,563 (+ 8.2% YoY), BMP and NTP are
trading at PER of 8.6x and 9.3x. We recommend BUY for BMP at 1Y target price of VND 86,700/share and HOLD NTP at
1Y target price of VND 72,300/share.

No part of this material may be (i) copied, photocopied or duplicated in any form by any mean or (ii)
redistributed without the prior written consent of Saigon Securities Incorporation.

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TRADING STATISTICS

Market Data
VN - INDEX LEADING MOVERS
Ticker

ClosePrice

Change

%Change

Index pt

Vol

GAS

85,000

1500

1.80%

1.67

368,430

BVH

49,800

2300

4.84%

0.92

FPT

67,000

3500

5.51%

0.57

MSN

99,000

1000

1.02%

VCB

31,100

300

0.97%

Ticker

ClosePrice

Change

%Change

Index pt

Vol

VIC

75,000

-500

-0.66%

-0.27

167,180

STB

20,500

-300

-1.44%

-0.22

BID

16,600

-100

-0.60%

-0.17

HNX - INDEX LEADING MOVERS

Ticker

ClosePrice

Change

%Change

Index pt

Vol

PVS

28,200

800

2.92%

0.23

2,415,278

1,303,120

VCG

15,700

500

3.29%

0.14

4,889,305

2,154,020

PVX

5,100

400

8.51%

0.10

20,402,383

0.43

114,670

OCH

32,000

500

1.59%

0.06

36,200

0.41

1,555,240

SD9

15,900

1400

8.50%

0.03

100

Ticker

ClosePrice

Change

%Change

Index pt

Vol

CTX

11,200

-1200

-9.68%

-0.02

200

1,170,840

TAG

29,000

-2000

-6.45%

-0.02

269

752,790

KLS

12,300

-100

-0.81%

-0.01

7,279,633

VN INDEX LAGGING MOVERS

HNX - INDEX LAGGING MOVERS

EIB

13,800

-100

-0.72%

-0.07

1,247,690

VND

16,000

-200

-1.23%

-0.01

2,279,273

VCF

145,000

-3000

-2.03%

-0.05

30

SCR

9,200

-100

-1.08%

-0.01

6,954,623

Ticker

ClosePrice

Change

%+/- T

%+/-T+3

Volume

Ticker

ClosePrice

Change

%+/- T

%+/-T+3

Volume

VOS

4,600

300

6.98%

17.95%

2,394,270

HNM

12,600

800

6.78%

27.27%

660,690

TSC

15,900

1000

6.71%

17.78%

239,920

ICG

10,700

-100

-0.93%

18.89%

585,214

AGR

6,000

300

5.26%

17.65%

847,300

VTV

16,500

500

3.13%

16.20%

25,740

BGM

4,700

300

6.82%

17.50%

1,911,560

APS

6,000

200

3.45%

15.38%

2,621,510

LCM

8,600

500

6.17%

16.22%

2,504,750

S99

8,400

-400

-4.55%

15.07%

20,850

Ticker

ClosePrice

Change

%+/- T

%+/-T+3

Volume

Ticker

ClosePrice

Change

%+/- T

%+/-T+3

Volume

GTT

11,200

-800

-6.67%

-18.84%

34,750

SCL

29,400

100

0.34%

-8.13%

111,000

BT6

8,600

-100

-1.15%

-10.42%

18,420

CMI

23,300

-400

-1.69%

-6.43%

89,600

PXT

6,500

-200

-2.99%

-4.41%

1,040,410

BCC

7,700

-100

-1.28%

-4.94%

656,505

CII

25,100

-500

-1.95%

-4.20%

899,590

CVT

18,100

-100

-0.55%

-2.16%

51,000

DMC

45,300

0.00%

-4.03%

61,960

PVB

28,500

-600

-2.06%

-2.06%

45,710

Ticker

Vol (share)

ClosePrice

Change

%+/- T

%+/-T+3

Ticker

Vol (share)

ClosePrice

Change

%+/- T

%+/-T+3

ITA

9,456,540

8,900

200

2.30%

12.66%

PVX

20,402,383

5,100

400

8.51%

13.33%

FLC

7,606,580

13,700

100

0.74%

6.20%

SHB

8,936,981

9,300

0.00%

0.00%

OGC

7,292,990

12,800

300

2.40%

4.07%

KLS

7,279,633

12,300

-100

-0.81%

6.96%

HQC

6,369,550

9,000

-100

-1.10%

5.88%

SCR

6,954,623

9,200

-100

-1.08%

3.37%

HAG

5,481,060

27,000

300

1.12%

0.37%

VCG

4,889,305

15,700

500

3.29%

3.97%

Ticker

Volume

%Change

ClosePrice

Change

%+/-T

Ticker

Volume

%Change

ClosePrice

Change

%+/-T

SPM

38,970

162275%

24,900

900

3.75%

SFN

5,100

25400%

18,000

1300

7.78%
0.00%

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

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

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

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

TOP 5 LEADING VOLUME

TOP 5 LEADING VOLUME

TOP 5 VOLUME RISING SURPRISES

1

TOP 5 VOLUME RISING SURPRISES

TRC

101,950

2439%

42,600

-400

-0.93%

ALT

1,000

2400%

11,400

QCG

1,028,060

1735%

8,400

500

6.33%

CTA

265,710

2387%

4,000

300

8.11%

SRF

31,730

1138%

22,400

1400

6.67%

VGP

10,999

2080%

22,000

2000

10.00%

HAS

140,490

1022%

6,800

400

6.25%

SIC

151,110

1589%

8,100

700

9.46%

Ticker

ClosePrice

Buy Vol.

Sell Vol.

Net Vol.

Net Value

Ticker

ClosePrice

Buy Vol.

Sell Vol.

Net Vol.

Net Value

HAG

27,000

1,391,060

823,960

567,100

15.17

KLS

12,300

246,700

246,700

3.06

GAS

85,000

150,390

1,110

149,280

12.64

SDT

17,400

110,000

2,400

107,600

1.86

PVD

79,500

341,200

285,300

55,900

4.45

SHB

9,300

201,700

2,000

199,700

1.85

SZL

27,200

142,610

142,610

3.87

LAS

48,000

30,000

30,000

1.44

PPC

24,600

248,620

102,320

146,300

3.59

PHH

8,500

115,500

11,000

104,500

0.83

Ticker

ClosePrice

Buy Vol.

Sell Vol.

Net Vol.

Net Value

Ticker

ClosePrice

Buy Vol.

Sell Vol.

Net Vol.

Net Value

OGC

12,800

105,760

1,519,000

-1,413,240

-18.17

PVS

28,200

127,200

439,900

-312,700

-8.78

KBC

12,900

1,253,710

-1,253,710

-16.18

VND

16,000

90,100

430,000

-339,900

-5.48

HVG

27,600

17,500

492,690

-475,190

-13.20

HDO

6,200

103,000

-103,000

-0.63

PET

21,800

373,530

-373,530

-8.26

NET

56,100

100

4,500

-4,400

-0.24

DPM

44,200

94,820

223,400

-128,580

-5.71

HPC

5,600

40,000

-40,000

-0.22

TOP 5 NET BUY VOLUME BY FOREIGN

TOP 5 NET BUY VOLUME BY FOREIGN

TOP 5 NET SELL VOLUME BY FOREIGN

TOP 5 NET SELL VOLUME BY FOREIGN

No part of this material may be (i) copied, photocopied or duplicated in any form by any mean or (ii)
redistributed without the prior written consent of Saigon Securities Incorporation.

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FOREIGN FUND FLOWS

Market Vectors Vietnam ETF

Ticker

Trading
volume
on 10.3

5 days
Trading
volume

Price
(VND)

EPS

PE

Price
T+3

Price
T+15

Net Profit
Growth
4Q13/4Q12

7.33%

43,640

218,200

75,000

7,379

10.2

0.7%

-3.8%

275%

7.83%

114,300

571,580

31,100

1,878

15.9

3.7%

7.2%

n.a

6.58%

66,600

333,000

44,200

5,841

7.5

1.1%

-4.3%

-51%

7.75%

127,200

636,000

28,200

3,568

7.7

1.1%

-10.5%

142%

6.87%

65,020

325,100

49,800

1,610

28.9

7.6%

4.2%

3%

5.82%

125,880

629,400

20,500

1,978

10.5

2.0%

-1.9%

n.a

30,320

151,600

79,500

7,424

10.5

1.3%

3.9%

124%

217,920

1,089,600

8,900

73

111.6

12.7%

14.1%

1388%

56,080

280,400

24,600

5,128

4.8

0.8%

-7.2%

-57%

195,200

976,000

9,300

854

10.9

0.0%

9.4%

n.a

105,780

528,900

12,800

352

35.2

4.1%

0.0%

141%

32,780

163,900

36,400

1,213

28.9

3.1%

2.5%

-202%

2.51%

23,080

115,400

49,900

4,663

10.4

1.8%

2.9%

180%

2.35%

39,560

197,800

27,000

1,372

19.3

0.4%

4.2%

369%

4,227,240

1.79%

18,300

91,500

44,200

4,518

9.8

-1.1%

-6.8%

1%

14,608,797

2.14%

63,200

316,000

15,700

1,233

12.2

4.0%

12.9%

671%

Exchange

Shares

Weight

VIC

HOSE

10,083,124

VCB

HOSE

26,396,018

DPM

HOSE

15,378,920

PVS

HNX

29,372,450

BVH

HOSE

15,012,736

STB

HOSE

29,068,711

PVD

HOSE

7,003,456

5.23%

ITA

HOSE

50,321,871

4.22%

PPC

HOSE

12,951,640

3.06%

SHB

HNX

45,088,600

4.04%

OGC

HOSE

24,425,146

2.94%

GMD

HOSE

7,569,136

2.55%

HPG

HOSE

5,330,900

HAG

HOSE

9,135,945

DRC

HOSE

VCG

HNX

db x-trackers FTSE Vietnam UCITS ETF

Ticker
MSN
VIC
HPG
HAG
PVD
DPM
VCB
STB
BVH
HSG
ITA
GMD
PPC
VSH
KBC
CSM
DRC
PVT
DIG
OGC
PET
SBT

Last updated on:

5-Mar

Exchange

Weight

Price (VND)

EPS

PE

Price T+3

Price T+15

Net Profit
Growth
4Q13/4Q12

HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE

15.61%
13.65%
11.24%
8.96%
9.39%
7.59%
6.33%
3.81%
2.87%
2.99%
2.70%
2.12%
1.84%
1.56%
1.59%
1.56%
1.32%
1.36%
1.15%
0.96%
0.82%
0.60%

99,000
75,000
49,900
27,000
79,500
44,200
31,100
20,500
49,800
58,500
8,900
36,400
24,600
15,900
12,900
42,300
44,200
14,800
16,900
12,800
21,800
12,500

611
7,379
4,663
1,372
7,424
5,841
1,878
1,978
1,610
5,770
73
1,213
5,128
980
238
5,359
4,518
1,012
318
352
2,278
1,746

158.7
10.2
10.4
19.3
10.5
7.5
15.9
10.5
28.9
10.1
111.6
28.9
4.8
16.0
55.0
7.8
9.8
14.8
55.0
35.2
9.5
7.2

1.0%
0.7%
1.8%
0.4%
1.3%
1.1%
3.7%
2.0%
7.6%
-0.8%
12.7%
3.1%
0.8%
2.6%
-0.8%
1.2%
-1.1%
-0.7%
-0.6%
4.1%
-0.9%
0.0%

7.0%
-3.8%
2.9%
4.2%
3.9%
-4.3%
7.2%
-1.9%
4.2%
18.4%
14.1%
2.5%
-7.2%
-3.0%
1.6%
-2.5%
-6.8%
7.2%
2.4%
0.0%
-4.0%
-1.6%

31.0%
275.1%
179.5%
368.9%
124.2%
-50.6%
n.a
n.a
3.1%
-17.7%
1388.0%
-201.6%
-57.2%
7.3%
195.9%
52.1%
1.3%
433.3%
199.1%
140.9%
-47.5%
-42.6%

No part of this material may be (i) copied, photocopied or duplicated in any form by any mean or (ii)
redistributed without the prior written consent of Saigon Securities Incorporation.

Visit SSI Research on Bloomberg at SSIV <GO>

Last updated on:
7-Mar

iShares MSCI Frontier 100 Index Fund

Ticker

Exchange

Shares

Weight

Price (VND)

EPS

PE

Price T+3

Price T+15

Net Profit Growth

4Q13/4Q12

HOSE
HOSE
HOSE
HOSE
HOSE
HOSE

1011240
829978
661440
782280
814076
238500

0.85%
0.54%
0.25%
0.20%
0.15%
0.10%

99,000
75,000
44,200
31,100
20,500
49,800

611
7,379
5,841
1,878
1,978
1,610

158.7
10.2
7.5
15.9
10.5
28.9

1.0%
0.7%
1.1%
3.7%
2.0%
7.6%

7.0%
-3.8%
-4.3%
7.2%
-1.9%
4.2%

31.0%
275.1%
-50.6%
n.a
n.a
3.1%

MSN
VIC
DPM
VCB
STB
BVH

VN Index vs. MSCI EFM Asia Index

155%
145%

135%
125%
115%
105%
95%
85%
75%
Jul-12

Oct-12

Jan-13

Apr-13

Jul-13

MXFMEAS Index

Oct-13

Jan-14

VNINDEX Index

Source: Bloomberg
Net Buy/(Sell) of Foreign Investors in the last 20 trading days (VND bn)

300
250
200
150
bn VND

100
50
0
-50
-100
-150
-200
12-Feb 13-Feb 14-Feb 17-Feb 18-Feb 19-Feb 20-Feb 21-Feb 24-Feb 25-Feb 26-Feb 27-Feb 28-Feb 3-Mar 4-Mar 5-Mar 6-Mar
HOSE 252 .5 93.6 121 .5 -56.5
96.8
48.7 158 .7 32.7
-37.4 146 .3 35.8
70.2
15.1
-92.5 -133 .3 -102 .5 -74.0

HNX

16.6

2.7

30.0

34.8

38.7

20.0

28.7

11.2

8.4

4.4

7.6

6.1

10.4

No part of this material may be (i) copied, photocopied or duplicated in any form by any mean or (ii)
redistributed without the prior written consent of Saigon Securities Incorporation.

16.5

-20.7

-5.7

5.7

7-Mar 10-Mar 11-Mar

-67.4 -48.5 -41.1

-7.9

-15.1

-2.9

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OTC PRICE
No.

COMPANY(28/12/2013)

Real Estate
1
EDEN JSC
SAI GON GREEN DEVELOPMENT
2
INVESTMENT LAND
3
SAIGON REAL ESTATE JSC- SGX
HOANG ANH CONSTRUCTION AND
4
DEVELOPMENT HOUSE JSC
5
PETROWACO PROPERTY JSC
TOAN THINH PHAT ARCHITECTURE
6
INVESTMENT CONSTRUCTION JSC
BENTHANH LAND INVESTMENT
7
CORPORATION
TIN NGHIA INDUSTRIAL PARK
8
DEVELOPMENT JSC
9

EXIM LAND CORPORATION

Construction
NO.8 INVESTMENT &
10
CONSTRUCTION JSC
11

SONG HONG CORPORATION

12

PHU HUNG GIA CONSTRUCTION &

INVESTMENT JSC

13

LICOGI 12 JSC

Equipments
DONG TAM JOINT STOCK
14
CORPORATION
15
LA HIEN CEMENT JSC
16
CONG THANH CEMENT JSC
17
HAUGIANG MATERIALS JSC
Energy

BID
(VND'000)

ASK
(VND'000)

BID
(VND'000)

ASK
(VND'000)

Electrical Home Appliances

40
POWER CONSTRUCTION JSC NO 1

10

10

41

VIETNAM POWER DEVELOPMENT JSC

3.6

42

26

23.5

43

THU DUC ELECTRO MECHANICAL JSC

HCMC ELECTRIC POWER TRADING
INVESTMENT CORP

10.5

12

10.5

8.8

7.9

14

16

13

5.9

9.5

9.4

10

11

36

36

3.7

51

53

44

5.5

5.6

45

10

46

3.8

9.5

49

4.5

50

24

24

51

13

6.6

3.4
3
9

3.5
2
10

52

64

SAIGON POSTEL CORP

14

65
66

67

15

16

68

27

27

69

FPT TELECOMMUNICATION JSC

FPT ONLINE JSC
SAOBACDAU TECHNOLOGIES
CORPORATION
VIETNAM PYRAMID NEW TECHNOLOGY
CORP
AUDIO VISUAL GLOBAL

10
9

30
31
32

THONG NHAT FLAT STEEL JSC

TRUONG HAI AUTO JOINT STOCK
CORPORATION
CAO BANG CAST IRON& STEEL JSC
THANG LONG METAL WARES
COMPANY

8.5

18.5

19.5

36
37
38
39

HANOI PLASTICS COMPANY

Vinh Tuong Industry
VAFCO
THE SOUTHERN FERTILIZEE
COMPANY
NHABE GERMENT CORPORATION JSC
HANOI TEXTILE AND GARMENT
JOINT STOCK CORPORATION
VIETTIEP LOCK JSC

20
14.5
8

20
15
9

71
72
73

16

14

74

TRIEU AN HOSPITAL JSC

41

43

Foods and Beverage

10.5

75

Quang Ngai Sugar Company

37

38

76

70

11

12

78

55

58

79

VINH HAO MINERAL WATER CORP

NUTIFOOD NUTRITION FOOD JOINT STOCK
COMPANNY
HANOI BEER ALCOHOL BEVERAGE
CORPORATION
MASAN CONSUMER CORPORATION

37

37.5

80

SABECO

39

40

81

BICH CHI FOOD JSC

Agri Fisheries
82
83
84
85

CUU LONG SEAPRODUCTS

COMPANY
AN GIANG PLANT PROTECTION JSC
MOCCHAU DAIRY CATTLE
BREEDING JSC
HAGL Rubber Company

5.3

8.5
10.2
8.5

9
11
9

4.4

10

11

5
7

5
7

10.5

11

19

19

15

15

7.5

30
50

31
52

5.5

10

32.5

33

Pharmaceutical
ICA BIOTECHNOLOGICAL
PHARMACEUTICAL JSC
CANGIO PHARMACEUTICAL JSC
VIDIPHA CENTRAL PHARMACEUTICAL
TAM DUC CARDIOLOGY HOSPITAL JSC

Light Industry
33
34
35

EVN FINANCE JSC

13

10

10
9

29

53

51.5

10

MAI LINH NORTH JSC

NOIBAI CARGO TERMINAL
27
SERVICES JSC
28
VIETNAM COMMODITY EXCHANGE
Heavy Industry

LIENVIETPOST JOINT STOCK COMMERCIAL

52
BANK
Finance & Insuarance

10

BAC HA HYDROPOWER JSC

CAT LAI PORT JSC

PETROLIMEX JOINT STOCK BANK

13

20

26

VIETNAM ASIAN COMMERCIAL JOINT

STOCK BANK
SAIGON BANK FOR INDUSTRY AND TRADE
MARITIME COMMERCIAL JOINT STOCK
BANK
VIETNAM TECHNOLOGICAL AND
COMMERCIAL JOINT STOCK BANK

13

12

25

ORIENT COMMERCIAL JOINT STOCK BANK

9.5

12

NOIBAI AIRPORT SERVICES JSC

KIEN LONG COMMERCIAL JOINT STOCK

BANK
VIETNAM INTERNATIONAL COMMERCIAL
JOINT STOCK BANK

54
MB SECURITY JSC
55
VIET CAPITAL SECURITIES JSC
56
MILITARY INSURANCE COMPANY
Coporation
CONG NGHIEP CONSTRUCTION
57
TECHNOLOGY JSC
SAIGON COOP INVESTMENT
58
DEVELOPMENT JSC
59
PHUTHAI GROUP JSC
60
HANAKA GROUP JSC
Export/Import
61
DANANG TERRIORAIL IXPORT JSC
VIETNAM OCEAN SHIPPING AGENCY
62
CORPORATION
BAROTEX VIETNAM INVESTMENT
63
&TRADING JSC
Technology

SESAN4A HYDROPOWER JSC

24

47

8.5

12

COMPANY

Banking

48

19

21
BINH DIEN HYDROPOWER JSC
22
HUONG SON HYDROPOWER JSC
Transportation
23
AU LAC JSC

No.

77

40

42

4
20
19

3.8
20
19.5

5.5

33.5

34.5

75

75

24

24

29

30

67.5

63

67

60

17

17

Source: u t Chng khon

No part of this material may be (i) copied, photocopied or duplicated in any form by any mean or (ii)
redistributed without the prior written consent of Saigon Securities Incorporation.

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opinion

are

fair

and

reasonable

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