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In 1H2018, HBC earned a revenue of VND 8,079bn (+19.6% yoy, completng 41.1% of annual plan) and net proft of VND 294.6bn (-22.0% yoy, completng 30% of annual plan). Gross proft margin went down from 10.9% in 1H2017 to 9.6% in 1H2018 due to factors including an increase in social insurance because of new Government’s policy, a rise in price of input materials, a drop in selling price due to compettve pressures and temporary discontnuaton of some constructon projects as a result of developers’ issues. Revenue and net proft of HBC in 2H2018 is expected to reach VND 11,500bn ((+23.9% yoy) and VND 692 bn (+42.9% yoy, including earnings from project transferring), proft from core business is projected to be VND 418bn (-13.6% yoy). Therefore, we recommend a HOLD to HBC with a target price of VND21,900/share, equivalent to estmated PE of 6.0x. This price is considered reasonable based on HBC’s business conditons, 1H2018 performance as well as 2H2018 outlook of constructon sector.

TCB is a bank with medium asset size and credit market share among private commercial joint stock bank, but its operating effectiveness has been continuously improved, which helped the bank to be ranked at the top group in 2018. TCB achieved this success thanks to the strategic value chain of Vingroup - Masan - Vietnam Airlines ecosystem combined with the economic growth oriented by export, consumption and real estate investment. We noted TCB has developed a coherent strategy to approach customers, which can create high-quality products suitable for each customers segment. The bank is currently the pioneer in some core business segments: Market share ranking No.1 in mortgage loans; advisory and brokerage involved in corporate bonds; bancassurance fee; ranking at the top in transaction banking growth. Effective operating model and dynamic BOM are the premise for the current result. Strong capital base, guaranteed asset quality and the viable strategy are the foundation for

Thanks to long-term relationships with military enterprises such as Viettel, Vinacomin, Saigon New Port, Vietnam Helicopter,… MBB has become the leading bank in terms of CASA, ranked 2nd in terms of average funding cost and among the top group of high profitability/assets with the results in 2018 of 33.5%; 3.48% and 1.83% respectively. This has been the biggest competitive advantage of MBB in the competition for credit market share and other activities. The growth in personal consumer loans focusing on mortgage loans and consumer unsecured loans at MCredit are two main highlights in the trend of shifting to retail credit. In addition, the boosting of Non-NII from life insurance with MB Ageas and payment activities will help the bank diversify revenue sources and minimize risks. These will be two important motivations for MBB's activities in the coming years. We expect a stronger transformation of MBB as it took place in 2018 under the leadership of the first CEO in the his

Overall demand is still healthy based on population growth, an increase in urbanisation rate and a rise of middle income class. Demand for the affordable and mid-range apartments in the West of Hanoi remains high, while in the center, high-end condo and landed property segments are expected to grow robustly. VPI’s current portfolio consists of about 18 projects and some unpublished projects with the total square up to 230 hectares. This land bank is sufficient for the next five years of development. Most of VPI’s projects are located in high demand areas of Hanoi with an ease to access transportation networks, public infrastructure and business center. VPI has an advantage to execute the projects due to low land costs by doing the Build-Transfer projects and getting land in exchange for infrastructure. We estimate the Company’s revenue in 2018 is approximately VND2,143 billion, up 144.8% y-o-y; profit after tax reaches VND593 billion, up 40.7% y-o-y, mainly from low-rise

Electric battery is a device that consists of one or more electrochemical cells with external connections that are supplied to power devices such as flashlights, smartphones and electric vehicles. When the battery is powered, its positive terminal is cathode and its negative terminal is anode. When a battery is connected to an external circuit, electrolytes are able to move as ions within, allowing the chemical reactions to be completed at the separate terminals and so deliver energy to the external circuit. The term "battery" specifically referred to a device composed of multiple cells. According to Automotive Battery Market Size Report 2017 (Grand View Reseach), the worldwide automotive battery industry was valued at USD 48.7 billion in 2016, with an annual growth rate of 7% untill 2025. Batteries have much lower specific energy (energy per unit mass) than common fuels such as gasoline. Today, higher efficiency electric motors are used instead of internal combustion engi

Demand for mid-range residential housing products remains healthy as there are still a great number of people purchasing apartments for residential purpose thanks to the large working-age population, rapid urbanization and middle-class expansion. This segment is also the development focus of the Company’s medium and long-term strategies. Hai Phat Invest possesses 158ha of clean land bank, mostly located in the West of Ha Noi and Khanh Hoa coastal area which is a great competitive advantage of the Company. The location of this land bank fits the Company’s business strategy to develop the mid-range segment in the West of Ha Noi, where synchronous traffic infrastructure and services are heavily invested, leading to an increase in housing demand. In 2018, estimated revenue of the Company is VND 3456bn, up by 220% yoy; however, estimated net profit is only VND 257bn, down by 21% yoy, lower than the Company’s plan of VND 450bn. The decrease in estimated net profit in 2018 resul

FPT has currently operated in 3 major business areas which are: (1) Information technology; (2) Telecomunication; (3) Education. Leading in technology trends for 30 years, FPT is now the top enterprise in information and technology sector in Vietnam and has its reputation in the region with a large number of customers including the ones in Fortune 500. In terms of telecom, FPT ranks second in the country with 28.1% market share, and owns Internet infrastructure covering 59 cities and provinces together with 4 data centers over the country. In addition, although the education area only contributes low profit proportion, impressive development stages have been shown. In the first 8 months of 2018, FPT’s revenue and PBT increased by 19% and 32% respectively yoy (excluding revenue of retail and distribution in 2017). Revenue from Technology and Telecomunication accounted for 94% of total revenue; Technology and Telecom PBT reached VND 863 bn and VND 994 bn, increasing by 31% y

Healthy economy combining with fast growth population and high urbanization rate are the positive drives for the development of construction and building materials industry in general and tile sector in particular. At present, while there is an oversupply of ceramic tile, total capacity of Granite tile production in Vietnam is limited, which stimulates the growth of tile manufacturers in coming times. Total design capacity of CVT reached 18mn m2/year, securing 4th rank in the list of 80 Vietnamese tile manufacturers. Gross profit margin of CVT is 23.8%, the highest rate among that of the listing tile manufactures, contributed by the efficient distribution system, factories adjacent to resources mines and especially the flexible production lines capable of altering products for public tastes in each period. CAGR of profit of CVT in 7 years is 28.32%. In early 2018, phase 3 of CMC2 factory was put into operation, producing a new product which is the high-end soluble salt and

CENLAND has built a stable business system with a combination of traditional and modern methods via 4 distributing channels including real estate project supermarket STDA, website nghemoigioi.vn, a network of representative offices and branches across the country and abroad and over 700 connected agent. This is a huge competitive advantage of CENLAND over other competitors. In 2017, CENLAND market share in real estate brokerage was 42%, ranking first in the North and 18%, ranking second in the whole country. The number of units sold was up by 18.7% yoy, reaching 11,555 units. The Company’s strategy in the coming period is not only to focus solely on brokerage segment as previously but also to increase secondary investment and deposits for off- take agreements. These two segments allow the Company to partly control supply as well as generate better profit. CENLAND is forecast to earn a revenue of VND1709.5bn (up by 53.3 % yoy) and a net profit of VND306bn (up by 24.3% yoy),

ACB successfully accomplished the 2013-2018 strategy 1 year earlier than expected, after totally solving poor assets arising beforehand. This leads to the bank’s rate of bad debts and doubted assets in total loans staying at least in banking industry. CAR staying high at more than 11% supported ACB credit growth to reach 15% as required in 2018 plan and have positive outlook in the years ahead. ACB has always concentrated on retail banking strategies since foundation, and gradually completed its personal customer ecosystem via the most developed applications such as: Customer experience digitalization; bills and documents digitalization; Distributor Management System (DMS); Big data; etc. ACB NIM and ROE are spreadingly expanded and ranked top in banking sector (3.52% and 14.08% respectively). Aggressive provisions from bad debts many years ago started to benefit ACB with great amount of reversals. The estimated reversal profit in 2018 is VND 1,200 bn. Furthermore, custome