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SSI DAILY CALL

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July 03 2014
SUMMARY
Market wrap: The Vietnamese Stock Market advanced yesterday as energetic demand forces commanded the market from the opening towards the end.
Liquidity surged perpetuated by robust money inflow.
Macro wrap: Update on Banking Sector data
Equity wrap: Update on BMP

MARKET WRAP
On HOSE

FLC topped of the liquidity list with over 11.32 mil shares changing hands. The ticker closed the day at
VND 11,900, up 4.38%.
Put-through value amounted to approx. VND 141.89 bil VND. VNM was the most crossed ticker
(870,000 shares) with net crossing value of approx. 113.1 VND bil.

VN- I NDEX
MARKET MOVEMENTS

Top 5 big caps diverged as GAS dropped 1.8%; BVH and VIC stayed flat; while MSN and VNM gained
1.09% and 2.46% respectively. Real estate tickers also diverged as HDC, KDH, PDR, SII slumped; BCI,
DXG, LCG, NVN, QCG, SC5, VRC moved sideways; while CII, DIG, DRH, HAG, HAR, HDG, HQC, IJC, ITA,
ITC, KBC, LGL, MCG, NLG, NTL, NVT, PTL, PXL, SJS, TDC, TDH, UDC, VNI, VPH advance or even hit
ceiling in the end. Divergence was also seen among the banking stocks as BID increased 0.66%; MBB
remained unchanged; while CTG, EIB, STB and VCB all decreased at the end. Securities brokerage (AGR,
BSI, HCM, SSI) altogether moved up at market close.

Value: VND 1,659.9 bn


Foreigners (net):VND 11.2 bn

HNX- I NDEX
Value: VND 744.3 bn
Foreigner (net): VND 36.3 bn

578.80
0.73 (0.13%)

78.90
0.82 (1.05%)

VN Index Intra Day

Foreign investors continued to register as a net buyer on HOSE with net value of approx. 11.2 bil VND.
They mostly registered net buys of CSM with net value of approx. VND 9.18 bil while net sells of VSH with
net value of approx. VND 26.89 bil.
On HNX
With only ACB stayed flat; other top leading market indicators such as ACB, SHB, BVS, KLS, VND,
PVX, SCR and VCG accelerated under strong buying pressure.
PVX topped the liquidity list with over 4.71 mil shares being exchanged. The ticker closed the day at
VND 4,400, up 2.32%.
Foreign investors maintained their net buy status on HNX with value of approx. 36.34 bil VND. PVS was
the most accumulated ticker with net value of approx. 23.52 bil VND while PVC was the most unloaded name
with net value of approx. 4.56 bil VND.

HNX Index Intra Day

ECONOMIC WRAP
Banking sector update
The following are the latest updates on the banking sector:
Credit growth as of June 2014 is 2.3%: This figure is lower than 4.72% YTD credit growth as of 30
June 2013. Sluggish domestic demand is at the heart of impaired credit growth. Enterprises remain reluctant
to borrow from banks as weak domestic consumption still lingers. The irony is that banks are only offering
loans to financially sound companies that are not in need of extra capital. At the same time, most companies
are in need of capital injection but do not have access. We believe that the target credit growth of 12% - 14%
is still attainable due to seasonable effect of lending activities (2H is the high season for lending activities) and
banks are equipped with methods and techniques to achieve target credit growth by year end. However, if
lending is only heightened at year end, and this is obviously the predominant source of income for banks
interest income accounts for 80% of total operating profit for banks in Vietnam, earnings will be negatively
affected in 2014.
Credit growth
NPL ratio

VN Index YTD

HNX Index YTD

Source: the State Bank of Vietnam (SBV)


Source: the SBV
NPL ratio as of April 2014 is 4.03%: Since the beginning of 2014, NPL ratio of Vietnams banking
sector has gradually increased. The increase in NPL ratio indicates that economic difficulties continue to be
an issue which has exacerbated bad debts. Another reason could also be traced to Vietnam Asset
Management Company (VAMC) bad debt purchasing program which evidently has appeared to lost some of
its initial vigor.
In 6M14, Vietnam Asset Management Company (VAMC) has purchased bad debts worth VND
11,414 billion, increasing total bad debts purchased to VND 50,751 billion. VAMC began purchasing bad
debts on 11 Oct 2013. In 2013, total purchased bad debts reached VND 39,337 billion, which indicates that
VMAC has appeased its purchasing program. We have yet to see any signals related to selling bad debts to
foreign investors which we think is critical factor in resolving bad debts. Positive signals we are closely
watching are interests from foreign investors and revisions of Vietnams regulations on purchasing bad debts
of foreign investors.
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.

Source: Stockbiz .vn


Source

MARKET SUMMARY (click here)

VIETNAM MACRO SUMMARY (click here)

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EQUITY WRAP

Binh Minh Plastic JSC (BMP:HOSE): Tax fine relaxed


Plastic Pipe Analyst: Kien Nguyen, kiennt@ssi.com.vn
BMP will not have to pay tax fine of VND 42 billion: As mentioned in recent reports, BMP was retroactively tax
collected and fined VND 75bn and VND 42bn, respectively. BMP already paid the retroactive tax of VND 75bn to Ho Chi
Minh City taxation department and recorded the amount as an AR on its balance sheet, but has yet to pay the tax fine. BMP
sent an appeal to HCMCs taxation department, requesting that it does not pay the both tax payments, but its appeal was
rejected. BMP continued to appeal to the General Taxation department. The department recently approved that BMP does
not have to pay the tax interest fine (VND 42 bn), but rejected the retroactive tax claim. Although BMP continues to appeal
for the retroactive tax, we believe that BMP has to pay the amount.
Estimated 2014 net profit to be revised up: We believe recent developments are encouraging news for BMP. In our recent
updated report, we expect that BMP must pay both amounts in 2014 and it will reduce BMPs earnings and book value
significantly. We have revised up our net profit and EPS estimates for BMP in 2014 to VND 393bn(+6% YoY) and VND
8,632 (+6% YoY), respectively.
Investment view: We have also slightly revised up our 1Y TP from VND 86,700 to VND 87,500/share, equivalent to a 25%
upside. We reiterate our BUY recommendation for BMP at PER target of 10x.

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

VNM

125,000

3000

2.46%

1.48

1,136,720

MSN

92,500

1000

1.09%

0.44

BID

15,200

100

0.66%

0.17

REE

27,400

800

3.01%

KBC

11,500

500

4.55%

Ticker

ClosePrice

Change

%Change

Index pt

Vol

GAS

109,000

-2000

-1.80%

-2.25

363,450

STB

20,300

-200

-0.98%

-0.15

HPG

53,500

-500

-0.93%

-0.14

VCB

25,900

-100

-0.38%

VCF

160,000

-8000

-4.76%

Ticker

ClosePrice

Change

%+/- T

%+/-T+3

Volume

SRC

22,900

900

4.09%

13.37%

362,650

VHG

10,400

600

6.12%

10.64%

PXL

4,400

200

4.76%

10.00%

BMC

34,500

-500

-1.43%

DRC

53,000

1000

1.92%

Ticker

ClosePrice

Change

%+/- T

%+/-T+3

Volume

TSC

25,700

1000

4.05%

-5.17%

94,680

VSH

15,500

0.00%

-3.73%

GAS

109,000

-2000

-1.80%

HHS

22,000

-1100

NHS

12,000

Ticker

Turnover

ClosePrice

Change

%+/- T

%+/-T+3

VNM

146.21

125,000

3000

2.46%

2.46%

FLC

132.53

11,900

500

4.39%

SSI

65.63

26,700

300

ITA

59.33

8,200

DXG

59.21

Ticker
1

HNX - INDEX LEADING MOVERS


Ticker

ClosePrice

Change

%Change

Index pt

Vol

PVS

30,000

500

1.69%

0.14

2,928,203

127,400

VCG

13,600

400

3.03%

0.11

1,610,460

650,420

NVB

7,000

400

6.06%

0.08

26,670,500

0.13

1,124,100

SHB

9,800

100

1.03%

0.06

3,157,122

0.12

3,357,090

KLS

12,600

400

8.50%

0.05

100

Ticker

ClosePrice

Change

%Change

Index pt

Vol

PVI

19,800

-200

-1.00%

-0.03

3,518

362,440

VNR

20,600

-400

-1.90%

-0.03

6,450

380,940

TH1

26,200

-2900

-9.97%

-0.02

600

-0.14

327,940

HGM

52,000

-900

-1.70%

-0.01

1,000

-0.13

170

NBC

10,200

-300

-2.86%

-0.01

13,400

Ticker

ClosePrice

Change

%+/- T

%+/-T+3

Volume

DCS

6,300

400

6.78%

10.53%

3,038,441

2,474,570

KSK

14,300

100

0.70%

10.00%

64,900

935,380

SD4

10,000

0.00%

8.70%

20,100

9.18%

96,550

VIG

5,100

300

6.25%

8.51%

1,370,330

9.05%

428,280

BCC

8,200

600

7.89%

7.89%

453,605

Ticker

ClosePrice

Change

%+/- T

%+/-T+3

Volume

S99

14,400

0.00%

-7.10%

52,114

1,944,730

VFR

10,300

-400

-3.74%

-6.36%

8,600

-2.68%

363,450

VDS

5,000

-100

-1.96%

-3.85%

31,700

-4.76%

-2.65%

501,900

NDN

10,800

-200

-1.82%

-3.57%

18,400

0.00%

-2.44%

251,070

CMI

17,300

-200

-1.14%

-3.35%

141,400

Ticker

Turnover

ClosePrice

Change

%+/- T

%+/-T+3

NVB

191.11

7,000

400

6.06%

7.69%

7.21%

PVS

87.50

30,000

500

1.69%

3.09%

1.14%

3.09%

KLS

58.05

12,600

400

3.28%

4.13%

100

1.23%

1.23%

KLF

34.19

11,300

100

0.89%

1.80%

14,800

0.00%

-0.67%

SHS

31.43

9,100

200

2.25%

4.60%

Volume

%Change

ClosePrice

Change

%+/-T

Ticker

Volume

%Change

ClosePrice

Change

%+/-T

THG

6,190

309400%

10,100

200

2.02%

NPS

9,100

7483%

13,300

-1100

-7.64%

C21

8,980

224400%

20,400

700

3.55%

SDY

11,200

2335%

3,500

0.00%

RIC

1,100

54900%

8,300

0.00%

DNC

1,100

1733%

11,600

600

5.45%

TMP

7,200

5900%

22,100

0.00%

DAD

6,300

1475%

17,000

200

1.19%

TNA

5,010

3379%

27,500

1200

4.56%

CT6

15,700

1381%

8,100

-100

-1.22%

Ticker

ClosePrice

Buy Vol.

Sell Vol.

Net Vol.

Net Value

Ticker

ClosePrice

Buy Vol.

Sell Vol.

Net Vol.

Net Value

CSM

43,900

228,970

17,000

211,970

9.18

PVS

30,000

849,300

61,800

787,500

23.52

DRC

53,000

194,210

27,640

166,570

8.77

KLS

12,600

821,900

7,600

814,300

10.15

PVD

83,000

213,402

115,152

98,250

8.20

FIT

14,800

240,000

240,000

3.49

FCN

24,900

304,420

7,000

297,420

7.41

VCG

13,600

244,700

53,500

191,200

2.59

KBC

11,500

620,000

620,000

6.98

PPS

11,500

48,500

48,500

0.56

Ticker

ClosePrice

Buy Vol.

Sell Vol.

Net Vol.

Net Value

Ticker

ClosePrice

Buy Vol.

Sell Vol.

Net Vol.

Net Value

VSH

15,500

1,759,790

-1,759,790

-26.89

PVC

18,800

10,000

250,000

-240,000

-4.41

HAG

24,700

214,300

656,730

-442,430

-10.93

INN

30,500

50,000

-50,000

-1.45

VCB

25,900

21,500

235,440

-213,940

-5.54

SHB

9,800

39,900

76,300

-36,400

-0.35

DPM

32,200

56,730

188,330

-131,600

-4.25

BVS

13,200

9,000

-9,000

-0.12

KDC

60,500

7,740

50,000

-42,260

-2.55

PVX

4,400

20,000

-20,000

-0.09

VN INDEX LAGGING MOVERS


1

HNX - INDEX LAGGING MOVERS

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 TURNOVER

TOP 5 LEADING TURNOVER

TOP 5 VOLUME RISING SURPRISES

TOP 5 VOLUME RISING SURPRISES

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

Exchange

Shares

Weight

Trading
volume
on 1.7

5 days
Trading
volume

Price
(VND)

EPS

PE

Price
T+3

Price
T+15

Net Profit
Growth
1Q14/1Q13

MSN

HOSE

9,597,030

7.38%

17,840

107,010

92,500

451

202.8

1.1%

-5.6%

-17322%

VIC

HOSE

11,666,614

6.31%

21,680

130,080

64,500

8,310

7.8

1.6%

-1.5%

275%

VCB

HOSE

32,509,128

7.36%

60,440

362,640

25,900

1,653

15.7

-1.5%

6.6%

5%

BVH

HOSE

16,321,866

5.65%

30,350

182,070

41,300

1,811

22.8

0.0%

4.3%

43%

DPM

HOSE

20,939,190

5.67%

38,930

233,580

32,200

4,984

6.5

-0.6%

-0.3%

-46%

PVS

HNX

21,933,750

5.43%

40,800

244,800

30,000

3,403

8.7

3.1%

11.9%

1%

STB

HOSE

45,199,031

7.77%

84,040

504,190

20,300

1,916

10.7

-1.5%

-2.4%

-8%

ITA

HOSE

50,671,041

3.44%

94,170

564,990

8,200

79

102.4

1.2%

2.5%

855%

VCG

HNX

28,238,897

3.13%

52,500

315,000

13,600

1,018

13.0

3.0%

3.8%

-121%

PVD

HOSE

5,461,266

3.82%

10,150

60,900

83,000

7,789

10.7

-0.6%

-0.6%

42%

SHB

HNX

41,021,200

3.34%

76,300

457,800

9,800

912

10.6

5.4%

6.5%

33%

HAG

HOSE

15,831,755

3.25%

29,430

176,580

24,700

1,691

14.5

1.6%

0.8%

334%

OGC

HOSE

22,485,956

2.04%

41,810

250,830

11,000

227

47.7

1.9%

0.9%

-75%

PVT

HOSE

10,721,055

1.10%

19,930

119,530

13,000

944

12.9

6.6%

6.7%

14%

GMD

HOSE

5,297,136

1.50%

9,850

59,100

33,600

269

125.8

-0.9%

1.5%

-73%

PPC

HOSE

7,715,110

1.32%

14,340

86,040

20,500

2,857

7.1

0.5%

-1.0%

-77%

db x-trackers FTSE Vietnam UCITS ETF


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

Last updated on:

27-Jun

Exchange

Weight

Price (VND)

EPS

PE

Price T+3

Price T+15

Net Profit
Growth
1Q14/1Q13

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

0.14%
0.14%
0.14%
0.10%
0.08%
0.08%
0.06%
0.05%
0.03%
0.02%
0.02%
0.02%
0.02%
0.02%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%

92,500
64,500
53,500
83,000
20,300
24,700
25,900
32,200
8,200
11,500
41,300
44,700
33,600
15,500
20,500
43,900
23,600
53,000
13,000
16,000
11,000

451
8,310
4,913
7,789
1,916
1,691
1,653
4,984
79
436
1,811
4,120
269
1,035
2,857
5,506
1,605
4,609
944
375
227

202.8
7.8
11.0
10.7
10.7
14.5
15.7
6.5
102.4
25.2
22.8
10.7
125.8
15.0
7.1
7.7
14.6
11.3
12.9
42.2
47.7

1.1%
1.6%
0.0%
-0.6%
-1.5%
1.6%
-1.5%
-0.6%
1.2%
0.9%
0.0%
1.1%
-0.9%
-3.7%
0.5%
7.3%
-0.4%
9.1%
6.6%
0.6%
1.9%

-5.6%
-1.5%
7.0%
-0.6%
-2.4%
0.8%
6.6%
-0.3%
2.5%
6.5%
4.3%
4.0%
1.5%
-6.1%
-1.0%
14.6%
-5.6%
23.0%
6.7%
-4.8%
0.9%

-17322.5%
274.7%
90.5%
41.8%
-8.1%
334.1%
4.8%
-45.9%
854.7%
125.0%
43.4%
-70.3%
-73.0%
36.2%
-76.5%
14.4%
1.7%
9.7%
14.1%
n.a
-74.8%

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:
30-Jun

iShares MSCI Frontier 100 Index Fund


Ticker

Exchange

Shares

Weight

Price (VND)

EPS

PE

Price T+3

Price T+15

Net Profit Growth


1Q14/1Q13

HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE

1376320
1182728
2073286
1230700
658240
288640
109120

0.91%
0.55%
0.31%
0.23%
0.15%
0.09%
0.07%

92,500
64,500
20,300
25,900
32,200
41,300
83,000

451
8,310
1,916
1,653
4,984
1,811
7,789

202.8
7.8
10.7
15.7
6.5
22.8
10.7

1.1%
1.6%
-1.5%
-1.5%
-0.6%
0.0%
-0.6%

-5.6%
-1.5%
-2.4%
6.6%
-0.3%
4.3%
-0.6%

-17322.5%
274.7%
-8.1%
4.8%
-45.9%
43.4%
41.8%

MSN
VIC
STB
VCB
DPM
BVH
PVD

VN Index vs. MSCI EFM Asia Index


165%
155%
145%
135%
125%

115%
105%
95%
85%
75%
Oct-12

Jan-13

Apr-13

Jul-13

Oct-13

MXFMEAS Index

Jan-14

Apr-14

VNINDEX Index

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

400
350
300

bn VND

250
200
150
100
50
0
-50
HOSE

5-Jun
9.7

6-Jun
5.8

9-Jun 10-Jun 11-Jun 12-Jun 13-Jun 16-Jun 17-Jun 18-Jun 19-Jun 20-Jun 23-Jun 24-Jun 25-Jun 26-Jun 27-Jun 30-Jun
8.8
39.8
26.0
39.4
-4.1
15.3
14.1
95.2 132 .4 367 .5 45.3
25.3
37.8 116 .8 140 .3 53.6

HNX

64.0

30.4

50.2

18.6

38.4

20.4

18.9

15.3

16.5

10.2

36.2

35.4

13.5

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.

47.9

7.5

16.4

19.8

23.4

1-Jul
31.5

2-Jul
11.2

5.4

36.3

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OTC PRICE
No.

COMPANY

Real Estate
1
EDEN JSC
2
TAN BINH REAL ESTATE JSC
3
SAIGON REAL ESTATE JSC- SGX
PFV INVESTMENT AND TRADING
4
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

BID
(VND'000)

ASK
(VND'000)

7
9
5

8
8.8
6

35

35

3.7

51

53

6.5

10

4.5

4.3

4.5

50

24

24

51

12

13

52
Vietnam Prosperity Bank VPBANK
Finance & Insuarance

19

SESAN4A HYDROPOWER JSC

12

12

20

BAC HA HYDROPOWER JSC

10

10

10
9

10
9

CAT LAI PORT JSC

26

MAI LINH NORTH JSC


NOIBAI CARGO TERMINAL
27
SERVICES JSC
28
VIETNAM COMMODITY EXCHANGE
Heavy Industry
29
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

HANOI PLASTICS COMPANY


Vinh Tuong Industry
VAFCO
THE SOUTHERN FERTILIZEE
36
COMPANY
NHABE GERMENT CORPORATION 37
JSC
HANOI TEXTILE AND GARMENT
38
JOINT STOCK CORPORATION
39
VIETTIEP LOCK JSC
Agri Fisheries
CUU LONG SEAPRODUCTS
82
COMPANY
83
AN GIANG PLANT PROTECTION JSC
MOCCHAU DAIRY CATTLE
84
BREEDING JSC
85
HAGL Rubber Company

53

SOUTHERN BANK

EVN FINANCE JSC

13

13

9.5

10

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

51.5

52

64

SAIGON POSTEL CORP

13

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

8.5

18.5

19.5

BID
(VND'000)

ASK
(VND'000)

10
3.6
26

10
4
26.5

10.5

10

11.5

14

5.4

8.2

8.4

7.8
6.5

4.6

9.8

9.6

10

10

8.8

4.1

4.2

12.5
10.5
8.5

14
10.5
9

4.4

10

11

5
7

5
8.8

10.5

11

19

19

15

15

7.5

30
50

31
52

5.5

10

32.5

33

40

42

4
20
19

3.8
20
19.5

5.5

Pharmaceutical

20
14.5
8

20
15
9

71
72
73

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

16

14

74

TRIEU AN HOSPITAL JSC

41

43

Foods and Beverage

Light Industry
33
34
35

VIETNAM ASIAN COMMERCIAL JOINT


STOCK BANK
DONG A BANK
MARITIME COMMERCIAL JOINT STOCK
BANK
VIETNAM TECHNOLOGICAL AND
COMMERCIAL JOINT STOCK BANK

49

3.5
2
10

25

47

ORIENT COMMERCIAL JOINT STOCK BANK

9.5

3.4
3
9

NOIBAI AIRPORT SERVICES JSC

46

8.5

6.6

24

COMPANY

Electrical Home Appliances


40
POWER CONSTRUCTION JSC NO 1
41
VIETNAM POWER DEVELOPMENT JSC
42
CADIVI
HCMC ELECTRIC POWER TRADING
43
INVESTMENT CORP
Banking
KIEN LONG COMMERCIAL JOINT STOCK
44
BANK
VIETNAM INTERNATIONAL COMMERCIAL
45
JOINT STOCK BANK

48

PHU HUNG GIA CONSTRUCTION &


12
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

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

No.

70

10.5

75

QUANG NGAI SUGAR COMPANY

28

28.5

37

38

76
77

40
0.5

59.5
0.4

11

12

78

55

66

79

VINH HAO MINERAL WATER CORP


VIET NAM THAI HOA GROUP
HANOI BEER ALCOHOL BEVERAGE
CORPORATION
MASAN CONSUMER CORPORATION

37

37.5

80

34

35

81

185

180

67.5

68

SABECO

68

64

HABECO

29

30

Source: u t Chng khon

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Expressions of opinion herein were arrived at after


due and careful consideration and they were based
upon the best information then known to us, and in
opinion

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fair

and

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