Market Recap – Vietnam outperforms amid regional slump

Next Story

PetroVietnam Look towards Block B Rigs and Oil Recovery as Savior

September 2015

Vietnam outperforms amid regional slump

Market-Recap-3-1

  • Currency concerns spur foreign outflows
  • Listing of yarn maker, Century 21 Fiber (STK)
  • Initiate on PVC (oil & gas drilling fluids) and VSH (hydro power)

Vietnam outperforms amid regional slump. The VNI finished the third quarter down 5.1% after closing out September with a slight slippage of 0.37% where low volume range-trading prevailed in most days. Vietnam’s stock market performance looked relatively solid in the wake of global turbulence that has hit other frontier and emerging markets in the region – the MSCI Emerging+Frontier Index is off about 12% for the third quarter. While confronted with the same concerns hitting those other markets such as a strengthening dollar and slowing Chinese economy, Vietnam’s market was buttressed by strong economic growth of 6.8% in the third quarter, stability (inflation of less than 1%) and resilient export growth ~10%. The main index is still up 3.12% year-to-date and continues to trade at a very attractive 12mo trailing PER of 11x vs. valuations of 17x-22x of markets in the ASEAN 5.

Currency concerns spur foreign outflows. Foreigner investors net sold USD 42 million this month, pushing the year-to-date inflows down to USD 160 million through 9M2015 vs. USD 256 million in 9M2014. The outflows can be attributed to currency fears sparked by the recent devaluations of the dong and widely-expected US interest rate hike before the end of the year. The dong is 5.5% weaker compared to the beginning of the year, although it pales in comparison to the 12% and 25% decline against the USD in the currencies of Indonesia and Malaysia, respectively. Foreign investors accounted for barely 12% of turnover in September.

Small, midcap stocks best performers this month. With foreigners out of the picture, retail investors were very much in control as they drove the VN Small Cap and VN-Mid Cap sub-indices up 2.73% and 1.84% in September respectively. The large cap VN30 index was down 1.0%. Top gainers this month, with on-month gains of 16-20%, included mid-caps in the construction materials and logistics space such as BMP, DQC, VCS and TMT and VSC, which appear to be bets on the real estate recovery and TPP talks.

STK is the largest domestic synthetic yarn (PES FY) producer, occupying a sweet spot in the global garment and textile value chain. On 29/9/2015, STK listed 42 million shares at a price of VND 29,000 (market cap. of ~USD 54m), which translated to a FY15 PER of 11.0x and a FY16 PER of only 8.9x based on our forecast which looks attractive given our projected 2014-2017 EPS CAGR of 13%.

Initiate on PVC (Underperform). Petro Vietnam Mud Drilling is the monopoly supplier of drilling fluids for the domestic oil & gas industry. However, prospects look dim for a meaningful recovery in oil prices which will lead to material earnings decline over the next two years. Furthermore, PVC is trading at a premium to other domestic service providers on a PER basis.

Initiate on VSH (Market Perform). Vinh Son-Song Hung is a holding of the two eponymous hydropower assets totalling 136 MW. The company is currently entangled in a litigation with a former contractor for its new 220 MW hydro power plant. The project has been delayed for 5 years and an unfavourable ruling would increase the investment cost, which is already mired by cost overruns. Nonetheless, VSH remains one of the most efficient power generators in the country thanks in part to the higher-than-average rainfall levels in Central Vietnam.

Market Watch: In October, we expect broader sentiment to be shaped by a myriad of factors, both external and internal. Further slowdown in China, TPP delays and more second guessing on the US interest rate hike decision (Oct 27-28) could put off investors and prolong the current sideways trend. Meanwhile, at home, 3Q corporate earnings expected in late Oct/early Nov and the long awaited list of conditional businesses (for foreign ownership limit considerations) slated to be released by the Ministry of Planning and Investment could provide short-term catalysts.

Market Activity

VN Index 3 Month Performance

Market-Recap-3-3-1

ASEAN 5 Major Indices PER, 12mo trailing

Market-Recap-3-3-2

ASEAN 5 Major Indices YTD Performance

Market-Recap-3-4-1

Performance by Sector

Market-Recap-3-4-2

Top Gainers in Month

Market-Recap-3-5-1

Top Laggards in Month

Market-Recap-3-5-2

FOREIGN ACTIVITY

Market-Recap-3-6

VCSC COVERAGE UNIVERSE

Market-Recap-3-7

Corporate Updates

ACB: Asia Commercial Joint Stock Bank

Senior Manager, Long Ngo, long.ngo@vcsc.com.vn

Stock Performance MTD +6.5% / YTD +26.8%

Confident strides not seen since 2011

We issued an update on ACB on 11st Sept 2015 to raise our target price to VND 20,300 and rate the stock at M-PF after released 1H15 results show its most confidence in 4 years.

ACB has our wholehearted support when these two events fall in place: 1) total resolution of debts of six companies associated with former Chairman in an “appetisable” manner (net exposure to six companies as of 2Q15 at VND5,292b vs ACB’s collateral valuation of VND5,340b) and 2) movement on FOL for banks. ACB is guiding for 1) to happen towards the end of this year and we think 2) might follow the pattern of legal reform this year by appearing without notice or at least to present itself in 2016.

1H15’s loan yields dropped 120 bps (annualized from 6m15) vs YE14 but ACB still has the second highest loan yields at 8.1%. Retail is increasingly competitive. Nevertheless, its direct SME/retail competitors are hobbled and the combination of strong CAR position and strong management still puts it at the front of our non-SOE bank picks.

Our FY15 forecast is for ACB to be back to industry leading credit growth of 18.7%, NIMs recovery of 3.19% and basically flat provision expense of VND968b to get NPAT forecast of VND1,238b vs guidance of VND1,300b.


BID: Bank for Investment and Development of Vietnam JSC

Senior Manager, Long Ngo, long.ngo@vcsc.com.vn

Stock Performance MTD +0.8% / YTD +87.4%

A host of issues results in us taking pause on BIDV

We issued an update on BID on 17th Sept 2015 to raise our target price to VND 20,300 and rate the stock at U-PF after release of 1H15 results.

By virtue of certain concentrated lending, BID becomes more susceptible than VCB and CTG to shifting global macroeconomic conditions. A second point of concern is that BID takes the mantle for largest sale of debt to VAMC in 1H15 (on a relative basis) in our coverage universe. While we like the NPL classification philosophy of BID and its trends in accrued interest, we still reiterate our preference for CTG as a second SOE pick because of it has lower negative sentiment headline risk and better NIM dynamics.

Working on the guidance of BIDV of full govt take-up in the rights issue, (delivery of rights issue shares will happen at the latest on 11/10/15), the free-float will be 4.72%. Issues of stock supply surfaces in the 4Q15 when non-govt MHB shareholders are delivered 30m BID shares as part of M&A consideration and non-govt BID shareholders (post-merger entity) receives circa 13m shares from rights issue settlement (assuming 100% take-up). BID updated on the progress of negotiation with shortlisted strategic investors (all we know is that they are from an OECD country) and if it is successful, it’s a rubber stamp that BID has passed a rigorous due diligence process.

The issue of CAR ratio has been and will be for the foreseeable future a buzzing issue. We model conservatively for the strategic investor to close in 2016. Having more of a CAR headroom will certainly help it take the fight more directly against VCB and CTG.

We model BID with loan growth flexibility in the next two years (FY15E of 16.4% growth) before dipping down to terminal loan growth of 13.2% (the emphasis being retail loan growth during forecast period), NIMs to range from 2.5% to 2.9% during the forecast period and mid-range long-term credit cost. FY15E provision charge is estimated to be VND7,968b to arrive at PBT of VND7,337b vs BID’s guidance of VND 7,500b.


CTG: Vietnam JSC Bank for Industry and Trade

Senior Manager, Long Ngo, long.ngo@vcsc.com.vn

Stock Performance MTD +3.1% / YTD +42.7%

A clearer second pick than ever

We issued an update on CTG on 28th Aug 2015 to raise our target price to VND 19,250 and rate the stock at M-PF after release of boosting 1H15 results. Given CTG’s scale, the most important task is to identify problems of scale that will push it off-kilter and at present there is none while its other problems such as low provisioning buffer and relatively high exposure to real estate is only absent in another banking name that some investor find unappealing in terms of valuation.

We applaud the use of subordinated debt to boost CAR (VND4,500b in 2Q15). CTG reported a 2Q15 NPL number of 1.45%, a number that normally triggers scepticism but all our other favoured asset quality metrics are moving in the right direction so we look upon this figure in a benign light. However, the “new normal” of asset classification under Circular 02/2013 will likely see this rise in the coming quarters in spite of generally improving credit conditions.

In the context of surging credit growth (9.25% vs 0.45% for 1H15 vs 1H14), topped-up credit growth quota to 16%, we are fairly sanguine on PBT forecast of circa VND8,600b (unconsolidated with PGB) vs start of year guidance of circa VND7,300b (unconsolidated growth of about 18%).


DXG: Dat Xanh Group

Senior Manager, Anirban Lahiri, anirban.lahiri@vcsc.com.vn

Stock Performance MTD +6.0% / YTD +27.1%

Stellar 1H15 and new project acquisitions boost prospects.

Net revenue grew by 82% and NPAT (after minority interest) grew by 191% in 1H15 versus same period last year to reach VND 384 billion and VND 153 billion, respectively thanks to outstanding brokerage growth and extraordinary income from 2 new project acquisitions at under book value; normalized NPAT growth was still impressive at 111%. Revenue from real estate development was minimal due to slightly delayed hand-over of Sunview Town. In order to support DXG’s continued growth, six new projects were acquired in 1H15, of which TK21 (Luxcity – district 7) launched sales in late August and Tam Thong (district 8) is expected to launch in 4Q15. We raise our target price to VND 21,000 from VND 16,800 to reflect stronger brokerage and construction business growth, as well as to account for the potential from the six new projects that have entered the pipeline and now provide some earnings visibility.


KDH: Khang Dien House

Senior Manager, Anirban Lahiri, anirban.lahiri@vcsc.com.vn

Stock Performance MTD +10.8% / YTD +6.9%

KDH becomes BCI’s largest shareholder with a 20.4% stake

On Sep 25th 2015, KDH announced that it has become the largest shareholder of BCI, holding 17.7m shares which accounts for 20.4% of BCI’s total shares outstanding. From BCI’s trading history, we learned that this transaction happened on Sep 23rd, 2015 and KDH spent a total amount of VND 377.6b on this acquisition, which implies an average price of VND 21,337 per share or a 1% premium to the Sep 22nd closing price. Following this transaction, KDH has now become the largest shareholder of BCI followed by Phuong Nam Bank which holds 16% of the company.

BCI is a reputed developer in Vietnam with more than 350ha of land bank, most of which is clean and located in Binh Chanh District of HCMC, an area which is expected to benefit greatly from urban infrastructure development over the next 3-5 years. Besides its real estate business, the company also holds a 20% stake in the Big C supermarket in Binh Chanh which is a joint-venture with Casino Group from France. For 2015, BCI estimates revenue to reach VND 381b (52.8% increase vs. 2014A) and NPAT to touch VND 120b (23.5% increase vs. 2014A).

We view these developments in a positive light for KDH shareholders. The company has developed a solid execution track record but its project portfolio is heavily skewed in favor of landed properties (largely affordable townhouses and villas) which have higher land utilization rates per dollar of revenue generated and its land bank is small relative to that of most other large listed developers, barring DXG. As BCI’s biggest shareholder, we think KDH can benefit from BCI’s huge lank bank in the south western part of HCMC to supplement KDH’s existing land bank which sits entirely in the eastern part of the city.

However, a lot will depend on the exact model of cooperation between the two companies – KDH could look to cooperate with BCI at a project level and maintain its current level of ownership or look to further increase its stake in the company and take a controlling position. As of now we have limited visibility on this and therefore our 2015 forecast for KDH remains unchanged until KDH provides some concrete details on its cooperation plans with BCI. KDH’s share price closed up nearly 1% on Friday and by another 0.5% today, indicating that the market endorses this move by KDH.

At the Sep 28th 2015 closing price of VND 21,700 per share, KDH is trading at a PER of 12.8x of VCSC’s 2015F EPS of VND 1,701


MBB: Military Commercial JS Bank

Senior Manager, Long Ngo, long.ngo@vcsc.com.vn

Stock Performance MTD +4.1% / YTD +17.9%

Forecast struggles against gust of dilution

We issued an update on MBB on 4th Sept 2015 and rate the stock at M-PF after the release of 1H15 results but our TP remains roughly unchanged since Nov 14 and is set at VND14,700.

We remain aloof to MBB on the basis that 1) still fails to persuade us on strategy going forward after the afterglow of astute treasury dealings in 2012 2) an approach to bad debt classification that sets itself apart from all other banks in our coverage universe (applying a quantitative approach to bad loan classification increases MBB’s 2Q15 NPL figure by 16bps to 2.2% and 2014 VAMC sales much higher than previously thought, coming in at VND3.3t, close with EIB and STB on a relative basis) 3) it essentially lacks the corporate coverage foothold of other SOE banks and has no special advantages in retail banking (the corporate lending front grew 7.7% and contracted 8.2% in 2013 and 2014, respectively).

The good: treasury positions still a boon for NIMs, some aspects of its provisioning policy are conservative, high cash dividend yield, and improvement in CAR upon completion of capital injection from domestic share placement.

Pending settlement of 406m share domestic placement was an entirely domestic affair consisting of USD190.5m raised via a private placement to domestic corporates (consisting of 391m sharesand at an average price of VND11,078 per share) and USD6.7m raised via ESOP program (consisting of 15m shares and at an average price of VND10,000 per share). After private placement, key shareholders include Viettel Group (maintaining its stake at 15%), SCIC (10% stake), Maritime Bank and VCB’s stakes diluted to 8.84% and 7.16% respectively, Viettel Trade and Export-Import Company (4.72% stake), Saigon Newport Corporation (7.65% stake), Vietnam Helicopter Corporation (7.97% stake).

However the most important issue with MBB remains the task of shifting its interesting earning portfolio away from govt bonds and into loans to customers and corporate bonds over the next few years, a task we foresee as incurring more credit cost than the general market consensus perceives.


PVC: PetroVietnam Drilling Mud

Analyst, Tram Ngo, tram.ngo@vcsc.com.vn

Stock Performance MTD -5.4% / YTD -19.2%

Waiting for Block B and oil to recover

We initiate on PetroVietnam Drilling Mud (PVC), the monopoly drill fluid supplier in Vietnam, with an U-PF rating and DCF-based TP of VND 16,600. Drilling fluids is PVC’s key business segment contributing up to 97% of net profit. E&P budget cuts have reduced the number of wells to be drilled by 50% to 60 wells in FY15 and we expect a further drop of 33% to 40 wells in FY16. Hence, NPAT is forecasted to decrease by 32% and 53% in FY15 and FY16 respectively.

Consensus calls for little recovery in oil prices over the next two years which leaves growth prospects on PVN’s major project – Block B. This project will require 50-60 wells per year for drilling over the next 10-15 year, which is roughly the average number of wells drilled per year between 2012 and 2014 in all of Vietnam. While we acknowledge its prospects, we exclude Block B from our base case valuation until the contracts materialize. The inclusion of Block B project into valuation could lift target price by 41% vs. base case without it.


VSH: Vinh Son Song Hinh Hydropower

Senior Analyst, Duong Dinh, duong.dinh@vcsc.com.vn

Stock Performance MTD +2.1% / YTD +5.9%

Huge growth potential on the horizon but low ROE

We initiate on Vinh Son Song Hinh Hydropower Company (VSH), the most efficient hydro power plant listed delivering highest utilization rate, highest EBITDA margin as well as highest dividend yield (7%).

VSH possesses two plants (Vinh Son and Song Hinh) with combined capacity of 136MW. These are good plants using G7-countries’ machineries & equipments and are located on ideal location (Central of Viet Nam where rainfall is heaviest). VSH’s utilization rate is 30% higher than standard level for hydro power plants.

VSH benefits the most from competitive market. Their CGM price is twice that of their PPA. CGM volume accounts for 17% in 2014 and is expected to rise to 30% in the future.

Upper Kon Tum is one of the few good hydro resources left in Viet Nam which has a promising IRR of 12.7%, NPV of VND 542b and payback period of 8 years. Once coming on-stream, it will drive VSH’s EPS growth at double-digit rate in the first 5 years of operation. Nevertheless, so far Upper Kon Tum is a headache for VSH as it has depressed VSH’s ROE to less than 10% . In addition, VSH is also exposed to the risk of losing VND 600b in ongoing litigation with an ex-contractor of the Upper Kon Tum project.

The share price has seen a modest gain of +5.9% YTD thanks to the signing of official long-term PPA contract applicable since late 2014. Given the absence of news on Upper Kon Tum and rainfall levels, VSH share price has been quite stable.


VIC: Vingroup

Senior Analyst, Phap Dang, phap.dang@vcsc.com.vn

Stock Performance MTD +0.0% / YTD +10.0%

Residential sales delivering on lofty expectations. Two new prime sites secured.

Vingroup released another upbeat update on its residential sales progress, exceeding our expectation and continuing to challenge those who still doubt whether VIC can ride the elevation of the high-end segment and spearhead the property market’s consolidation post-crisis. 7M15 residential sales reached VND 30.6t, nearly doubling what was achieved throughout 2014. About VND 22.5t came from projects in HCMC and Hanoi (driven by real demand) with the rest from resort villas (investment-driven). Excluding resort villas, cash received from residential projects amounted to VND 14.9t in 7M15, or 66% of new contract value, fueling fast-track construction across projects. These positive results set the foundation for a jump in bottom line in 2016 and 2017, when a larger number of apartments and villas will be handed over. We expect market sentiment on VIC to pick up as 2016 nears.

Meanwhile, VIC has secured two new prime sites in HCMC to enrich its unrivaled land bank. The two sites (32ha and 22ha respectively) are located within or adjacent to HCMC’s CBD and derived from the rezoning process in which existing port sites will be converted into real estate land.

Research Reports Issued this Month

Market-Recap-3-13
Should you request a copy or should you have questions regarding these reports please contact our Head of Research, Tu Vu at tu.vu@vcsc.com.vn or + (84 8) 3914 3588 ext: 105.

VCSC Information

VCSC Rating System & Valuation Methodology

Absolute, long term (fundamental) rating: The recommendation is based on implied total return for the stock defined as (target price – current price)/current price + dividend yield, and is not related to market performance. This structure applies from 27 May 2015.
vcs9
Unless otherwise specified, these performance parameters only reflect capital appreciation and are set with a 12-month horizon. Future price volatility may cause temporary mismatch between upside/downside for a stock based on market price and the formal recommendation, thus these performance parameters should be interpreted flexibly.
Small Cap Research: VCSC Research covers companies with a market capitalisation of up to US$50mn, inclusively. Clients should note that coverage may not be consistent and that VCSC may drop coverage of small caps at any time without notice.
Target price: In most cases, the target price will equal the analyst’s assessment of the current fair value of the stock. The target price is the level the stock should currently trade at if the market were to accept the analyst’s view of the stock, provided the necessary catalysts were in place to effect this change in perception within the performance horizon. However, if the analyst doesn’t think the market will reassess the stock over the specified time horizon due to a lack of events or catalysts, then the target price may differ from fair value. In most cases, therefore, our recommendation is an assessment of the mismatch between current market price and our assessment of current fair value.
Valuation Methodology: To derive the target price, the analyst may use different valuation methods, including, but not limited to, discounted free cash-flow and comparative analysis. The selection of methods depends on the industry, the company, the nature of the stock and other circumstances. Company valuations are based on a single or a combination of one of the following valuation methods: 1) Multiple-based models (P/E, P/cash flow, EV/sales, EV/EBIT, EV/EBITA, EV/EBITDA), peer-group comparisons, and historical valuation approaches; 2) Discount models (DCF, DVMA, DDM); 3)Break-up value approaches or asset-based evaluation methods; and 4) Economic profit approaches (Residual Income, EVA). Valuation models are dependent on macroeconomic factors, such as GDP growth, interest rates, exchange rates, raw materials, on other assumptions about the economy, as well as risks inherent to the company under review. Furthermore, market sentiment may affect the valuation of companies. Valuations are also based on expectations that might change rapidly and without notice, depending on developments specific to individual industries.
Valuation Methodology: To derive the target price, the analyst may use different valuation methods, including, but not limited to, discounted free cash-flow and comparative analysis. The selection of methods depends on the industry, the company, the nature of the stock and other circumstances. Company valuations are based on a single or a combination of one of the following valuation methods: 1) Multiple-based models (P/E, P/cash flow, EV/sales, EV/EBIT, EV/EBITA, EV/EBITDA), peer-group comparisons, and historical valuation approaches; 2) Discount models (DCF, DVMA, DDM); 3)Break-up value approaches or asset-based evaluation methods; and 4) Economic profit approaches (Residual Income, EVA). Valuation models are dependent on macroeconomic factors, such as GDP growth, interest rates, exchange rates, raw materials, on other assumptions about the economy, as well as risks inherent to the company under review. Furthermore, market sentiment may affect the valuation of companies. Valuations are also based on expectations that might change rapidly and without notice, depending on developments specific to individual industries.

Disclaimer

Analyst Certification of Independence
I, Thanh Duong, hereby certify that the views expressed in this report accurately reflect my/our personal views about the subject securities or issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. The equity research analysts responsible for the preparation of this report receive compensation based upon various factors, including the quality and accuracy of research, client feedback, competitive factors, and overall firm revenues, which include revenues from, among other business units, Institutional Equities and Investment Banking.Copyright 2013 Viet Capital Securities Company “VCSC”. All rights reserved. This report has been prepared on the basis of information believed to be reliable at the time of publication. VCSC makes no representation or warranty regarding the completeness and accuracy of such information. Opinions, estimates and projection expressed in this report represent the current views of the author at the date of publication only. They do not necessarily reflect the opinions of VCSC and are subject to change without notice. This report is provided, for information purposes only, to institutional investors and retail clients of VCSC in Vietnam and overseas in accordance to relevant laws and regulations explicit to the country where this report is distributed, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction. Investors must make their investment decisions based upon independent advice subject to their particular financial situation and investment objectives. This report may not be copied, reproduced, published or redistributed by any person for any purpose without the written permission of an authorized representative of VCSC. Please cite sources when quoting.
U.K. and European Economic Area (EEA): Unless specified to the contrary, issued and approved for distribution in the U.K. and the EEA by VCSC issued by VCSC has been prepared in accordance with VCSC’s policies for managing conflicts of interest arising as a result of publication and distribution of investment research. Many European regulators require a firm to establish, implement and maintain such a policy. This report has been issued in the U.K. only to persons of a kind described in Article 19 (5), 38, 47 and 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (all such persons being referred to as “relevant persons”). This document must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this document relates is only available to relevant persons and will be engaged in only with relevant persons. In other EEA countries, the report has been issued to persons regarded as professional investors (or equivalent) in their home jurisdiction. Australia: This material is issued and distributed by VCSC in Australia to “wholesale clients” only. VCSC does not issue or distribute this material to “retail clients”. The recipient of this material must not distribute it to any third party or outside Australia without the prior written consent of VCSC. For the purposes of this paragraph the terms “wholesale client” and “retail client” have the meanings given to them in section 761G of the Corporations Act 2001. Hong Kong: The 1% ownership disclosure as of the previous month end satisfies the requirements under Paragraph 16.5(a) of the Hong Kong Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission. (For research published within the first ten days of the month, the disclosure may be based on the month end data from two months prior.) Japan: There is a risk that a loss may occur due to a change in the price of the shares in the case of share trading, and that a loss may occur due to the exchange rate in the case of foreign share trading. In the case of share trading, VCSC will be receiving a brokerage fee and consumption tax (shouhizei) calculated by multiplying the executed price by the commission rate which was individually agreed between VCSC and the customer in advance. Korea: This report may have been edited or contributed to from time to time by affiliates of VCSC. Singapore: VCSC and/or its affiliates may have a holding in any of the securities discussed in this report; for securities where the holding is 1% or greater, the specific holding is disclosed in the Important Disclosures section above. India: For private circulation only, not for sale. Pakistan: For private circulation only, not for sale. New Zealand: This material is issued and distributed by VCSC in New Zealand only to persons whose principal business is the investment of money or who, in the course of and for the purposes of their business, habitually invest money. VCSC does not issue or distribute this material to members of “the public” as determined in accordance with section 3 of the Securities Act 1978. The recipient of this material must not distribute it to any third party or outside New Zealand without the prior written consent of VCSC. Canada: The information contained herein is not, and under no circumstances is to be construed as, a prospectus, an advertisement, a public offering, an offer to sell securities described herein, or solicitation of an offer to buy securities described herein, in Canada or any province or territory thereof. Any offer or sale of the securities described herein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators and only by a dealer properly registered under applicable securities laws or, alternatively, pursuant to an exemption from the dealer registration requirement in the relevant province or territory of Canada in which such offer or sale is made. The information contained herein is under no circumstances to be construed as investment advice in any province or territory of Canada and is not tailored to the needs of the recipient. To the extent that the information contained herein references securities of an issuer incorporated, formed or created under the laws of Canada or a province or territory of Canada, any trades in such securities must be conducted through a dealer registered in Canada. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed judgment upon these materials, the information contained herein or the merits of the securities described herein, and any representation to the contrary is an offence. Dubai: This report has been issued to persons regarded as professional clients as defined under the DFSA rules. United States: This research report prepared by VCSC is distributed in the United States to Major US Institutional Investors (as defined in Rule 15a-6 under the Securities Exchange Act of 1934, as amended) only by Decker&Co, LLC, a broker-dealer registered in the US (registered under Section 15 of Securities Exchange Act of 1934, as amended). All responsibility for the distribution of this report by Decker&Co, LLC in the US shall be borne by Decker & Co, LLC. All resulting transactions by a US person or entity should be effected through a registered broker-dealer in the US. This report is not directed at you if VCSC Broker or Decker&Co, LLC is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. You should satisfy yourself before reading it that Decker&Co, LLC and VCSC is permitted to provide research material concerning investment to you under relevant legislation and regulations.

More From the Author

  • Market Recap – PM Signs Decree to Broaden Foreign Ownership
  • Leave a Reply

    Subscribe Today

    We will send directly to your inbox the latest Vietnam investment commentaries, travel tips and "in the know" tidbits! 
    Join the Vietnamese IN CROWD!
    First Name
    Email address