Data Digest #8: Vietnam Stock Market in the New Normal: Expensive or Relatively Cheap?

Financial Information • Business Information • Market Research • Credit Ratings
1

Vietnam Stock Market in the New Normal:
Expensive or Relatively Cheap?
FiinPro Digest #8:
Issue date: 10 June 2021
Prepared by: Data Analytics Team
Financial Information Service, FiinGroup

2
Contact
Do Thi Hong Van
Senior Analyst
Financial Information Service
Email: van.do@fiingroup.vn
Do Thi Quynh Lien
Analyst, Financial Institutions
Email: lien.do@fiingroup.vn
Nguyen Huu Quy
Analyst, Corporates
Email: quy.nguyen@fiingroup.vn
Nguyen Quang Thuan, FCCA
CEO, Head of Data Analytics
Email: thuan.nguyen@fiingroup.vn
Truong Minh Trang
Senior Managing Director
Email: trang.truong@fiingroup.vn
Analytical Team Quality Control
@ 2021 FiinGroup Joint Stock Company
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retrieval, or by any other means, without the express written consent of the publisher.
Le Nguyen Mai Trang
Associate, Sales & RM
M: +84 936 919 885
T: +84 24 3562 6962 (ext.: 103)
Email: trang.lenguyen@fiingroup.vn
Customer Service

3
Table of Content
Content Page
Preface 4
Key Highlights 5 - 7
Part 1: Vietnam Stock Market: Expensive or Relatively Cheap? 8 - 12
Part 2: Earnings Growth Forecast 2021 and 2022 13 - 18
Part 3: Corporate Earnings Growth Quality 19
3.1. Overview 20 - 22
3.2. Residential Real Estate 23
3.3. Steel 24
3.4. Fertilizer 24
3.5. Oil & Gas 25
3.6. Other 26 - 28
Content Page
Part 4: Banking Sector 29
4.1. Earnings and Income Structure 30 - 34
4.2. Asset Quality 35 - 38
4.3. Operational Efficiency 39
4.4. Capital and Liquidity 40 - 41
Appendices 42 - 50
Methodology and Important Notes 51
Previous FiinPro Digest Report Series 52
About FiinGroup 53 - 57
Disclaimer 58

4
Preface
Dear our Valued Customers and Partners,
FiinGroup is pleased to present to you FiinPro Digest Report #8, published on
10 June 2021.
The stock market has been heating up over the past two months with the VN-
Index breaking through both technical resistance and psychological mark of
1,100 and most recently at 1,350. Market momentum is driven by strong cash
inflows from local retail investors while foreign institutions remain net sellers and
share offering plans to raise capital given the booming market.
Concerns have been raised about the "rational" or "irrational" of the current
market performance amid recent rallies of stocks of different sectors, including
bank and brokerage stocks. As a data and information provider, FiinGroup
would like to give a data-driven perspective to provide independent, objective
and timely information in order to assist our customers in investment operation
and portfolio management.
In the previous report (FiinPro Digest #7 issued on 19 March 2021), our data
showed that corporate earnings set off a new growth cycle. This report aims to
provide you a forward-looking view not only for 2021 but also for 2022, based on
management and consensus estimates.
As part of a series of data analytics reports, FiinPro Digest #8 focuses on
analyzing financial data to give comments and findings with specific data-driven
evidences in order to provide an independent and in-depth perspective on
securities and financial matters.
This report is a value-added service primarily for subscribers of FiinGroup’s data
financial information and data platforms including FiinPro, FiinTrade and FiinGate
and other services as well.
We are committed to ensuring our independence and objectivity in providing
opinions, judgments and analysis on specific sectors and stocks by maintaining a
policy of strictly controlling conflicts of interest that may arise in the delivery of
services in general and analyses in particular.
We hope that this Report will support not only analysts at investment institutions
and individual investors but also banks and relevant agencies with working out
measures or policies to lessen the Covid-19 impact on different sectors.
Data in this Report has been mainly extracted from our FiinPro Platform which is
currently used by many local and foreign institutions.
We are looking forward to receiving your comments and feedback on this Report. If
you would like more information, please contact our service contact or email us at
info@fiingroup.vn.
Happy Investing!
Truong Minh Trang
Senior Managing Director

5
Key hightlights
VIETNAM STOCK MARKET: EXPENSIVE OR RELATIVELY CHEAP?
 The VN-Index is trading at trailing P/E of 18.6x while its forward P/E is at 17.8x
on the ground of solid earnings growth of corporates (+20.7%) and banks
(+23.8%) in 2021. Going forward, overall earnings growth is forecast to
accelerate to 33.4% in 2022.
 Despite recent rallies, market valuations remain attractive in medium term
relative to earnings outlook in 2021 and 2022, specially in the context of rising
demand for profit-making and increasingly inflows of easy money.
 There are some concerns that the market is currently in a similar context to the
pre-2007 boom period before a crash in early 2008 and downtrend till 2015.
Our data, however, indicated no remarkable risks, except for the boom in
trading liquidity from speculative money flows by local retail investors.
 Current valuation multiples of the VN-Index, supported by positive earnings
growth prospects and improved market depth and breadth, are far below 2007
levels (with 31.4x P/E and 8.9x P/B). Especially, banking stocks were trading
at 21.0x P/E and 9.6x P/B at the end of March 2007 (when there were two
listed banks), well above the current valuation multiples (15.5x P/E and 2.6x
P/B with 27 listed banks). The comparison, though not perfectly appropriate, is
to point out that current valuation multiples of banking stocks are not as
irrational as the 2007 level.
 The VN-Index is particularly “low” compared to emerging or frontier peers on
P/E relatives thanks to strong earnings prospects but staying higher on P/B
relatives.
WHICH SECTORS HAVE UPSIDE POTENTIAL?
 The market has experienced a long rally, but there are a number of sectors having
upside potential, including Insurance, Real Estate, and Retail:
‒ Insurance: Among few laggards, insurance stocks edged down 3% YTD and
rose as slowly as 27.2% from a year earlier despite 25% earnings growth in
2020 through the pandemic. Insurance shares are currently trading at trailing
P/B of 1.5x, far below their historical 3-year average (2.2x).
‒ Real Estate: Shares have risen 26.6% YTD. Given the strong earnings
prospects, valuation multiples, in our view, appear attractive with 2021
forward P/E of 20.4x vs. trailing P/E of 22.2x, which are below the 3-year
average of 24.8x. Real estate stocks are trading at trailing 12-month P/B of
3.2x, below the 3-year average of 5.7x.
‒ Retail: Shares have risen 22.8% YTD. Retailers expect net sales and
earnings to rise 16.1% and 32.2% in 2021, respectively. In fact, first-quarter
net sales grew modestly at 13.3% but earnings surged 36.5% thanks to profit
margin expansion. Retail stocks look attractively on positive earnings outlook
though trailing P/E is well above the 3-year average.
 Some other sectors seem to have expensive-looking valuation multiples relative to
their earnings prospects or historical 3-year average, including IT, Oil & Gas,
Chemicals, Industrial Goods & Services and Travel & Tourism.

6
Key highlights (continued)
CORPORATE EARNINGS GROWTH QUALITY
 Corporate earnings grew at a high pace (+140.2%) thanks to (i) profit margin
expansion in certain cyclical sectors, including Real Estate and Steel, and (ii) a
very low base of comparison in Q1-2020.
 Compared to Q4-2020, net sales and earnings of non-financials dropped by
9.8% and 23.5%, respectively. The QoQ decrease in net sales was mostly due
to the seasonal factor as well as the spreading of Covid-19 in some cities and
provinces in January and February.
 EBIT and EBITDA surged 62.2% and 23.9% year-on-year in Q1-2021,
respectively. It is the first time EBIT and EBITDA of non-financials have risen at
the same time since Covid-19 first broke out in Vietnam in March 2020.
 This showed the strong rebound of core businesses which contributed largely to
the growth of accounting profits, instead of coming from non-core items (mostly
financial incomes) as seen in previous quarters.
OUTLOOK FOR BANKING STOCKS
 Banking stocks have risen 34.4% YTD, with many of which doubling in recent
three months, on the expectation that earnings growth could accelerate to
23.8% in 2021. Banking stocks are trading at forward P/B of 2.5x and forward
P/E of 17.1x.
 Going forward, listed banks are expected to keep growth momentum, with
earnings growth forecast to quicken to 33.8% in 2022. Such a high growth
forecast is likely to surprise the market and investors.
 In the report, we highlighted some factors to watch for banking stocks due to the
earnings volatility of the sector against macro-economic conditions and policy
changes.
BANKING PERFORMANCE UPDATES
 Listed banks recorded strong earnings growth despite the Covid-19 pandemic. In Q1-
2021, total operating income slightly decreased by 1.2% QoQ but growing by 28.4%
YoY thanks to increases in net interest income and net fee and commission income
(payments and bancassurance).
 The ratios of non-performing loans (NPLs) and special-mentioned loans (SMLs)
started to increase, at 1.41% and 1.12% at the end of Q1-2021, respectively.
 However, the problem is that personal credit, which is usually a large source of credit
revenue and a major contributor to banks' NIM in recent years, has shown signs of
slowing down and is only on par with corporate credit.
 Concerns are raised about the potential risk of the banking sector as earnings growth
and debt quality have not properly reflected the actual situation due to Circular No. 01
and then Circular 03 (that amends Circular 01). In our opinion, such a risk is not too
worrying for the following reasons:
‒ Outstanding personal loans account for a large proportion, and thus credit risk is
dispersed, although the pandemic may affect income of a certain segment of
customers. Moreover, sectors heavily affected by Covid-19 made up a small
proportion in the total structure of outstanding loans.
‒ After spiking up in Q4-2020, the coverage ratio over non-performing loans and
special-mentioned loans continued to increase. Thus, it can be seen that banks
have been more aggressive in provisioning to prepare larger buffers for possible
risks. On the other hand, part of the provisions can be reversed, contributing to
future profits.
‒ Banking sector’s efficiency continues to improve along with strong digital
transformation process. The operating expenses/operating income ratio (CIR) has
continuously decreased over the years and fell to a record low level in Q1-2021.

7
RISKS TO WATCH
There are two major risks relative to earnings prospects as follows:
 Dilution risk: Listed companies and banks plan to raise VND102.6 trillion via equity
offerings in 2021, triggering a dilution risk. After the ex-rights date [of share
issuances], the number of outstanding shares will increase immediately but the profit
stemmed from paid-in capital will come later, making profit-based valuation less
attractive in the short term. This factor is worth watching amidst the rising supply of
shares coming to the market, partly contributed by share sales of internal
shareholders as mentioned in our recent updates. The biggest concern is how the
market could absorb such a high volume of new shares in the context that the trading
liquidity is largely from the speculative money inflow of local retail investors.
 Valuation multiples of Vietnam’s stock market heavily depend on the earnings
prospects of banks: In 2021, banks are forecast to contribute up to 43% of the
overall earnings. We believe that it is very important for investors to keep a close eye
on (i) performance of the banking system in Q2-2021, (ii) regulatory amendments to
the policy interest rates and credit risk provisions, (iii) possibility of maintaining high
net fee and commission incomes and (iv) increase of stock splits and equity raising
exercises (EPS dilutive) among listed banks if analyzing market sentiment and
fundamentals.
WHICH BROKERAGE STOCKS ARE ATTRACTIVE?
 Shares have risen 58.8% YTD, indicating that positive earnings prospects for 2021
have almost been priced in, sending their valuation multiples up to a new level.
 Trailing P/B is 2.1x, well above the 3-year average (1.2x) but appears relatively
attractive against earnings growth prospects (with 2021 forward P/B of 1.5x).
Management estimates of securities companies are mostly based on the assumed
average daily trading value of much lower than VND20 trillion.
 A majority of small securities companies outperformed the market while leading
players by market share with strong fundamentals, including SSI, VCI, and HCM,
witnessed moderate share price increases.
 We think that brokerage stocks have opportunities to be revaluated if securities
companies succeed in share offerings to scale up their capital base to boost margin
lending amid stronger trading activities.
 We believe that there is strong upside potential for shares of securities companies
that have a high proportion of brokerage revenue, significant equity size that provides
themselves more room to boost incomes from margin lending and attractive forward
valuation multiples. In our view, HCM, SSI and VND are qualified for these criteria
(see further details in Page 28).
Key highlights (continued)

8
Part 1:
Vietnam Stock Market:
Expensive or Relatively
Cheap?

9
Vietnam’s stock market: Valuation multiples remain attractive despite recent rallies
Source: FiinPro Platform
Notes: Data was updated as of June 4, 2021
Figure 1: Trailing P/E of VN-Index in 10 years (2011-2021) Relative to its 10-year historical average:
 The VN-Index is currently trading at trailing P/E of 18.6x, or one standard deviation
(SD) above the 10-year mean (see Figure 1), and P/B of 2.8x. The P/E valuation is not
too high even though the VN-Index conquered the 1,350 peak on June 3, 2021 after
surpassing the 1,100 resistance on December 31, 2020.
Relative to earnings outlook for 2021:
 The VN-Index is trading at trailing P/E of 18.6x while its forward P/E is at 17.8x on the
ground of solid earnings growth of corporates (+20.7%) and banks (+23.8%) in 2021
regardless of stock splits or equity offerings.
 With the overall earnings growth projected at 20.7% in 2021, Vietnam’s stock market
looks “relatively attractive” with PEG ratio of 0.89 (PEG = 18.6/20.7 = 0.89).
Relative to altenative investments:
 The earnings yield of VN-Index is estimated at 5.4% (the inverse ratio to the P/E or
1/18.6), well above the annual interest rates for 12-month deposits but it seems to be
rather low in correlation with nominal interest rates for corporate bonds (9%-12% per
annum) and other fixed-income investment products (including certificates of deposits
which offer interest rates of 8%-10% per annum for the similar term).
PEG ratio (Price/Earnings-to-Growth):
 There are different approaches to give us a relative sense of whether a stock or a stock market is
“expensive” or “cheap”, but valuation relatives is the most popular approach by comparing (i) valuation
multiples with peers within the same sector (for a certain stock) or in the same region (for a certain
market) and (ii) P/E ratio against the expected earnings growth by calculating PEG ratio
(Price/Earnings-to-Growth). The stock/stock market may be “relatively cheap” against its earnings
projections if PEG ratio is 1 or less. Conversely, PEG ratio of above 1 suggests that the stock/stock
market may be “expensive”!
 For example, a stock with P/E ratio of 50x looks “undervalued” if its earnings-per-share (EPS) grows
50% per annum (PEG = 50/50 = 1). Meanwhile, the stock may be particularly “overvalued” if its P/E is
10x and EPS growth is at 5% (PEG = 10/5 = 2).
P/E 18.6x (4/6/2021)
P/E fwd 2021, 17.8x
P/E fwd 2022, 13.2x
17.28
11.6
5.0
10.0
15.0
20.0
25.0
P/E (TTM) +/-1 Stdev

10
…relative to earnings growth prospects in 2022
Table 1: Valuation multiples of VN-Index compared to “boom” period in 2007
Relative to earnings growth prospects for 2022:
 We estimated that the overall earnings could accelerate to 33.4% in 2022. The
earnings momentum, in our opinion, is surprisingly good to the market (see further
details in Page 18).
 Regardless of the possible impact of stock split and equity raising exercises (EPS
dilutive), PEG ratio of the VN-Index could be 0.56x on the solid earnings growth of
33.4% projected for 2022.
Criteria Unit Q1-2007 Q2-2021
VN-Index (highest) 1,170.67 1,374.05
P/E x 31.4 18.6
P/B x 8.9 2.8
Market Capitalization Trn VND 360 5,097
% GDP % 43% 81%
# of stocks 140 397
# of listed shares bn 2.9 103.8
Avg daily trading value bn VND 1,174.0 18,015.0
# of securities trading accounts thousand 349.4 3,200.0
Note: Data covers listed companies on HOSE only (updated as of June 4, 2021)
Relative to the “boom” period before 2007:
 There are some concerns that the market is currently in a similar context to the pre-2007 boom period before a crash in early 2008 and downtrend till 2015. We believe that it is rational
to consider these concerns on par with market demand that has been spiked by the rising inflows of speculative money from local retail investors and the psychology of FOMO (fear-of-
missing-out) among retail and institutional investors.
 In our view, there is no remarkable downside risk. Firstly, the booming stock market in the 2006-2007 period was hyped by both domestic and foreign inflows while the market is
currently at the different context with trading liquidity propelled by domestic retail investors, not foreign institutions which have been net sellers of more than VND30.7 trillion YTD.
Secondly, the VN-Index was trading at extremely high valuation multiples at the end of Q1-2007 with 31.4x P/E and 8.9x P/B. At that time, the benchmark hovered around 1,130 with
the average daily trading value of VND1.2 trillion while there were 140 stocks listed on the Hochiminh Stock Exchange with a combined capitalization of VND364 trillion. The current
market breadth has improved with the average daily trading value up 17 times, the size of market cap up 14 times and the number of securities trading accounts up 9 times, but
valuation multiples are much lower.
 At the end of March 2007, there were only two bank stocks which were trading at trailing P/E of 21.0x and P/B of 9.6x. The number of listed banks has risen to 27 to date and their
stocks are trading at trailing P/E of 15.5x and P/B of 2.6x.

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33.2
30.2 29.1
19.3 18.6 17.5 17.1
2.8
0.0
1.0
2.0
3.0
0
5
10
15
20
25
30
35
Indonesia Thailand Philippines MSCI
Emerging
Markets
Vietnam MSCI
Frontier
Markets
Malaysia
P/E P/B
…and relative to regional peers, but there are risks to watch
Source: FiinPro Platform, Bloomberg
Notes: Updated as of June 4, 2021; Data for MSCI Emerging Markets and Frontier
Markets was updated as of May 31, 2021
Figure 2: Valuation of VN-Index vs. regional peers
And relative to regional peers:
 The VN-Index is trading at trailing P/E of 18.6x and P/B of 2.8x, indicating that
Vietnam’s stock market looks relatively attractive compared to its regional peers on P/E
relatives, but staying higher on P/B relatives.
 It is noteworthy that there are few regional markets having such a positive outlook for
overall earnings (with respective growth rates of 20.6% and 33.4% projected for 2021
and 2022). The solid earnings prospects prompted the VN-Index to be the best
performer among emerging and frontier markets.
RISKS TO WATCH
 In 2021, banks are forecast to contribute up to 43% of the overall earnings. We believe
that it is very important for investors to keep a close eye on (i) performance of the
banking system in Q2-2021, (ii) regulatory amendments to the policy interest rates and
credit risk provisions, (iii) possibility of maintaining high net fee and commission
incomes and (iv) increase of stock splits and equity raising exercises (EPS dilutive)
among listed banks if analyzing market sentiment and fundamentals.
 Earnings growth is projected to accelerate in 2021 and 2022, but equity offerings are
creating a dilution risk, resulting in lower earnings-per-share (EPS) growth. The risk
really matters since our data shows that earnings-per-share (EPS) is expected to grow
at a slower pace than earnings (10.1% vs. 20.7%) as a result of stock split and equity
offerings.
Figure 3: Value of equity offerings planned for 2021
Notes: Data covers equity offerings only, NOT stock splits
21.5 32.8 34.2 73.1 19.9 20.3
82.3
1.7%
1.5%
0.0%
0.5%
1.0%
1.5%
2.0%
0
20
40
60
80
100
120
2016 2017 2018 2019 2020 2021F
%
marcap
Value
(trn.
VND)
Equity offerings (actual val.) Equity offerings (planned val.) % marcap

12
-
15.0
30.0
Bất
động
sản
Tài
nguyên
Cơ bản
Bán lẻ CNTT Hàng
CN &
Gia
dụng
Thực
phẩm
và đồ
uống
Xây
dựng
và Vật
liệu
Dược
phẩm
Ô tô và
phụ
tùng
Truyền
thông
Viễn
thông
Hàng &
Dịch vụ
CN
Tiện
ích
Hóa
chất
Dầu
khí
Du lịch
và Giải
trí
P/E (TTM) P/E trung bình 3 năm P/E forward (2021)
Which sectors have upside potential in the time to come?
Figure 4: Which sectors have upside potential in the time to come?
We define that sectors having upside potential are ones whose earnings growth prospects have
not yet fully been priced in despite recent rallies in share prices and could be spotted out by
comparing trailing P/E with the historical 3-year average and forward P/E. For banks, insurers and
securities companies, P/B ratio is used as a substitute metric.
 Insurance: Among few laggards, insurance stocks edged down 3% YTD and rose as slowly
as 27.2% from a year earlier despite 25% earnings growth in 2020 through the pandemic.
Insurance shares are currently trading at trailing P/B of 1.5x, far below their historical 3-year
average (2.2x). Expected increase in interest rates is a major driving factor for earnings
growth. On balance sheets of listed insurers, a large proportion of assets are sensitive to
interest rates. Up to 70%-80% of their total assets are deposits at banks. In addition, state
divestments at leading insurers (BVH, BMI, MIG) could be a catalyst for insurance stocks in
the coming time.
 Real Estate: Shares have risen 26.6% YTD. Given the strong earnings prospects,
valuation multiples, in our view, appear attractive with 2021 forward P/E of 20.4x vs.
trailing P/E of 22.2x, which are below the 3-year average of 24.8x. Real estate stocks
are trading at trailing 12-month P/B of 3.2x, below the 3-year average of 5.7x.
 Retail: Shares have risen 22.8% YTD. Retailers expect net sales and earnings to
rise 16.1% and 32.2% in 2021, respectively. In fact, first-quarter net sales grew
modestly at 13.3% but earnings surged 36.5% thanks to profit margin expansion.
Retail stocks look attractively on positive earnings outlook though trailing P/E is well
above the 3-year average.
0.5
1.5
2.5
Banks Insurance Securities
P/B (TTM) Avg 3-yr P/B P/B forward (2021)
Avg 3-yr P/E
Retail
Retail Industrial
Goods
IT Telcoms
Personal
Goods
Food &
Beverage
Constru
ction
Pharma Travel &
Leisure
Real
estate
Auto &
Parts
Basic
Resourc
es
Media Utilities Chemic
als
Oil &
Gas
Source: FiinPro Platform. Notes: Data covers 1021/1677 listed companies, accounting for 92% of markcap of non-financials

13
Part 2:
Earnings Growth
Forecast 2021 and 2022

14
10.1%
20.7%
-30%
-20%
-10%
0%
10%
20%
30%
2017 2018 2019 2020 2021F
EPS growth (YoY) Earnings growth (YoY)
Corporate earnings are forecast to grow 20.7% in 2021
Figure 6: Forward valuation 2021 - Corporates
Notes: Data covers management estimates of 1021/1677 listed companies, accounting for 92% of
markcap of non-financials
Figure 5: Earnings forecast 2021 - Corporates
Corporate earnings are forecast to grow 20.7% in 2021:
 Earnings growth is projected at 20.7% in 2021 in anticipation of a 17.8% increase in
sales as well as profit margin expansion in major sectors, including Basic Resources
and Real Estate (see further details on Page 23 and 24)
 Risks still linger amid the return of Covid-19, prompting major players in certain
sectors (including GAS, PLX, POW, VNM, VJC, VRE) to provide cautious earnings
guidance for 2021. Their recent sales growth targets are all lower than the consensus
made by analysts two months earlier.
 Data was compiled from management estimates (approved or yet to be approved by
shareholders’ annual meetings) of 1021/1677 listed companies (which account for
92% of the marcap of non-financials on HOSE, HNX and UPCoM).
 The latest forecast is slightly lower than those given in FiinPro Digest #7 (which was
issued on March 19, 2021). Corporate sales and earnings were earlier expected to
grow 20.7% and 23.2%, respectively.
Strong earnings growth in Q1-2021 improves valuation multiples
 The strong recovery of corporate earnings in Q1-2021 (+140.2% YoY) led to a
remarkable improvement in trailing P/E at 18.8x vs. 21.6x at end-2020.
 It is noteworthy that positive growth prospects for 2021 have almost been priced in
blue-chip stocks of Real Estate, Basic Resources, IT and Securities.
 Non-financial stocks are trading at 2021 forward P/E of 20.1x (vs. trailing P/E of 18.8x)
while their forward P/B ratio is 2.2x (vs. 2.5x trailing P/B).
2.4 2.3 2.2
2.5 2.5
2.2
19.3
16.7 16.2
21.6
18.8
20.1
1.0
1.5
2.0
2.5
3.0
3.5
4.0
-
5.0
10.0
15.0
20.0
25.0
2017 2018 2019 2020 2021 (TTM) 2021F
P/B P/E
Notes: Data covers 1021/1677 listed companies, accounting for 92% of markcap of non-financials;
TTM = Trailing Twelve Months

15
740.8%
92.9%
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
140%
Dầu khí Truyền
thông
Bán lẻ Tài
nguyên
Cơ bản
Hàng &
Dịch vụ
CN
CNTT Viễn
thông
Hàng cá
nhân &
Gia
dụng
Thực
phẩm và
đồ uống
Dược
phẩm
Xây
dựng và
Vật liệu
Du lịch
và Giải
trí
Bất động
sản
Ô tô và
phụ tùng
Hóa chất Tiện ích
Tăng trưởng LNST (2021) Tăng trưởng DT thuần (2021)
Earnings growth 2021F EPS growth 2021F
Oil &
Gas
Media Retail Basic
Resou
-rces
Industr
-ial
Goods
IT Telco-
ms
Perso-
nal
Goods
Food
&
Bever-
age
Constr
-uction
Pharm
aceuti-
cals
Travel
&
Leisure
Real
estate
Auto &
Parts
Utilities
Chemi
-cals
Almost all sectors expect earnings to ACCELERATE in 2021 with growth quality improving
Figure 7: Earnings growth by sector in 2021
Sectors with ACCELERATE-rated earnings growth:
 Oil & Gas: Earnings growth is targeted at 740.8%, led by Downstream companies (including BSR, PLX and OIL). In Q1-2021, BSR
completed 213% of its full-year plan. It is noteworthy that management estimates of BSR and other oil & gas companies are based on
the assumption of the average oil price of US$45 per barrel (while the current Brent oil prices hover above US$70/barrel). Midstream
companies, however, predict their 2021 earnings to fall sharply in the context that drilling and production activities have not yet
rebounded in Asia despite global oil price hikes.
 Retail: Gross profit margin expansion (by utilizing supply chains and operating costs) is expected to drive MWG’s earnings to grow
faster than net sales (+21.2% vs. +15.2%). DGW forecasts its earnings to rise 12.2% in 2021, but yet to include incomes that could be
gained from increasing SKUs with 2-3 more ICT brands and Xiaomi.
 Personal & Household Goods: Clothing & accessories manufacturers expect earnings to grow 12.6% in 2021, led by leading players
such as VGT, TNG, MSH, TCM and STK, thanks to the demand rebound in major export markets. The personal consumer goods sub-
sector is followed with a 6.9% earnings growth, with top player PNJ projecting its earnings to rise 15%.
ACCELERATE MAINTAIN DECELERATE
Sectors with MAINTAIN-rated earnings growth:
 Real estate: Growth outlook seems to be
brighter than in 2020, with listed
developers (including VHM, NVL, PDR,
NLG, AGG) expected to step up property
handover as well as record robust sales in
the context that the property market is rife
with speculative investors. Earnings growth
is forecast at 22.4%, lower than the CARG
of 24.7% in the 2016-2020 period.
Notes: Data covers management estimates 1021/1677 listed companies, accounting for 92% of markcap

16
1.5 1.5 1.6
1.8
2.6
2.0
Avg 5-yr P/B: 1.63x
2017 2018 2019 2020 2021 (TTM) 2021F
P/B - Ngân hàng
Earnings of banks are expected to grow at higher pace of 23.8% in 2021
Figure 9: Forward valuation 2021 - Banks
Notes: Data cover management estimates of 26/27 listed banks
Figure 8: Earnings forecast 2021 - Banks
Note: Data of 26/27 listed banks, accounting for nearly 100% of the sector’s marcap
The banking sector’s earnings are forecast to grow by 23.8% in 2021:
 The above figures are calculated from all 27 listed banks and we still see the acceleration of
private banks including TCB (+25.9%), VPB (+27.9%), MBB (+22.7%), HDB (25.3%), and TPB
(+32.2%).
 Growth-supporting factors include (i) NIM remaining high, (ii) boosting lending after capital hikes,
(iii) low pressure of provisioning for credit risk thanks to Circular 03 and (iv) income from service
activities constantly growing.
 In fact, by the end of Q1-2021, banks have fulfilled 1/3 of the full-year earnings target, showing a
high possibility that they can exceed the plan. Notably, VietinBank (CTG) has completed nearly
50% of the expected earnings for the whole year, but its profit target for 2021 is 2.3% lower than
2020.
So are banking stocks still attractive?
 It is worth noting that bank stocks have increased by 34.4% YTD, showing that the positive
outlook has been partly reflected in the price, making their valuation less attractive against
earnings prospects.
 Based on valuation multiples of the overall market plus the risks of policy changes related to the
banking sector, we believe that investors should consider looking forward to 2022’s earnings
prospects when seeking long-term investment opportunities in banking stocks.
 Stock splits and equity raising exercises could allow banks to improve their capital bases and
meet requirements and regulations on risk management, but these share issuances also create
dilution risks on the other hand. That is why we suggest a serious assessment of dilution risk on
each individual banking stock.
 As mentioned in our recent updates on FiinTrade, listed companies and banks are forecast to
raise VND102.6 trillion via equity offerings in 2021, with banks accounting for approximately
VND22 trillion or 21.4%. If stock splits are included, the total weighted average number of
outstanding shares of banks are expected to increase by 17.6% in 2021. This is the reason why
banks' EPS is estimated to rise 4.6% this year although earnings is expected to grow by 23.8%.
 Banking stocks are trading at 2021 P/B of 2.0x, below trailing P/B of 2.6x.
21.1%
4.6%
44.1%
23.8%
0%
10%
20%
30%
40%
50%
2017 2018 2019 2020 2021F
Tăng trưởng EPS (YoY) Tăng trưởng LNST (YoY)
Earnings growth 2021F
EPS growth 2021F
P/B - Banks

17
27.3%
29.6%
20.8%
1.5%
19.0%
19.4%
2.1%
16.2%
-1.6%
4.4%
2017 2018 2019 2020 2021F
Tăng trưởng LNST Tăng trưởng EPS
For VN30 basket, earnings growth is forecast at 19.0% in 2021
3.0 2.8 2.7 2.8
3.2
2.45
17.0
15.7
15.2
16.7
17.8
17.1
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
13.5
14.0
14.5
15.0
15.5
16.0
16.5
17.0
17.5
18.0
2017 2018 2019 2020 2021 (TTM) 2021F
P/B P/E
Figure 10: Earnings forecast 2021 – VN30
 In 2021, earnings growth of VN30 is forecast to accelerate to 19.0% from as low as 1.5%
in 2020. Non-financials are expected to surpass financials in terms of earnings growth
(+19.4% vs. 18.6%).
 The latest forecast on earnings growth of VN30 is lower than figures in FiinPro Digest #7,
which was mostly based on analysts’ consensus estimates. The main reasons are (i)
management estimates of some blue chips (including VIC, VNM, GAS, VJC) are below
consensus estimates and (ii) management estimates of some mid-sized banks (including
TCB, VPB, TPB) surpass consensus estimates.
 VN30 stocks are trading at the 2021 forward P/E of 17.1x, compared to trailing P/E of
17.76x.
 The VN30 Index has risen 36.2% YTD, prompting its price-to-earnings valuation less
attractive to the pre-Covid-19 level as well as the 2021 growth prospect. But it is below
the P/E of the VN-Index, making VN30 stocks attractive against strong earnings
prospects for 2022.
 Forward P/B of VN30 is estimated at 2.5x versus trailing P/B of 3.2x.
 Despite strong earnings rebounce, EPS of VN30 is expected to grow as modestly as
4.4% in 2021 due to share dilutions among banks and leading companies.
Figure 11: Forward valuation 2021 – VN30
Source: FiinPro Platform.
Notes: Data covers 30/30 companies in VN30 basket
EPS growth 2021F
Earnings growth 2021F

18
For a further forward-looking view, what is the outlook for overall earnings in 2022?
Figure 13: Forward valuation 2022 – Vietnam’s stock market
Figure 12: Earnings growth forecast 2022
According to analysts’ consensus estimates on 2022 earnings of 72 companies and
banks, earnings growth is projected at 33.4%, in which:
 Banks will outpace non-financials in terms of earnings growth in 2022 (+33.8% vs.
+33.1%).
 Data was compiled from analysts’ consensus estimates on earnings of 72/1766 listed
companies which account for 70% of the total market capitalization. Those consist of
12/27 banks (representing 85% of banks’ marcap) and 60/1677 non-financials
(representing 63% of marcap of corporates).
 Despite small sample size, it is noteworthy that the projected earnings growth in 2022
will continue to be led by blue-chips. Valuation multiples will be accordingly improved
and there is still upside potential for the VN-Index if there is no remarkable changes in
macro conditions or sectors, especially the banking sector.
 Corporate earnings growth is expected to accelerate to 33.1% in 2022, with almost all
sectors registering fast-growing paces in 2021.
 The analysts’ consensus estimates showed that the 2022 corporate earnings growth will
still be fueled by Real Estate (+19.2%), Basic Resources (+22.1%) and IT (+31.4%).
 Strong rebound is projected for sectors being worst hit by Covid-19, including Travel &
Leisure and Oil & Gas with earnings growth forecast at 114.7% and 153.6%,
respectively, on anticipation that Covid-19 is soon put under control this year.
Notes: Data covers analysts’ consensus estimates of 72/1766 companies & banks, accounting for 70%
of the total markcap
Notes: Data covers 72/1766 companies & banks, accounting for 70% of the total markcap
33.5%
27.2%
16.4%
18.7%
33.8%
20.1%
12.3%
-24.8%
29.1%
33.1%
33.4%
-30%
-20%
-10%
0%
10%
20%
30%
40%
2018 2019 2020 2021F 2022F
Khối Ngân hàng Khối Doanh nghiệp Toàn thị trường
Banks Corporates Total
18.1
15.4
13.1
-
5.0
10.0
15.0
20.0
25.0
30.0
2018 2019 2020 2021F 2022F
Khối Doanh nghiệp Toàn thị trường
Corporates Total

19
Part 3:
Corporate Earnings
Growth Quality

20
Q1-2021, corporate earnings dipped against the preceding quarter despite strong year-on-year rebound
Figure 14: Net sales, earnings growth by quarter (YoY)
Notes: Data covers 929/1677 listed companies, accounting for 95.5% of marcap of non-financials
Figure 15: Net sales, earnings growth by quarter (QoQ)
Q1-2021, corporate earnings grew 140.6% against the same period last year:
 Net sales rose 8.3% against Q1-2020 and this is the first time since early 2020 that net
sales and earnings grew at the same time, marking the beginning of a new growth cycle.
 Corporate earnings grew at higher pace (+140.2%) thanks to (i) profit margin expansion in
certain cyclical sectors, including Real Estate and Steel, and (ii) a very low base of
comparison in Q1-2020.
 In the second quarter, it is difficult for non-financials to repeat such a strong earnings
growth as (i) the base of comparison in Q2-2020 was no longer low, (ii) rising prices of
input materials are narrowing profit margins of certain major sectors (including Fertilizer,
Milk, Construction and Pharmaceuticals) and (iii) Travel & Leisure continues to be hard hit
by the Covid-19 return.
On the quarter-on-quarter basis, corporate earnings fell for the first time since Q2-2020
due to seasonal factors:
 Compared to Q4-2020, net sales and earnings of non-financials dropped by 9.8% and
23.5%, respectively, driven by Residential Real Estate, Construction, Electricity, Foodstuff
and Airlines sub-sectors. Milk producers, led by Vinamilk (VNM), recorded an 8.5%
decrease in net sales but their earnings rose 28.5% thanks to the reduction of sales costs
(including advertising, promotion) and admin costs.
 The QoQ decrease in net sales was mostly due to the seasonal factor (10-day Lunar New
Year holiday in February) as well as the spreading of Covid-19 in a number of cities and
provinces in January and February. Looking back to previous years, first-quarter growth
normally dropped 16%-17% against the preceding quarter, except for Q1-2020 when
Covid-19 first broke out (see Figure 15).
-5.2%
8.3%
-55.6%
140.6%
-60%
-10%
40%
90%
140%
190%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021
Net sales growth (YoY) Earnings growth (YoY)
-9.8%
-16.4% -17.6%
-67.6%
-23.5%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021
Net sales growth (QoQ) Earnings growth (QoQ)

21
Corporate earnings from core business operations also keep improving accordingly
Figure 16: EBIT growth & EBIT margin change by quarter (YoY)
Corporate earnings from core businesses were also seen improving remarkably in
Q1-2021, which is quite different from previous quarters when accounting profits were
mostly from financial incomes, as follows:
 Earnings before interest and taxes (EBIT) and Earnings before interest, taxes,
depreciation, and amortization (EBITDA) surged 62.2% and 23.9% YoY in Q1-2021,
respectively.
 It is the first time EBIT and EBITDA of non-financials have risen at the same time since
Covid-19 first broke out in Vietnam in March 2020.
 This showed the strong rebound of core businesses which made a large contribution to
the growth of accounting profits, instead of being derived from non-core items (mostly
financial incomes) as seen in previous quarters.
 The quality of corporate earnings improved as EBIT margin expanded by 2.5
percentage points (pp), contributing 80% of the growth of accounting profits in the first
quarter.
 The EBIT margin expansion, however, was mostly seen in certain sectors, including
Real Estate, Basic Resources and Chemicals, thanks to a big difference between the
raw material prices and the selling prices, instead of the improvements of corporate
fundamentals.
Figure 17: EBITDA growth & EBITDA margin change by quarter (YoY)
2.5
62.2%
(4.0)
(3.0)
(2.0)
(1.0)
-
1.0
2.0
3.0
4.0
-70%
-50%
-30%
-10%
10%
30%
50%
70%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021
+/-
EBIT
margin
(pp)
EBIT
growth
(%)
EBIT margin change (YoY) EBIT growth (YoY)
1.5
23.9%
(4.0)
(3.0)
(2.0)
(1.0)
-
1.0
2.0
3.0
-40%
-30%
-20%
-10%
0%
10%
20%
30%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021
+/-
EBITDA
margin
(pp)
EBITDA
growth
(%)
EBITDA margin change (YoY) EBITDA growth (YoY)

22
 EBIT rebound helps increase the interest coverage ratio (ICR), a metric used to
measure the interest service capacity of non-financials, to 3.4x in Q1-2021 from as
low as 1.9x in Q2-2020, but yet to reach the pre-Covid-19 level (3.6x).
 The debt-to-EBITDA ratio, a measurement of of leverage, increased to 15.7x in Q1-
2021 from 11.7x in the previous quarter.
 This is the highest level compared to the average ratio in the pre-Covid-19 period,
showing that the debt burden at non-financials has increased remarkably.
 Real Estate, Construction and Food & Beverage are among sectors with high debt-
to-EBITDA ratios.
Corporate leverage: debt service capacity improves gradually but leverage ratio keeps rising
Figure 18: EBIT change and Interest Coverage Ratio (ICR)
Figure 19: Debt-to-EBITDA ratio by quarter (YoY)
1.2
11.6
12.6
18.0
15.7
-
5.0
10.0
15.0
20.0
-
0.5
1.0
1.5
2.0
2.5
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021
Debt/EBITDA
Debt
Debt (qn VND) Debt/EBITDA (x)
18.5
3.4
(30.0)
(20.0)
(10.0)
-
10.0
20.0
30.0
(6.0)
(3.0)
-
3.0
6.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021
+/-
EBIT
(trn
VND)
ICR
(x)
+/-EBIT (YoY, trn VND) Interest Coverage Ratio (x)

23
Residential property developers aim for impressive growth in 2021 and 2022
Figure 21: EBIT growth & margin change (YoY) – Residential property
Earnings surprises in Q1-2021:
 Net sales rose 49% from the same period last year but earnings grew by 50 times, supported by a
236.9% growth in core earnings and gross margin expansion (doubling to 22.3%). Vinhomes
(VHM), the leader in Vietnam’s residential property development, was an exception as its
earnings declined 28.3% YoY and 52.6% QoQ due to the modest income from bulk sales.
 The earnings surprises were attributed to the fact that Covid-19 outbreak in 2020 prompted
property developers to delay handover of condo projects to Q1-2021 instead of Q4-2020 as
planned earlier.
 Strong earnings growth was reported at major companies such as NVL (+131.8%) as well as mid-
end developers such as DXG, DIG and AGG.
EBIT margin expansion
 EBIT margin of residential property developers expanded by 12.8 percentage points, mostly seen
at VHM and NVL, which are holding large land banks with lower cost prices than their peers.
Earnings outlook 2021 and 2022:
 Earnings prospects for residential property developers look bright in the context that the
speculative boom in the local real estate market, spurred by low savings interest rates, are
sending property prices up. Earnings are expected to grow 22.4% in 2021 and 19.1% in 2022,
reverting from a slight decrease of 0.9% in 2020.
 As indicated in FiinPro Digest #6 and #7, earnings surprises are projected for property developers
in second-tier cities and provinces with convenient transportation infrastructure connecting to
inner cities. Those include VHM, NVL, DXG, DIG and NLG.
 In Q1-2021, Vinhomes (VHM) had nearly 1,600 units presold to retail customers with a total
contracted value of VND6 trillion (+97% YoY). Nam Long Group (NLG), a developer that is
focused on affordable and mid-end segments, also reported strong presales. NLG’s presale value
in the first four months of 2021 was equal to last year’s figure. In 2021, NLG targets VND13.5
trillion in revenues, five times higher than that of 2020.
 Real estate stocks have risen 26.6% YTD. Given the strong earnings prospects, valuation
multiples appear attractive with 2021 forward P/E of 20.4x vs. trailing P/E of 22.2x, which are
below the 3-year average of 24.8x. Real estate stocks are trading at trailing 12-month P/B of 3.2x,
below the 3-year average of 5.7x.
Figure 20: Net sales, earnings growth (YoY) – Residential property
12.8
236.9%
(15.0)
(10.0)
(5.0)
-
5.0
10.0
15.0
-300%
-200%
-100%
0%
100%
200%
300%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021
+/-
EBIT
margin
(pp)
Growth
Thay đổi biên EBIT (YoY) Tăng trưởng EBIT (YoY)
49.0%
4961.4%
-120%
-80%
-40%
0%
40%
80%
120%
160%
200%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021
Tăng trưởng Doanh thu thuần (YoY) Tăng trưởng LNST (YoY)
EBIT margin change (YoY) EBIT growth (YoY)

24
Steel companies reported big gains thanks to skyrocketing steel prices and a strong rebound in
demand:
 Q1-2021: Net sales rose 47.2% but earnings surged 289.1%, with EBIT margin expanding by 6.5pp
YoY and 2.0pp QoQ to 14.5% in the context that steel prices shoot up mostly due to market
speculation rather than demand recovery. Up to 24/45 listed steel companies saw earnings
doubling from Q1-2020 despite moderate growth in net sales (including HPG, HSG, TVN and SMC)
or even decreases (including VGS, DTL).
 Recent efforts by Vietnam and China’s governments to calm down the soaring steel prices could
narrow profit margin of steel companies, especially those purely engaging in steel trading.
Meanwhile, as the lowest-cost producer and market leader in Vietnam’s steel industry, HPG could
maintain its EBIT margin, currently at 24.2% (+2.2pp QoQ).
 Steel stocks have surged 70% YTD while their earnings growth for 2021 is forecast at 30%, partly
driven by a 19.7% increase in net sales. Steel stocks are trading at trailing P/E of 12.6x, above the
3-year average, while forward P/E is 12.7x.
Fertilizer, chemicals producers benefit from supply chain disruption that makes imported
products less competitive:
 Q1-2021: Fertilizer producers led growth of Chemicals sector, with earnings surging 261.4% YoY,
mostly from urea, NPK and DAP manufacturers (including DPM, DCM, BFC, LAS, PCE and DDV).
 The first-quarter growth was mostly thanks to the rising prices of fertilizers and strong sales
volume. This is quite different from the same period last year when the 200% growth was
supported by profit margin expansion thanks to natural gas prices hitting record low in decades.
Natural gas normally makes up 60%-70% of urea production cost.
 Skyrocketing freight rates and soaring prices of fertilizers in global market have made the imported
fertilizers less competitive in Vietnam, enabling local fertilizer firms to boost sales volume. In the
first quarter, PetroVietnam Ca Mau Fertilizer JSC (DCM) recorded a 21% growth in sale volume,
prompting its net sales and earnings to rise 39.1% and 64% YoY, respectively.
 Fertilizer stocks have risen 32.1% YTD. Fertlizer producers earlier targeted their 2021 earnings to
fall 40% for fear of the rising prices of natural gas, but the higher gas prices have been in fact offset
by increases in selling prices as well as sales volume. Fertilizer shares are trading at trailing P/E of
18.45x, higher than the 3-year average.
Figure 22: Net sales, earnings growth (YoY) – Steel
47.2%
289.1%
-100%
0%
100%
200%
300%
400%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021
200.0%
261.4%
198.7%
-200%
-100%
0%
100%
200%
300%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021
Phân bón Hóa chất
Figure 23: Earnings growth (YoY) – Chemicals, Fertilizers
Steel, fertilizer producers benefit from price hike and demand uptick, but stocks are almost overpriced
Fertilizers Chemicals

25
Downstreams revert to profit-making as oil prices rebound, but Midstreams still take a hit
Oil & Gas companies repored earnings surprises as oil prices rebound:
 Q1-2021: Net sales dropped 6.7% YoY but earnings surged 162.7% thanks to the
soaring prices of oil, driven by a uptick in demand while supplies remained tight.
 In 2021, oil and gas companies released management estimates with the average oil
price assumed at US$45 per barrel. The Brent oil prices, meanwhile, are hovering
around US$70/barrel, above analysts’ consensus estimates.
Oil price rebound benefit downstreams but not midstreams yet:
 The first-quarter earnings growth came from downstream companies (including PLX,
BSR and OIL), which refine crude oil into other products (fuels or petrochemicals) or
sell refined products to consumers. Driving factors were (i) demand recovery, (ii) no
provisions for inventories and (iii) the widening crack spread.
 BSR: In Q1-2021, sales volume rose 7% YoY, prompting its net sales up 17%
accordingly, while the widening crack spread helped expand BSR’s EBIT margin by
1.7 pp QoQ to hit the record high at 8.75%. As Covid-19 outbreak has not yet been
controlled in Vietnam, BSR is scaling down jet fuel production, boosting the refining of
RON95, RON92 and diesel.
 Despite global oil price surges, midstream operations remain quiet in Asia.
Accordingly, earnings of listed oil equipment and services providers, with PVD and
PVS being the two biggest players, kept declining.
Valuation
 Shares of 10 out of 11 oil and gas companies have edged up between 3% and 100%,
prompting oil stocks up 39.1% on average YTD. Midstream stocks were among
outperformers despite gloomy earnings prospects. In 2021, oil & gas companies target
respective growth of 6.3% and 740.8% in net sales and earnings, led by downstreams
(including PLX, BSR and OIL). Oil stocks are trading at trailing P/E of 24.6x, which
seems to be high compared to 2021 forward P/E of 40.0x.
Figure 24: Net sales, earnings growth (YoY) – Oil & Gas
Figure 25: Earnings growth (YoY) – Downstreams & Midstreams
-6.7%
835.5%
-303.3%
162.7%
-500%
-250%
0%
250%
500%
-50%
-25%
0%
25%
50%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021
Earnings
(YoY)
Net
sales
(YoY)
3699.2%
159.1%
-73.6%
-600%
-400%
-200%
0%
200%
400%
600%
800%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021
SX, Khai thác dầu khí Thiết bị & Dịch vụ dầu khí
Downstreams Midstreams

26
16.5%
62.3%
-60%
-30%
0%
30%
60%
90%
120%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021
Retail and Automobiles & Parts report quite low sales growth as demand yet to recover to pre-Covid level
Figure 26: Net sales, earnings growth (YoY) – Retail
Figure 27: Net sales, earnings growth (YoY) – Automobile & Parts
Retailers had strong earnings growth thanks to gross profit margin improving :
 Demand has not yet bounced back to pre-Covid level, resulting in net sales growth of as low
as 13.3% in Q1-2021 vs. a 31.4% decline in Q1-2020.
 Earnings grew 36.5% YoY thanks to profit marging improving, mostly seen at MWG whose
first-quarter gross profit margin increased by 1.8 pp YoY to 22.8% with the rising sales at
Bach Hoa Xanh stores, a grocery retail chain of MWG.
 DGW: First-quarter earnings surged 138.7% YoY, supported by a 116.7% growth in net
sales (rather than profit margin expansion).
 Shares of retailers have risen 22.8% YTD. In 2021, retailers expect net sales and earnings
to grow 16.1% and 32.2%, respectively. Retail stocks are trading at trailing P/E of 17.9x, well
above the 3-year average but it remains attractive given positive earnings prospects.
Auto companies see weak sales revival as demand yet to be fully rebounded
 Given the slower-than-expected recovery in demand for automobiles, net sales growth of
listed auto companies remains below the pre-Covid-19 average, varying from 16.5% to 17%
YoY in three consecutive quarters since Q3-2020.
 First-quarter earnings, meanwhile, soared 62.3% against the same period last year, mostly
seen at HAX, SVC and TMT thanks to increases in selling prices as well as the 0%
preferential import tariff on auto components (applicable to auto manufacturers or
assemblers having certificates granted by the Ministry of Industry and Trade).
 In Vietnam, car sales in the upcoming quarters could be hurt by the ongoing semiconductor
chip shortage. Consulting firm AlixPartners forecast the chip shortage to cost the global
automotive industry US$110 billion in revenue in 2021, resulting in a production cut of 3.9
million vehicles worldwide.
 Automobile shares have increased 16.5% YTD while their earnings are forecast to grow
2.8% in 2021 despite an expected strong sales growth of 10.5%. Auto stocks are trading at
trailing P/E of 11.2x, below the forward P/E of 12.8x, while their P/B is 1.4x.
13.5%
-2.7%
13.3%
-31.4%
36.5%
-40%
-20%
0%
20%
40%
60%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021

27
 Food & Beverage: First-quarter sales growth (+22.4% YoY) came from Food producers, Brewers and Seafood processors while Milk producers reported first deciline for
the first time in recent years. It is noteworthy that net sales of brewers grew 29.3% YoY in Q1-2021 after contracting in five consecutive quarters earlier, but dropping
25.3% from Q4-2020 as a result of Covid-19 spreading in various cities and provinces.
 Industrial Goods & Services: EBIT declined 8% YoY due to the poor performance of airport operator ACV. Port operators (HAH, STG) and Logistics (TMS, PHP, SGP),
meanwhile, saw EBIT growing thanks to the rising demand for transportation and surging freight rates.
 Pharmaceuticals: 13/36 pharmaceutical companies reported sales decreases in Q1-2021 due to the disruption in ingredient supply chain because India, Vietnam’s third
largest pharmaceutical supplier, has been seriously hit by Covid-19.
 Travel & Tourism: Low demand for travelling continued to hurt HVN and VJC, with net sales falling 60.3% and 44% YoY in Q1-2021, respectively. VJC reported 84.6%
growth in earnings mostly thanks to financial incomes. Airliners have no room for further recovery once international flights have not yet been resumed.
Figure 28: Net sales, EBIT and earnings growth in Q1-2021 (YoY)
Net sales (Q1-2021) Earnings (Q1-2021)
EBIT (Q1-2021)
Sales and earnings growth varies among remaining sectors depending on Covid-19 impact
39.5%
22.1%
18.4%
3.7%
-6.7%
-8.0%
-14.1%
-72.6%
-89.0%
-122.7%
57.8%
54.7%
39.3%
35.6%
24.1%
17.3%
14.4%
-8.1%
-44.7%
-95.7%
22.4%
10.2%
-6.6%
6.7%
5.2%
17.1%
8.7%
-11.6%
-54.3%
-0.7%
Media
Construction & Materials
Utilities
Personal & Households Goods
Food & Beverage
IT
Industrial Goods & Services
Pharmaceuticals
Travel & Leisure
Telcoms

28
1.5
1.2
0.9
1.4
2.1
1.4
2017 2018 2019 2020 2021 (TTM) 2021F
Brokerage firms see sustantial earnings growth as market liquidity keeps soaring
Figure 29: Forward valuation 2021 – Brokerage Firms
Notes: Data covers 31/35 listed securities companies
Brokerage firms reported strong growth thanks to soaring market liquidity and rising
demand for margin loans:
 Q1-2021: Revenue and earnings grew 21.4% and 26.7% YoY, respectively.
 Earnings growth was mostly contributed by prop-trading and margin lending operations
admist recent market rallies, with the VN-Index continuously conquering new highs and
market liquidity soaring.
 Average daily trading value rose 62.1% QoQ to reach VND14.1 trillion in the first quarter
thanks to the active trading of new retail investors.
 Management estimates by 31/35 securities companies showed that their earnings are
forecast to rise 27% in 2021, below the 2020 growth rate (+55.4%) but it
ACCELERATES from the five-year CAGR (+22.5%).
Broker’s shares witnessed dizzying price rises ahead of stock splits or equity
offerings
 Shares of securities companies have risen 58.8% YTD, supported by stories about stock
splits or equity offerings. This indicated that their positive earnings prospects for 2021
have almost priced in.
 The rallies were mostly seen at small brokers while leading brokers by market share with
strong fundamentals witnessed moderate share price increases.
 Shares of brokerage companies are trading at trailing 2.1x P/B, well above the 3-year
average (1.2x) but it remains lower than 2021 forward valuation (1.5x).
 We believe that there is a strong upside potential for stocks of securities companies
which have high proportion of brokerage revenue, significant equity size that provides
themselves more room to boost incomes from margin lending and attractive forward
valuation multiples. In our view, HCM, SSI and VND are qualified for these criteria (see
Table 2).
Table 2: Valuation of top 10 brokers by brokerage revenue proportion
No. Ticker Exchange MarCap
(Trn VND)
% Price %
Brokerage
Rev.
ROE
(%)
ROA
(%)
P/E
(x)
P/B
(x)
6/9/2021 1-month Q1-2021 Q1-2021 Q1-2021 TTM 2021F TTM 2021F
1 SBS UPCOM 1.5 60.5% 60.2% 1.5% 0.9% 483.1 117.5 7.3 7.5
2 FTS HOSE 4.2 72.1% 43.7% 19.0% 13.6% 10.1 10.0 1.8 1.6
3 BSI HNX 2.4 42.9% 42.0% 17.2% 7.7% 9.7 16.4 1.6 1.5
4 BVS HNX 2.0 34.5% 40.4% 14.1% 9.0% 9.1 12.2 1.0 1.0
5 MBS HNX 7.2 63.7% 40.1% 16.5% 5.4% 15.8 14.1 2.5 2.0
6 SSI HOSE 30.5 42.8% 29.0% 15.9% 5.1% 16.8 21.6 2.7 1.8
7 ART HNX 1.0 15.4% 28.1% -1.8% -1.8% 38.9 14.8 0.9 0.6
8 HCM HOSE 11.7 22.8% 25.3% 16.4% 7.1% 15.5 12.7 2.4 1.8
9 VDS HOSE 2.1 46.9% 25.3% 30.7% 13.7% 6.3 11.3 1.7 1.5
10 VND HNX 12.4 45.8% 24.6% 29.2% 7.5% 10.6 10.5 2.8 1.8
Sector average 15.0% 8.8% 13.6 17.2 2.1 1.5

29
Part 4:
Banking Sector

30
-1.2%
28.4%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021
Operating income growth (QoQ) Operating income growth (YoY)
Earnings of the banking sector are still on a strong growth momentum...
Source; FiinPro Platform. Note: Data from 27 listed banks with total outstanding loans and
corporate bonds of VND7,120 trillion, accounting for 75.3% of the system’s credit.
Although total operating income declined slightly compared to the previous quarter,
earnings still grew strongly:
 In Q1-2020, total operating income of 27 listed banks slipped by 1.2% QoQ but rose by
28.4% YoY.
 However, provision expenses dropped by 14.4% QoQ and edged up by only 0.9% YoY.
Operation expenses also fell by 16.5% QoQ and increased by only 3.4% YoY.
 As a result, earnings rose sharply by of 23.1% QoQ and 77.4% YoY.
The impact of new policies:
 As we have analyzed in previous issues, due to Circular 01/2020/TT-NHNN, provision
expenses have not yet fully reflected the impact of Covid-19 on profits, as banks can
maintain the same loan classification for those affected by Covid-19.
 With Circular 03/2021/TT-NHNN amending Circular 01 applying a 3-year provisioning
schedule, the pressure on banks is reduced. However, we still believe that banks will
balance profit and provision expenses; this is shown in the analysis of non-performing
loan coverage ratio on Page 35.
Figure 30: Total operating income growth
Figure 31: Earnings growth of the banking sector by quarter
23.1%
77.4%
-40%
-20%
0%
20%
40%
60%
80%
100%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021
PAT growth (QoQ) PAT growth (YoY)

31
… as net interest margin (NIM) decreased slightly compared to Q4-2020 but still at a very high level …
Figure 32: Net interest margin (NIM) and NIM change (QoQ)
Source; FiinPro Platform. Note: Data from 27 listed banks with total outstanding loans and corporate
bonds of VND7,120 trillion, accounting for 75.3% of the system’s credit.
 After increasing strongly for two consecutive quarters, banks' NIM fell slightly by 2 basis
points (bps) in Q1-2021 to 0.93%, equivalent to annualized NIM of 3.73%.
 Total interest income from customer loans of 26 banks (except VAB) declined by 1% while
interest income from debt securities decreased by 3.7% QoQ. In contrast, deposit income
increased by 30.1%, but this amount only accounted for a very small part.
 However, NIM only slid by 2 basis points as interest expenses fell even more. Interest and
similar income slipped 0.5%, while interest and similar expenses dropped 3.1%.
 The leading banks in terms of NIM in Q1-2021 (quarterly) included VPB (2.32%), KLB
(1.64%), TCB (1.5%), MBB (1.28%), and TPB (1.28%), equivalent to annualized NIM: VPB
(9.27%), KLB (6.57%), TCB (5.98%), MBB (5.13%), and TPB (4.71%). This is a very high
level compared to the industry average at 3.73% in Q1-2021.
Source; FiinPro Platform. Note: Data from 27 listed banks with total outstanding loans and corporate
bonds of VND7,120 trillion, accounting for 75.3% of the system’s credit.
.
 As a rule, credit and deposit growth is calculated as the growth compared to the end of the
previous year.
 In 2020, customer deposit growth of 27 listed banks was greater than customer loan
growth by 2%. This is different from previous years when customer loan growth was
always larger than customer deposit growth, even when the gap was very narrow in 2018
and 2019.
 In Q1-2021, customer loans of 27 banks rose by 3.2%, significantly higher than customer
deposit growth (1.4%). This difference is larger than the same period in 2020 when
customer loans increased by 1.2% and customer deposits grew by 0.2%.
Figure 33: Customer loan and deposit growth
(3.1)
0.5 0.3
(4.4)
8.0
1.8 1.4
(0.7)
(1.8)
(5.9)
9.4
7.3
(2.0)
0.93%
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
0.60%
0.65%
0.70%
0.75%
0.80%
0.85%
0.90%
0.95%
1.00%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021
NIM change (bps) NIM
20.0%
13.9%
15.9%
13.5%
3.2%
9.1%
14.1%
15.7%
15.5%
1.4%
0%
5%
10%
15%
20%
25%
2017 2018 2019 2020 Q1-2021
Customer loans Customer deposits

32
... and due to strong growth in net fee and commission income compared to the same period…
 Compared to the previous quarter, only net interest income increased by 2.1%
while net fee and commission income and net income from remaining activities
decreased by 2.9% and 3.6% respectively.
 However, compared to the same period, net fee and commission income jumped by
62.6% while net interest income and net income from remaining activities rose by
24.8% and 11.1% respectively.
 Net fee and commission income slipped compared to Q4-2020 but still rose over
the same period as it usually increases sharply in the last quarter of the year.
Figure 35: Income structure
Figure 34: Income growth of major businesses
 Compared to Q4-2020, the proportion net interest income (excluding provision
expenses) increased by 4.3% from 64.6% to 68.9% due to the following reasons: (i)
net interest income rose while net profit from other activities fell; (ii) reduction in
provision expenses.
 This is similar to previous years when the proportion of net interest income
increased in the first quarter of the year and tended to decrease during the year.
2.1%
-2.9% -3.6%
24.8%
62.6%
11.1%
-10%
0%
10%
20%
30%
40%
50%
60%
70%
Net interest income Net fee and commission
income
Net income from remaining
activities
QoQ YoY
73.6% 70.2% 69.8% 63.9% 69.6% 67.5% 68.3% 64.6% 68.9%
12.6% 14.0% 13.0%
13.9%
12.7% 14.5% 15.8% 15.9% 15.0%
7.3% 8.8% 8.6% 13.6% 6.2% 6.9% 7.9% 9.0% 7.5%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021
Net interest inc. (- provisions) Fee & commission Forex & gold
Securities Other activities Capital/equity investment

33
…in which other service activities were the main growth drivers
 Bancassurance contributed less in net fee and commission income in Q1-2021 with
51.5%, down 4.7% QoQ. Net income from bancassurance fell by 13.7% QoQ but rose by
31.4% YoY.
 Net income from payment services of 13 banks decreased by 17.7% QoQ and increased
by only 2.4% YoY. The proportion of net income from payment services also slipped from
28.8% to 25.2%.
 In contrast, other service activities (including treasury, brokerage, guarantee,
entrustment and agency, and other income) jumped by 44.6% QoQ and 51.1% YoY.
Source; FiinPro Platform. Note: Data from 13 listed banks, accounting for 39.4% of net fee and
commission income of 27 listed banks.
Figure 36: Structure of net fee and commission income
 In Q1-2021, income from securities dropped by 22.7% QoQ and 4% YoY. In 2020,
income from securities soared 75%.
 Top 5 banks with the highest securities income in Q1-2021 included: TCB (VND746
billion), MBB (VND691 billion), OCB (VND453 billion), HDB (VND416 billion), and MSB
(VND329 billion).
 The banks with a high ratio of securities income/total operating income (excluding
provision expenses) were mainly small banks: VBB (28.9%), OCB (24.4%), PGB (24.1%),
MSB (17.7%), and ABB (11.7%). This is the realized income after banks sell part of their
portfolios and book profits.
Figure 37: Income structure of remaining activities
27.1% 25.1% 21.7% 15.4%
24.4% 25.7% 27.2%
19.1% 21.7%
17.5%
11.6%
26.1%
21.7%
39.2% 30.7% 21.0% 33.0% 30.1%
52.9%
56.1%
49.8%
61.3%
34.7%
38.5% 49.6% 46.2% 46.4%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021
Forex Securities Other activities Capital contribution/equity investment
24.8% 26.7% 21.3% 21.8%
31.0% 24.6% 22.3% 28.8% 25.2%
53.8%
59.3%
60.3% 54.7%
49.2%
50.3% 48.8%
55.9%
51.2%
21.5% 14.1% 18.5% 23.5% 19.7% 25.1% 28.9%
15.4% 23.6%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021
Payment Bancassurance Remaining services

34
Retail credit slowing down as corporate credit
Figure 38: Customer loan growth structure
 In 2020, in 23 listed banks, personal credit growth dropped sharply to 11% from 22.8%
in 2019 while corporate credit continued to grew strongly again at 15.4%.
 In 2020, the majority of credit growth happened in Quarter 4.
Source; FiinPro Platform. Note: Data from 23 listed bank (excluding BAB, BVB, NVB, VAB)
Figure 39: Customer loan growth of 7 banks
Source; FiinPro Platform. Note: Data from 7 listed banks accounting for 20.3% of total customer loans of
27 listed banks.
 Data on corporate and personal outstanding loans was not fully disclosed by banks in
Q1-2021. However, data from 7 banks with notes in their financial statements (MBB,
MSB, PGB, SHB, SSB, VIB, VPB) showed that both segments had similar growth,
although personal credit growth was slightly higher.
 The trend of higher personal credit contributed to the rise in net interest income and
NIM of banks, as these are loans with higher interest rates and large NIM.
31.6%
23.6% 22.8%
11.0%
14.3%
8.4%
11.6%
15.4%
20.0%
13.9%
16.0%
13.6%
0%
5%
10%
15%
20%
25%
30%
35%
2017 2018 2019 2020
Personal loans Corporate loans Total loans
33.9%
25.4%
26.6%
17.3%
5.0%
16.7%
11.7%
15.8%
17.6%
4.8%
22.8%
17.0%
20.3%
17.5%
4.9%
0%
5%
10%
15%
20%
25%
30%
35%
40%
2017 2018 2019 2020 Q1-2021
Personal loans Corporate loans Total loans

35
Non-performing loan (NPL) ratio and special-mentioned loan (SML) ratio increased again
Figure 40: NPL ratio and SML ratio
Source; FiinPro Platform
Note: NPL is equal to the total of loans Group 3–5 over loans to customers. Calculated from data of 25 listed banks
(excluding BVB due to lack disclosure of all quarters and VAB for non-disclosure)
Figure 41: NPL formation rate (QoQ)
 At the end of Q1-2021, the NPL ratio of 25 listed banks rose from 1.38% to 1.41% after
falling sharply in the previous quarter. Group 3 and Group 4 loans dropped by 21.3% and
12.5% respectively, while Group 5 debt edged up by 2.5% compared to the end of Q4-
2020.
 The proportion of Group 3 and Group 4 loans at the end of Q1-2021 was at 23.5% and
18.6% respectively of the total non-performing loans, while Group 5 loans still accounted
for a very high proportion at 57.9%.
 At the end of Q1-2021, the ratio of Group 2 loans (special-mentioned loans or SML) of
banks also inched up from 1.02% to 1.12% after three consecutive quarters of decline.
 NPL formation rate (defined as Change in outstanding loans of Group 3-5 loans in the
quarter divided by Average total outstanding loans in the quarter) turned positive again
after dropping to -0.33% in Q4-2020. This trend is similar to previous years, but the
increase in Q1-2021 was smaller than those of the same periods.
 Circular 03 still allows banks to restructure the repayment term and keep the same
classification for loans of customers affected by Covid-19. Therefore, the current NPL
ratio and the NPL formation rate don’t fully reflect the debt quality of banks.
1.38%
1.41%
1.02%
1.12%
1.0%
1.1%
1.2%
1.3%
1.4%
1.5%
1.6%
1.7%
1.8%
1.9%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021
NPL SML
0.07%
0.11%
-0.24%
0.22%
0.11% 0.12%
-0.35%
0.07%
-0.4%
-0.3%
-0.2%
-0.1%
0.0%
0.1%
0.2%
0.3%
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021

36
NPL coverage ratio and SML/NPL coverage ratio continued to increase
Source; FiinPro Platform
Note: Data from 27 listed banks with total outstanding loans and corporate bonds of
VND7,120 trillion, accounting for 75.3% of the system’s credit.
 Provisions/NPLs continued to rise and stay above 100% in the second quarter, while in
previous quarters it was usually above 80%.
 Provisions/(NPLs+SMLs) has increased for 4 consecutive quarters to over 60%, while in
previous quarters it was usually above 40%.
 Circular 03 allows banks to extend the schedule of provisioning loans affected by Covid-
19 to 3 years. However, with a sharp increase in coverage ratio, it can be seen that
banks have been more aggressive in provisioning to prepare larger buffers for possible
risks.
 On the other hand, part of the provisions can be reversed, contributing to future profits.
In other words, banks have made certain choices in balancing between provisioning and
current profit recognition, as we have mentioned in previous editions.
Figure 42: NPL and SML coverage ratio
82.5% 80.4%
86.3% 85.5% 82.4% 82.3% 83.2%
102.2%
108.7%
43.2% 43.1% 46.5% 45.8% 42.6% 45.1% 47.8%
58.7% 60.6%
0%
20%
40%
60%
80%
100%
120%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021
NPL coverage ratio SML/NPL coverage ratio

37
The pandemic-hit sectors accounted for low proportion in banks’ outstanding loans
Figure 43: Loan structure by sector at some banks, Q1-2021
Figure 44: Loan structure by sector, 2020
Source: FiinPro Platform Note: Data from 8 listed banks (BVB, KLB, MBB, MSB, PGB, SHB, VIB, VPB)
Source: FiinPro Platform Note: Data from 26 listed banks (excluding VAB)
Although banks’ earnings grew well despite Covid-19, it is said that the banking
sector has potential risks as profits and debt quality have not been reflected properly
due to Circular No. 01 and then Circular 03 amending Circular 01.
However, besides the increase in non-performing loan coverage ratio, we assess that
the risk not too worrying for two main reasons:
 Outstanding personal loans of banks account for a large proportion, at around
23% as shown in the Figures 43-44 and thus credit risk is dispersed, although
the pandemic may affect income of a certain segment of customers.
 The sectors heavily affected by Covid-19 made up a very small proportion in the
total structure of outstanding loans by industry. For example, Hotel & Restaurant
industry accounted for only 1.7% of the total outstanding loans of eight banks as
shown in Figure 43.
 In 2020, in 26 listed banks, the four sectors with the largest outstanding loans
include Community and Personal Services (22.8%), Commerce (19%),
Manufacturing (18.7%), and Other Sectors (16.5%).
3
18
21
25
67
86
113
178
227
242
305
Education & training - 0.2%
Financial services - 1.4%
Hotel & restaurant - 1.7%
Storage, transportation, telecom - 1.9%
Agriculture & forestry - 5.2%
Real estate & consulting - 6.7%
Construction - 8.8%
Manufacturing - 13.9%
Commerce - 17.6%
Other industries - 18.8%
Personal & community services - 23.7%
VND trillion
40
44
84
179
278
292
529
1039
1181
1197
1440
Education & training - 0.6%
Financial services - 0.7%
Hotel & restaurant - 1.3%
Storage, transportation, telecom - 2.8%
Agriculture & forestry - 4.4%
Real estate & consulting - 4.6%
Construction - 8.4%
Other industries - 16.5%
Manufacturing - 18.7%
Commerce - 19%
Personal & community services - 22.8%
VND trillion

38
Investment portfolio value of banks fell slightly
 At the end of Q1-2021, the value of securities portfolios of 27 listed banks slid by 2.1%
from the end of 2020 to VND 1,293 trillion in the context that government bond yields
edged up and still remained low.
 The decrease was mainly government bonds (-VND20 trillion, and bonds of other credit
institutions (-VND12 trillion), while corporate bonds still increased (+VD14 trillion).
Figure 45: Value of securities portfolios
Figure 46: Value of bond portfolios of SOCBs và JSCBs
 SOCBs (state-owned joint stock commercial banks, including VCB, BID, CTG) reduced
holdings of bonds of other credit institutions the most (-VND12 trillion), while keeping
government bonds and only slightly decreasing the portfolio of corporate bonds (-VND2
trillion).
 In contrast, JSCBs (joint-stock commercial banks) cut its government bond holdings the
most (-VND31 trillion) while only slightly reducing bonds of other credit institutions (-
VND1 trillion) and increasing the portfolio of corporate bonds (+VND16 trillion).
Source: FiinPro Platform. Note: Data from 26 listed banks (excluding VAB due to non-disclosure)
1320
1293
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
850
900
950
1,000
1,050
1,100
1,150
1,200
1,250
1,300
1,350
VND
trillion
Securities portfolio value 1-year G-bond yield
287 268 268
428 490 469
116 129 117
171
182 181
25 18 16
216
191 207
0
100
200
300
400
500
600
700
800
900
1000
Q3-2020 Q4-2020 Q1-2021 Q3-2020 Q4-2020 Q1-2021
SOCBs JSCBs
VND
trillion
G-bonds Credit institutions bonds Economic organization bonds

39
Banks' operational efficiency continued to improve in Q1-2020
Figure 48: : Operating Expenses/Operting Income (CIR) by quarter
 Banks are still on the trend of improving operational efficiency. CIR was in strong
downward trend over the past five years, of which SOCBs had significantly lower CIR
than that of JSCBs.
 The operating cost structure includes mainly personnel expenses, expenses for
management activities and expenses on assets.
Figure 47: Operating Expenses/Operting Income (CIR) by year
 Continuing the downward trend of 2020, CIR of 27 listed banks dropped to a record low
of 32.8% in Q1-2021.
 The biggest operating expense is staff expenses (accounting for 57.8% of total operating
expenses in Q1-2021), and it dropped 12.1% compared to Q4-2020. However, this
decrease was from the high level of Q4, when personnel costs spiked up (22.8%
compared to Q3-2020) due to year-end bonuses.
 Asset expenses (accounting for 15.1%) also fell by 13% after rising by 10.9% in Q4-2020.
In contrast, administration expenses (accounting for 18.9%) increasing by 11.7% after
decreasing of 22.1% in Q4.
 As of Q1-2021, there are eight banks with net profit per employee of over VND500
million/year (on trailing 12-month basis): TCB (VND1.279 billion), VCB (VND1.117
billion), ACB (VND773 million), CTG (VND735 million), MBB (VND644 million), OCB
(VND611 million), VIB (VND608 million), and MSB (VND545 million).
39.4%
43.0%44.3%
46.9%
41.0%40.8%38.9%
43.5%
40.7%
37.0%38.2%38.8%
32.8%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021
Source; FiinPro Platform. Note: Data from 27 listed banks with total outstanding loans and corporate bonds of
Source; FiinPro Platform. Note: Data from 27 listed banks with total outstanding loans and corporate bonds of
48.8%
45.3%
43.4%
41.1%
38.7%
44.4%
42.0%
39.0%
36.3%
34.5%
52.5%
48.0%
46.5%
44.4%
41.4%
30%
35%
40%
45%
50%
55%
2016 2017 2018 2019 2020
Listed banks SOCBs JSCBs

40
Loan-to-deposit ratio (LDR) spiked up to a record level as credit growth was stronger again
Figure 49: Loan-to-deposit ratio (LDR)
Source: FiinPro Platform. Note: Note: LDR = Customer loans/Customer deposits. Data from 27 listed banks with
total outstanding loans and corporate bonds of VND7,120 trillion, accounting for 75.3% of the system’s credit.
Figure 50: Average interbank rates
 At the end of Q1-2021, the LDR ratio of 27 listed banks continued to rise sharply to 96.2%
after decreasing in Q2 and Q3-2020. This is mainly due to increasing credit demand.
According to the State Bank of Vietnam, by the end of Q1-2021, credit growth of the
whole industry was about 2.93%, double the level of the same period last year.
 According to Circular 22/2019/TT-NHNN, from January 1, 2020, the maximum LDR is
85%. The LDR here is different from LDR calculated in accordance with Circular 22,
however the rising of LDR in Q1-2021 indicated an increase in liquidity demand.
 The increase in credit demand is also evident in the change of interbank rates.
 In 2020, from May, interbank rates dropped sharply. The average overnight interbank rate
in Q4-2020 continued to remain close to 0% (0.1%-0.11%) and only increased slightly to
0.12%-0.15% in the last 5 days of the year.
 This trend started to change from the end of January 2021 when interbank rates climbed
up again, especially soared in February (due to the Tet holiday) before falling and then
gradually rising to above 1% from the end of April (1.1-1.54%).
91.2%
90.8%
92.6%
93.0%
93.5%
93.9%93.8%
94.5%
95.4%
93.7%
93.2%
94.4%
96.2%
90%
91%
92%
93%
94%
95%
96%
97%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
Overnight interbank rate 1-week interbank rate

41
After steadily increasing in 2020, CASA declined in Q1-2021
 In 2020, along with the strong digital transformation process, CASA of 26 listed banks
increased gradually over quarters, of which the CASA of SOCBs was significantly higher
than that of JSCBs.
 However, at the end of Q1-2020, the CASA of both groups decreased.
 The leading banks in terms of CASA are TCB (46.1%), MBB (40.9%), VCB (32.8%), MSB
(29%), and ACB (21.6%).
Figure 51: CASA ratio by type of banks
Figure 52: Capital structure by term
Source: FiinPro Platform. Note: Data from 26 listed banks (excluding VAB due to non-disclosure)
Source: FiinPro Platform. Note: Data from 24 listed banks (excluding BAB, NVB, VAB due to non-disclosure)
 At the end of Q1-2021, the lending structure of 27 listed banks changed only slightly
compared to end-2020, with short-term loan proportion at 51.5%, a slight increase
compared to end-2020.
 The ratio of short-term funds of 24 listed banks was also almost unchanged. However,
the proportion of 3-month- to-1-year funds rose by 2.7% compared to end-2020 while the
proportion of under- 3-month funds slid by 2.8% after increasing by 3.8% in Q4-2020.
 In terms of growth, under- 3-month funds decreased by 4.3% while other capital sources
increased: 3 months to 1 year (+9.4%), 1-5 years (+0.2%), over 5 years (+1.8%). This led
to the reduction of CASA as above.
17.1%
17.9%
19.1%
21.2%
20.5%
19.6%
20.2%
21.8%
23.4% 23.0%
15.0%
16.0%
16.9%
19.5%
18.7%
12%
14%
16%
18%
20%
22%
24%
Q1-2020 Q2-2020 Q3-2020 Q4-2020 Q1-2021
Listed banks SOCBs JSCBs
50.8% 50.9% 50.9% 54.7% 51.9%
35.2% 34.9% 34.8% 31.5% 34.2%
9.8% 9.8% 10.2% 9.6% 9.5%
0%
20%
40%
60%
80%
100%
Q1 Q2 Q3 Q4 Q1
2020
< 3 months 3 months - 1 year 1 - 5 years >5 years

42
Appendices
Appendices:
Appendix 1: Net sales and earnings growth forecast 2021 by sector
Appendix 2: Net sales growth by sector (YoY)
Appendix 3: Earnings growth by sector (YoY)
Appendix 4: EBIT growth by sector (YoY)
Appendix 5: EBITDA growth by sector (YoY)
Appendix 6: Gross profit margin by sector
Appendix 7: EBIT margin by sector
Appendix 8: EBITDA margin by sector

43
Appendix 1: Net sales and earnings growth forecast 2021 by sector
SECTOR No. of Co. % MAR
CAP
GROWTH FORECAST 2021 RANKING
(ICB-2) SALES NET INCOME EPS
5-year 2021F 5-year 2021F 5-year 2021F
Banks 26/27 28.8% 20.5% 30.0% 23.8% 19.6% 4.6%
Insurance 11/12 1.1% 9.0% 9.6% 0.6% 6.9% 1.3%
Financial Services 37/50 1.8% 20.8% 15.6% 32.8% 6.4% -2.7%
Real Estate 81/121 22.4% 16.9% 49.6% 24.7% 22.4% 13.9% -0.6% DECELERATE
Food & Beverage 89/162 11.4% 9.2% 16.9% 1.9% 11.1% -6.6% 2.6% ACCELERATE
Industrial Goods & Services 197/308 5.0% 4.4% 2.8% 4.5% 22.1% 0.1% 19.0% ACCELERATE
Utilities 101/151 5.3% 1.2% 5.6% 4.5% -16.8% 2.9% -17.7% DECELERATE
Construction & Materials 205/379 3.4% 3.2% 21.0% 8.7% 3.3% -0.4% -5.7% DECELERATE
Travel & Leisure 28/58 2.1% -7.0% 48.4% -230.4% 60.7% -223.4% 65.9% MAINTAIN
Basic Resources 71/125 5.4% 12.9% 16.4% 28.9% 27.3% 12.8% 5.9% MAINTAIN
Chemicals 50/72 3.1% 2.3% 29.4% 6.8% -3.8% -1.8% -4.8% DECELERATE
Oil & Gas 9/11 2.5% -4.9% 6.3% -155.2% 740.8% -158.1% 497.1% ACCELERATE
Telecommunications 6/8 2.0% 8.2% 7.9% -271.0% 14.3% -230.5% 12.3% ACCELERATE
Retail 28/37 1.6% 17.0% 16.1% 19.6% 32.2% 6.8% 6.5% MAINTAIN
Technology 13/31 1.3% -4.1% 17.0% 11.4% 17.3% 1.3% -3.4% MAINTAIN
Personal & Household Goods 56/91 1.2% 3.9% 12.9% 6.9% 11.7% 0.6% 6.1% ACCELERATE
Pharmaceuticals 44/61 0.9% 3.9% 6.0% 4.9% 6.2% -8.7% -3.2% MAINTAIN
Media 31/47 0.2% 8.4% 19.2% -3.1% 92.9% -7.2% 29.8% ACCELERATE
Automobile & Parts 12/15 0.4% 6.2% 10.5% 2.2% 2.8% -8.4% -17.6% MAINTAIN
TOTAL 1095/1766 100.0% 4.9% 18.5% 4.8% 20.6% 3.8% 8.2%
Financials 74/89 31.7% 14.5% 13.7% 19.8% 17.8% 4.2%
Non-financial 1021/1677 68.3% 4.8% 17.8% 4.3% 20.7% -3.3% 10.1%

44
Appendix 2: Year-on-year net sales growth by sector
QUARTERLY SALES GROWTH (YoY)
Sectors No. of Co. MarCap %MarCap 2019 2020 2021
25/5/2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
ICB - L2 Trn. VND % % % % % % % % % %
Banks 27/27 1,686.1 27.0% 9.6% 20.3% 23.8% 30.7% 16.6% 4.5% 10.6% 19.3% 28.4%
Insurance 12/12 68.3 1.1% 11.4% 13.4% 16.2% 15.4% 11.7% 3.8% 7.2% 6.3% 9.4%
Financial Services 37/50 101.5 1.6% -28.9% -9.5% 0.5% 5.3% 17.2% 30.7% 24.2% 46.9% 103.0%
Real Estate 89/121 1,346.8 21.6% -3.6% 20.0% 25.1% -5.5% -19.9% -32.6% 7.3% -5.6% 42.3%
Food & Beverage 87/162 673.1 10.8% 10.1% 1.2% 2.5% -0.3% 6.6% 6.5% 15.6% 9.9% 5.2%
Industrial Goods & Services 139/308 364.9 5.9% 1.7% 15.6% 0.7% -3.4% -1.0% -14.7% 0.8% 12.6% 8.7%
Utilities 103/151 327.6 5.3% 1.6% 5.8% 8.0% 5.3% -0.3% -18.2% -14.8% -12.1% -6.6%
Construction & Materials 190/379 200.2 3.2% 7.6% 0.8% -4.0% -0.5% -10.5% -10.8% -7.8% -6.3% 10.2%
Travel & Leisure 29/58 127.3 2.0% 5.4% 9.1% 2.3% -11.1% -33.2% -72.4% -71.7% -62.8% -54.3%
Basic Resources 68/125 313.6 5.0% 11.6% -3.0% 9.2% 4.1% -0.4% 3.8% 8.5% 20.5% 35.4%
Chemicals 50/72 184.7 3.0% 6.9% -3.6% -2.0% -10.1% -13.1% -13.7% 3.2% 11.7% 44.5%
Oil & Gas 8/11 149.1 2.4% 0.4% 1.4% 12.7% 6.5% -8.6% -42.7% -42.5% -37.6% -6.7%
Telecommunications 5/8 119.4 1.9% 5.3% 8.5% 14.8% 16.9% 22.8% 16.3% 22.0% -4.2% -0.7%
Retail 20/37 90.6 1.5% 5.6% 16.8% 12.6% 12.3% 13.5% -2.7% 6.5% 11.8% 13.3%
Technology 21/31 78.9 1.3% 15.6% 6.3% -1.8% 11.8% 5.4% -4.9% 6.2% -5.5% 17.1%
Personal & Household Goods 47/91 70.7 1.1% 1.7% -5.7% -3.6% 4.8% -4.0% -17.3% -10.1% -13.6% 6.7%
Pharmaceuticals 36/61 51.1 0.8% 7.2% 9.3% 1.5% 10.0% 9.9% -16.0% -7.3% 2.7% -11.6%
Media 27/47 31.7 0.5% 0.5% 25.9% -6.5% -15.4% -27.9% -32.9% 36.2% 11.7% 22.4%
Automobile & Parts 10/15 20.1 0.3% 19.1% 18.4% 20.8% 7.9% -8.6% -7.3% 17.6% 17.3% 16.5%
Total 1075/1761 5,592.9 96.3% 5.3% 6.7% 8.3% 4.0% -2.4% -15.9% -6.6% -3.1% 11.5%
Financials 78/89 1,520.1 98.4% 7.0% 17.4% 21.4% 27.0% 15.7% 5.7% 10.8% 19.0% 28.9%
Non-financials 997/1672 4,072.8 95.5% 5.0% 5.2% 6.5% 1.1% -5.2% -18.9% -9.2% -6.5% 8.3%
Notes: Data is adjusted by excluding subsidiaries that are listed and consolidated into listed parent companies in the same sector
For banks, this is growth of “Total operating income” and for insurance companies, this is growth of “Net revenue of insurance premium”

45
Appendix 3: Year-on-year earnings growth by sector
QUARTERLY EARNINGS GROWTH (YoY)
25/5/2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
ICB - L2 Trn. VND % % % % % % % % % %
Banks 27/27 1,686.1 27.0% 8.5% 29.1% 48.1% 41.1% 7.7% 20.8% 6.5% 27.6% 77.4%
Insurance 12/12 68.3 1.1% 11.7% 17.3% 40.9% -1.2% -51.2% 76.5% 23.8% 107.9% 131.6%
Financial Services 37/50 101.5 1.6% -45.6% -13.5% -24.0% 8.5% -94.3% 118.2% 59.6% 150.0% 5665.8%
Real Estate 89/121 1,346.8 21.6% 6.1% 63.0% -11.5% 10.1% -76.6% -50.6% 53.7% -9.7% 569.0%
Food & Beverage 87/162 673.1 10.8% 4.0% -27.8% -2.5% 5.9% -37.8% 2.2% -0.5% -14.8% 24.1%
Industrial Goods & Services 139/308 364.9 5.9% -2.6% -0.2% 2.8% 15.1% -16.6% -49.5% -31.6% -28.0% 14.4%
Utilities 103/151 327.6 5.3% 3.5% 2.1% 21.1% 33.7% -39.7% -14.6% -22.0% 4.8% 39.3%
Construction & Materials 190/379 200.2 3.2% 3.4% 2.7% 10.3% 5.9% -12.4% 6.9% 17.5% -9.2% 54.7%
Travel & Leisure 29/58 127.3 2.0% 3.8% -19.9% 31.9% -69.3% -209.6% -371.2% -252.0% -28.1% -44.7%
Basic Resources 68/125 313.6 5.0% -48.7% -9.5% -14.5% -9.1% 23.3% 12.7% 105.0% 221.6% 267.1%
Chemicals 50/72 184.7 3.0% -42.9% -30.0% 25.6% -32.8% -37.6% 7.1% 1.6% 133.8% 198.7%
Oil & Gas 8/11 149.1 2.4% 42.1% 18.5% -21.7% 835.5% -303.3% -109.6% -25.3% -19.7% 162.7%
Telecommunications 5/8 119.4 1.9% 118.4% 2618.5% 553.4% 140.8% 226.3% -70.0% 141.4% -194.4% -95.7%
Retail 20/37 90.6 1.5% 20.1% 37.0% 21.0% 14.7% 1.4% -31.4% 6.9% 6.8% 36.5%
Technology 21/31 78.9 1.3% 22.7% 14.8% 19.4% -1.0% 13.6% 10.0% 4.4% 15.5% 17.3%
Personal & Household Goods 47/91 70.7 1.1% 4.0% -7.1% -9.1% 4.8% -16.7% -43.8% -8.1% 13.6% 35.6%
Pharmaceuticals 36/61 51.1 0.8% 0.7% 0.2% -7.3% 10.7% 9.6% -4.5% -6.8% -17.2% -8.1%
Media 27/47 31.7 0.5% -36.3% -71.6% -105.1% -126.0% -34.8% 53.5% 992.7% 195.4% 57.8%
Automobile & Parts 10/15 20.1 0.3% 24.5% -8.5% 20.8% 106.3% 25.1% 77.3% 103.1% 10.4% 62.3%
Total 1075/1761 5,592.9 96.3% 0.0% 9.2% 15.5% 19.6% -33.4% -13.1% -3.1% 12.7% 107.5%
Financials 78/89 1,520.1 98.4% 3.9% 26.4% 42.3% 38.3% 0.7% 26.6% 9.2% 34.0% 84.8%
Non-financials 997/1672 4,072.8 95.5% -2.4% 1.8% 3.6% 11.7% -55.6% -33.9% -10.6% 1.8% 140.6%

46
Appendix 4: Year-on-year EBIT growth by quarter
QUARTERLY EBIT GROWTH (YoY)
25/5/2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
ICB - L2 Trn. VND % % % % % % % % % %
Real Estate 89/121 1,346.8 21.6% -41.5% 31.7% 29.8% -49.6% -113.7% -81.5% -20.6% -81.5% 1124.0%
Food & Beverage 87/162 673.1 10.8% 1.4% -7.4% -17.4% 2.9% -23.8% -12.7% 11.0% -15.4% 7.2%
Industrial Goods & Services 139/308 364.9 5.9% 10.2% 14.2% 6.1% 9.0% -11.2% -54.8% -37.0% -25.4% -8.0%
Utilities 103/151 327.6 5.3% -7.1% 2.7% 1.6% 6.6% -17.7% -37.0% -25.0% 5.3% -14.1%
Construction & Materials 190/379 200.2 3.2% 10.0% 2.4% -5.8% -1.4% -18.2% 3.3% -14.2% -7.0% 39.5%
Travel & Leisure 29/58 127.3 2.0% 11.5% -38.6% 6.9% -77.5% -172.0% -519.8% -220.3% -178.4% -89.0%
Basic Resources 68/125 313.6 5.0% -32.4% -5.8% -26.8% 0.4% 28.3% -1.4% 81.3% 132.0% 122.6%
Chemicals 50/72 184.7 3.0% -8.6% -13.5% -4.3% -11.2% -36.7% 0.5% -0.7% 39.1% 162.8%
Oil & Gas 8/11 149.1 2.4% 28.7% 9.4% -42.3% 434.0% -263.1% -137.4% -23.2% -39.7% 169.6%
Retail 20/37 90.6 1.5% 17.1% 31.2% 16.4% 3.4% 14.6% -19.8% 0.9% 19.9% 18.4%
Technology 21/31 78.9 1.3% 27.6% 18.0% 15.2% 0.6% 15.6% -8.4% -2.2% 7.9% 3.7%
Personal & Household Goods 47/91 70.7 1.1% 4.4% -5.7% -13.0% 14.8% -5.6% -42.6% -9.0% 1.9% 22.1%
Pharmaceuticals 36/61 51.1 0.8% -2.5% -0.3% -17.4% 7.3% 17.7% -8.2% -2.9% 1.9% -6.7%
Media 27/47 31.7 0.5% -57.4% -66.2% -95.7% -166.0% -17.1% -53.4% 1954.1% 122.9% -72.6%
Automobile & Parts 10/15 20.1 0.3% 15.4% -6.5% 24.6% 64.1% 24.9% 36.5% 98.4% 30.9% 48.2%
Non-financials 997/1672 4,072.8 95.5% -4.8% 4.9% -1.5% -6.7% -43.6% -48.5% -19.2% -9.4% 62.2%

47
Appendix 5: Year-on-year EBITDA growth by sector
QUARTERLY EBITDA GROWTH (YoY)
25/5/2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
ICB - L2 Trn. VND % % % % % % % % % %
Real Estate 89/121 1,346.8 21.6% -20.5% 21.6% 54.0% -6.8% -45.2% -35.2% 7.7% -16.9% 158.7%
Food & Beverage 87/162 673.1 10.8% 3.8% -4.7% -12.7% 1.9% -13.1% 26.4% 7.5% 49.1% 2.9%
Industrial Goods & Services 139/308 364.9 5.9% 8.8% 19.8% 18.7% -17.3% -8.6% -45.5% -39.8% -19.3% -10.1%
Utilities 103/151 327.6 5.3% -5.4% 0.0% 2.0% 25.3% -10.7% -20.7% -13.9% -28.1% -19.8%
Construction & Materials 190/379 200.2 3.2% 9.2% 2.9% -4.2% 0.7% -12.6% 3.0% -6.1% -11.9% 17.3%
Travel & Leisure 29/58 127.3 2.0% 3.1% -14.9% 2.4% 32.0% -125.7% -169.4% -104.9% -109.0% -287.5%
Basic Resources 68/125 313.6 5.0% -21.9% -1.3% -15.6% -0.8% 27.1% 23.9% 82.9% 130.1% 82.7%
Chemicals 50/72 184.7 3.0% 5.6% -10.4% -9.3% -18.8% -16.8% 10.7% 7.6% 32.3% 66.6%
Oil & Gas 8/11 149.1 2.4% 13.8% -9.5% -29.8% 137.1% -162.3% -84.2% -13.5% -28.6% 270.0%
Retail 20/37 90.6 1.5% 16.2% 27.9% 16.2% 7.7% 19.4% -6.6% 11.4% 23.3% 21.6%
Technology 21/31 78.9 1.3% 23.1% 16.5% 13.2% 3.7% 15.8% -3.9% -0.5% 7.7% 2.7%
Personal & Household Goods 47/91 70.7 1.1% -12.5% -9.5% -4.1% 23.3% -6.7% -22.0% -13.7% -5.8% 10.3%
Pharmaceuticals 36/61 51.1 0.8% -0.3% -1.0% -15.6% 7.8% 13.8% -5.4% -0.1% 1.7% -7.9%
Media 27/47 31.7 0.5% -43.5% -57.4% -79.5% -110.7% -17.6% -40.4% 334.6% 418.5% -54.7%
Automobile & Parts 10/15 20.1 0.3% 12.7% -28.5% 18.6% 90.2% 20.2% 85.3% 95.4% -10.8% 23.1%
Non-financials 997/1672 4,072.8 95.5% -2.7% 3.3% 4.1% 9.9% -25.3% -19.0% -5.3% -10.0% 30.2%

48
Appendix 6: Gross profit margin by sector
QUARTERLY GROSS PROFIT MARGIN
25/5/2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
ICB - L2 Trn. VND % % % % % % % % % %
Real Estate 89/121 1,346.8 21.6% 22.1% 28.8% 29.7% 23.9% 14.0% 17.3% 20.9% 19.3% 22.8%
Food & Beverage 87/162 673.1 10.8% 25.3% 26.0% 24.6% 24.4% 24.7% 25.4% 24.9% 23.7% 23.4%
Industrial Goods & Services 139/308 364.9 5.9% 18.5% 17.0% 18.2% 18.0% 16.4% 12.1% 12.6% 12.1% 13.3%
Utilities 103/151 327.6 5.3% 17.6% 17.4% 18.1% 18.9% 15.0% 15.3% 16.8% 22.7% 15.1%
Construction & Materials 190/379 200.2 3.2% 14.3% 14.6% 14.1% 14.1% 15.8% 16.4% 16.8% 15.0% 16.5%
Travel & Leisure 29/58 127.3 2.0% 16.9% 11.7% 15.0% 9.0% -2.8% -39.6% -26.3% 10.5% -33.4%
Basic Resources 68/125 313.6 5.0% 9.2% 10.2% 8.4% 9.2% 11.7% 10.4% 12.4% 13.8% 15.6%
Chemicals 50/72 184.7 3.0% 15.5% 15.0% 15.7% 17.8% 14.2% 16.6% 16.1% 18.5% 17.2%
Oil & Gas 8/11 149.1 2.4% 6.6% 5.4% 5.2% 6.2% -1.2% 3.4% 8.0% 8.7% 8.6%
Telecommunications 5/8 119.4 1.9% 37.8% 38.9% 38.9% 31.7% 36.9% 37.4% 40.2% 35.1% 42.2%
Retails 20/37 90.6 1.5% 14.4% 14.6% 15.6% 16.5% 16.2% 16.9% 16.0% 17.2% 16.9%
Technology 21/31 78.9 1.3% 30.7% 29.4% 31.4% 25.8% 31.9% 31.8% 31.5% 28.9% 30.1%
Personal & Household Goods 47/91 70.7 1.1% 15.9% 15.9% 15.1% 15.8% 16.7% 15.0% 16.3% 17.7% 17.3%
Pharmaceuticals 36/61 51.1 0.8% 19.5% 19.5% 19.2% 20.0% 21.1% 21.9% 18.9% 19.5% 22.0%
Media 27/47 31.7 0.5% 27.5% 23.7% 25.9% 33.8% 33.8% 24.7% 23.7% 28.9% 26.8%
Automobiles & Parts 10/15 20.1 0.3% 8.7% 9.2% 10.2% 9.2% 11.2% 10.1% 12.6% 9.5% 12.2%
Non-financials 997/1672 4,072.8 95.5% 14.3% 14.6% 14.5% 14.2% 11.7% 12.9% 14.2% 15.0% 14.0%

49
Apendix 7: EBIT margin by sector
QUARTERLY EBIT MARGIN
25/5/2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
ICB - L2 Trn. VND % % % % % % % % % %
Real Estate 89/121 1,346.8 21.6% 8.0% 15.7% 14.7% 8.3% -1.3% 4.2% 10.8% 1.6% 9.6%
Food & Beverage 87/162 673.1 10.8% 13.1% 13.1% 11.3% 10.9% 9.4% 10.8% 10.8% 8.4% 9.5%
Industrial Goods & Services 139/308 364.9 5.9% 15.4% 16.3% 16.7% 16.2% 13.7% 8.6% 10.4% 10.4% 11.3%
Utilities 103/151 327.6 5.3% 13.1% 13.2% 13.0% 13.8% 10.8% 10.2% 11.5% 16.5% 9.9%
Construction & Materials 190/379 200.2 3.2% 8.3% 8.7% 8.6% 8.1% 7.8% 10.3% 8.2% 8.3% 9.9%
Travel & Leisure 29/58 127.3 2.0% 9.8% 3.6% 8.4% 1.5% -10.6% -54.5% -35.8% -3.2% -43.9%
Basic Resources 68/125 313.6 5.0% 5.8% 6.4% 4.7% 5.3% 7.4% 6.1% 7.9% 10.2% 12.2%
Chemicals 50/72 184.7 3.0% 7.4% 6.9% 7.7% 7.2% 5.3% 8.1% 7.4% 9.0% 9.7%
Oil & Gas 8/11 149.1 2.4% 2.9% 2.3% 1.8% 3.0% -5.2% -1.5% 2.4% 2.9% 3.9%
Retails 20/37 90.6 1.5% 4.2% 4.2% 3.5% 3.3% 4.2% 3.4% 3.3% 3.8% 4.4%
Technology 21/31 78.9 1.3% 11.6% 12.5% 13.8% 9.3% 12.8% 12.1% 12.7% 10.7% 11.3%
Personal & Household Goods 47/91 70.7 1.1% 6.9% 7.4% 6.6% 6.5% 6.8% 5.1% 6.7% 7.7% 7.8%
Pharmaceuticals 36/61 51.1 0.8% 6.9% 7.0% 6.2% 6.8% 7.8% 7.9% 6.6% 7.0% 7.9%
Media 27/47 31.7 0.5% 4.3% 3.6% 0.4% -6.4% 4.8% 2.5% 6.7% 3.2% 1.0%
Automobiles & Parts 10/15 20.1 0.3% 3.9% 3.9% 4.9% 4.8% 5.3% 5.7% 8.3% 5.4% 6.7%
Non-financials 997/1672 4,072.8 95.5% 8.5% 9.0% 8.6% 7.7% 5.1% 5.7% 7.6% 7.5% 7.6%

Data Digest #8: Vietnam Stock Market in the New Normal: Expensive or Relatively Cheap?

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