Economic Highlights - Vietnam : Real GDP Grew At A Faster Pace In January-September 2010 - 29/09/2010

◆ In the first nine months of 2010, the Vietnamese real GDP grew at a faster pace of 6.5% yoy, compared with +6.2% in the 1H and +4.6% in the corresponding period of 2009, underpinned by a sustained increase in exports, while domestic demand remained resilient. The economy strengthened to 7.2% yoy in the 3Q, from +6.4% in the 2Q.

Economic Highlights - Vietnam : Real GDP Grew At A Faster Pace In January-September 2010 - 29/09/2010

Economic Highlights - Vietnam : Economic Activities Held Up Relatively Well In September - 29/09/2010

◆ Vietnam’s industrial production moderated to 15.1% yoy in September, after a rebound to +15.2% in August
and compared with +12.3% in July. This suggests that industrial activities, though moderating, remain resilient.

Economic Highlights - Vietnam : Economic Activities Held Up Relatively Well In September - 29/09/2010

Economic Highlights - Vietnam : Economic Data Showing Signs Of Weakness In July - 30/07/2010

Vietnam’s industrial production moderated to 12.3% yoy in July, after reaching a high of +14.6% in June. This was the slowest growth in five months, suggesting that industrial activities have turned weaker. The slowdown was due to a slowdown in output of the non-state sector, while production of the FDI sector softened. These were made worse by a moderation in output of the state sector.

Economic Highlights - Vietnam : Economic Data Showing Signs Of Weakness In July- 30/07/2010

Economic Highlights - Vietnam : Economic Activities Remained Strong In June - 01/07/2010

Vietnam’s industrial production strengthened to 14.6% yoy in June, from +13.8% in May and +13.0% in April. This was the strongest growth five months, suggesting that industrial activities picked up on the back of a stronger growth in exports. As a result, output of the non-state and FDI sectors grew at a faster pace in June. These were, however, offset partially by a slowdown in output of the state sector during the month.

Economic Highlights - Vietnam : Economic Activities Remained Strong In June - 01/07/2010

Economic Highlights - Vietnam : Real GDP Grew At A Stronger Pace In The 1H - 01/07/2010

In 1H 2010, the economy expanded at a stronger pace of 6.2% yoy, compared with +5.8% in the 1Q and +3.9% in the corresponding period of 2009, as revived bank lending helped boost consumption spending and exports expanded at a faster pace.

Economic Highlights - Vietnam : Real GDP Grew At A Stronger Pace In The 1H-01/07/2010

Vietnam - Economic Highlights - Stronger Economic Activities In May - 1/6/2010

Vietnam’s industrial production inched up to 13.8% yoy in May, a rebound from +13.0% in April and compared with +14.0% in March. This suggests that industrial activities remained resilient on the back of a sustained increase in export demand. Stronger growth was underpinned by a pick-up in output of the non-state and FDI. These were, however, offset partially by a slowdown in output of the state sector.

Vietnam - Economic Highlights - Stronger Economic Activities In May - 1/6/2010

Corporate Highlights - 14/04/2010

♦ Vietnam Focus
Market Update : On A Recovery Path

♦ JAKS Resources
Company Update : Powering Up

♦ Semiconductor
Sector Update : Intel 1Q Earning Boosted By Stronger-Than-Expected PC Sales

♦ Market Technical Reading
Daily Trading Strategy : Crucial To Reclaim The 10-day SMA To Sustain The Upward Momentum...

Corporate Highlights...-14/04/2010

RHB Equity 360° (Vietnam, Semicon, JAKS; Technical: Pos) - 14/04/2010

Top Story : Vietnam Focus – On a recovery path
Market Update
♦ Since our report on Vietnam in Jun 2008 and the significant market correction, latest technical indicators suggest that conditions have bottomed and are on a recovery path.
♦ The recovery in the Vietnam stock market mirrors the brighter outlook for the country’s economy. As it stands, we highlight Vietnam’s GDP growth of 6.4% for 2010, 88.6m population, and the government’s efforts to attract foreign investments.
♦ We see significant opportunities in the power sector, given the inadequate power supply infrastructure and the country’s plans to shift its reliance on hydropower to coal. We highlight that JAKS Resources last week signed agreements for a 1,200MW coal-fired IPP to come onstream in 2014-2015.
♦ The property plays of 2007 such as Gamuda, SP Setia and Berjaya Land are still there, and interestingly,other companies like MRCB are now also scouting for property projects in Vietnam.
♦ Since 2008, we note that manufacturers like Box-Pak have expanded their operations in Vietnam while furniture manufacturers such as Poh Huat and Latitude Tree are generating almost all their profits from their Vietnam operations. Global economic recovery and favourable operating conditions will likely continue to maintain this growth trend.
♦ Overall, while the recovery is still at an early stage, we believe the outlook for Malaysian companies in Vietnam is positive. In particular, we highlight Box-Pak (FV = RM2.35), JAKS (FV = RM2.00), and Parkson (FV = RM6.40) where we see significant growth potential.

RHB Equity 360° (Vietnam, Semicon, JAKS; Technical: Pos)-14/04/2010

Economic Highlights : Vietnam : Real GDP Picked Up In The 1Q, Economic Outlook Remains Bright-01/04/2010

The Vietnamese real GDP strengthened to 5.8% yoy in 1Q 2010, from +3.1% recorded in the corresponding quarter of 2009, but slower than +6.9% recorded in the 4Q of last year.

Economic Highlights : Vietnam : Real GDP Picked Up In The 1Q, Economic Outlook Remains Bright-01/04/2010

Economic Highlights : Vietnam : Economic Activities Picked Up In March - 01/04/2010

Vietnam’s industrial production rebounded to increase by 14.0% yoy in March, from -1.3% in February as workers returned to work after a holiday break. The pick-up in production was on account of stronger growthin the non-state and FDI sector’s output. This was aided by a stronger increase in the state sector’s output.

Economic Highlights : Vietnam : Economic Activities Picked Up In March-01/04/2010

Gamuda Berhad : Acquiring A 60% Stake In A Property Project In HCMC, Vietnam, for US$82.8m - 11/03/2010

All-in wager on Vietnam’s property sector. Gamuda is acquiring a 60% stake in Tan Thang Company (Tan Thang) from Sai Gon Thuong Tin Real Estate Joint Stock Company (Sacomreal) for US$82.8m (RM273m). Tan Thong holds the development rights for a piece of land measuring 204 acres at Son Ky Ward, Tan Phu District, HCMC, Vietnam. Tan Thong has secured the key approvals from the authority to develop the land into a township with a total GDV of RM6bn over seven years.

Gamuda Berhad : Acquiring A 60% Stake In A Property Project In HCMC, Vietnam, for US$82.8m - 11/03/2010

Economic Highlights (Vietnam) : Economic Activities Were Mixed In February - 01/03/2010

Vietnam’s industrial production unexpectedly fell by 1.3% yoy in February, after picking up to +28.4% in January and compared with +13.4% in December. This was due partly to shorter working days as a result of festive season and partly to a higher base effect. We believe the country’s industrial production will likely bounce back in the months ahead, in line with an improvement in global demand.

Economic Highlights ( Vietnam ): Economic Activities Were Mixed In February - 01/03/2010