Market corrected on currency concerns, SAB, CTR, PVS, HT1

- The VNI corrected sharply on high turnover after hitting the key psychological level 1,300 earlier this week. Concerns over the exchange rate may have prompted profit-taking. The VNDUSD rate in the black market rose to 25,810, an increase of VND25 from the previous day after a stabilized period, fueling speculations that the State Bank might have to resume liquidity absorption measures next week.

SAB -3.4%

- The Ministry of Finance has proposed two options to adjust the beer excise tax rate from the current 65%. The draft law will be discussed in the National Assembly in October 2024 and may be approved by May 2025. If approve, it could lead to beer selling prices to increase by 10%-20% in 2026 and 2%-3% p.a. in the following years.

CTR +6.9%

- Strong momentum continued from yesterday.

- We forecast 900k shares of CTR will be added to the MarketVector Vietnam Local Index ETF in its upcoming rebalancing on June 21.

PVS -3.5%

- Announced in its analyst meeting: Preliminary 5M revenue +10.5% and PBT +50.4% (complete 24% and 34% of our full-year forecast) - in-line with our expectations.

HT1 +6.7%, BCC +9.6%

- Market speculates that the Ministry of Construction and the Prime Minister may hold a conference tomorrow aimed at addressing production and consumption issues in the steel, cement, and construction materials sector. The event is expected to be attended by representatives from construction material companies.

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