BSC_2015_Sector_Outlook Part 1

We would like to send you the first part of our Sector Outlook 2015 – Part 1 including the following highlights.

If you look for the second part, please do not hesitate to contact us at Research Department – BIDV Securities Company (BSC) or contact in person with Ms. Huong via the following email address: huonglt@bsc.com.vn. Your feedbacks are highly appreciated.

Sectors Outlook 2015:

• We recommend POSITIVE with Marine Transportation, Real Estate, Construction, Building Materials (Cement), Textile, Power, Tires, and Consumer Staples and Banking. In these sectors, we favor Maritime transport and Cement.

• We recommend NEUTRAL with Pharmaceuticals, Plastics, Steel, Fisheries, Oil and gas and Fertilizer. We believe that these sector will also receive positive and negative impact in 2015 making the general outlook of these groups will be interwoven good and bad, the opportunity will not come to the entire stocks in these sectors. This does not mean there is no chance, but we will need to wait for the early indicators of these sectors and carefully select stocks (stock picking).

• Regarding sectors in the negative side, we still maintain this rating towards natural rubber and sugarcane as in Sector Outlook Report 2014 due to huge supply-demand gap. We are not pessimistic but investors interested in the two sectors should probably wait. We will update our view on two sectors in the following year.

• We also note that the real estate and banking are likely to become the leading-VNIndex sectors in next year instead of Oil & gas. As the economy recovers, transportation and infrastructure will develop, accompanied by Government supporting policies in 2015. We believe that real estate will be the leading sector with positive sign directly for the construction and building materials sectors (cement, plastic) and indirectly for the banking sector.