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Drivers of Local Investor SentimentPresented by: Nguyen Quang Thuan, CEO, FiinGroup
HCMC | 7 March 2019
Prepared for Vietnam Access Day:
Financial Information | Business Information | Industry Research
2Financial Information | Business Information | Industry Research
Why we are here today?
FiinGroup (formerly StoxPlus) is a Vietnam’s leader in financial and business information services
• Date of incorporation: March 11, 2008; Legal representative: Mr. Nguyen Quang Thuan
• Number of staff: 105 (as of December 2018) including Data Analysts, Market Analysts, IT
Engineers and Product Developers.
• Charter capital: VND24 billion (US$1.1 million); Shareholders: NIKKEI: 17.55%; QUICK:
17.55%; Management and other: 64.9%; Two offices: Hanoi Head Office and HCMC Branch
We offer below products leveraging on
our comprehensive financial database:
• FiinPro Platform: financial database
for professionals covering equity,
fixed income, industry and economic
data and analytic tools
• FiinTrade Platform: the first
comprehensive and in-depth trading
information platform for brokers and
active traders in Vietnamese equity
market
• Securities Datafeed: to Client’s
designated system via API or XML
Financial Information www.fiinpro.com
FiinGroup Joint Stock Companywww.stoxplus.com
Report offerings on-the-shelf and by
order basis by leveraging on an
aggregated source of 1 mil+
Vietnamese companies:
• Company Report: from basic
profile, factsheet report, credit report
to standard research report and
comprehensive research report.
• Company Datafeed: to Client’s
designated risk systems
Industry Researchwww.biinform.com
On-the-shelf industry reports and
tailor-made research services with
local insights at the World’s prestigious
advisory firms:
Industry Report: insightful content
covering market size, segmentation
analysis, competition, market share
and key players’ profile.
Customised Research:
• Market Research
• Customized research
• Commercial Due Diligence
• Business Matching and Support
Business Information www.biinform.com
3Financial Information | Business Information | Industry Research
The topic we will speak…
▪ Vietnam is largely dominated by retail investors still when it accounts for ~ 75% of
daily trading value.
▪ Understanding their trading behaviors and factors behind their sentiment would
be very important for foreign investors and traders especially offshore ones.
▪ In this presentation, we try to analyze key factors which are, in our experience,
driving local investor sentiment.
▪ The analysis and findings are squeezed from our decade of our experience as a
leading data-based research and analytics firm in Vietnam.
▪ Investors should be mindful of data quality in Vietnam. We observe that anchoring
and overconfidence biases are not so unpopular among investors in Vietnam
market. We hope this Presentation will help reduce such biases.
4Financial Information | Business Information | Industry Research
The fact: foreign, not domestic investors, are driving market sentiment
▪ Although domestic investors account for ~75% trading value, it is foreign investors who drive the
market sentiment.
▪ The VN-Index has moved in tandem with the changes in net foreign flows.
▪ So what are behind this story?
Source: FiinPro Platform. Note: HOSE only; Data is order-matching value only
Monthly VN-Index Changes vs. Foreign and Domestic Net Money Flows
-1.4%-1.6%0.0%
4.9%
1.9%1.6%
-0.6%
2.8%
5.2%
0.9%-0.1%
2.8%4.1%
13.5%
3.6%
12.8%
1.3%
4.4%
-10.6%
-7.5%
-1.1%-0.5%
3.5%2.8%
-10.1%
1.3%
-3.7%
2.0%
9.2%
-15%
-10%
-5%
0%
5%
10%
15%
-8,000
-6,000
-4,000
-2,000
0
2,000
4,000
6,000
8,000
Oct-
16
Nov-1
6
Dec-1
6
Jan
-17
Fe
b-1
7
Ma
r-1
7
Ap
r-17
Ma
y-1
7
Jun
-17
Jul-
17
Au
g-1
7
Se
p-1
7
Oct-
17
Nov-1
7
Dec-1
7
Jan
-18
Fe
b-1
8
Ma
r-1
8
Ap
r-18
Ma
y-1
8
Jun
-18
Jul-
18
Au
g-1
8
Se
p-1
8
Oct-
18
Nov-1
8
Dec-1
8
Jan
-19
Fe
b-1
9
VN
D b
n
Foreign Monthly Net Buy/Sell val. Domestic Monthly Net Buy/Sell val. VnIndex monthly change
Foreign Net Buy US$0.69bn (order
matching only)
Foreign Net Sell US$0.73bn (order
matching only)
5Financial Information | Business Information | Industry Research
Do domestic investors bother with business fundamental factors?
▪ Local was net selling even on fundamental-improving periods but recently (YTD2019), local has
been on net selling given the weakening corporate fundamental
▪ While foreign investors keep their momentum in the first 2 months of 2019 despite the weakening
corporate earnings
Source: FiinPro Platform
Note: HOSE only; Data is order-matching value only, Earning data is NOT covered by listed banks and insurance
Quarterly Earnings Growth (EBIT and NPAT) vs. Foreign and Domestic Net Money Flows
16.1%
24.6%
36.8%
27.4% 24.2%26.0%
24.3% 23.6%
11.5%
3.5%
1.3%
29.7% 24.3%
7.4%
29.1%
16.6%
20.3%
24.2%
6.6%3.4%
0%
5%
10%
15%
20%
25%
30%
35%
40%
-8,000
-6,000
-4,000
-2,000
0
2,000
4,000
6,000
8,000
Oct-
16
No
v-1
6
De
c-1
6
Jan-1
7
Feb
-17
Ma
r-1
7
Apr-
17
Ma
y-1
7
Jun-1
7
Jul-1
7
Aug-1
7
Sep-1
7
Oct-
17
No
v-1
7
De
c-1
7
Jan-1
8
Feb
-18
Ma
r-1
8
Apr-
18
Ma
y-1
8
Jun-1
8
Jul-1
8
Aug-1
8
Sep-1
8
Oct-
18
No
v-1
8
De
c-1
8
Jan-1
9
Feb
-19
VN
D b
n
Foreign Monthly Net Buy/Sell val. Domestic Monthly Net Buy/Sell val.
Net profits quarterly growth (y-o-y) EBIT quarterly growth (y-o-y)
1
6Financial Information | Business Information | Industry Research
Do domestic investors bother with business fundamental factors?
▪ We try to test how the market momentum reacting with the earnings growth
Source: FiinPro Platform
Note: Data is NOT covered by listed banks and insurances
Quarterly VN-Index Change and NPAT Growth (y-o-y)
1
-3.4%
-11.9%
23.2%
64.3%
3.7%
58.3%
0.6%
-22.9%
-2.6%
-24.6%
7.5%
43.1%47.9%
19.7%16.2%
19.9%23.8%22.9%
25.9%
6.5%
17.2%
-2.3%
3.6%
-8.9%
1.0%
7.6%
-5.1%
2.9%
-3.1%
12.7%
8.5%
-3.0%
8.6%7.5%
3.6%
22.4%
19.3%
-18.2%
5.9%
-12.2%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
70%
Q1/2
014
Q2/2
014
Q3/2
014
Q4/2
014
Q1/2
015
Q2/2
015
Q3/2
015
Q4/2
015
Q1/2
016
Q2/2
016
Q3/2
016
Q4/2
016
Q1/2
017
Q2/2
017
Q3/2
017
Q4/2
017
Q1/2
018
Q2/2
018
Q3/2
018
Q4/2
018
Vn
Ind
ex C
ha
nge
%
Ea
rnin
g G
row
th %
Net Profit Growth (y-o-y) VNI % (q-o-q)
Earnings reversal of GAS and KDC for Q4-2015 and
provision losses by TTF, HAG and HNG for Q2-2016
Earnings surging of banks after the downturn and
surged earnings by GAS and MSN for Q4-2014
and then the KDC’s sales of its confectionery
7Financial Information | Business Information | Industry Research
▪ Banking Stocks as example: Price is leading at normally 3-month’s time! Earnings Growth is
normally 1-quarter leading to the price performance. Is this the result of good forecasting
capability or an issue of inside information?
▪ Local was selling while foreign was buying since early 2017. Banking earnings is facing
headwinds actually (but not all banks)
Do domestic investors bother with business fundamental factors?1
Banking Earnings Growth vs Banking Sector Index (Quarterly)
Source: FiinPro Platform
30.5%
49.0%
35.3%
54.3% 55.9%
49.7%
15.6%12.7%
15.6%13.3%
-1.6%
34.5%40.1%
-25.5%
8.8%
-14.4%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
70%
Q1
/201
7
Q2
/201
7
Q3
/201
7
Q4
/201
7
Q1
/201
8
Q2
/201
8
Q3
/201
8
Q4
/201
8
Net Profit Growth Banking Index %
Price started
escalating here
-4,000
-3,000
-2,000
-1,000
0
1,000
2,000
Q1
/201
7
Q2
/201
7
Q3
/201
7
Q4
/201
7
Q1
/201
8
Q2
/201
8
Q3
/201
8
Q4
/201
8
VN
D b
n
Local Net Buy/(Sell) Val. Foreign Net Buy/(Sell) Val.
Local was selling on the buy of foreignLead time is ~ 3 months
Earnings
Released
here
8Financial Information | Business Information | Industry Research
▪ The corporate earnings is weakening in Q4-2018 with both EBIT and NPAT growth lowering to
just 3.5%. Top earning decliners are VIC, GAS, SAB, MSN and HPG which cannot be
compensated for by top gainers: VHM and VNM and few real estate business
▪ So what sectors/companies to watch in 2019?
Source: FiinPro Platform
Note: Data is NOT covered by listed banks and insurance
Quarterly EBIT Growth and Net Profit Growth (y-o-y)
No Ticker Sector
Market Cap. Net Profit growth (y-o-y)
22-Feb-19 Q4/2018 Q3/2018
1 VIC Real Estate 373,420 -23.4% 56.0%
2 GAS Utilities 190,055 -12.2% 68.3%
3 SAB Food & Beverage 158,396 -26.3% -11.2%
4 MSN Food & Beverage 102,822 -39.8% -1.3%
5 HPG Basic Resources 72,000 -26.4% 12.3%
6 FPT Technology 27,733 -44.6% 24.4%
7 ROS Construction & Materials 19,838 -85.5% -75.3%
8 VCG Construction & Materials 12,147 -73.1% -41.8%
9 SDI Real Estate 6,733 -89.3% -76.6%
10 TVN Basic Resources 6,238 -156.0% -63.8%
No Ticker Sector
Market Cap. Net Profit growth (y-o-y)
22-Feb-19 Q4/2018 Q3/2018
1 VHM Real Estate 311,840 336.3% 175.7%
2 VNM Food & Beverage 259,296 31.8% -5.0%
3 VEA Industrial Goods & Services 64,234 51.5% 27.3%
4 NVL Real Estate 54,737 161.5% 34.7%
5 KDH Real Estate 12,835 203.4% 20.0%
6 DNH Utilities 11,489 134.3% 104.3%
7 ANV Food & Beverage 3,554 557.6% 244.0%
8 HDG Real Estate 3,512 114.2% 18707.8%
9 FTS Financial Services 1,842 414.3% 20.0%
10 NTC Real Estate 1,664 636.7% 139.1%
Do domestic investors bother with business fundamental factors?1
1.1%5.0%
23.7%
62.1%
3.2%
41.1%
-0.7%
-22.2%
2.1%
-22.3%
16.1%
24.6%
36.8% 27.4%
24.2%
26.0%24.3%
23.6%
11.5%
3.5%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
70%
Q1
/201
4
Q2
/201
4
Q3
/201
4
Q4
/201
4
Q1
/201
5
Q2
/201
5
Q3
/201
5
Q4
/201
5
Q1
/201
6
Q2
/201
6
Q3
/201
6
Q4
/201
6
Q1
/201
7
Q2
/201
7
Q3
/201
7
Q4
/201
7
Q1
/201
8
Q2
/201
8
Q3
/201
8
Q4
/201
8
Net Profit Growth (y-o-y) EBIT Growth (y-o-y)
9Financial Information | Business Information | Industry Research
▪ While earnings growth slowing down in the last 3 quarters for both Banking and Real Estates,
investors now have a great concern about the headwind happening/expected for the real estate
sector.
▪ The earnings prospect is a big topic for the market in this year (among other factors of course)
Do domestic investors bother with business fundamental factors?1
24%18%
27%
66%
25%
73%
154%
38%
52%
68%
-3%
16%
6.6%3.4%
Q1/2
01
6
Q2/2
01
6
Q3/2
01
6
Q4/2
01
6
Q1/2
01
7
Q2/2
01
7
Q3/2
01
7
Q4/2
01
7
Q1/2
01
8
Q2/2
01
8
Q3/2
01
8
Q4/2
01
8
Real Estate HOSE + HNX + UPCOM
Quarter EBIT Growth (y-o-y)
Source: FiinPro Platform
Note: Data is NOT covered by listed banks and insurance
10Financial Information | Business Information | Industry Research
▪ But broker’s forecast still indicated an impressive earnings growth for 2019. Our database
produced Basic EPS Growth at 18.2% for 2019 (banks: 19.7% and non-banks: 17.4%). So we
believe the sellside brokers will have to watch closely in order to revise or update their
forecasting
Do domestic investors bother with business fundamental factors?1
Source: FiinPro. Note: The latest reports within 6 months from Brokers
Ticker Broker
Net Sales
2019F
(VNDbn)
NPAT 2019F
(VNDbn)
Net sales
growth
2019F
NPAT
Growth
2019F
Basic EPS
2019F Report date
CII VCI 6,786 1,069 64.40% 59.31% 2,910 12/10/2018
CTD VCI 33,042 1,411 15.70% -6.56% 17,551 1/31/2019
CTG VCI 30,797 6,989 6.83% 28.29% 1,449 12/12/2018
DHG VCI 3,822 659 -1.70% 1.07% 4,535 2/1/2019
DPM VCI 10,379 826 11.60% 16.01% 1,862 2/21/2019
EIB HCM 4,485 1,622 33.56% 25.15% 1,313 5/18/2018
FPT VCI 26,940 3,950 16.10% 22% 4,667 2/21/2019
GAS VCI 78,854 12,860 4.30% 4.15% 6,454 2/12/2019
GMD MBS 2,715 584 1.10% -68.10% 1,968 2/25/2019
HDB VCI 9,360 3,554 22.4% 11.0% 2,370 2/25/2019
HPG EPS 74,459 9,509 33.0% 13.0% 4,107 2/11/2019
MBB BSI 16,823 7,374 17.4% 22.8% 3,062 2/18/2019
MSN VCI 43,494 5,767 13.9% 46.0% 6,421 2/22/2019
MWG MBS 111,766 3,683 29.2% 27.9% 8,312 2/22/2019
VHM ACBS 46,446 15,927 19.7% 11.9% 4,755 2/20/2019
NVL VCI 23,492 3,582 36.5% 13.1% 3,616 12/11/2018
PNJ VNDIRECT 18,463 1,219 26.8% 27.0% 7,299 2/27/2019
REE VCI 6,169 2,040 20.9% 8.2% 6,700 2/15/2019
SAB ACBS 40,748 5,767 8.9% 21.9% 8,464 8/16/2018
SBT BVS 12,637 344 21.9% -37.1% 618 9/12/2018
SSI VCI 3,804 1,472 9.6% 5.7% n.a 12/20/2018
STB VCI 9,566 1,986 29.0% 34.1% 1,101 12/5/2018
TCB VCI 12,941 10,097 16.3% 19.2% 2,887 12/5/2018
VCB SSI 33,553 16,847 17.9% 14.4% 3,988 1/11/2019
VIC VCI 142,463 12,747 20.6% 43.6% 3,373 6/20/2018
VJC ACBS 61,962 6,620 18.3% 26.9% 10,186 2/20/2019
VNM HCM 55,196 11,014 5.0% 4.6% 5,518 2/19/2019
VPB VND 28,961 8,405 17.2% 14.3% 3,421 2/15/2019
VRE ACBS 9,478 3,002 4.7% 24.3% 1,224 2/13/2019
VN30 959,601 160,926 19.0% 18.2% 3,906
VN30 - EPS Growth 18.2%
VN30 Stocks: Earnings Forecast Consensus for 2019
11Financial Information | Business Information | Industry Research
Liquidity: M2 is also a driving factor for domestic investor sentiment 2
▪ Money Supply (M2) is a highly influential factor to Equity Market given the capital structure of
Vietnam.
▪ The current low levels of M2 have typically meant poor future returns in the very short time. Lagging
time is 2 months from our statistical test
VN-Index vs. M2
M2 is currently
below its
average – 1xStd
0
10
20
30
40
50
60
-100
-50
0
50
100
150
200
250
Ja
n-0
5
Ju
l-0
5
Ja
n-0
6
Ju
l-0
6
Ja
n-0
7
Ju
l-0
7
Ja
n-0
8
Ju
l-0
8
Ja
n-0
9
Ju
l-0
9
Ja
n-1
0
Ju
l-1
0
Ja
n-1
1
Ju
l-1
1
Ja
n-1
2
Ju
l-1
2
Ja
n-1
3
Ju
l-1
3
Ja
n-1
4
Ju
l-1
4
Ja
n-1
5
Ju
l-1
5
Ja
n-1
6
Ju
l-1
6
Ja
n-1
7
Ju
l-1
7
Ja
n-1
8
Ju
l-1
8
%%
VN-Index Growth yoy (%) M2 Growth yoy (%)
M2 Growth + 01 Std EV (%) M2 Growth - 01 Std EV (%)
12Financial Information | Business Information | Industry Research
Liquidity: VN-Index is lagging time is 2 months for M2 Changes2
▪ The positive correlation between M2 and VN-Index yielded the strongest impact after 2 months
when M2 changed 100 pts. The impact weakening and then disappeared
-0.4
-0.2
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1 2 3 4 5 6 7 8 9 10
Month
VNI change (%) when money supply up 1%
13Financial Information | Business Information | Industry Research
Liquidity: The Gap (M2 and Credit Growth) is more practical proxy2
▪ Because banks have to allocate the funding surplus to investments (g-bonds, interbank and financial
investments).
0
10
20
30
40
50
60
70
80
-20
-10
0
10
20
30
40
50
60
70
Ma
y-1
3
Jul-1
3
Sep-1
3
No
v-1
3
Jan-1
4
Ma
r-1
4
Ma
y-1
4
Jul-1
4
Sep-1
4
No
v-1
4
Jan-1
5
Ma
r-1
5
Ma
y-1
5
Jul-1
5
Sep-1
5
No
v-1
5
Jan-1
6
Ma
r-1
6
Ma
y-1
6
Jul-1
6
Sep-1
6
No
v-1
6
Jan-1
7
Ma
r-1
7
Ma
y-1
7
Jul-1
7
Sep-1
7
No
v-1
7
Jan-1
8
Ma
r-1
8
Ma
y-1
8
Jul-1
8
Sep-1
8
No
v-1
8
VN-Index Growth yoy (%) M2-Credit Growth yoy (%)
Gap (M2 – Credit) and Domestic Trading Value
Source: FiinPro Platform
14Financial Information | Business Information | Industry Research
Liquidity: But investors should be mindful with the quality of data2
▪ Banks tends to manipulate their credit growth at the end of reporting quarters and especially at the
year end.
▪ Why?
0.8%-0.1%
2.4%
1.0%
1.4%
2.6%
0.3%
1.0%
1.8%
0.9%
2.0%
2.9%
1.8%
0.0%
2.6%
1.2%1.3%
1.9%
0.5% 1.1%1.3%
1.3%1.8%
2.2%
-1.8%
0.4%
2.2%1.5%
1.0%
1.5%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2016 2017 2018
Vietnamese banks tend to overstate the quarterly credit growth
Source: FiinPro Platform
15Financial Information | Business Information | Industry Research
Liquidity: Margin Loan getting up recently3
Source: FiinPro Platform
Note: Trading value by Retail investors is the sum of Buy value and Sell value
How is the Margin Loan supporting the Local Retail Investors?
▪ Retail margin lending to marcap is a useful greed and fear proxy like in any markets but in Vietnam
it is far more important as approximately 75% of daily trading value made by retail investors and .
▪ Margin loan tends to increase recently and mostly from increased capital by new coming brokers
(Mirae Asset, KBSV etc.). Local brokers tends to cut down actually (Margin Loan/Owner’s Capital
down from 78.8% in 2017 to 69.6% in 2018 while the cap is 200%)
42,696
360,290
0
100000
200000
300000
400000
500000
600000
700000
800000
900000
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
50000
Reta
il tr
adin
g -
VN
Dbn
Marg
in L
oan -
VN
Dbn
Axis Title
Margin Loan Retail Trading Value
16Financial Information | Business Information | Industry Research
Liquidity: Margin Loan/Marcap (Free-float) says it “safe”!
▪ Margin Loan/Free-Float going up in Q4-2018 to 3.3% but it is closed to the 5-year historical
average
▪ Practically actual stock lending to local investors can be significantly higher in Vietnam. Why?
3
Margin Loan over Free-float Marcap
5.0%
3.4%
0%
1%
2%
3%
4%
5%
6%
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
Marg
in L
oan -
VN
Dbn
Margin Loans Margin Loans/Freefloat Market Cap.
Source: FiinPro Platform
17Financial Information | Business Information | Industry Research
Interest rates vs. Market Sentiment
▪ Statistically, we tested that when
average lending interest rate
increases by 1% it will make VN-
Index decline by 4.2% (assuming
other factors remain constant)
▪ In months when interest rate is 1
STVE higher than standard
deviation (26 times), VNINDEX
decreases 2.02% on average. In
case that interest rate is 0.5
STVE higher than the standard
deviation (36 times), VN-Index
decreases 2.01% in the month.
▪ In months when interest rate is 1
STVE below the standard
deviation (41 times), VNINDEX
rises 1.96% on average. In case
that interest rate is 0.5 STVE
under the standard deviation (51
times), VN-Index increase by
1.7% in the month.
4
0
5
10
15
20
25
0
200
400
600
800
1000
1200
1400
Jan-0
5
Jul-0
5
Jan-0
6
Jul-0
6
Jan-0
7
Jul-0
7
Jan-0
8
Jul-0
8
Jan-0
9
Jul-0
9
Jan-1
0
Jul-1
0
Jan-1
1
Jul-1
1
Jan-1
2
Jul-1
2
Jan-1
3
Jul-1
3
Jan-1
4
Jul-1
4
Jan-1
5
Jul-1
5
Jan-1
6
Jul-1
6
Jan-1
7
Jul-1
7
Jan-1
8
Jul-1
8
Lendin
g R
ate
%
Index P
oin
t
VnIndex Lending Rate
VN-Index vs. Average Lending Rate
Source: FiinPro Platform
▪ We believe that domestic money is shifting at some portion to the high-yield products including CDs by
both banks and non-banks i.e. finance companies and recently corporate bonds.
18Financial Information | Business Information | Industry Research
Psychological Factor5
Top Decliners after 6 months listed
Ticker Exchange Sector Market Cap % 6M
BSR UPCOM Oil & Gas 43,485 -45.1%
BCM UPCOM Real Estate 24,276 -39.2%
OIL UPCOM Oil & Gas 15,399 -43.4%
PGV UPCOM Utilities 12,219 -39.8%
VSN UPCOM Food & Beverage 3,014 -45.1%
SJG UPCOM Construction & Materials 2,115 -48.7%
RTB UPCOM Chemicals 1,170 -33.8%
BRR UPCOM Chemicals 990 -40.7%
SKH UPCOM Food & Beverage 759 -37.1%
BSG UPCOM Travel & Leisure 576 -41.5%
CHS UPCOM Utilities 280 -36.7%
▪ Major IPOs or State capital divestments: price tends to inflated for this purpose
▪ Our data indicated that 53% (41/77 over last 3 years) of IPOs is decliners in 6-month period post
IPO. Several exceptions are noted such as Viettel Post and Vietnam Airline.
Listed on Upcom
IPO
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Jan
-18
Jan
-18
Fe
b-1
8
Fe
b-1
8
Ma
r-18
Ma
r-18
Ap
r-18
Ap
r-18
Ma
y-1
8
Ma
y-1
8
Ju
n-1
8
Ju
l-18
Ju
l-18
Au
g-1
8
Au
g-1
8
Au
g-1
8
Se
p-1
8
Oct-
18
Oct-
18
No
v-1
8
No
v-1
8
Dec-1
8
Dec-1
8
Jan
-19
Jan
-19
Fe
b-1
9
BSR
Ministry of Industry and Trade divested
53,59%
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
Dec-16
Jan-17
Feb-17
Mar-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Dec-17
Jan-18
Feb-18
Mar-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Dec-18
Jan-19
Feb-19
SAB
Source: FiinPro Platform
Listed on UpCom
IPO
0
5,000
10,000
15,000
20,000
25,000
30,000
Jan
-18
Fe
b-1
8
Ma
r-1
8
Ap
r-18
Ma
y-1
8
Jun
-18
Jul-
18
Au
g-1
8
Se
p-1
8
Oct-
18
Nov-1
8
Dec-1
8
Jan
-19
Fe
b-1
9
OIL
19Financial Information | Business Information | Industry Research
Insider Information…5
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