External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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Equity Bottom-Up

Asia Commercial Bank/Vietnam / Equity Bottom-Up

<ul><li>We increase our target price (TP) for ACB by 6.7% to VND33,300/share and maintain a BUY rating.</li><li>Our higher TP is mainly due to increasing our aggregate 2025-2029F NPAT forecast by 1.4% (respective changes of -1.3%/-3.7%/-3.6%/+4.4%/+8.2% for 2025/26/27/28/29F) and (2) the positive impact of rolling our TP horizon forward to end-2026F.</li><li>We increase our forecast for ACB’s average 2025-2029F credit growth from 16.6% to 19.2% as we believe our previous forecast was conservative.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We increase our target price (TP) for ACB by 6.7% to VND33,300/share and maintain a BUY rating.Our higher TP is mainly due to increasing our aggregate 2025-2029F NPAT forecast by 1.4% (respective changes of -1.3%/-3.7%/-3.6%/+4.4%/+8.2% for 2025/26/27/28/29F) and (2) the positive impact of rolling our TP horizon forward to end-2026F.We increase our forecast for ACB’s average 2025-2029F credit growth from 16.6% to 19.2% as we believe our previous forecast was conservative.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ACB [BUY +34.0%] - Accelerating Transformation; Gold Business Restarts

External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Projected profit growth regains double-digit momentum at a higher and more stable rate from 2026 onward.</li><li>We forecast ACB’s profit to grow by 10% in 2025F, with a compound annual growth rate (CAGR) of 19% over the period 2026F-29F.</li><li>Key drivers include: (1) A strategic expansion of growth engines targeting large corporate clients, supported by a comprehensive digital banking platform, focusing on supply chain financing for importexport activities, leveraging Vietnam’s economic strengths in trade through diverse financial solutions tailored to client development stages. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Projected profit growth regains double-digit momentum at a higher and more stable rate from 2026 onward.We forecast ACB’s profit to grow by 10% in 2025F, with a compound annual growth rate (CAGR) of 19% over the period 2026F-29F.Key drivers include: (1) A strategic expansion of growth engines targeting large corporate clients, supported by a comprehensive digital banking platform, focusing on supply chain financing for importexport activities, leveraging Vietnam’s economic strengths in trade through diverse financial solutions tailored to client development stages. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ACB - Revitalizing Growth Through an Expansion of Strategic Core Pillars

<ul><li>We revise up our target price (TP) for ACB by 9.5% to VND31,200/share and maintain a BUY rating.</li><li>Our higher TP is mainly due to increasing our aggregate 2025-2029F NPAT forecast by 1.7% (respective changes of +0.3%/+2.8%/+1.4%/+1.4%/+2.1% for 2025/26/27/28/29F) and applying a target P/B of 1.5x for ACB.</li><li>We decrease our forecast for aggregate 2025-2029F provision expenses by 4.5% as ACB’s asset quality improved significantly and faster than our expectations in Q2 2025 with an NPL ratio of 1.28% (-22 bps QoQ) and Group 2 over gross loans at 0.48% (-24 bps QoQ).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We revise up our target price (TP) for ACB by 9.5% to VND31,200/share and maintain a BUY rating.Our higher TP is mainly due to increasing our aggregate 2025-2029F NPAT forecast by 1.7% (respective changes of +0.3%/+2.8%/+1.4%/+1.4%/+2.1% for 2025/26/27/28/29F) and applying a target P/B of 1.5x for ACB.We decrease our forecast for aggregate 2025-2029F provision expenses by 4.5% as ACB’s asset quality improved significantly and faster than our expectations in Q2 2025 with an NPL ratio of 1.28% (-22 bps QoQ) and Group 2 over gross loans at 0.48% (-24 bps QoQ).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Asia Commercial Bank (ACB) - Attractive Valuation; Positioned for NIM Recovery

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Credit expansion showed signs of moderation in 3Q25 as lending approached the annual target.</li><li>Total system credit rose 13.4% YTD by end-9M25 (10M25: +15.09%), up 3.5%p QoQ (1Q25: +3.9%p; 2Q25: +6.0%p), nearing the SBV’s full-year guidance of 16%.</li><li>The deceleration was partly seasonal, reflecting subdued corporate and retail loan demand during this period. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Credit expansion showed signs of moderation in 3Q25 as lending approached the annual target.Total system credit rose 13.4% YTD by end-9M25 (10M25: +15.09%), up 3.5%p QoQ (1Q25: +3.9%p; 2Q25: +6.0%p), nearing the SBV’s full-year guidance of 16%.The deceleration was partly seasonal, reflecting subdued corporate and retail loan demand during this period. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Banking Sector - 3Q25 Update and Outlook - Task on Track

<ul><li>In this review, VIB – previously placed on the watchlist for removal, due to its failure to satisfy the minimum FOL threshold of 65% (Section 3.7) – may be completely removed from the index, as it continues to fall short of this requirement.</li><li>In the past, the restriction stemmed from VIB actively lowering its foreign room to 5% (from 21%) after its strategic shareholder’s divestment, with plans to reopen it upon onboarding new strategic foreign investors.</li><li>Until now, VIB has not provided any official disclosure on whether this restriction will be eased in the near term. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

In this review, VIB – previously placed on the watchlist for removal, due to its failure to satisfy the minimum FOL threshold of 65% (Section 3.7) – may be completely removed from the index, as it continues to fall short of this requirement.In the past, the restriction stemmed from VIB actively lowering its foreign room to 5% (from 21%) after its strategic shareholder’s divestment, with plans to reopen it upon onboarding new strategic foreign investors.Until now, VIB has not provided any official disclosure on whether this restriction will be eased in the near term. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam

Asia Commercial Bank attracts deposits and offers commercial banking services.

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Asia Commercial Bank/Vietnam (ACB VN)

ACB [BUY +34.0%] - Accelerating Transformation; Gold Business Restarts

We increase our forecast for ACB’s average 2025-2029F credit growth from 16.6% to 19.2% as we believe our previous forecast was conservative.

Vietcap

ACB - Revitalizing Growth Through an Expansion of Strategic Core Pillars

We forecast ACB’s profit to grow by 10% in 2025F, with a compound annual growth rate (CAGR) of 19% over the period 2026F-29F.

Rong Viet Securities

Asia Commercial Bank (ACB) - Attractive Valuation; Positioned for NIM Recovery

Our higher TP is mainly due to increasing our aggregate 2025-2029F NPAT forecast by 1.7% (respective changes of +0.3%/+2.8%/+1.4%/+1.4%/+2.1% for...

Vietcap

Banking Sector - 3Q25 Update and Outlook - Task on Track

Total system credit rose 13.4% YTD by end-9M25 (10M25: +15.09%), up 3.5%p QoQ (1Q25: +3.9%p; 2Q25: +6.0%p), nearing the SBV’s full-year guidance of...

Mirae Asset Securities

Forecast – HoSE Indexes Review in 4Q25

In this review, VIB – previously placed on the watchlist for removal, due to its failure to satisfy the minimum FOL threshold of 65% (Section 3.7)

Mirae Asset Securities

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