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

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

Asia Commercial Bank/Vietnam / Equity Bottom-Up

<ul><li>Asia Commercial Bank (ACB) saw a rebound in total assets in 2Q24, reaching VND769.7tr (US$31.4bn), a 7.1% increase YTD, significantly higher than the 1.2% growth recorded at end1Q24.</li><li>The strongest asset growth came from the loan portfolio, which surged by 12.8% YTD to VND550tr (US$22.5bn). In contrast, securities grew by a modest 3.1% YTD, while interbank assets fell by 8.2% YTD.</li><li>Retail banking (+12.3% YTD) and SME lending (+7.2% YTD)lagged behind large corporate loans, which jumped 37.6% YTD.</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>

Asia Commercial Bank (ACB) saw a rebound in total assets in 2Q24, reaching VND769.7tr (US$31.4bn), a 7.1% increase YTD, significantly higher than the 1.2% growth recorded at end1Q24.The strongest asset growth came from the loan portfolio, which surged by 12.8% YTD to VND550tr (US$22.5bn). In contrast, securities grew by a modest 3.1% YTD, while interbank assets fell by 8.2% YTD.Retail banking (+12.3% YTD) and SME lending (+7.2% YTD)lagged behind large corporate loans, which jumped 37.6% YTD.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 Joint Stock Bank - Safe Harbour in a Storm

Thematic (Sector/Industry)

<ul><li>Credit growth achieves mid-year target despite bumpy initiation: According to the State Bank of Vietnam (SBV), as of June 30, credit growth reached 6% YTD, achieving the mid-year target of 5–6% for 1H24 set by the Prime Minister.</li><li>Notably, by the end of May, credit growth was only 2.4% YTD, indicating a sharp increase of 3.6% in June, with over 1.5% growth in the final week alone.</li><li>While the rapid increase in June might seem unnatural to some, it aligns well with the broader macroeconomic momentum during the 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 growth achieves mid-year target despite bumpy initiation: According to the State Bank of Vietnam (SBV), as of June 30, credit growth reached 6% YTD, achieving the mid-year target of 5–6% for 1H24 set by the Prime Minister.Notably, by the end of May, credit growth was only 2.4% YTD, indicating a sharp increase of 3.6% in June, with over 1.5% growth in the final week alone.While the rapid increase in June might seem unnatural to some, it aligns well with the broader macroeconomic momentum during the 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 - 1H24 Update and Outlook - So far, so good

External broker reports(aggregated public sources), Vietcap

Vietcap

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

<ul><li>We maintain our target price (TP) for ACB at VND32,000/share and maintain a BUY rating.</li><li>Our aggregate 2024-2028F NPAT forecast is almost unchanged (-1.6%/+0.2%/ -1.8%/-1.1%/+0.3% for 2024/25/26/27/28F, respectively).</li><li>Our relatively unchanged aggregate earnings forecast is due to (1) a 4.1% rise in aggregate NOII from increased corporate exposure, outweighing (2) a 2.5% rise in provision expenses due to a higher 2024F NPL ratio forecast of 1.0% from 0.8% as previously forecasted. </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 maintain our target price (TP) for ACB at VND32,000/share and maintain a BUY rating.Our aggregate 2024-2028F NPAT forecast is almost unchanged (-1.6%/+0.2%/ -1.8%/-1.1%/+0.3% for 2024/25/26/27/28F, respectively).Our relatively unchanged aggregate earnings forecast is due to (1) a 4.1% rise in aggregate NOII from increased corporate exposure, outweighing (2) a 2.5% rise in provision expenses due to a higher 2024F NPL ratio forecast of 1.0% from 0.8% as previously forecasted. 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 +35.0%] - Raising Credit Growth Forecast on Corporate Lending Surge - Update

<ul><li>Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.</li><li>Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO.</li><li>VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.</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>

Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO.VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.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.

Stock Recommendations (Vietnam Market)_August 2024

<ul><li>Recently, HSX announced updated component securities (including changes in component stocks and calculation factors) for the VN30 Index, VNDiamond Index, and VNFin Lead Index baskets. In detail, there are no changes to any component stocks of either the VN30 Index or VNDiamond Index.</li><li>Meanwhile, the VNFin Lead Index has seen additions, as NAB, SSB, and VIX are new entrants to the basket, without any removals in the upcoming review, resulting in an increase in index constituents to 23 stocks.</li><li>Additionally, a few minor adjustments have been made to the limits of weighted-average calculation criteria for free-float, FOL, liquidity, and capitalization for all indexes. To sum up, the majority of the aggregate rebalancing transactions will focus on the buying direction, while FPT has been deleveraged aggressively.</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>

Recently, HSX announced updated component securities (including changes in component stocks and calculation factors) for the VN30 Index, VNDiamond Index, and VNFin Lead Index baskets. In detail, there are no changes to any component stocks of either the VN30 Index or VNDiamond Index.Meanwhile, the VNFin Lead Index has seen additions, as NAB, SSB, and VIX are new entrants to the basket, without any removals in the upcoming review, resulting in an increase in index constituents to 23 stocks.Additionally, a few minor adjustments have been made to the limits of weighted-average calculation criteria for free-float, FOL, liquidity, and capitalization for all indexes. To sum up, the majority of the aggregate rebalancing transactions will focus on the buying direction, while FPT has been deleveraged aggressively.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)

Asia Commercial Joint Stock Bank - Safe Harbour in a Storm

Asia Commercial Bank (ACB) saw a rebound in total assets in 2Q24, reaching VND769.7tr (US$31.4bn), a 7.1% increase YTD, significantly higher than...

Mirae Asset Securities

Banking Sector - 1H24 Update and Outlook - So far, so good

According to the State Bank of Vietnam (SBV), as of June 30, credit growth reached 6% YTD, achieving the mid-year target of 5–6% for 1H24 set by...

Mirae Asset Securities

ACB [BUY +35.0%] - Raising Credit Growth Forecast on Corporate Lending Surge - Update

Our aggregate 2024-2028F NPAT forecast is almost unchanged (-1.6%/+0.2%/ -1.8%/-1.1%/+0.3% for 2024/25/26/27/28F, respectively).

Vietcap

Stock Recommendations (Vietnam Market)_August 2024

Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.

Mirae Asset Securities

3Q24 ETF Rebalancing Forecast

To sum up, the majority of the aggregate rebalancing transactions will focus on the buying direction, while FPT has been deleveraged aggressively.

Mirae Asset Securities

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