External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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Equity Bottom-Up

<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

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

Mirae Asset Securities

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

<ul><li>Regardless of the reduction in asset quality, the ratios of Asia Commercial Joint Stock Bank (ACB) are superior to those of most commercial banks.</li><li>In our view, the economic downturn should result in a short-term provisioning burden, rather than long-term risks, thanks to the strong retail concentration of ACB’s loan book.</li><li>Over the past five years, retail and SME loans consistently accounted for more than 90% of ACB’s loan book(94% as of 2Q23), which would exclude the surprise factor from heavy provisioning pressure resulting from the possible defaults of large corporations during economic turbulence.</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>

Regardless of the reduction in asset quality, the ratios of Asia Commercial Joint Stock Bank (ACB) are superior to those of most commercial banks.In our view, the economic downturn should result in a short-term provisioning burden, rather than long-term risks, thanks to the strong retail concentration of ACB’s loan book.Over the past five years, retail and SME loans consistently accounted for more than 90% of ACB’s loan book(94% as of 2Q23), which would exclude the surprise factor from heavy provisioning pressure resulting from the possible defaults of large corporations during economic turbulence.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 (ACB VN) - Cautious Approach Pays Off

[Vietnam] Banking July 15, 2022 (Downgrade) Upside: +13.8%<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>

[Vietnam] Banking July 15, 2022 (Downgrade) Upside: +13.8%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 (ACB VN/Trading Buy)

Asset quality indicators remained healthy, with NPL of 0.68% (+9bps YTD; -23bps QoQ) and loan loss coverage of 207.7% (+47%p YTD; +87%p QoQ).<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>

Asset quality indicators remained healthy, with NPL of 0.68% (+9bps YTD; -23bps QoQ) and loan loss coverage of 207.7% (+47%p YTD; +87%p 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.

Stronger-thanexpected net fee and commission income (+68.7% YoY; ~29% of our full-year projection) was boosted by bancassurance income.<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>

Stronger-thanexpected net fee and commission income (+68.7% YoY; ~29% of our full-year projection) was boosted by bancassurance income.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 VN / BUY) Robust profitability

Vietnam

Asia Commercial Bank is one of the leading private commercial banks in Vietnam, offering a wide range of financial products and services to personal and business customers. These services include current and savings accounts, various loans, credit and debit cards, trade finance, foreign currency trading, and insurance products. The bank was founded in 1993 and is headquartered in Ho Chi Minh City, Vietnam.

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Asia Commercial Bank (ACB VN)

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

Asia Commercial Joint Stock Bank (ACB VN) - Cautious Approach Pays Off

egardless of the reduction in asset quality, the ratios of Asia Commercial Joint Stock Bank (ACB) are superior to those of most commercial banks.

Mirae Asset Securities

Asia Commercial Joint Stock Bank (ACB VN/Trading Buy)

[Vietnam] Banking July 15, 2022 (Downgrade) Upside: +13.8%

Mirae Asset Securities