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

Mirae Asset Securities

External broker reports(aggregated public sources)

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

Thematic (Sector/Industry)

<ul><li>Credit growth in 2025 reached ~15.3%, broadly in line with our forecast.</li><li>For 2026, we revise our credit growth assumption down to slightly above 13.5% YoY (–0.3%p vs. the previous forecast), reflecting a more cautious stance amid tighter capital headroom (lower CAR) and an elevated LDR in FY25.</li><li>Following these revisions: (1) NII is projected to grow 17.3% YoY (+2.1% vs. prior forecast), driven by a 9bps NIM expansion (+3bps vs. previous estimate), supported by solid mortgage growth (FY25: +20.2% YoY) and continued expansion in personal lending (FY25/26F: +17.3%/+14.3% YoY); (2) non-interest income is revised down by 8.5% vs. the prior forecast but still expected to grow 10.7% YoY; (3) other operating income is adjusted up by 19.4% vs. the previous projection, reflecting a stronger-than-expected recovery and sizable write-offs in 2025 (+36% YoY), which improve the earnings base; and (4) provisioning expenses are revised up materially (+57% vs. prior forecast), as additional provisions may be required for HTM securities, particularly corporate bonds. </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 in 2025 reached ~15.3%, broadly in line with our forecast.For 2026, we revise our credit growth assumption down to slightly above 13.5% YoY (–0.3%p vs. the previous forecast), reflecting a more cautious stance amid tighter capital headroom (lower CAR) and an elevated LDR in FY25.Following these revisions: (1) NII is projected to grow 17.3% YoY (+2.1% vs. prior forecast), driven by a 9bps NIM expansion (+3bps vs. previous estimate), supported by solid mortgage growth (FY25: +20.2% YoY) and continued expansion in personal lending (FY25/26F: +17.3%/+14.3% YoY); (2) non-interest income is revised down by 8.5% vs. the prior forecast but still expected to grow 10.7% YoY; (3) other operating income is adjusted up by 19.4% vs. the previous projection, reflecting a stronger-than-expected recovery and sizable write-offs in 2025 (+36% YoY), which improve the earnings base; and (4) provisioning expenses are revised up materially (+57% vs. prior forecast), as additional provisions may be required for HTM securities, particularly corporate bonds. 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)_April 2026

<ul><li>Credit growth came in slightly below expectations, recording 18.3% YoY in 2025 versus the initial target of 18.9%.</li><li>Loan expansion was primarily driven by the corporate segment, which grew 27.9% YoY, while retail loans grew more moderately at 12.9%.</li><li>In 2026, credit growth is projected to remain robust at 18.3%, led by corporate lending (+20%) and an acceleration in retail growth to 16.6%, supported by rising mortgage demand as residential projects reach completion. </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 came in slightly below expectations, recording 18.3% YoY in 2025 versus the initial target of 18.9%.Loan expansion was primarily driven by the corporate segment, which grew 27.9% YoY, while retail loans grew more moderately at 12.9%.In 2026, credit growth is projected to remain robust at 18.3%, led by corporate lending (+20%) and an acceleration in retail growth to 16.6%, supported by rising mortgage demand as residential projects reach completion. 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)_February 2026

<ul><li>The addition of VPL is in line with our expectations, as its 11th-ranked market capitalization, which makes VPL a must-have component with a weighting of 0.7%.</li><li>This relatively low weighting, despite VPL’s sizable market capitalization, mainly stems from its classification as a Vingroup-related stock (VIC, VHM, and VPL), which subjects the maximum contribution cap for related–stock groups at a 15% aggregate.</li><li>Meanwhile, BCM has been officially excluded from the VN30 index due to failing to satisfy the minimum average daily trading value of VND30bn/day.</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>

The addition of VPL is in line with our expectations, as its 11th-ranked market capitalization, which makes VPL a must-have component with a weighting of 0.7%.This relatively low weighting, despite VPL’s sizable market capitalization, mainly stems from its classification as a Vingroup-related stock (VIC, VHM, and VPL), which subjects the maximum contribution cap for related–stock groups at a 15% aggregate.Meanwhile, BCM has been officially excluded from the VN30 index due to failing to satisfy the minimum average daily trading value of VND30bn/day.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.

<ul><li>Credit growth continued to expand positively in 3Q25. As of 9M25, total bank credit rose 12.3% YoY (vs. 7.2% in 2Q25).</li><li>Although this pace remains somewhat below the sector average, the divergence is not unusual given the bank’s diversified earnings base.</li><li>For 2025, total credit is expected to grow 15.6% YoY (+1.2%p from the previous forecast) to around VND1.7qa, followed by a moderated expansion of 12.2% YoY in 2026 (unchanged from the prior projection). </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 continued to expand positively in 3Q25. As of 9M25, total bank credit rose 12.3% YoY (vs. 7.2% in 2Q25).Although this pace remains somewhat below the sector average, the divergence is not unusual given the bank’s diversified earnings base.For 2025, total credit is expected to grow 15.6% YoY (+1.2%p from the previous forecast) to around VND1.7qa, followed by a moderated expansion of 12.2% YoY in 2026 (unchanged from the prior projection). 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)_January 2026

<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

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Asia Commercial Bank (ACB VN)

Stock recommendations (Vietnam Market)_April 2026

For 2026, we revise our credit growth assumption down to slightly above 13.5% YoY (–0.3%p vs. the previous forecast), reflecting a more cautious...

Mirae Asset Securities

Stock recommendations (Vietnam Market)_February 2026

Please change this text!Loan expansion was primarily driven by the corporate segment, which grew 27.9% YoY, while retail loans grew more moderately...

Mirae Asset Securities

ETFs Monitor in 1Q26

The addition of VPL is in line with our expectations, as its 11th-ranked market capitalization, which makes VPL a must-have component with a...

Mirae Asset Securities

Stock recommendations (Vietnam Market)_January 2026

Although this pace remains somewhat below the sector average, the divergence is not unusual given the bank’s diversified earnings base.

Mirae Asset Securities

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)