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>By the end of 4Q22, credit growth reached 14.5%, the highest since 2018.</li><li>Credit growth was lower than expected, in light of the high credit growth cap of 16% granted at end-2022.</li><li>The SBV has implied that high credit growth will be tolerated, but that the systemic stability of the financial industry will remain the top priority: The Standing Deputy Governor of the State Bank of Vietnam has said credit growth in the banking sector in 2023 could reach about 14–15%.</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>

By the end of 4Q22, credit growth reached 14.5%, the highest since 2018.Credit growth was lower than expected, in light of the high credit growth cap of 16% granted at end-2022.The SBV has implied that high credit growth will be tolerated, but that the systemic stability of the financial industry will remain the top priority: The Standing Deputy Governor of the State Bank of Vietnam has said credit growth in the banking sector in 2023 could reach about 14–15%.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 - 2022 Update and Outlook - Aftermath of cheap money cycle and real estate boom

<ul>
<li>Credit momentum should slow progressively in 3Q22: Due to high funding demand from both corporate and retail customers, credit growth in 1H22 reached a new high of 9.35% YTD.</li>
<li>However, because of high uncertainty in the global economy, as well as the fear of systematic risk over local real-estate credit exposure, the State Bank of Vietnam (SBV) has intentionally curbed credit growth using a credit growth cap.</li>
<li>Exceptional credit growth will continue in 2022: Regardless of the SBV’s intentions regarding credit growth limits, total credit growth in 2022 is still expected to exceed 14%, based on the extraordinary performance in 1H22.</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 momentum should slow progressively in 3Q22: Due to high funding demand from both corporate and retail customers, credit growth in 1H22 reached a new high of 9.35% YTD.
However, because of high uncertainty in the global economy, as well as the fear of systematic risk over local real-estate credit exposure, the State Bank of Vietnam (SBV) has intentionally curbed credit growth using a credit growth cap.
Exceptional credit growth will continue in 2022: Regardless of the SBV’s intentions regarding credit growth limits, total credit growth in 2022 is still expected to exceed 14%, based on the extraordinary performance in 1H22.

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.

<p><strong>Another rate cut could come in handy</strong>: In order to mitigate the effects of the pandemic, the State Bank of Vietnam (SBV) has conducted three central rate cuts totalling more than 150bps for all tenors.</p>

Another rate cut could come in handy: In order to mitigate the effects of the pandemic, the State Bank of Vietnam (SBV) has conducted three central rate cuts totalling more than 150bps for all tenors.

Vietnam Banking Industry 2021 Outlook: Challenges Ahead

Index Rebalance

<ul>
<li>KDH is expected to be placed on the watchlist for potential removal from the constituent basket in this review, as it fails to meet the minimum FOL threshold of 65% under section 3.7 for the first time.</li>
<li>Based on data as of March 31, 2026, its FOL ratio stands at only 61.8% under the index construction methodology.</li>
<li>Being placed on the removal watchlist would result in a 50% cut to KDH’s current contribution weight, reducing its contribution to a modest 0.8%. </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>


KDH is expected to be placed on the watchlist for potential removal from the constituent basket in this review, as it fails to meet the minimum FOL threshold of 65% under section 3.7 for the first time.
Based on data as of March 31, 2026, its FOL ratio stands at only 61.8% under the index construction methodology.
Being placed on the removal watchlist would result in a 50% cut to KDH’s current contribution weight, reducing its contribution to a modest 0.8%. 

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.

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.

Equity Bottom-Up

<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

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)

Banking Sector - 2022 Update and Outlook - Aftermath of cheap money cycle and real estate boom

By the end of 4Q22, credit growth reached 14.5%, the highest since 2018. Credit growth was lower than expected, in light of the high credit growth...

Mirae Asset Securities

Banking Sector - 1H22 Update & Outlook

Credit momentum should slow progressively in 3Q22: Due to high funding demand from both corporate and retail customers, credit growth in 1H22...

Mirae Asset Securities

Vietnam Banking Industry 2021 Outlook: Challenges Ahead

Another rate cut could come in handy: In order to mitigate the effects of the pandemic, the State Bank of Vietnam (SBV) has conducted three central...

Mirae Asset Securities

Forecast – HoSE Indexes Review in 2Q26

Being placed on the removal watchlist would result in a 50% cut to KDH’s current contribution weight, reducing its contribution to a modest 0.8%.

Mirae Asset Securities

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

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