External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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

Equity Bottom-Up

Bank For Investment And Deve / Equity Bottom-Up

<ul><li>We maintain our BUY rating and increase our target price (TP) by 2.9% of VND46,100/share.</li><li>Our higher TP is driven by the positive impact of rolling our TP horizon forward to end-2026F, partially offset by (1) a 4.0% decrease in our aggregate 2025-2029F earnings forecast (respective changes of +0.1%/-3.9%/-3.8%/-5.1%/-5.5% for 2025/26/27/28/29F), (2) an increase in cost of equity due to an updated beta, and (3) a lower target P/B assumption. </li><li>The decrease in our aggregate 2025-2029F earnings forecast is due to (1) a 6.0% decrease in our aggregate NII forecast due to more conservative NIM assumptions, partially offset by (2) a 9.0% increase in aggregate NOII and (3) a 3.7% decrease in aggregate operating expenses. •</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 BUY rating and increase our target price (TP) by 2.9% of VND46,100/share.Our higher TP is driven by the positive impact of rolling our TP horizon forward to end-2026F, partially offset by (1) a 4.0% decrease in our aggregate 2025-2029F earnings forecast (respective changes of +0.1%/-3.9%/-3.8%/-5.1%/-5.5% for 2025/26/27/28/29F), (2) an increase in cost of equity due to an updated beta, and (3) a lower target P/B assumption. The decrease in our aggregate 2025-2029F earnings forecast is due to (1) a 6.0% decrease in our aggregate NII forecast due to more conservative NIM assumptions, partially offset by (2) a 9.0% increase in aggregate NOII and (3) a 3.7% decrease in aggregate operating expenses. •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.

BID [BUY +20.2%] - Fundamentals Improving Gradually; Reiterate BUY Rating

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>Vietnam’s banking sector remained on a concrete footing in 2Q25, continuing the momentum established in 1Q25. </li><li>Credit growth reached 9.9% YTD in 1H25, marking a sharp acceleration of 6%p (1Q25: 3.9%).</li><li> This surge in credit expansion was not merely market-driven, but also stemmed from decisive policy guidance. </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>

Vietnam’s banking sector remained on a concrete footing in 2Q25, continuing the momentum established in 1Q25. Credit growth reached 9.9% YTD in 1H25, marking a sharp acceleration of 6%p (1Q25: 3.9%). This surge in credit expansion was not merely market-driven, but also stemmed from decisive policy guidance. 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 - 2Q25 Update and Outlook - Dual Mandate

<ul><li>On January 20,the Ho Chi Minh City Stock Exchange (HSX) will officially release the semi-annual review for both the VN30 and VNFin LEAD indexes, effective from February 3, 2025.</li><li>As a result, January 24, 2024 will be the last trading day for ETFs, following the rebalancing ofthese indexes’ portfolios.</li><li>Based on our data, we note that LPB is eligible to become a new entrantinthe VN30 basketin the next review,thanks to: 1) its 20th -ranked market capitalization, which makes LPB a must-have component; and 2) the fact that all other criteria meet the requirements.</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>

On January 20,the Ho Chi Minh City Stock Exchange (HSX) will officially release the semi-annual review for both the VN30 and VNFin LEAD indexes, effective from February 3, 2025.As a result, January 24, 2024 will be the last trading day for ETFs, following the rebalancing ofthese indexes’ portfolios.Based on our data, we note that LPB is eligible to become a new entrantinthe VN30 basketin the next review,thanks to: 1) its 20th -ranked market capitalization, which makes LPB a must-have component; and 2) the fact that all other criteria meet the requirements.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.

Forecast – VN30 and VNFin Lead Indexes Review in 1Q25

<ul><li>Credit growth in 3Q24 remained steady: According to the State Bank of Vietnam (SBV), credit growth reached approximately 9% YTD as of end-3Q24, showing a quarterly increase of 3%p (QoQ).</li><li>This aligns with the growth rates seen during high-growth years in the past half-decade.</li><li>Recently, the SBV Governor stated that credit growth reached nearly 10.1% YTD (or 16.6% YoY) by end-October and expressed confidence that the 15% target for 2024 will be met. </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 3Q24 remained steady: According to the State Bank of Vietnam (SBV), credit growth reached approximately 9% YTD as of end-3Q24, showing a quarterly increase of 3%p (QoQ).This aligns with the growth rates seen during high-growth years in the past half-decade.Recently, the SBV Governor stated that credit growth reached nearly 10.1% YTD (or 16.6% YoY) by end-October and expressed confidence that the 15% target for 2024 will be met. 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 - 9M24 Update and Outlook - Letting the Recovery Simmer

Vietnam

Bank for Investment and Development of Vietnam provides commercial banking services. The Company offers deposits, personal loans, e-banking, guarantees, and trade finance for customers, corporate, and financial institutions. Bank for Investment also offers foreign exchange, money market, derivatives, and debt market services.

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Bank For Investment And Deve (BID VN)

BID [BUY +20.2%] - Fundamentals Improving Gradually; Reiterate BUY Rating

We maintain our assumption for a projected 138 million-share issuance (2.0% of shares outstanding) through a private placement to occur in mid-2026.

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

Banking Sector - 2Q25 Update and Outlook - Dual Mandate

Vietnam’s banking sector remained on a concrete footing in 2Q25, continuing the momentum established in 1Q25. Credit growth reached 9.9% YTD in...

Mirae Asset Securities

Forecast – VN30 and VNFin Lead Indexes Review in 1Q25

On January 20,the Ho Chi Minh City Stock Exchange (HSX) will officially release the semi-annual review for both the VN30 and VNFin LEAD indexes,...

Mirae Asset Securities

Banking Sector - 9M24 Update and Outlook - Letting the Recovery Simmer

Credit growth in 3Q24 remained steady: According to the State Bank of Vietnam (SBV), credit growth reached approximately 9% YTD as of end-3Q24,...

Mirae Asset Securities

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