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

<ul><li>We maintain our BUY rating and target price (TP) of VND44,800/share for BID as we keep our aggregate 2025-2029F earnings forecast largely unchanged.</li><li>BID currently trades at an attractive valuation level with a trailing P/B of 1.65x, which is 2 standard deviations below its 5-year historical average of 2.13x.</li><li>We shift our assumption for a projected 138 million-share issuance (2.0% of shares outstanding) through a private placement to occur in mid-2026 instead of end-2025 previously.</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 target price (TP) of VND44,800/share for BID as we keep our aggregate 2025-2029F earnings forecast largely unchanged.BID currently trades at an attractive valuation level with a trailing P/B of 1.65x, which is 2 standard deviations below its 5-year historical average of 2.13x.We shift our assumption for a projected 138 million-share issuance (2.0% of shares outstanding) through a private placement to occur in mid-2026 instead of end-2025 previously.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.

BIDV BID - Reiterate BUY Rating Given Attractive Valuation

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

Thematic (Sector/Industry)

<ul><li>According to HSX, NVL and PDR are removed from the VN30 index basket; meanwhile, SSB and SHB will be replaced respectively in the next review.</li><li>Therefore, ETFs (E1VFVN30; FUEKIV30; FUESSV30; FUEMAV30) that are replicating the VN30 index will also have similar structural changes in their basket of component securities on the rebalancing date.</li><li>Specifically, we estimate that a total of 2.4mn shares of PDR and 8.7mn shares of NVL will be sold during the restructuring period, while 19.3mn shares of SHB and 11.5mn shares of SSB will be added. </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>

According to HSX, NVL and PDR are removed from the VN30 index basket; meanwhile, SSB and SHB will be replaced respectively in the next review.Therefore, ETFs (E1VFVN30; FUEKIV30; FUESSV30; FUEMAV30) that are replicating the VN30 index will also have similar structural changes in their basket of component securities on the rebalancing date.Specifically, we estimate that a total of 2.4mn shares of PDR and 8.7mn shares of NVL will be sold during the restructuring period, while 19.3mn shares of SHB and 11.5mn shares of SSB will be added. 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>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>We maintain our target price (TP) of VND55,000/share and our OUTPERFORM rating for BID.</li><li>We broadly maintain our aggregate earnings forecast for 2024-2028F (respective changes of -1%/-1%/0%/1%/0% in 2024/25/26/27/28F).</li><li>Our aggregate 2024-2028F NPAT-MI is broadly unchanged as (1) a 1% increase in aggregate NII resulting from higher credit growth assumption in 2024F and (2) a 3% increase in NOII following strong gains from trading FX and investment activities in H1 2024 are offset by (3) a 3% increase in provision expenses mainly due to our higher 2024-2028F average write-off rate of 1.05% vs 1.01% previously. </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) of VND55,000/share and our OUTPERFORM rating for BID.We broadly maintain our aggregate earnings forecast for 2024-2028F (respective changes of -1%/-1%/0%/1%/0% in 2024/25/26/27/28F).Our aggregate 2024-2028F NPAT-MI is broadly unchanged as (1) a 1% increase in aggregate NII resulting from higher credit growth assumption in 2024F and (2) a 3% increase in NOII following strong gains from trading FX and investment activities in H1 2024 are offset by (3) a 3% increase in provision expenses mainly due to our higher 2024-2028F average write-off rate of 1.05% vs 1.01% previously. 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.

BIDV (BID) - Delaying Timeline for Private Placement to 2025F

Vietnam

BIDV Insurance Corp. is a Vietnamese insurance company that offers a comprehensive range of non-life insurance products, reinsurance, and financial investment services. Their offerings include health, travel, motor vehicle, home, corporate, and bancassurance products. The company is headquartered in Hanoi, Vietnam, and was founded in 1999 as a joint venture, officially operating under the BIC brand name from January 1, 2006.

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BIDV Insurance (BIC VN)

BIDV BID - Reiterate BUY Rating Given Attractive Valuation

We maintain our BUY rating and target price (TP) of VND44,800/share for BID as we keep our aggregate 2025-2029F earnings forecast largely unchanged.

Vietcap

ETF VN30 Monitor in 3Q23

According to HSX, NVL and PDR are removed from the VN30 index basket; meanwhile, SSB and SHB will be replaced respectively in the next review.

Mirae Asset Securities

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

BIDV (BID) - Delaying Timeline for Private Placement to 2025F

We broadly maintain our aggregate earnings forecast for 2024-2028F (respective changes of -1%/-1%/0%/1%/0% in 2024/25/26/27/28F).

Vietcap

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