External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>We increase our target price (TP) by 26% to VND34,000/share, but downgrade our rating from BUY to OUTPERFORM as the share price has increased 41% in the last three months.</li><li>Our higher TP is due to (1) a 17% increase in our aggregate 2025-2029F NPAT-MI forecast (+3%/+8%/+12%/+20%/+30% for 2025/26/27/28/29F, respectively) and (2) increasing our target P/B from 1.10x to 1.70x, reflecting a more sustainable, strong ROE profile, supported by favorable market conditions post US tariff clarity.</li><li>HDB’s 2025F P/B of 1.61x was 2% higher than its peer median 2025F P/B, while the bank’s 2025F ROE is the highest at 26.6% vs the peer median in our coverage of 17.6%, per our forecast.</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 increase our target price (TP) by 26% to VND34,000/share, but downgrade our rating from BUY to OUTPERFORM as the share price has increased 41% in the last three months.Our higher TP is due to (1) a 17% increase in our aggregate 2025-2029F NPAT-MI forecast (+3%/+8%/+12%/+20%/+30% for 2025/26/27/28/29F, respectively) and (2) increasing our target P/B from 1.10x to 1.70x, reflecting a more sustainable, strong ROE profile, supported by favorable market conditions post US tariff clarity.HDB’s 2025F P/B of 1.61x was 2% higher than its peer median 2025F P/B, while the bank’s 2025F ROE is the highest at 26.6% vs the peer median in our coverage of 17.6%, per our forecast.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.

HDB [OUTPERFORM +13.2%] - Strong ROE Profile but Faces Near-Term Dilution Risk - Update

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.

<ul><li>Consolidated PBT in 1Q25 reached over VND 5.3 trillion (+31% QoQ, +33% YoY), fulfilling 26% of the full-year PBT target (VND 21.2 trillion).</li><li>The strong growth was driven by (1) a sharp increase in non-NII (+204% YoY), and (2) well-controlled operating expenses (+3% YoY).</li><li>Net interest income growth slowed to 3.5% YoY, mainly due to a quarterly NIM narrowing of 80 bps QoQ to 4.8%.</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>

Consolidated PBT in 1Q25 reached over VND 5.3 trillion (+31% QoQ, +33% YoY), fulfilling 26% of the full-year PBT target (VND 21.2 trillion).The strong growth was driven by (1) a sharp increase in non-NII (+204% YoY), and (2) well-controlled operating expenses (+3% YoY).Net interest income growth slowed to 3.5% YoY, mainly due to a quarterly NIM narrowing of 80 bps QoQ to 4.8%.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.

HDB - Outstanding Growth Driven by the Expansion of Non-Interest Income

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>HSX recently announced updates to the VN30 Index, VNDiamond Index, and VNFin Lead Index components, including changes in stocks and calculation factors.</li><li>The new indexes will take effect on February 3, 2025, with rebalancing set for January 24, due to the Tet holiday.</li><li>Consequently, ETFs tracking these indexes will adjust their portfolios from January 20–24.</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>

HSX recently announced updates to the VN30 Index, VNDiamond Index, and VNFin Lead Index components, including changes in stocks and calculation factors.The new indexes will take effect on February 3, 2025, with rebalancing set for January 24, due to the Tet holiday.Consequently, ETFs tracking these indexes will adjust their portfolios from January 20–24.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.

Vietnam

Ho Chi Minh Development Joint Stock Commercial Bank provides commercial banking services for retail and institutional customers. The Bank offers personal and car loans, overdraft, business financing, term deposits, current accounts, mobile banking, and online bills payment services. Ho Chi Minh Development serves customers in Vietnam.

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HDBank (HDB VN)

HDB [OUTPERFORM +13.2%] - Strong ROE Profile but Faces Near-Term Dilution Risk - Update

We increase our target price (TP) by 26% to VND34,000/share, but downgrade our rating from BUY to OUTPERFORM as the share price has increased 41%...

Vietcap

HDB - Outstanding Growth Driven by the Expansion of Non-Interest Income

Consolidated PBT in 1Q25 reached over VND 5.3 trillion (+31% QoQ, +33% YoY), fulfilling 26% of the full-year PBT target (VND 21.2 trillion).

Rong Viet 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

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

ETF Monitor in 1Q25

HSX recently announced updates to the VN30 Index, VNDiamond Index, and VNFin Lead Index components, including changes in stocks and calculation...

Mirae Asset Securities

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