External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>We have conducted a valuation for HDB stock and estimate its fair value at VND 31,000, corresponding to projected P/B multiples for 2025F and 2026F of 2.1x and 1.7x, respectively.</li><li>Superior credit growth potential is driven by (1) receiving a high credit growth quota upon the mandatory transfer of the weak credit institution Dong A Bank, (2) a solid capital buffer and ample liquidity headroom, and (3) the strategy to boost lending to large corporates.</li><li>Besides NIM expansion supported by the recognition of additional fees from credit activities (undrawn commitment fees, credit granting fees, etc.), HDB maintains positive growth momentum in non-interest income by expanding products, services and effectively exploiting the HD Financial Group ecosystem, with notable contributions from insurance services and corporate advisory services.</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 have conducted a valuation for HDB stock and estimate its fair value at VND 31,000, corresponding to projected P/B multiples for 2025F and 2026F of 2.1x and 1.7x, respectively.Superior credit growth potential is driven by (1) receiving a high credit growth quota upon the mandatory transfer of the weak credit institution Dong A Bank, (2) a solid capital buffer and ample liquidity headroom, and (3) the strategy to boost lending to large corporates.Besides NIM expansion supported by the recognition of additional fees from credit activities (undrawn commitment fees, credit granting fees, etc.), HDB maintains positive growth momentum in non-interest income by expanding products, services and effectively exploiting the HD Financial Group ecosystem, with notable contributions from insurance services and corporate advisory services.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), 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>Based on our calculation, MCH and TCX are obviously eligible for inclusion in the VN30 basket in the upcoming review, as they satisfy all screening criteria, especially ranking 10 th and 20th by market capitalization, respectively.</li><li>Given their strong rankings, the inclusion appears all but certain, as any eligible non-constituent ranked within the top 20 by market capitalization is automatically prioritized for inclusion under the rule.</li><li>The fact that this outcome is also well in-line with market expectations, as these non-constituents had already emerged as the strongest candidates in the previous review, with the minimum six-month listing requirement being the only remaining hurdle.</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>

Based on our calculation, MCH and TCX are obviously eligible for inclusion in the VN30 basket in the upcoming review, as they satisfy all screening criteria, especially ranking 10 th and 20th by market capitalization, respectively.Given their strong rankings, the inclusion appears all but certain, as any eligible non-constituent ranked within the top 20 by market capitalization is automatically prioritized for inclusion under the rule.The fact that this outcome is also well in-line with market expectations, as these non-constituents had already emerged as the strongest candidates in the previous review, with the minimum six-month listing requirement being the only remaining hurdle.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>VCB recorded relatively balanced growth in 1Q26, with total assets and credit increasing by 4.5% and 4.7% YTD, respectively, reaching VND2,551tr and VND1,727tr.</li><li>This was a solid performance, both compared with the bank’s recent growth pace and the broader system trend.</li><li>The stronger loan growth was mainly supported by VCB’s relatively attractive lending rates. </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>

VCB recorded relatively balanced growth in 1Q26, with total assets and credit increasing by 4.5% and 4.7% YTD, respectively, reaching VND2,551tr and VND1,727tr.This was a solid performance, both compared with the bank’s recent growth pace and the broader system trend.The stronger loan growth was mainly supported by VCB’s relatively attractive lending rates. 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) July 2026

Stock Recommendations (Vietnam Market) May 2026

<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

Vietnam

HDBank is a Vietnamese commercial bank offering a wide range of financial and banking services to individuals, businesses, and investors, including deposits, loans, insurance, and digital banking solutions. The bank focuses on retail, SME, and consumer segments and supports MSMEs, farmers, and rural communities. HDBank is headquartered in Ho Chi Minh City, Vietnam, and was founded in 1989.

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HDBank (HDB VN)

HDB - Solid Growth Prospects

We have conducted a valuation for HDB stock and estimate its fair value at VND 31,000, corresponding to projected P/B multiples for 2025F and 2026F...

Rong Viet Securities

Forecast – HoSE Indexes review in 3Q26

Based on our calculation, MCH and TCX are obviously eligible for inclusion in the VN30 basket in the upcoming review, as they satisfy all screening...

Mirae Asset Securities

Stock Recommendations (Vietnam Market) July 2026

VCB recorded relatively balanced growth in 1Q26, with total assets and credit increasing by 4.5% and 4.7% YTD, respectively, reaching VND2,551tr...

Mirae Asset Securities

Stock Recommendations (Vietnam Market) May 2026

VCB recorded relatively balanced growth in 1Q26, with total assets and credit increasing by 4.5% and 4.7% YTD, respectively, reaching VND2,551tr...

Mirae Asset Securities

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

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