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>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

<ul><li>Credit growth came in slightly below expectations, recording 18.3% YoY in 2025 versus the initial target of 18.9%.</li><li>Loan expansion was primarily driven by the corporate segment, which grew 27.9% YoY, while retail loans grew more moderately at 12.9%.</li><li>In 2026, credit growth is projected to remain robust at 18.3%, led by corporate lending (+20%) and an acceleration in retail growth to 16.6%, supported by rising mortgage demand as residential projects reach completion. </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 came in slightly below expectations, recording 18.3% YoY in 2025 versus the initial target of 18.9%.Loan expansion was primarily driven by the corporate segment, which grew 27.9% YoY, while retail loans grew more moderately at 12.9%.In 2026, credit growth is projected to remain robust at 18.3%, led by corporate lending (+20%) and an acceleration in retail growth to 16.6%, supported by rising mortgage demand as residential projects reach completion. 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)_February 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)

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

Stock recommendations (Vietnam Market)_February 2026

Please change this text!Loan expansion was primarily driven by the corporate segment, which grew 27.9% YoY, while retail loans grew more moderately...

Mirae Asset Securities

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