External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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<ul><li>Though QoQ credit growth slowed down in Q3 2024, 9M system-wide credit growth of 9% was encouraging.</li><li>Banks under our coverage reported higher credit growth for 9M 2024 compared to the industry average (11.3% vs 9.0%), with standout performances from private banks like TCB (+17.5%), HDB (+16.6%), ACB (+13.8%), and LPB (+16.1%).</li><li>System-wide deposit growth in 7M 2024 remained weak at around 1.7%. </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>

Though QoQ credit growth slowed down in Q3 2024, 9M system-wide credit growth of 9% was encouraging.Banks under our coverage reported higher credit growth for 9M 2024 compared to the industry average (11.3% vs 9.0%), with standout performances from private banks like TCB (+17.5%), HDB (+16.6%), ACB (+13.8%), and LPB (+16.1%).System-wide deposit growth in 7M 2024 remained weak at around 1.7%. 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.

Q3 2024 Banking Earnings Wrap-Up - Resilient Earnings Growth Despite NIM Contraction

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

<ul><li>Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.</li><li>Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO.</li><li>VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.</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>

Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO.VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.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) - November 2024

<ul><li>On October 21, the Ho Chi Minh City Stock Exchange (HSX) will release the changes to the constituent stocks and calculation factors for VNDiamond Index baskets with these adjustments, effective from November 4, 2024.</li><li>Consequently, November 1, 2024 will be the last trading day for ETFs, following the VN-Diamond Index’s rebalancing of their portfolios</li><li>HSX has approved Decision No. 502/QD-SGDHCM, which replaces version 2.1 with version 3.0 of the "Vietnam Diamond Index" construction and management rules, effective from the October 2024 review 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>

On October 21, the Ho Chi Minh City Stock Exchange (HSX) will release the changes to the constituent stocks and calculation factors for VNDiamond Index baskets with these adjustments, effective from November 4, 2024.Consequently, November 1, 2024 will be the last trading day for ETFs, following the VN-Diamond Index’s rebalancing of their portfoliosHSX has approved Decision No. 502/QD-SGDHCM, which replaces version 2.1 with version 3.0 of the "Vietnam Diamond Index" construction and management rules, effective from the October 2024 review 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.

Forecast VNDiamond Index Review in 4Q24 - Sep 26, 2024

<ul><li>Credit growth achieves mid-year target despite bumpy initiation: According to the State Bank of Vietnam (SBV), as of June 30, credit growth reached 6% YTD, achieving the mid-year target of 5–6% for 1H24 set by the Prime Minister.</li><li>Notably, by the end of May, credit growth was only 2.4% YTD, indicating a sharp increase of 3.6% in June, with over 1.5% growth in the final week alone.</li><li>While the rapid increase in June might seem unnatural to some, it aligns well with the broader macroeconomic momentum during the 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 growth achieves mid-year target despite bumpy initiation: According to the State Bank of Vietnam (SBV), as of June 30, credit growth reached 6% YTD, achieving the mid-year target of 5–6% for 1H24 set by the Prime Minister.Notably, by the end of May, credit growth was only 2.4% YTD, indicating a sharp increase of 3.6% in June, with over 1.5% growth in the final week alone.While the rapid increase in June might seem unnatural to some, it aligns well with the broader macroeconomic momentum during the 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 - 1H24 Update and Outlook - So far, so good

<ul><li>Recently, HSX announced updated component securities (including changes in component stocks and calculation factors) for the VN30 Index, VNDiamond Index, and VNFin Lead Index baskets. In detail, there are no changes to any component stocks of either the VN30 Index or VNDiamond Index.</li><li>Meanwhile, the VNFin Lead Index has seen additions, as NAB, SSB, and VIX are new entrants to the basket, without any removals in the upcoming review, resulting in an increase in index constituents to 23 stocks.</li><li>Additionally, a few minor adjustments have been made to the limits of weighted-average calculation criteria for free-float, FOL, liquidity, and capitalization for all indexes. To sum up, the majority of the aggregate rebalancing transactions will focus on the buying direction, while FPT has been deleveraged aggressively.</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>

Recently, HSX announced updated component securities (including changes in component stocks and calculation factors) for the VN30 Index, VNDiamond Index, and VNFin Lead Index baskets. In detail, there are no changes to any component stocks of either the VN30 Index or VNDiamond Index.Meanwhile, the VNFin Lead Index has seen additions, as NAB, SSB, and VIX are new entrants to the basket, without any removals in the upcoming review, resulting in an increase in index constituents to 23 stocks.Additionally, a few minor adjustments have been made to the limits of weighted-average calculation criteria for free-float, FOL, liquidity, and capitalization for all indexes. To sum up, the majority of the aggregate rebalancing transactions will focus on the buying direction, while FPT has been deleveraged aggressively.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

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)

Q3 2024 Banking Earnings Wrap-Up - Resilient Earnings Growth Despite NIM Contraction

Though QoQ credit growth slowed down in Q3 2024, 9M system-wide credit growth of 9% was encouraging. Banks under our coverage reported higher...

Vietcap

Stock Recommendations (Vietnam Market) - November 2024

Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.

Mirae Asset Securities

Forecast VNDiamond Index Review in 4Q24 - Sep 26, 2024

On October 21, the Ho Chi Minh City Stock Exchange (HSX) will release the changes to the constituent stocks and calculation factors for VNDiamond...

Mirae Asset Securities

Banking Sector - 1H24 Update and Outlook - So far, so good

According to the State Bank of Vietnam (SBV), as of June 30, credit growth reached 6% YTD, achieving the mid-year target of 5–6% for 1H24 set by...

Mirae Asset Securities

3Q24 ETF Rebalancing Forecast

To sum up, the majority of the aggregate rebalancing transactions will focus on the buying direction, while FPT has been deleveraged aggressively.

Mirae Asset Securities

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