External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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<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>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.

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

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<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>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.

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

<ul><li>We increase our target price (TP) by 4% to VND29,000/share, but downgrade our rating for HDB from BUY to OUTPERFORM as the share price has increased 17% in the last three months.</li><li>Our higher TP is mainly due to a 4% increase in our aggregate 2024-2028F NPAT-MI (1%/ -1%/2%/2%/6% for 2024/25/26/27/28F, respectively).</li><li>We slightly increase 2024F NPAT-MI by 1% to VND12.4tn (USD498mn; +24% YoY) primarily due to (1) a 2% increase in NII with our higher NIM forecast and (2) a 14% decrease in provision expenses that outweigh (3) our 20% cut in NOII amid the weak performance in H1 2024. </li></ul>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.

We increase our target price (TP) by 4% to VND29,000/share, but downgrade our rating for HDB from BUY to OUTPERFORM as the share price has increased 17% in the last three months.Our higher TP is mainly due to a 4% increase in our aggregate 2024-2028F NPAT-MI (1%/ -1%/2%/2%/6% for 2024/25/26/27/28F, respectively).We slightly increase 2024F NPAT-MI by 1% to VND12.4tn (USD498mn; +24% YoY) primarily due to (1) a 2% increase in NII with our higher NIM forecast and (2) a 14% decrease in provision expenses that outweigh (3) our 20% cut in NOII amid the weak performance in H1 2024. 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.

HDBank - Strong NII Growth to Outweigh Pressure on Credit Costs

<ul><li>We increase our target price (TP) by 4% to VND29,000/share, but downgrade our rating for HDB from BUY to OUTPERFORM as the share price has increased 17% in the last three months.</li><li>Our higher TP is mainly due to a 4% increase in our aggregate 2024-2028F NPAT-MI (1%/ -1%/2%/2%/6% for 2024/25/26/27/28F, respectively).</li><li>We slightly increase 2024F NPAT-MI by 1% to VND12.4tn (USD498mn; +24% YoY) primarily due to (1) a 2% increase in NII with our higher NIM forecast and (2) a 14% decrease in provision expenses that outweigh (3) our 20% cut in NOII amid the weak performance in H1 2024.</li></ul>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.

We increase our target price (TP) by 4% to VND29,000/share, but downgrade our rating for HDB from BUY to OUTPERFORM as the share price has increased 17% in the last three months.Our higher TP is mainly due to a 4% increase in our aggregate 2024-2028F NPAT-MI (1%/ -1%/2%/2%/6% for 2024/25/26/27/28F, respectively).We slightly increase 2024F NPAT-MI by 1% to VND12.4tn (USD498mn; +24% YoY) primarily due to (1) a 2% increase in NII with our higher NIM forecast and (2) a 14% decrease in provision expenses that outweigh (3) our 20% cut in NOII amid the weak performance in H1 2024.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.

HDBank (HDB VN) - Strong NII Growth to Outweigh Pressure on Credit Costs

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>In 1Q24, HCM City Development JSCB (HDB) experienced no growth in total assets but saw changes in asset composition.</li><li>The bank's total assets stood at VND602.6tr (US$23.6bn, +0.04% YTD), while credit growth increased by 6.1% YTD.</li><li>The main drivers of this credit growth were customer loans (+5.8% YTD) and the investment portfolio (+22.7% YTD). </li></ul><div class="content-highlight">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.</div>

In 1Q24, HCM City Development JSCB (HDB) experienced no growth in total assets but saw changes in asset composition.The bank's total assets stood at VND602.6tr (US$23.6bn, +0.04% YTD), while credit growth increased by 6.1% YTD.The main drivers of this credit growth were customer loans (+5.8% YTD) and the investment portfolio (+22.7% YTD). 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.

Ho Chi Minh City Development JSCB - Stay the Course

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 [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

HDBank - Strong NII Growth to Outweigh Pressure on Credit Costs

We increase our target price (TP) by 4% to VND29,000/share, but downgrade our rating for HDB from BUY to OUTPERFORM as the share price has...

Vietcap

HDBank (HDB VN) - Strong NII Growth to Outweigh Pressure on Credit Costs

We increase our target price (TP) by 4% to VND29,000/share, but downgrade our rating for HDB from BUY to OUTPERFORM as the share price has...

Vietcap

Ho Chi Minh City Development JSCB - Stay the Course

In 1Q24, HCM City Development JSCB (HDB) experienced no growth in total assets but saw changes in asset composition. The bank's total assets stood...

Mirae Asset Securities

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