External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Thematic (Sector/Industry)

<ul><li>Despite a moderate 15.2% YoY increase in total assets to VND978tr, TCB maintained strong expansion in core profit-generating assets, with credit (including corporate bonds) rising 21.7% YoY to VND683tr (69.8% of total assets) in FY24.</li><li>A steady disbursement pace underscored a prudent approach, balancing risk diversification and yield optimization. Real estate exposure declined to 63.7% (-7.3%p since 2022), while retail banking penetration increased to 41.6% (+2.2%p YoY).</li><li>Asset quality improved, with the NPL ratio down to 1.12% (-4bps YoY, -17bps QoQ), ranking second only to VCB, while LLR surged to 114% (+11.8%p YoY). </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>

Despite a moderate 15.2% YoY increase in total assets to VND978tr, TCB maintained strong expansion in core profit-generating assets, with credit (including corporate bonds) rising 21.7% YoY to VND683tr (69.8% of total assets) in FY24.A steady disbursement pace underscored a prudent approach, balancing risk diversification and yield optimization. Real estate exposure declined to 63.7% (-7.3%p since 2022), while retail banking penetration increased to 41.6% (+2.2%p YoY).Asset quality improved, with the NPL ratio down to 1.12% (-4bps YoY, -17bps QoQ), ranking second only to VCB, while LLR surged to 114% (+11.8%p YoY). 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 2025

<ul>
<li>Despite a moderate 15.2% YoY expansion in total assets to VND978tr, TCB demonstrated robust growth in core profit-generating assets, including loans and bond investments.</li>
<li>Specifically, the loan book and investment portfolio surged 21.8% YoY and 20.7% YoY, respectively.</li>
<li>Credit growth (including loans and corporate bonds) accelerated 21.7% YoY to VND683tr, comprising 69.8% of total assets.</li>
<li>While TCB’s credit growth trailed some sector leaders, its steady expansion across quarters—without excessive disbursement towards year-end—reflected a prudent and well-calibrated approach. </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>


Despite a moderate 15.2% YoY expansion in total assets to VND978tr, TCB demonstrated robust growth in core profit-generating assets, including loans and bond investments.
Specifically, the loan book and investment portfolio surged 21.8% YoY and 20.7% YoY, respectively.
Credit growth (including loans and corporate bonds) accelerated 21.7% YoY to VND683tr, comprising 69.8% of total assets.
While TCB’s credit growth trailed some sector leaders, its steady expansion across quarters—without excessive disbursement towards year-end—reflected a prudent and well-calibrated approach. 

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)_March 2025

Equity Bottom-Up

<ul><li>Following the robust Oct-2024 sales update, we revise our volume estimates by 5–7% for FY24–25F.</li><li>We also incorporate recent raw material pullbacks.</li><li>Additionally, we factor in recent raw material cost reductions, resulting in an upward adjustment to our gross margin assumption. </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>

Following the robust Oct-2024 sales update, we revise our volume estimates by 5–7% for FY24–25F.We also incorporate recent raw material pullbacks.Additionally, we factor in recent raw material cost reductions, resulting in an upward adjustment to our gross margin assumption. 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.

Hoa Phat Group JSC (HPG VN Equity/ Trading Buy) - Near-Term Margin Upside on the Table

External broker reports(aggregated public sources), Vietcap

Vietcap

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

<ul><li>We maintain our BUY rating for HPG and raise our target price (TP) by 11% to VND35,700/share. </li><li>Our higher TP is driven by (1) rolling our TP forward to end-2025 and (2) 4%/2%/3%/3%/3% higher 2025/26/27/28/29F NPAT-MI projections, outweighing our lower target P/E of 15.0x. </li><li>We keep our 2024F NPAT-MI forecast broadly unchanged. Following strong 9M 2024 results, we increase (1) steel revenue by 5% (driven by higher ASP, partially offset by lower sales volume), (2) the real estate segment NPAT-MI by 5%, and (3) reduce financial expenses by 5%. These are offset by (1) 45 bps lower steel GPM, (2) an 11% drop in agriculture segment NPAT-MI, and (3) an 11% reduction in financial income forecasts due to weaker-than-expected 9M performance.</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 maintain our BUY rating for HPG and raise our target price (TP) by 11% to VND35,700/share. Our higher TP is driven by (1) rolling our TP forward to end-2025 and (2) 4%/2%/3%/3%/3% higher 2025/26/27/28/29F NPAT-MI projections, outweighing our lower target P/E of 15.0x. We keep our 2024F NPAT-MI forecast broadly unchanged. Following strong 9M 2024 results, we increase (1) steel revenue by 5% (driven by higher ASP, partially offset by lower sales volume), (2) the real estate segment NPAT-MI by 5%, and (3) reduce financial expenses by 5%. These are offset by (1) 45 bps lower steel GPM, (2) an 11% drop in agriculture segment NPAT-MI, and (3) an 11% reduction in financial income forecasts due to weaker-than-expected 9M performance.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.

HPG VN - Domestic Demand & Capacity Expansion to Drive 2025F Growth

<ul><li><p>Construction contributed 6-7% of Vietnam’s GDP in 2013-23, showing high beta characteristics.</p></li><li><p>Vietnam’s construction sector is comprised of three main segments – residential, industrial &amp; commercial, and infrastructure.</p></li><li>In 2013-2023, residential construction contributed 41% of the total construction value, followed by industrial &amp; commercial (32%) and infrastructure (27%). </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>

Construction contributed 6-7% of Vietnam’s GDP in 2013-23, showing high beta characteristics.Vietnam’s construction sector is comprised of three main segments – residential, industrial &amp; commercial, and infrastructure.In 2013-2023, residential construction contributed 41% of the total construction value, followed by industrial &amp; commercial (32%) and infrastructure (27%). 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.

Construction Sector - Industrial, Infrastructure Projects Leading Sector Recovery

Vietnam

Hoa Phat Group JSC is a multi-disciplinary manufacturing company. The Company manufactures a wide range of products, including steel, steel pipe, furniture, and refrigeration equipment.

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Hoa Phat Group Jsc (HPG VN)

Stock recommendations (Vietnam Market)_April 2025

Despite a moderate 15.2% YoY increase in total assets to VND978tr, TCB maintained strong expansion in core profit-generating assets, with credit...

Mirae Asset Securities

Stock Recommendations (Vietnam Market)_March 2025

Despite a moderate 15.2% YoY expansion in total assets to VND978tr, TCB demonstrated robust growth in core profit-generating assets, including...

Mirae Asset Securities