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>System-wide credit growth accelerated in 2Q26, although growth was highly differentiated across banks.</li><li>By end-1H26, system-wide credit grew 8.37% YTD, accelerating from 3.18% in 1Q26, before reaching nearly 9.1% by mid-August.</li><li>Growth among LBs stood at 9.3% YTD in 1H26, mainly driven by top-tier privately owned banks with stronger credit quotas and balance-sheet capacity, led by VPB (+23.2%), HDB (+21.8%), TCB (+15.2%), and MBB (+13.2%), while major SOCBs such as BID, CTG, VCB and VIB remained in the ~5% range. </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>

System-wide credit growth accelerated in 2Q26, although growth was highly differentiated across banks.By end-1H26, system-wide credit grew 8.37% YTD, accelerating from 3.18% in 1Q26, before reaching nearly 9.1% by mid-August.Growth among LBs stood at 9.3% YTD in 1H26, mainly driven by top-tier privately owned banks with stronger credit quotas and balance-sheet capacity, led by VPB (+23.2%), HDB (+21.8%), TCB (+15.2%), and MBB (+13.2%), while major SOCBs such as BID, CTG, VCB and VIB remained in the ~5% range. 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 - 2Q26 Update and Outlook - Let Execution Compound

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

Rong Viet Securities

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Equity Bottom-Up

<ul><li>Q4-FY25 pre -tax profit was broadly flat year -on-year, and full -year 2025 pre -tax profit growth came in at only 4% YoY.</li><li>The primary reasons for the weak Q4 -FY25 result: non -interest income fell 22% YoY, and provisioning costs surged against a very low base in the same period last year (Q4-FY24: net provision reversal of VND 32 bn).</li><li>Credit balance reached approximately VND 1.66 quadrillion, up more than 15% YTD, while deposit funding reached VND 1.68 quadrillion, up more than 10% YTD. </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>

Q4-FY25 pre -tax profit was broadly flat year -on-year, and full -year 2025 pre -tax profit growth came in at only 4% YoY.The primary reasons for the weak Q4 -FY25 result: non -interest income fell 22% YoY, and provisioning costs surged against a very low base in the same period last year (Q4-FY24: net provision reversal of VND 32 bn).Credit balance reached approximately VND 1.66 quadrillion, up more than 15% YTD, while deposit funding reached VND 1.68 quadrillion, up more than 10% 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.

VCB - Good Accumulate Opportunity as Valuation Hits Cyclical Trough

<ul><li>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) noninterest 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><li>While VCB previously recorded minimal specific provisioning, NPL formation is expected to accelerate under a higherrate environment.</li><li>Accordingly, we revised our 2026 PBT forecast by 3.1%, although earnings are still expected to grow 8.7% YoY (high single-digit)</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) noninterest 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.While VCB previously recorded minimal specific provisioning, NPL formation is expected to accelerate under a higherrate environment.Accordingly, we revised our 2026 PBT forecast by 3.1%, although earnings are still expected to grow 8.7% YoY (high single-digit)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.

Bank for Foreign Trade of Vietnam (VCB VN) - Cyclical Resilience

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 style="text-align: justify;">We maintain our BUY rating and keep our target price (TP) unchanged at VND73,500/share as we largely maintain our aggregate earnings forecast for the 2026-2030F period.</li><li style="text-align: justify;">We remove our assumption for a projected 543.1 million-share issuance through a private placement in 2026 given the lack of visibility on deal progress.</li><li style="text-align: justify;">Considering VCB’s strong CAR of 11.7% at end-2025 and solid ROE in the 17-18% range, we believe the bank does not need to raise capital to deliver credit growth sustainably in the 16-17% range. </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 and keep our target price (TP) unchanged at VND73,500/share as we largely maintain our aggregate earnings forecast for the 2026-2030F period.We remove our assumption for a projected 543.1 million-share issuance through a private placement in 2026 given the lack of visibility on deal progress.Considering VCB’s strong CAR of 11.7% at end-2025 and solid ROE in the 17-18% range, we believe the bank does not need to raise capital to deliver credit growth sustainably in the 16-17% range. 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.

VCB [BUY +25.8%] - Safe Haven with Resilient Earnings Growth Outlook

<ul><li>VCB’s balance sheet continued to expand in 1H26, driven mainly by liquidity rather than lending.</li><li>Customer loans increased by 4.8% YTD, trailing total-asset growth of 8.8%, as interbank balances rose 18.9% and deposits at the SBV surged 95.1%.</li><li>Customer deposits grew 3.4% YTD, while CASA declined 1.0% in absolute terms and its weight fell by 1.5%p to 33.9%. </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’s balance sheet continued to expand in 1H26, driven mainly by liquidity rather than lending.Customer loans increased by 4.8% YTD, trailing total-asset growth of 8.8%, as interbank balances rose 18.9% and deposits at the SBV surged 95.1%.Customer deposits grew 3.4% YTD, while CASA declined 1.0% in absolute terms and its weight fell by 1.5%p to 33.9%. 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)_Sep 2026

Vietnam

Joint Stock Commercial Bank for Foreign Trade of Vietnam, known as Vietcombank, is a major commercial bank in Vietnam offering a wide range of products and services, including traditional banking activities like capital management, credit provision, and project financing, as well as modern services such as foreign exchange, derivatives, card services, and digital banking. It accepts deposits from organizations and individuals, provides various loans, and offers investment and savings insurance. The company is headquartered in Hanoi, Vietnam, and was founded on April 1, 1963.

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Vietcombank (VCB VN)

Banking Sector - 2Q26 Update and Outlook - Let Execution Compound

System-wide credit growth accelerated in 2Q26, although growth was highly differentiated across banks. By end-1H26, system-wide credit grew 8.37%...

Mirae Asset Securities

VCB - Good Accumulate Opportunity as Valuation Hits Cyclical Trough

The primary reasons for the weak Q4 -FY25 result: non -interest income fell 22% YoY, and provisioning costs surged against a very low base in the...

Rong Viet Securities

Bank for Foreign Trade of Vietnam (VCB VN) - Cyclical Resilience

While VCB previously recorded minimal specific provisioning, NPL formation is expected to accelerate under a higherrate environment.

Mirae Asset Securities

VCB [BUY +25.8%] - Safe Haven with Resilient Earnings Growth Outlook

We maintain our BUY rating and keep our target price (TP) unchanged at VND73,500/share as we largely maintain our aggregate earnings forecast for...

Vietcap

Stock recommendations (Vietnam Market)_Sep 2026

Customer loans increased by 4.8% YTD, trailing total-asset growth of 8.8%, as interbank balances rose 18.9% and deposits at the SBV surged 95.1%.

Mirae Asset Securities

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