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

Equity Bottom-Up

<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

Thematic (Sector/Industry)

<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

<ul><li>Credit growth continued to expand positively in 3Q25. As of 9M25, total bank credit rose 12.3% YoY (vs. 7.2% in 2Q25).</li><li>Although this pace remains somewhat below the sector average, the divergence is not unusual given the bank’s diversified earnings base.</li><li>For 2025, total credit is expected to grow 15.6% YoY (+1.2%p from the previous forecast) to around VND1.7mn bn, followed by a moderated expansion of 12.2% YoY in 2026 (unchanged from the prior projection).</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 continued to expand positively in 3Q25. As of 9M25, total bank credit rose 12.3% YoY (vs. 7.2% in 2Q25).Although this pace remains somewhat below the sector average, the divergence is not unusual given the bank’s diversified earnings base.For 2025, total credit is expected to grow 15.6% YoY (+1.2%p from the previous forecast) to around VND1.7mn bn, followed by a moderated expansion of 12.2% YoY in 2026 (unchanged from the prior projection).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/Buy/TP:70,800) - Cushion pre-packed  

<ul><li>We maintain our BUY rating but lower our target price (TP) by 5.3% to VND73,500/share.</li><li>Our lower TP is driven by (1) a 7.1% decrease in our aggregate 2025-2029F earnings forecast (respective changes of -3.4%/-8.5%/-5.5%/-7.1%/-9.1% for 2025/26/27/28/29F), (2) an increase in cost of equity due to an updated beta, and (3) a lower target P/B assumption.</li><li>These are partially offset by the positive impact of rolling our TP horizon forward to end-2026F.</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 but lower our target price (TP) by 5.3% to VND73,500/share.Our lower TP is driven by (1) a 7.1% decrease in our aggregate 2025-2029F earnings forecast (respective changes of -3.4%/-8.5%/-5.5%/-7.1%/-9.1% for 2025/26/27/28/29F), (2) an increase in cost of equity due to an updated beta, and (3) a lower target P/B assumption.These are partially offset by the positive impact of rolling our TP horizon forward to end-2026F.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 +25.3%] - EPS Growth to Improve in 2026-27; Attractive Valuation

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)

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

Bank for Foreign Trade of Vietnam (VCB VN/Buy/TP:70,800) - Cushion pre-packed

Although this pace remains somewhat below the sector average, the divergence is not unusual given the bank’s diversified earnings base.

Mirae Asset Securities

VCB [BUY +25.3%] - EPS Growth to Improve in 2026-27; Attractive Valuation

We maintain our BUY rating but lower our target price (TP) by 5.3% to VND73,500/share. Our lower TP is driven by (1) a 7.1% decrease in our...

Vietcap

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