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

Mirae Asset Securities

External broker reports(aggregated public sources)

Thematic (Sector/Industry)

Another rate cut could come in handy: In order to mitigate the effects of the pandemic, the State Bank of Vietnam (SBV) has conducted three central rate cuts totalling more than 150bps for all tenors.

Another rate cut could come in handy: In order to mitigate the effects of the pandemic, the State Bank of Vietnam (SBV) has conducted three central rate cuts totalling more than 150bps for all tenors.

Vietnam Banking Industry 2021 Outlook: Challenges Ahead

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.

Equity Bottom-Up

<ul><li>We maintain our BUY rating and increase our target price (TP) by 6.0% to VND77,600/share.</li><li>Our higher TP is driven by (1) a 2.7% increase in our aggregate 2025-2029F earnings forecast (respective changes of -0.8%/+2.9%/+3.9%/+3.2%/+3.1% for 2025/26/27/28/29F) and (2) a higher target P/B assumption.</li><li>The increase in our earnings forecast is primarily due to (1) a 0.7% increase in our aggregate 2025-2029F NII forecast due to slightly higher credit growth assumptions despite slightly more conservative NIM assumptions, and (2) a 9.1% increase in our aggregate 2025-2029F NOII following stronger-than-expected FX performance in H1 2025.</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 maintain our BUY rating and increase our target price (TP) by 6.0% to VND77,600/share.Our higher TP is driven by (1) a 2.7% increase in our aggregate 2025-2029F earnings forecast (respective changes of -0.8%/+2.9%/+3.9%/+3.2%/+3.1% for 2025/26/27/28/29F) and (2) a higher target P/B assumption.The increase in our earnings forecast is primarily due to (1) a 0.7% increase in our aggregate 2025-2029F NII forecast due to slightly higher credit growth assumptions despite slightly more conservative NIM assumptions, and (2) a 9.1% increase in our aggregate 2025-2029F NOII following stronger-than-expected FX performance in H1 2025.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.

Vietcombank (VCB) - EPS Growth to Accelerate with Strong Credit, NIM Recovery - Update

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

Rong Viet Securities

RongViet is proud to have a research team of experienced and trustworthy people whose works are at all time governed by the codes of objectivity, integrity and client's best interest.

Looking at relevant, up-to-date information from multiple perspectives with the support of intensive data and analyses, RongViet's research is effective, practical and widely used for investing purposes.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>PBT reached VND 10.9 trillion (+1% YoY), achieving 25% of the full-year plan.</li><li>Key growth drivers included a 12% YoY increase in non-interest income, a 50% YoY reduction in provisioning expenses, and credit growth of 1.2% YTD (15.6% YoY).</li><li>However, these factors were offset by a sharp 50 bps YoY decline in Net Interest Margin (NIM) to 2.65%. </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.

PBT reached VND 10.9 trillion (+1% YoY), achieving 25% of the full-year plan.Key growth drivers included a 12% YoY increase in non-interest income, a 50% YoY reduction in provisioning expenses, and credit growth of 1.2% YTD (15.6% YoY).However, these factors were offset by a sharp 50 bps YoY decline in Net Interest Margin (NIM) to 2.65%. 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.

<ul><li>We raise our target price (TP) for VCB by 4.0% to VND 114,500/share and maintain a BUY rating. </li><li>Our higher TP is mainly due to the positive impact from rolling our TP horizon forward to end-2025.</li><li>This is partly offset by a 10.9% aggregate decrease in our 2024-2028F NPAT-MI (with respective changes of -6.6%/-14.1%/-14.4%/-10.7%/-8.8% in 2024/25/26/27/28F).</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 raise our target price (TP) for VCB by 4.0% to VND 114,500/share and maintain a BUY rating. Our higher TP is mainly due to the positive impact from rolling our TP horizon forward to end-2025.This is partly offset by a 10.9% aggregate decrease in our 2024-2028F NPAT-MI (with respective changes of -6.6%/-14.1%/-14.4%/-10.7%/-8.8% in 2024/25/26/27/28F).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 +22.7%] - On the Road of Recovery - Update

<ul><li>We maintain our BUY rating and target price (TP) of VND110,000/share for VCB.</li><li>Our aggregate 2024-2028F NPAT-MI forecast is almost unchanged (-0.8%/-0.6%/0.8%/1.1%/-1.0% for 2024/25/26/27/28F, respectively).</li><li>We slightly decrease our 2024F NPAT-MI by 0.8% to VND36.2tn (USD1.4bn; +9.7% YoY) primarily due to (1) our 15.7% cut in NOII reflecting the weak performance in H1 2024 that outweighs (2) a 1% increase in NII with our slightly higher NIM forecast, (3) a 4.1% decrease in provision expenses, and (4) a 6.5% decrease in OPEX. </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 maintain our BUY rating and target price (TP) of VND110,000/share for VCB.Our aggregate 2024-2028F NPAT-MI forecast is almost unchanged (-0.8%/-0.6%/0.8%/1.1%/-1.0% for 2024/25/26/27/28F, respectively).We slightly decrease our 2024F NPAT-MI by 0.8% to VND36.2tn (USD1.4bn; +9.7% YoY) primarily due to (1) our 15.7% cut in NOII reflecting the weak performance in H1 2024 that outweighs (2) a 1% increase in NII with our slightly higher NIM forecast, (3) a 4.1% decrease in provision expenses, and (4) a 6.5% decrease in OPEX. 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

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Vietcombank (VCB VN)

Vietnam Banking Industry 2021 Outlook: Challenges Ahead

Another rate cut could come in handy: In order to mitigate the effects of the pandemic, the State Bank of Vietnam (SBV) has conducted three central...

Mirae Asset Securities

Vietcombank (VCB) - EPS Growth to Accelerate with Strong Credit, NIM Recovery - Update

We maintain our BUY rating and increase our target price (TP) by 6.0% to VND77,600/share. Our higher TP is driven by (1) a 2.7% increase in our...

Vietcap

VCB - Moderate but Solid Growth

Key growth drivers included a 12% YoY increase in non-interest income, a 50% YoY reduction in provisioning expenses, and credit growth of 1.2% YTD...

Rong Viet Securities

VCB [BUY +22.7%] - On the Road of Recovery - Update

We raise our target price (TP) for VCB by 4.0% to VND 114,500/share and maintain a BUY rating. Our higher TP is mainly due to the positive impact...

Vietcap

Vietcombank - NIM to Expand in H2 2024

Our aggregate 2024-2028F NPAT-MI forecast is almost unchanged (-0.8%/-0.6%/0.8%/1.1%/-1.0% for 2024/25/26/27/28F, respectively).

Vietcap

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)