External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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 style="text-align: justify;">We maintain our BUY rating and increase our target price (TP) by 5.9% to VND48,800/share.</li><li style="text-align: justify;">Our higher TP is driven by (1) a 11.5% increase in our aggregate 2026-2030F earnings forecast (respective changes of +22.7%/+11.0%/+11.4%/+10.2%/+7.2% for 2026/27/28/29/30F) and (2) a decrease in cost of equity due to an updated beta.</li><li style="text-align: justify;">We forecast BID to deliver ~15% NPAT-MI growth in 2026F, driven by a rebound in NIM with resilient asset quality despite moderating credit growth. </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 increase our target price (TP) by 5.9% to VND48,800/share.Our higher TP is driven by (1) a 11.5% increase in our aggregate 2026-2030F earnings forecast (respective changes of +22.7%/+11.0%/+11.4%/+10.2%/+7.2% for 2026/27/28/29/30F) and (2) a decrease in cost of equity due to an updated beta.We forecast BID to deliver ~15% NPAT-MI growth in 2026F, driven by a rebound in NIM with resilient asset quality despite moderating credit growth. 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.

BID [BUY +23.9%] - Solid 2026 EPS Growth Outlook Despite Macro Uncertainty

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

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

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>We issue an updated valuation report on BID shares of the JSC Bank for Investment and Development of Vietnam, with a 12-month target price of VND 50,100, equivalent to a projected 2026F P/B multiple of 1.8x.</li><li>BID is Vietnam's largest state-owned commercial bank by total assets, exceeding VND 3.25 quadrillion (approximately USD 133 billion) as of end-2025.</li><li>It benefits from a low cost of funds, a comprehensive financial services ecosystem, and an extensive nationwide distribution network. </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 issue an updated valuation report on BID shares of the JSC Bank for Investment and Development of Vietnam, with a 12-month target price of VND 50,100, equivalent to a projected 2026F P/B multiple of 1.8x.BID is Vietnam's largest state-owned commercial bank by total assets, exceeding VND 3.25 quadrillion (approximately USD 133 billion) as of end-2025.It benefits from a low cost of funds, a comprehensive financial services ecosystem, and an extensive nationwide distribution network. 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.

BID - Steady Growth Amid Capital Constraints and NPL Control

<ul><li>We maintain our BUY rating and increase our target price (TP) by 2.9% of VND46,100/share.</li><li>Our higher TP is driven by the positive impact of rolling our TP horizon forward to end-2026F, partially offset by (1) a 4.0% decrease in our aggregate 2025-2029F earnings forecast (respective changes of +0.1%/-3.9%/-3.8%/-5.1%/-5.5% 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>The decrease in our aggregate 2025-2029F earnings forecast is due to (1) a 6.0% decrease in our aggregate NII forecast due to more conservative NIM assumptions, partially offset by (2) a 9.0% increase in aggregate NOII and (3) a 3.7% decrease in aggregate operating expenses. •</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 increase our target price (TP) by 2.9% of VND46,100/share.Our higher TP is driven by the positive impact of rolling our TP horizon forward to end-2026F, partially offset by (1) a 4.0% decrease in our aggregate 2025-2029F earnings forecast (respective changes of +0.1%/-3.9%/-3.8%/-5.1%/-5.5% 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. The decrease in our aggregate 2025-2029F earnings forecast is due to (1) a 6.0% decrease in our aggregate NII forecast due to more conservative NIM assumptions, partially offset by (2) a 9.0% increase in aggregate NOII and (3) a 3.7% decrease in aggregate operating expenses. •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.

BID [BUY +20.2%] - Fundamentals Improving Gradually; Reiterate BUY Rating

<ul><li>Credit expansion showed signs of moderation in 3Q25 as lending approached the annual target.</li><li>Total system credit rose 13.4% YTD by end-9M25 (10M25: +15.09%), up 3.5%p QoQ (1Q25: +3.9%p; 2Q25: +6.0%p), nearing the SBV’s full-year guidance of 16%.</li><li>The deceleration was partly seasonal, reflecting subdued corporate and retail loan demand during this period. </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 expansion showed signs of moderation in 3Q25 as lending approached the annual target.Total system credit rose 13.4% YTD by end-9M25 (10M25: +15.09%), up 3.5%p QoQ (1Q25: +3.9%p; 2Q25: +6.0%p), nearing the SBV’s full-year guidance of 16%.The deceleration was partly seasonal, reflecting subdued corporate and retail loan demand during this period. 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 - 3Q25 Update and Outlook - Task on Track

Vietnam

BIDV is a leading Vietnamese state-owned commercial bank providing a comprehensive range of banking, insurance, securities, and financial investment services to individual, corporate, and institutional clients. Its offerings include various deposit products, loans (personal, business, auto, home), credit and debit cards, digital banking, and international payment services. Headquartered in Hanoi, Vietnam, the bank was founded in 1957.

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

BIDV (BID VN)

BID [BUY +23.9%] - Solid 2026 EPS Growth Outlook Despite Macro Uncertainty

We forecast BID to deliver ~15% NPAT-MI growth in 2026F, driven by a rebound in NIM with resilient asset quality despite moderating credit growth.

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

BID - Steady Growth Amid Capital Constraints and NPL Control

BID is Vietnam's largest state-owned commercial bank by total assets, exceeding VND 3.25 quadrillion (approximately USD 133 billion) as of end-2025.

Rong Viet Securities

BID [BUY +20.2%] - Fundamentals Improving Gradually; Reiterate BUY Rating

We maintain our assumption for a projected 138 million-share issuance (2.0% of shares outstanding) through a private placement to occur in mid-2026.

Vietcap

Banking Sector - 3Q25 Update and Outlook - Task on Track

Total system credit rose 13.4% YTD by end-9M25 (10M25: +15.09%), up 3.5%p QoQ (1Q25: +3.9%p; 2Q25: +6.0%p), nearing the SBV’s full-year guidance of...

Mirae Asset Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)