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>Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.</li><li>Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO.</li><li>VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.</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>

Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO.VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.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)_August 2024

<ul><li>Stagnant credit growth in 1Q24 comes with little surprise: The subdued credit growth in 1Q24 reflects broader economic trends, indicating one of the lowest levels in nearly a decade, with a YTD increase of 1.34%.</li><li>This is just slightly above the 0.5% YTD increase recorded in 1Q14 and similar to the pandemic-inception year of 2020.</li><li>However, this was not entirely surprising, given the cautious macroeconomic outlook, despite some signs of recovery.</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>

Stagnant credit growth in 1Q24 comes with little surprise: The subdued credit growth in 1Q24 reflects broader economic trends, indicating one of the lowest levels in nearly a decade, with a YTD increase of 1.34%.This is just slightly above the 0.5% YTD increase recorded in 1Q14 and similar to the pandemic-inception year of 2020.However, this was not entirely surprising, given the cautious macroeconomic outlook, despite some signs of recovery.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 - 1Q24 Update and Outlook - Acceptable Shortfall

<ul><li>Pursuit of credit expansion in last days of the year: As of December 20, 2023, YTD credit growth reached 10.85%; remarkably, however, within the span of just 10 days, this figure surged to an impressive 13.7% YoY.</li><li>Put differently, the credit expansion observed in 4Q23 is nearly equivalent to that of 9M23 combined.</li><li>Overall, credit growth in the banking sector has nearly reached the SBV’s lower-bound target of 14-16% 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>

Pursuit of credit expansion in last days of the year: As of December 20, 2023, YTD credit growth reached 10.85%; remarkably, however, within the span of just 10 days, this figure surged to an impressive 13.7% YoY.Put differently, the credit expansion observed in 4Q23 is nearly equivalent to that of 9M23 combined.Overall, credit growth in the banking sector has nearly reached the SBV’s lower-bound target of 14-16% 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.

Banking Sector - 2023 Update and Outlook - Progress in Motion

<ul><li>By the end of 3Q23, BID, Vietnam's largest commercial bank, showed a moderate growth in total asset to VND2,132tr (US$87bn, +0.58% YTD).</li><li>Compared to end-1H23, loan quality remained stable with a 1.6% NPL ratio, a lower gross NPL ratio of 3.5% (1H23: 3.8%), and an increase in the loan loss reserve (LLR) ratio to 158.4% (1H23: 151.5%).</li><li>3Q23 PBT contracted by 11.7% YoY, slowing the 9M23 PBT growth to 11.3% YoY (1H23: +25.1% 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>

By the end of 3Q23, BID, Vietnam's largest commercial bank, showed a moderate growth in total asset to VND2,132tr (US$87bn, +0.58% YTD).Compared to end-1H23, loan quality remained stable with a 1.6% NPL ratio, a lower gross NPL ratio of 3.5% (1H23: 3.8%), and an increase in the loan loss reserve (LLR) ratio to 158.4% (1H23: 151.5%).3Q23 PBT contracted by 11.7% YoY, slowing the 9M23 PBT growth to 11.3% YoY (1H23: +25.1% 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.

<p>Credit growth in 9M23 lagged significantly behind annual target set by State Bank of Vietnam (SBV): By end-3Q23, credit growth for the year stood at 6.92%, falling far short of the SBV's expected range of 14–16%.</p><p>This marks the second lowest growth rate in a decade, reminiscent of the banking crisis in 2011–2012.</p><p>High lending rates, gloomy macroeconomic data, and an uncertain economic outlook have become the primary drivers of weak credit demand. </p><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 9M23 lagged significantly behind annual target set by State Bank of Vietnam (SBV): By end-3Q23, credit growth for the year stood at 6.92%, falling far short of the SBV's expected range of 14–16%.This marks the second lowest growth rate in a decade, reminiscent of the banking crisis in 2011–2012.High lending rates, gloomy macroeconomic data, and an uncertain economic outlook have become the primary drivers of weak credit demand. 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 - 9M23 Update and Outlook - Overcoming adversity

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.

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BIDV (BID VN)

Stock Recommendations (Vietnam Market)_August 2024

Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.

Mirae Asset Securities

Banking Sector - 1Q24 Update and Outlook - Acceptable Shortfall

The subdued credit growth in 1Q24 reflects broader economic trends, indicating one of the lowest levels in nearly a decade, with a YTD increase of...

Mirae Asset Securities

Banking Sector - 2023 Update and Outlook - Progress in Motion

As of December 20, 2023, YTD credit growth reached 10.85%; remarkably, however, within the span of just 10 days, this figure surged to an...

Mirae Asset Securities

Vietnam Market - Stock Recommendations

By the end of 3Q23, BID, Vietnam's largest commercial bank, showed a moderate growth in total asset to VND2,132tr (US$87bn, +0.58% YTD).

Mirae Asset Securities

Banking Sector - 9M23 Update and Outlook - Overcoming adversity

Credit growth in 9M23 lagged significantly behind annual target set by State Bank of Vietnam (SBV): By end-3Q23, credit growth for the year stood...

Mirae Asset Securities

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