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>Balance-sheet growth remained relatively modest in 1H26, with total assets rising 3.3% YTD to approximately VND3.44qa and customer loans increasing 5.4% to around VND2.5qa.</li><li>Deposit mobilization improved sequentially, rising 5.6% QoQ, although growth remained limited at only 1.7% YTD, leaving funding growth well behind credit expansion.</li><li>NIM recovered by around 5bps QoQ from the 1Q26 trough of 2.17%, although the improvement remained weaker than expected. </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>

Balance-sheet growth remained relatively modest in 1H26, with total assets rising 3.3% YTD to approximately VND3.44qa and customer loans increasing 5.4% to around VND2.5qa.Deposit mobilization improved sequentially, rising 5.6% QoQ, although growth remained limited at only 1.7% YTD, leaving funding growth well behind credit expansion.NIM recovered by around 5bps QoQ from the 1Q26 trough of 2.17%, although the improvement remained weaker than expected. 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.

JSCB for Investment and Development of Vietnam (BID VN) - Biding Time

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>The main earnings drivers in 2Q26 were: (1) consolidated credit growth of 3.0% QoQ, lifting the increase to 5.5% YTD or 14.7% YoY; and (2) a 22bps QoQ NIM recovery, which lifted net interest income by 13% QoQ and 19% YoY to VND17,804bn.</li><li>On the other side, non-interest income fell 8% YoY on the high comparison base in FX trading (-48% YoY) and securities trading (-82% YoY) in the same period of 2025. </li><li>Deposit mobilization recovered clearly, narrowing the gap with credit growth. Customer deposits (parent bank) rose 5.7% QoQ, reversing YTD growth from -3.7% in 1Q26 to +1.9% YTD; total funding including valuable papers rose 4.8% YTD, narrowing the gap versus credit growth to - 0.7ppt (1Q26: -2.6ppt). </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>

The main earnings drivers in 2Q26 were: (1) consolidated credit growth of 3.0% QoQ, lifting the increase to 5.5% YTD or 14.7% YoY; and (2) a 22bps QoQ NIM recovery, which lifted net interest income by 13% QoQ and 19% YoY to VND17,804bn.On the other side, non-interest income fell 8% YoY on the high comparison base in FX trading (-48% YoY) and securities trading (-82% YoY) in the same period of 2025. Deposit mobilization recovered clearly, narrowing the gap with credit growth. Customer deposits (parent bank) rose 5.7% QoQ, reversing YTD growth from -3.7% in 1Q26 to +1.9% YTD; total funding including valuable papers rose 4.8% YTD, narrowing the gap versus credit growth to - 0.7ppt (1Q26: -2.6ppt). 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 - Valuation Discounted to Multi-Year Lows, Awaiting Asset Quality Improvement

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

<ul><li>Q4-FY25 pre-tax profit rose 43% YoY, bringing full-year growth to 18% YoY.</li><li>Key drivers included: lower provisioning costs (-11% YoY), stronger bad debt recovery (3x the previous quarter and 2x the same period last year), and a positive NIM recovery (+40 bps QoQ and +5 bps YoY) as credit supply tightened —many other banks having reached their maximum credit growth limits.</li><li>Net interest income grew 23% YoY, offsetting declines in service income (-9% YoY), FX income (-57% YoY), and investment securities trading income (-75% YoY).</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 rose 43% YoY, bringing full-year growth to 18% YoY.Key drivers included: lower provisioning costs (-11% YoY), stronger bad debt recovery (3x the previous quarter and 2x the same period last year), and a positive NIM recovery (+40 bps QoQ and +5 bps YoY) as credit supply tightened —many other banks having reached their maximum credit growth limits.Net interest income grew 23% YoY, offsetting declines in service income (-9% YoY), FX income (-57% YoY), and investment securities trading income (-75% 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.

BID - NIM Expected to Recover Strongly from Trough, Driving Robust Growth

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 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

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)

JSCB for Investment and Development of Vietnam (BID VN) - Biding Time

Balance-sheet growth remained relatively modest in 1H26, with total assets rising 3.3% YTD to approximately VND3.44qa and customer loans increasing...

Mirae Asset Securities

BID - Valuation Discounted to Multi-Year Lows, Awaiting Asset Quality Improvement

The main earnings drivers in 2Q26 were: (1) consolidated credit growth of 3.0% QoQ, lifting the increase to 5.5% YTD or 14.7% YoY; and (2) a 22bps...

Rong Viet Securities

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

BID - NIM Expected to Recover Strongly from Trough, Driving Robust Growth

Net interest income grew 23% YoY, offsetting declines in service income (-9% YoY), FX income (-57% YoY), and investment securities trading income (...

Rong Viet Securities

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)