External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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Equity Bottom-Up

Lien Viet Post Joint Stock Commercial Bank / Equity Bottom-Up

Lien Viet Post Joint Stock Commercial Bank

<ul><li>We raise our target price (TP) for LPB by 31.9% to VND39,300/share and upgrade our rating from SELL to UNDERPERFORM.</li><li>Ourhigher TP isdriven by (1) the positive impact of rolling our TP horizon forward to end-2026F, (2) a 6.7% increase in our aggregate forecast for 2025-2029 NPAT-MI (with respective changes of -0.5%/+4.6%/+8.8%/+7.2%/+10.4% in 2025/26/27/28F/29F), (3) a decrease in our assumption for LPB’s cost of equity due to an updated beta, and (4) a higher target P/B assumption.</li><li>The increase in our earnings forecast is primarily due to a 4.2% increase in our aggregate 2025-2029F NII forecast due to higher NIM assumptions.</li></ul><p></p><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 raise our target price (TP) for LPB by 31.9% to VND39,300/share and upgrade our rating from SELL to UNDERPERFORM.Ourhigher TP isdriven by (1) the positive impact of rolling our TP horizon forward to end-2026F, (2) a 6.7% increase in our aggregate forecast for 2025-2029 NPAT-MI (with respective changes of -0.5%/+4.6%/+8.8%/+7.2%/+10.4% in 2025/26/27/28F/29F), (3) a decrease in our assumption for LPB’s cost of equity due to an updated beta, and (4) a higher target P/B assumption.The increase in our earnings forecast is primarily due to a 4.2% increase in our aggregate 2025-2029F NII forecast due to higher NIM assumptions.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.

LPB [UNDERPERFORM -19.2%] - Unattractive Valuation Vs Peers; Uncertainty Around Growth

<ul><li>We downgrade our rating from UNDERPERFORM to SELL but raise our target price (TP) for LPB by 11.2% to VND29,800/share.</li><li>Our higher TP is driven by (1) a 1.5% increase in our aggregate forecast for 2025-2029 NPATMI (with respective changes of 0.0%/+0.2%/+0.5%/+1.6%/+4.1% in 2025/26/27/28F/29F), (2) a decrease in our assumption for LPB’s cost of equity due to an updated beta, and (3) a higher target P/B assumption.</li><li>We view LPB’s current valuation as expensive at a 2025F P/B of 2.53x. LPB is currently trading at a premium of 57% relative to our peer group median.</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 downgrade our rating from UNDERPERFORM to SELL but raise our target price (TP) for LPB by 11.2% to VND29,800/share.Our higher TP is driven by (1) a 1.5% increase in our aggregate forecast for 2025-2029 NPATMI (with respective changes of 0.0%/+0.2%/+0.5%/+1.6%/+4.1% in 2025/26/27/28F/29F), (2) a decrease in our assumption for LPB’s cost of equity due to an updated beta, and (3) a higher target P/B assumption.We view LPB’s current valuation as expensive at a 2025F P/B of 2.53x. LPB is currently trading at a premium of 57% relative to our peer group median.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.

LPBank (LPB) - Uncertainty Remains on EPS Growth; Rich Valuation

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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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Thematic (Sector/Industry)

<ul><li>HSX recently announced updates to the VN30 Index, VNDiamond Index, and VNFin Lead Index components, including changes in stocks and calculation factors.</li><li>The new indexes will take effect on February 3, 2025, with rebalancing set for January 24, due to the Tet holiday.</li><li>Consequently, ETFs tracking these indexes will adjust their portfolios from January 20–24.</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>

HSX recently announced updates to the VN30 Index, VNDiamond Index, and VNFin Lead Index components, including changes in stocks and calculation factors.The new indexes will take effect on February 3, 2025, with rebalancing set for January 24, due to the Tet holiday.Consequently, ETFs tracking these indexes will adjust their portfolios from January 20–24.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>On January 20,the Ho Chi Minh City Stock Exchange (HSX) will officially release the semi-annual review for both the VN30 and VNFin LEAD indexes, effective from February 3, 2025.</li><li>As a result, January 24, 2024 will be the last trading day for ETFs, following the rebalancing ofthese indexes’ portfolios.</li><li>Based on our data, we note that LPB is eligible to become a new entrantinthe VN30 basketin the next review,thanks to: 1) its 20th -ranked market capitalization, which makes LPB a must-have component; and 2) the fact that all other criteria meet the requirements.</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>

On January 20,the Ho Chi Minh City Stock Exchange (HSX) will officially release the semi-annual review for both the VN30 and VNFin LEAD indexes, effective from February 3, 2025.As a result, January 24, 2024 will be the last trading day for ETFs, following the rebalancing ofthese indexes’ portfolios.Based on our data, we note that LPB is eligible to become a new entrantinthe VN30 basketin the next review,thanks to: 1) its 20th -ranked market capitalization, which makes LPB a must-have component; and 2) the fact that all other criteria meet the requirements.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.

Forecast – VN30 and VNFin Lead Indexes Review in 1Q25

<ul><li>Though QoQ credit growth slowed down in Q3 2024, 9M system-wide credit growth of 9% was encouraging.</li><li>Banks under our coverage reported higher credit growth for 9M 2024 compared to the industry average (11.3% vs 9.0%), with standout performances from private banks like TCB (+17.5%), HDB (+16.6%), ACB (+13.8%), and LPB (+16.1%).</li><li>System-wide deposit growth in 7M 2024 remained weak at around 1.7%. </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>

Though QoQ credit growth slowed down in Q3 2024, 9M system-wide credit growth of 9% was encouraging.Banks under our coverage reported higher credit growth for 9M 2024 compared to the industry average (11.3% vs 9.0%), with standout performances from private banks like TCB (+17.5%), HDB (+16.6%), ACB (+13.8%), and LPB (+16.1%).System-wide deposit growth in 7M 2024 remained weak at around 1.7%. 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.

Q3 2024 Banking Earnings Wrap-Up - Resilient Earnings Growth Despite NIM Contraction

Vietnam

Lien Viet Post Joint Stock Commercial Bank provides banking services. The Bank offers deposits, personal loans, e-banking, trade finance, foreign exchange, mortgages, fund transfers, asset management, and other services. Lien Viet Post Joint Stock Commercial Bank serves customers in Vietnam.

Lien Viet Post Joint Stock Commercial Bank (LPB VN)

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Lien Viet Post Joint Stock Commercial Bank (LPB VN)

LPB [UNDERPERFORM -19.2%] - Unattractive Valuation Vs Peers; Uncertainty Around Growth

The increase in our earnings forecast is primarily due to a 4.2% increase in our aggregate 2025-2029F NII forecast due to higher NIM assumptions.

Vietcap

LPBank (LPB) - Uncertainty Remains on EPS Growth; Rich Valuation

We view LPB’s current valuation as expensive at a 2025F P/B of 2.53x. LPB is currently trading at a premium of 57% relative to our peer group median.

Vietcap

ETF Monitor in 1Q25

HSX recently announced updates to the VN30 Index, VNDiamond Index, and VNFin Lead Index components, including changes in stocks and calculation...

Mirae Asset Securities

Forecast – VN30 and VNFin Lead Indexes Review in 1Q25

On January 20,the Ho Chi Minh City Stock Exchange (HSX) will officially release the semi-annual review for both the VN30 and VNFin LEAD indexes,...

Mirae Asset Securities

Q3 2024 Banking Earnings Wrap-Up - Resilient Earnings Growth Despite NIM Contraction

Though QoQ credit growth slowed down in Q3 2024, 9M system-wide credit growth of 9% was encouraging. Banks under our coverage reported higher...

Vietcap

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)