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>2Q26: Military Commercial JSB (MBB) saw profit before tax of VND10,560bn in 2Q26 (+40.7% YoY, +9.7% QoQ) on increases in net interest income (+13.3% QoQ) and gross loans (+9.5% QoQ).</li><li>Based on our calculation (NII over average earning assets, trailing twelve months, P&amp;L basis), net interest margin fell 8bps to 4.07% at 2Q26 from 4.16% at 2Q25 — still +17bps above FY25’s 3.91%, although we forecast 3.80% for FY26F.</li><li>In 2Q26, yield on earning assets rose +67bps YoY to 7.64% from 6.97% at 2Q25, while cost of funds rose +79bps YoY to 3.99% from 3.20% at 2Q25. Both sides repriced sharply.</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>

2Q26: Military Commercial JSB (MBB) saw profit before tax of VND10,560bn in 2Q26 (+40.7% YoY, +9.7% QoQ) on increases in net interest income (+13.3% QoQ) and gross loans (+9.5% QoQ).Based on our calculation (NII over average earning assets, trailing twelve months, P&amp;L basis), net interest margin fell 8bps to 4.07% at 2Q26 from 4.16% at 2Q25 — still +17bps above FY25’s 3.91%, although we forecast 3.80% for FY26F.In 2Q26, yield on earning assets rose +67bps YoY to 7.64% from 6.97% at 2Q25, while cost of funds rose +79bps YoY to 3.99% from 3.20% at 2Q25. Both sides repriced sharply.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.

Military Bank JSC (MBB VN) - Growth Still Outran Its Provisioning

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

Rong Viet Securities

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<ul><li>A leading diversified financial group model among private JSCBs.</li><li>After more than 30 years, MBB has risen into the Big 5 with consolidated total assets of over VND1,600 trillion and credit outstanding of ~VND1,100 trillion - both ranking 5th system-wide at end-2025.</li><li>MBB operates the most comprehensive digital financial ecosystem among private JSCBs -spanning securities (MBS), fund management (MB Capital), consumer finance (MCredit), non-life insurance (MIC) and life insurance (MB Life, the bancassurance leader) - combined with a platform of ~35 million digital customers to drive cross-selling under its group synergy strategy. </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>

A leading diversified financial group model among private JSCBs.After more than 30 years, MBB has risen into the Big 5 with consolidated total assets of over VND1,600 trillion and credit outstanding of ~VND1,100 trillion - both ranking 5th system-wide at end-2025.MBB operates the most comprehensive digital financial ecosystem among private JSCBs -spanning securities (MBS), fund management (MB Capital), consumer finance (MCredit), non-life insurance (MIC) and life insurance (MB Life, the bancassurance leader) - combined with a platform of ~35 million digital customers to drive cross-selling under its group synergy strategy. 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.

MBB - Asset quality is the key to re-rating

<ul><li>Consolidated PBT for 1Q/2026 reached VND 9,628 bn (+15% YoY), completing 24% of the full-year plan, supported by NII growth of 28% YoY and consolidated credit growth of 38.2% YoY (~3.2% YTD).</li><li>However, aggregate losses of approximately VND 280 bn from FX trading and securities trading activities (vs. a VND 1,200 bn gain in 1Q/2025) weighed on earnings momentum.</li><li>Consolidated NIM contracted 35 bps QoQ to 3.80%, as asset yields edged up only 10 bps QoQ — pressured by interest income reversals on deteriorating asset quality (net NPL formation surged, and Stage 2 loans spiked by over VND 7,000 bn) — while funding costs rose ~40 bps QoQ amid heightened deposit competition and a rotation out of CASA into term deposits (CASA ratio down 460 bps QoQ).</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>

Consolidated PBT for 1Q/2026 reached VND 9,628 bn (+15% YoY), completing 24% of the full-year plan, supported by NII growth of 28% YoY and consolidated credit growth of 38.2% YoY (~3.2% YTD).However, aggregate losses of approximately VND 280 bn from FX trading and securities trading activities (vs. a VND 1,200 bn gain in 1Q/2025) weighed on earnings momentum.Consolidated NIM contracted 35 bps QoQ to 3.80%, as asset yields edged up only 10 bps QoQ — pressured by interest income reversals on deteriorating asset quality (net NPL formation surged, and Stage 2 loans spiked by over VND 7,000 bn) — while funding costs rose ~40 bps QoQ amid heightened deposit competition and a rotation out of CASA into term deposits (CASA ratio down 460 bps QoQ).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.

MBB - Earnings on Track Despite NIM Under Pressure

Thematic (Sector/Industry)

<ul><li>On Oct 19, the Ho Chi Minh City Stock Exchange (HSX) will officially announce the results of the semi-annual review of the VNDiamond Index, with the revised basket taking effect on Nov 02, 2026.</li><li>Accordingly, Oct 30 will be the final trading day for ETFs tracking the index to complete their portfolio rebalancing.</li><li>In this review, KDH – previously placed on the watchlist for removal, due to its failure to satisfy the minimum foreign holding threshold of 65% (Section 3.7) – may be completely removed from the index, as it continues to fall short of this requirement.</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 Oct 19, the Ho Chi Minh City Stock Exchange (HSX) will officially announce the results of the semi-annual review of the VNDiamond Index, with the revised basket taking effect on Nov 02, 2026.Accordingly, Oct 30 will be the final trading day for ETFs tracking the index to complete their portfolio rebalancing.In this review, KDH – previously placed on the watchlist for removal, due to its failure to satisfy the minimum foreign holding threshold of 65% (Section 3.7) – may be completely removed from the index, as it continues to fall short of this requirement.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>Funding Pressure in 1Q26: 1Q26 marked the first quarter in which MBB recorded an absolute decline in customer deposits while credit continued to grow strongly.</li><li>The Loans / (Deposits + Issued Securities) ratio climbed from 108.8% (1Q25) to 122.1% (1Q26), forcing the bank to turn to bonds, interbank borrowings, and SBV deposits to fill the gap — all at a higher cost.</li><li>TTM CoF rose 41 bps to 3.73%, compressing TTM NIM by 32 bps to 4.1%, while asset yields were largely unchanged (+6 bps). A 458 bps QoQ decline in the CASA ratio further eroded the cost-of-funds buffer. </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>

Funding Pressure in 1Q26: 1Q26 marked the first quarter in which MBB recorded an absolute decline in customer deposits while credit continued to grow strongly.The Loans / (Deposits + Issued Securities) ratio climbed from 108.8% (1Q25) to 122.1% (1Q26), forcing the bank to turn to bonds, interbank borrowings, and SBV deposits to fill the gap — all at a higher cost.TTM CoF rose 41 bps to 3.73%, compressing TTM NIM by 32 bps to 4.1%, while asset yields were largely unchanged (+6 bps). A 458 bps QoQ decline in the CASA ratio further eroded the cost-of-funds buffer. 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.

Military Bank JSC (MBB VN) - Moderating Credit Growth in Favor of Stability

Vietnam

MBBank is a Vietnamese commercial joint stock bank that offers a comprehensive range of financial products and services, including deposits, credit, cards, money transfers, and digital banking solutions for individual and corporate customers. It also operates in investments, interbank operations, and asset management through its segments and subsidiaries in securities, insurance, and fund management. The bank was founded on November 4, 1994, and is headquartered in Hanoi, Vietnam.

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MBBank (MBB VN)

Military Bank JSC (MBB VN) - Growth Still Outran Its Provisioning

2Q26: Military Commercial JSB (MBB) saw profit before tax of VND10,560bn in 2Q26 (+40.7% YoY, +9.7% QoQ) on increases in net interest income...

Mirae Asset Securities

MBB - Asset quality is the key to re-rating

After more than 30 years, MBB has risen into the Big 5 with consolidated total assets of over VND1,600 trillion and credit outstanding of ~VND1,100...

Rong Viet Securities

MBB - Earnings on Track Despite NIM Under Pressure

Consolidated PBT for 1Q/2026 reached VND 9,628 bn (+15% YoY), completing 24% of the full-year plan, supported by NII growth of 28% YoY and...

Rong Viet Securities

Forecast – HoSE Indexes review in 4Q26

On Oct 19, the Ho Chi Minh City Stock Exchange (HSX) will officially announce the results of the semi-annual review of the VNDiamond Index, with...

Mirae Asset Securities

Military Bank JSC (MBB VN) - Moderating Credit Growth in Favor of Stability

Funding Pressure in 1Q26: 1Q26 marked the first quarter in which MBB recorded an absolute decline in customer deposits while credit continued to...

Mirae Asset Securities

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