External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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Equity Bottom-Up

Military Commercial Joint Stock Bank / Equity Bottom-Up

<ul><li>We increase our target price (TP) by 8% to VND32,500/share, and upgrade our rating from OUTPERFORM to BUY as the share price has decreased 10% in the last three months.</li><li>Our higher TP is due to the positive impact of (1) rolling forward our TP horizon to end-2026F and (2) a 2% increase in our aggregate earnings forecast for 2025-2029F (respective changes of -3%/1%/2%/2%/4% in 2025/26/27/28/29F).</li><li>We forecast 2026F earnings growth to accelerate to 27.3% (vs 10.5% in 2025F) due to strong credit growth, resilient top-tier NIM and improving credit costs/recovery income amid favourable macro conditions.</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 increase our target price (TP) by 8% to VND32,500/share, and upgrade our rating from OUTPERFORM to BUY as the share price has decreased 10% in the last three months.Our higher TP is due to the positive impact of (1) rolling forward our TP horizon to end-2026F and (2) a 2% increase in our aggregate earnings forecast for 2025-2029F (respective changes of -3%/1%/2%/2%/4% in 2025/26/27/28/29F).We forecast 2026F earnings growth to accelerate to 27.3% (vs 10.5% in 2025F) due to strong credit growth, resilient top-tier NIM and improving credit costs/recovery income amid favourable macro conditions.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 [BUY +42.5%] - Stronger Earnings Growth in 2026 Fuels Higher ROE - Update

<ul><li>We increase our target price (TP) by 28% to VND30,000/share, but downgrade our rating from BUY to OUTPERFORM as the share price has increased 43% in the last three months.</li><li>Our higher TP is due to the positive impact of (1) an 8% increase in our aggregate earnings forecast for 2025-2029F (respective changes of +0%/5%/8%/11%/12% in 2025/26/27/28/29F) and (2) increasing the target P/B from 1.2x to 1.6x, reflecting a more positive growth outlook for MBB post-US tariff clarity and its outstanding competitive advantages vs its peers.</li><li>MBB expects issuing 62mn shares (0.8% of outstanding shares; approved at the AGM; not yet modeled) in H2 2025. The plan of buying back 100mn treasury shares is to be executed later.</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 increase our target price (TP) by 28% to VND30,000/share, but downgrade our rating from BUY to OUTPERFORM as the share price has increased 43% in the last three months.Our higher TP is due to the positive impact of (1) an 8% increase in our aggregate earnings forecast for 2025-2029F (respective changes of +0%/5%/8%/11%/12% in 2025/26/27/28/29F) and (2) increasing the target P/B from 1.2x to 1.6x, reflecting a more positive growth outlook for MBB post-US tariff clarity and its outstanding competitive advantages vs its peers.MBB expects issuing 62mn shares (0.8% of outstanding shares; approved at the AGM; not yet modeled) in H2 2025. The plan of buying back 100mn treasury shares is to be executed later.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 (MBB) - Solid Competitive Advantages Fuel Growth Outlook - Update

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

Rong Viet Securities

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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 key driver of net interest income growth (+29% YoY) was a combination of robust credit expansion (+27% YoY and 2.2% YTD) and a NIM of 4.2%, up 15 bps YoY, benefiting from a low base in the prior year, which was impacted by the reversal of accrued interest following a sharp rise in NPLs.</li><li>Non-interest income growth (+23% YoY) was notable, driven by a 54% YoY increase in revenue from insurance activities (MBAgeas Life and MIC) and robust recovery of written-off bad debts, reaching VND1 trillion, 2.8 times higher YoY and up 45% QoQ.</li><li>The consolidated NPL ratio rose 22 bps QoQ to 1.84%, with net NPL formation unexpectedly increasing by VND5.6 trillion (0.7% of credit scale).</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 key driver of net interest income growth (+29% YoY) was a combination of robust credit expansion (+27% YoY and 2.2% YTD) and a NIM of 4.2%, up 15 bps YoY, benefiting from a low base in the prior year, which was impacted by the reversal of accrued interest following a sharp rise in NPLs.Non-interest income growth (+23% YoY) was notable, driven by a 54% YoY increase in revenue from insurance activities (MBAgeas Life and MIC) and robust recovery of written-off bad debts, reaching VND1 trillion, 2.8 times higher YoY and up 45% QoQ.The consolidated NPL ratio rose 22 bps QoQ to 1.84%, with net NPL formation unexpectedly increasing by VND5.6 trillion (0.7% of credit scale).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 - Solid Competitive Edges to Drive Positive Growth Outlook

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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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>In 2024, MB achieved total operating income (TOI) of VND55,413bn (+17% YoY), net interest income reached VND41,152 bn (+6% YoY), profit before tax was VND28,829 bn (+9.6% YoY, 101.5% of FY24 target), and profit after tax was VND22,951 bn (+9% YoY, 99.6% of FY24 target).</li><li>MB's asset quality improved significantly in 4Q24. NPL ratio (group 3-5) in 4Q24 decreased compared to the previous quarter to 1.62% (+2bps YoY; -61bps vs 3Q24).</li><li>The substandard debt ratio (group 2-5) also decreased to 3.19% (-69bps YoY; -93bps vs 3Q24).</li></ul><p></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>

In 2024, MB achieved total operating income (TOI) of VND55,413bn (+17% YoY), net interest income reached VND41,152 bn (+6% YoY), profit before tax was VND28,829 bn (+9.6% YoY, 101.5% of FY24 target), and profit after tax was VND22,951 bn (+9% YoY, 99.6% of FY24 target).MB's asset quality improved significantly in 4Q24. NPL ratio (group 3-5) in 4Q24 decreased compared to the previous quarter to 1.62% (+2bps YoY; -61bps vs 3Q24).The substandard debt ratio (group 2-5) also decreased to 3.19% (-69bps YoY; -93bps vs 3Q24).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) - Solidifying the Groundwork

Thematic (Sector/Industry)

<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

Military Commercial Joint Stock Bank offers commercial banking services.  The Bank provides services in the areas of personal banking, corporate banking, financial banking, and e-banking.  Military Commercial's services include savings accounts, money lending, money transfers, foreign exchange, and money markets.

Military Commercial Joint Stock Bank (MBB VN)

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Military Commercial Joint Stock Bank (MBB VN)

MBB [BUY +42.5%] - Stronger Earnings Growth in 2026 Fuels Higher ROE - Update

We increase our target price (TP) by 8% to VND32,500/share, and upgrade our rating from OUTPERFORM to BUY as the share price has decreased 10% in...

Vietcap

Military Bank (MBB) - Solid Competitive Advantages Fuel Growth Outlook - Update

We increase our target price (TP) by 28% to VND30,000/share, but downgrade our rating from BUY to OUTPERFORM as the share price has increased 43%...

Vietcap

MBB - Solid Competitive Edges to Drive Positive Growth Outlook

The key driver of net interest income growth (+29% YoY) was a combination of robust credit expansion (+27% YoY and 2.2% YTD) and a NIM of 4.2%, up...

Rong Viet Securities

Military Bank JSC (MBB VN) - Solidifying the Groundwork

In 2024, MB achieved total operating income (TOI) of VND55,413bn (+17% YoY), net interest income reached VND41,152 bn (+6% YoY), profit before tax...

Mirae Asset Securities

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

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