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

Mirae Asset Securities

External broker reports(aggregated public sources)

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.

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

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.

Equity Bottom-Up

Military Commercial Joint Stock Bank / Equity Bottom-Up

<ul><li><p style="text-align: justify;">We maintain our BUY rating for MBB and increase our target price (TP) by 3% to VND31,000/share as (1) the positive impact of rolling our TP horizon forward to end-2025F outweighs (2) our 2% cut in our aggregate 2024F-2028F earnings forecast (respective changes of -2%/-2%/-2%/-3%/-1% in 2024/25/26/27/28F).</p></li><li><p style="text-align: justify;">We trim our 2024F NPAT by 2% to VND22.9tn (USD914mn; +9% YoY) due to (1) a 1% decrease in our TOI forecast and (2) a 1% increase in provisioning expenses given our higher NPL ratio forecast.</p></li><li><p style="text-align: justify;"> We expect (1) strong top-line growth in 2024-2026F to counteract high credit costs, (2) NPL formation to continue decreasing, and (3) MBB to maintain its top-tier CASA ratio in the sector due to dynamic customer acquisition and enhanced customer experience.</p></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 for MBB and increase our target price (TP) by 3% to VND31,000/share as (1) the positive impact of rolling our TP horizon forward to end-2025F outweighs (2) our 2% cut in our aggregate 2024F-2028F earnings forecast (respective changes of -2%/-2%/-2%/-3%/-1% in 2024/25/26/27/28F).We trim our 2024F NPAT by 2% to VND22.9tn (USD914mn; +9% YoY) due to (1) a 1% decrease in our TOI forecast and (2) a 1% increase in provisioning expenses given our higher NPL ratio forecast. We expect (1) strong top-line growth in 2024-2026F to counteract high credit costs, (2) NPL formation to continue decreasing, and (3) MBB to maintain its top-tier CASA ratio in the sector due to dynamic customer acquisition and enhanced customer experience.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 +30.5%] - Strong growth outlook outweighs high credit costs - Update

<ul><li>Credit growth in 3Q24 remained steady: According to the State Bank of Vietnam (SBV), credit growth reached approximately 9% YTD as of end-3Q24, showing a quarterly increase of 3%p (QoQ).</li><li>This aligns with the growth rates seen during high-growth years in the past half-decade.</li><li>Recently, the SBV Governor stated that credit growth reached nearly 10.1% YTD (or 16.6% YoY) by end-October and expressed confidence that the 15% target for 2024 will be met. </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 growth in 3Q24 remained steady: According to the State Bank of Vietnam (SBV), credit growth reached approximately 9% YTD as of end-3Q24, showing a quarterly increase of 3%p (QoQ).This aligns with the growth rates seen during high-growth years in the past half-decade.Recently, the SBV Governor stated that credit growth reached nearly 10.1% YTD (or 16.6% YoY) by end-October and expressed confidence that the 15% target for 2024 will be met. 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 - 9M24 Update and Outlook - Letting the Recovery Simmer

<ul><li>Military Commercial Bank (MBBank) reported total operating income (TOI) of VND38,850bn (+9% YoY).</li><li>Net interest income (NII) reached VND30,010bn (+2% YoY), while net fee income (NFI) stood at VND3,187bn (+21% YoY), accounting for 77% and 8% of TOI, respectively.</li><li>Income from FX and gold trading reached VND1,516bn (+65% YoY), contributing 3.9% to TOI. </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>

Military Commercial Bank (MBBank) reported total operating income (TOI) of VND38,850bn (+9% YoY).Net interest income (NII) reached VND30,010bn (+2% YoY), while net fee income (NFI) stood at VND3,187bn (+21% YoY), accounting for 77% and 8% of TOI, respectively.Income from FX and gold trading reached VND1,516bn (+65% YoY), contributing 3.9% to TOI. 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 - NPL Rebound with Challenges Ahead

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)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Military Commercial Joint Stock Bank (MBB VN)

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

MBB [BUY +30.5%] - Strong growth outlook outweighs high credit costs - Update

We trim our 2024F NPAT by 2% to VND22.9tn (USD914mn; +9% YoY) due to (1) a 1% decrease in our TOI forecast and (2) a 1% increase in provisioning...

Vietcap

Banking Sector - 9M24 Update and Outlook - Letting the Recovery Simmer

Credit growth in 3Q24 remained steady: According to the State Bank of Vietnam (SBV), credit growth reached approximately 9% YTD as of end-3Q24,...

Mirae Asset Securities

Military Bank JSC - NPL Rebound with Challenges Ahead

Net interest income (NII) reached VND30,010bn (+2% YoY), while net fee income (NFI) stood at VND3,187bn (+21% YoY), accounting for 77% and 8% of...

Mirae Asset Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)