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><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

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>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

<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

<ul><li>Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.</li><li>Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO. VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.</li><li>In 2Q24, VCB's assets began to rebound, growing by 7.4% QoQ and 3.6% YTD, totalling VND1,906tr (US$74.7bn), making it the third largest listed bank.</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>

Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO. VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.In 2Q24, VCB's assets began to rebound, growing by 7.4% QoQ and 3.6% YTD, totalling VND1,906tr (US$74.7bn), making it the third largest listed bank.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.

Stock Recommendations (Vietnam Market - October 2024)

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 +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

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

Stock Recommendations (Vietnam Market - October 2024)

Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.

Mirae Asset Securities

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