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

Thematic (Sector/Industry)

<ul><li>Stagnant credit growth in 1Q24 comes with little surprise: The subdued credit growth in 1Q24 reflects broader economic trends, indicating one of the lowest levels in nearly a decade, with a YTD increase of 1.34%.</li><li>This is just slightly above the 0.5% YTD increase recorded in 1Q14 and similar to the pandemic-inception year of 2020.</li><li>However, this was not entirely surprising, given the cautious macroeconomic outlook, despite some signs of recovery.</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>

Stagnant credit growth in 1Q24 comes with little surprise: The subdued credit growth in 1Q24 reflects broader economic trends, indicating one of the lowest levels in nearly a decade, with a YTD increase of 1.34%.This is just slightly above the 0.5% YTD increase recorded in 1Q14 and similar to the pandemic-inception year of 2020.However, this was not entirely surprising, given the cautious macroeconomic outlook, despite some signs of recovery.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 - 1Q24 Update and Outlook - Acceptable Shortfall

<ul><li>Vietnam Prosperity JSCB (VPB), formerly known as Vietnam JSCB for Private Enterprises, was established in 1993.</li><li>The Bank has its core business in mobilizing capital and crediting.</li><li>In addition, VPBank also engages in international banking services, trades foreign currencies, financial investment, risk management and capital protection. </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>

Vietnam Prosperity JSCB (VPB), formerly known as Vietnam JSCB for Private Enterprises, was established in 1993.The Bank has its core business in mobilizing capital and crediting.In addition, VPBank also engages in international banking services, trades foreign currencies, financial investment, risk management and capital protection. 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) - April 2024

<ul><li>Pursuit of credit expansion in last days of the year: As of December 20, 2023, YTD credit growth reached 10.85%; remarkably, however, within the span of just 10 days, this figure surged to an impressive 13.7% YoY.</li><li>Put differently, the credit expansion observed in 4Q23 is nearly equivalent to that of 9M23 combined.</li><li>Overall, credit growth in the banking sector has nearly reached the SBV’s lower-bound target of 14-16% YoY. </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>

Pursuit of credit expansion in last days of the year: As of December 20, 2023, YTD credit growth reached 10.85%; remarkably, however, within the span of just 10 days, this figure surged to an impressive 13.7% YoY.Put differently, the credit expansion observed in 4Q23 is nearly equivalent to that of 9M23 combined.Overall, credit growth in the banking sector has nearly reached the SBV’s lower-bound target of 14-16% YoY. 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 - 2023 Update and Outlook - Progress in Motion

<p>Credit growth in 9M23 lagged significantly behind annual target set by State Bank of Vietnam (SBV): By end-3Q23, credit growth for the year stood at 6.92%, falling far short of the SBV's expected range of 14–16%.</p><p>This marks the second lowest growth rate in a decade, reminiscent of the banking crisis in 2011–2012.</p><p>High lending rates, gloomy macroeconomic data, and an uncertain economic outlook have become the primary drivers of weak credit demand. </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>

Credit growth in 9M23 lagged significantly behind annual target set by State Bank of Vietnam (SBV): By end-3Q23, credit growth for the year stood at 6.92%, falling far short of the SBV's expected range of 14–16%.This marks the second lowest growth rate in a decade, reminiscent of the banking crisis in 2011–2012.High lending rates, gloomy macroeconomic data, and an uncertain economic outlook have become the primary drivers of weak credit demand. 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 - 9M23 Update and Outlook - Overcoming adversity

<ul><li>Credit growth in 1H23 slightly behind full-year target: By end-2Q23, credit growth was low, at 4.7% YTD, which is far behind the annual plan from the SBV of 14-16%.</li><li>The growth rate was the second lowest in the last decade.</li><li>The key reason for the low credit growth was stubbornly-high lending rates. </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 1H23 slightly behind full-year target: By end-2Q23, credit growth was low, at 4.7% YTD, which is far behind the annual plan from the SBV of 14-16%.The growth rate was the second lowest in the last decade.The key reason for the low credit growth was stubbornly-high lending rates. 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 - 1H23 Update and Outlook - An Essential Deceleration

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)

Banking Sector - 1Q24 Update and Outlook - Acceptable Shortfall

The subdued credit growth in 1Q24 reflects broader economic trends, indicating one of the lowest levels in nearly a decade, with a YTD increase of...

Mirae Asset Securities

Stock Recommendations (Vietnam Market) - April 2024

Vietnam Prosperity JSCB (VPB), formerly known as Vietnam JSCB for Private Enterprises, was established in 1993. The Bank has its core business in...

Mirae Asset Securities

Banking Sector - 2023 Update and Outlook - Progress in Motion

As of December 20, 2023, YTD credit growth reached 10.85%; remarkably, however, within the span of just 10 days, this figure surged to an...

Mirae Asset Securities

Banking Sector - 9M23 Update and Outlook - Overcoming adversity

Credit growth in 9M23 lagged significantly behind annual target set by State Bank of Vietnam (SBV): By end-3Q23, credit growth for the year stood...

Mirae Asset Securities

Banking Sector - 1H23 Update and Outlook - An Essential Deceleration

Credit growth in 1H23 slightly behind full-year target: By end-2Q23, credit growth was low, at 4.7% YTD, which is far behind the annual plan from...

Mirae Asset Securities

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