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>VCB recorded relatively balanced growth in 1Q26, with total assets and credit increasing by 4.5% and 4.7% YTD, respectively, reaching VND2,551tr and VND1,727tr.</li><li>This was a solid performance, both compared with the bank’s recent growth pace and the broader system trend.</li><li>The stronger loan growth was mainly supported by VCB’s relatively attractive 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>

VCB recorded relatively balanced growth in 1Q26, with total assets and credit increasing by 4.5% and 4.7% YTD, respectively, reaching VND2,551tr and VND1,727tr.This was a solid performance, both compared with the bank’s recent growth pace and the broader system trend.The stronger loan growth was mainly supported by VCB’s relatively attractive 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.

Stock Recommendations (Vietnam Market) May 2026

<ul><li>Credit growth in 2025 reached ~15.3%, broadly in line with our forecast.</li><li>For 2026, we revise our credit growth assumption down to slightly above 13.5% YoY (–0.3%p vs. the previous forecast), reflecting a more cautious stance amid tighter capital headroom (lower CAR) and an elevated LDR in FY25.</li><li>Following these revisions: (1) NII is projected to grow 17.3% YoY (+2.1% vs. prior forecast), driven by a 9bps NIM expansion (+3bps vs. previous estimate), supported by solid mortgage growth (FY25: +20.2% YoY) and continued expansion in personal lending (FY25/26F: +17.3%/+14.3% YoY); (2) non-interest income is revised down by 8.5% vs. the prior forecast but still expected to grow 10.7% YoY; (3) other operating income is adjusted up by 19.4% vs. the previous projection, reflecting a stronger-than-expected recovery and sizable write-offs in 2025 (+36% YoY), which improve the earnings base; and (4) provisioning expenses are revised up materially (+57% vs. prior forecast), as additional provisions may be required for HTM securities, particularly corporate bonds. </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 2025 reached ~15.3%, broadly in line with our forecast.For 2026, we revise our credit growth assumption down to slightly above 13.5% YoY (–0.3%p vs. the previous forecast), reflecting a more cautious stance amid tighter capital headroom (lower CAR) and an elevated LDR in FY25.Following these revisions: (1) NII is projected to grow 17.3% YoY (+2.1% vs. prior forecast), driven by a 9bps NIM expansion (+3bps vs. previous estimate), supported by solid mortgage growth (FY25: +20.2% YoY) and continued expansion in personal lending (FY25/26F: +17.3%/+14.3% YoY); (2) non-interest income is revised down by 8.5% vs. the prior forecast but still expected to grow 10.7% YoY; (3) other operating income is adjusted up by 19.4% vs. the previous projection, reflecting a stronger-than-expected recovery and sizable write-offs in 2025 (+36% YoY), which improve the earnings base; and (4) provisioning expenses are revised up materially (+57% vs. prior forecast), as additional provisions may be required for HTM securities, particularly corporate bonds. 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 2026

<ul><li>Credit growth came in slightly below expectations, recording 18.3% YoY in 2025 versus the initial target of 18.9%.</li><li>Loan expansion was primarily driven by the corporate segment, which grew 27.9% YoY, while retail loans grew more moderately at 12.9%.</li><li>In 2026, credit growth is projected to remain robust at 18.3%, led by corporate lending (+20%) and an acceleration in retail growth to 16.6%, supported by rising mortgage demand as residential projects reach completion. </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 came in slightly below expectations, recording 18.3% YoY in 2025 versus the initial target of 18.9%.Loan expansion was primarily driven by the corporate segment, which grew 27.9% YoY, while retail loans grew more moderately at 12.9%.In 2026, credit growth is projected to remain robust at 18.3%, led by corporate lending (+20%) and an acceleration in retail growth to 16.6%, supported by rising mortgage demand as residential projects reach completion. 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)_February 2026

<ul><li>Credit growth continued to expand positively in 3Q25. As of 9M25, total bank credit rose 12.3% YoY (vs. 7.2% in 2Q25).</li><li>Although this pace remains somewhat below the sector average, the divergence is not unusual given the bank’s diversified earnings base.</li><li>For 2025, total credit is expected to grow 15.6% YoY (+1.2%p from the previous forecast) to around VND1.7qa, followed by a moderated expansion of 12.2% YoY in 2026 (unchanged from the prior projection). </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 continued to expand positively in 3Q25. As of 9M25, total bank credit rose 12.3% YoY (vs. 7.2% in 2Q25).Although this pace remains somewhat below the sector average, the divergence is not unusual given the bank’s diversified earnings base.For 2025, total credit is expected to grow 15.6% YoY (+1.2%p from the previous forecast) to around VND1.7qa, followed by a moderated expansion of 12.2% YoY in 2026 (unchanged from the prior projection). 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)_January 2026

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>For today’s KTX Tactical DR Picks, we recommend taking profit on NVDA80 after a 20.2% gain, while maintaining positions in 11 DRs primarily focused on global technology stocks, especially in the US.</li><li>The KTX DR Tactical Picks portfolio gained 0.45% from the previous day, as global markets rose following the Fed’s 0.25% rate cut announcement.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

For today’s KTX Tactical DR Picks, we recommend taking profit on NVDA80 after a 20.2% gain, while maintaining positions in 11 DRs primarily focused on global technology stocks, especially in the US.The KTX DR Tactical Picks portfolio gained 0.45% from the previous day, as global markets rose following the Fed’s 0.25% rate cut announcement.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX Tactical DR Picks - October 30, 2025 (Eng.)

Vietnam

Mobile World Investment Corporation is a Vietnamese publicly listed retailer specializing in mobile devices, consumer electronics, and household appliances through its Thegioididong.com and Dien May Xanh chains. The company also operates the grocery chain Bach Hoa Xanh and An Khang pharmacies. Mobile World Investment Corporation was founded in 2004 and is headquartered in Thu Dau Mot, Vietnam.

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Mobile World (MWG VN)

Stock Recommendations (Vietnam Market) May 2026

VCB recorded relatively balanced growth in 1Q26, with total assets and credit increasing by 4.5% and 4.7% YTD, respectively, reaching VND2,551tr...

Mirae Asset Securities

Stock recommendations (Vietnam Market)_April 2026

For 2026, we revise our credit growth assumption down to slightly above 13.5% YoY (–0.3%p vs. the previous forecast), reflecting a more cautious...

Mirae Asset Securities

Stock recommendations (Vietnam Market)_February 2026

Please change this text!Loan expansion was primarily driven by the corporate segment, which grew 27.9% YoY, while retail loans grew more moderately...

Mirae Asset Securities

Stock recommendations (Vietnam Market)_January 2026

Although this pace remains somewhat below the sector average, the divergence is not unusual given the bank’s diversified earnings base.

Mirae Asset Securities

KTX Tactical DR Picks - October 30, 2025 (Eng.)

The KTX DR Tactical Picks portfolio gained 0.45% from the previous day, as global markets rose following the Fed’s 0.25% rate cut announcement.

Krungthai XSpring

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