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

Rong Viet Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

Orient Commercial Joint Stock Bank / Equity Bottom-Up

<ul><li>Lending activities have not yet to show positive signals, with credit growth in 1H2025 reached only 8.2% YTD, lagging behind the sector average of 9.9% YTD, while NIM (Q) continued to narrow by 15 bps QoQ and 50 bps YoY to 3.0%.</li><li>Non-interest income rose 62% YoY, driven by a 98% YoY increase in fee income, with bancassurance recorded a notable recovery (+96% YoY) and corporate advisory services surged (+607% YoY) in 1H2025, while bad debt recoveries tripled YoY.</li><li>Asset quality improved as net NPLsformation declined significantly (up only VND 250 billion compared with VND 1.6 trillion in the previous quarter), while NPL coverage ratio (including Debts with foreclosed assets waiting for settlement) rose slightly to 34% (Q1/2025: 31%)</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>

Lending activities have not yet to show positive signals, with credit growth in 1H2025 reached only 8.2% YTD, lagging behind the sector average of 9.9% YTD, while NIM (Q) continued to narrow by 15 bps QoQ and 50 bps YoY to 3.0%.Non-interest income rose 62% YoY, driven by a 98% YoY increase in fee income, with bancassurance recorded a notable recovery (+96% YoY) and corporate advisory services surged (+607% YoY) in 1H2025, while bad debt recoveries tripled YoY.Asset quality improved as net NPLsformation declined significantly (up only VND 250 billion compared with VND 1.6 trillion in the previous quarter), while NPL coverage ratio (including Debts with foreclosed assets waiting for settlement) rose slightly to 34% (Q1/2025: 31%)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.

OCB - Expansion of non-interest income underpins profit growth

<ul><li>We have conducted a valuation for OCB stock and estimate its fair value at VND 11,950, corresponding to projected P/B multiples of 0.9x in 2025 and 0.8x in 2026.</li><li>Faster credit growth than the industry, supported by a solid capital buffer.</li><li>OCB possesses one of the leading capital and liquidity buffers in the banking system, providing a solid foundation for sustained high credit growth over the years (with a 2019-2024 credit CAGR of 20%). </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 have conducted a valuation for OCB stock and estimate its fair value at VND 11,950, corresponding to projected P/B multiples of 0.9x in 2025 and 0.8x in 2026.Faster credit growth than the industry, supported by a solid capital buffer.OCB possesses one of the leading capital and liquidity buffers in the banking system, providing a solid foundation for sustained high credit growth over the years (with a 2019-2024 credit CAGR of 20%). 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.

OCB - Credit Growth as a Key Driver of Profitability

MD, Leaf & Ledger Limited

Leaf & Ledger Limited

Formed in 2024, Leaf & Ledger is a European advisory and research firm serving institutional investors and managers. We focus on real assets and private markets, with public-market read-throughs where material. Our work emphasises valuation signals, market structure, and execution topics that translate technical assessment into underwriting and strategy.

Insight That Moves Capital

Cross Asset Strategy

<ul>
<li>
<strong> Release sparks sell-off:</strong> Vietnam’s government inspectorate released findings October 17th. Despite widespread anticipation of the findings, Vietnamese equities were down sharply following the release.</li>
<li>
<strong> Fault lines and risk nodes:</strong> 5 listed banks, Masan entities, T&amp;T Group, project vehicles, and Novaland affiliates. Issues include disclosure failures, off-plan proceeds use, arrears, and single-buyer concentrations.</li>
<li>
<strong> Signal and policy path:</strong> Expect a stricter rulebook and more active supervision. The core system remains intact, but governance discounts rise, and issuance windows narrow as controls are rebuilt.</li>
</ul>



 Release sparks sell-off: Vietnam’s government inspectorate released findings October 17th. Despite widespread anticipation of the findings, Vietnamese equities were down sharply following the release.

 Fault lines and risk nodes: 5 listed banks, Masan entities, T&amp;T Group, project vehicles, and Novaland affiliates. Issues include disclosure failures, off-plan proceeds use, arrears, and single-buyer concentrations.

 Signal and policy path: Expect a stricter rulebook and more active supervision. The core system remains intact, but governance discounts rise, and issuance windows narrow as controls are rebuilt.


Vietnam Equities: GI Bond Probe Triggers 8% Index Slide

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.

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

Vietnam

Orient Commercial Joint Stock Bank operates as a bank. The Bank provides a variety of banking services including deposits, cards, insurance, consumer and business loans, remittance, factoring, electronic transfers, and internet banking. Orient Commercial serves customers in Vietnam.

Orient Commercial Joint Stock Bank (OCB VN)

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Orient Commercial Joint Stock Bank (OCB VN)

OCB - Expansion of non-interest income underpins profit growth

Lending activities have not yet to show positive signals, with credit growth in 1H2025 reached only 8.2% YTD, lagging behind the sector average of...

Rong Viet Securities

OCB - Credit Growth as a Key Driver of Profitability

We have conducted a valuation for OCB stock and estimate its fair value at VND 11,950, corresponding to projected P/B multiples of 0.9x in 2025 and...

Rong Viet Securities

Vietnam Equities: GI Bond Probe Triggers 8% Index Slide

Vietnam's government inspectorate private debt probe release sparks equity sell-off, as governance concerns in listed banks and companies signal...

EC

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

OCB - Expansion of non-interest income underpins profit growth

Lending activities have not yet to show positive signals, with credit growth in 1H2025 reached only 8.2% YTD, lagging behind the sector average of...

Rong Viet Securities

OCB - Credit Growth as a Key Driver of Profitability

We have conducted a valuation for OCB stock and estimate its fair value at VND 11,950, corresponding to projected P/B multiples of 0.9x in 2025 and...

Rong Viet Securities

Vietnam Equities: GI Bond Probe Triggers 8% Index Slide

​Vietnam's government inspectorate private debt probe release sparks equity sell-off, as governance concerns in listed banks and companies signal...

EC

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

Vietnam's government inspectorate private debt probe release sparks equity sell-off, as governance concerns in listed banks and companies signal...