Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

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  <li>
<a href="https://smartkarma.com/entities/saigon-thuong-tin-commercial-joint-stock-bank">Sacombank</a> is in a pivotal phase of a multi-year restructuring plan aimed at resolving legacy non-performing assets, which is currently depressing profitability through accelerated provisioning.</li>
  <li>The market holds a strong optimistic view on the bank's long-term recovery and growth potential, driven by new leadership and strategic shifts, which has kept the stock's momentum high despite near-term earnings weakness.</li>
  <li>Valuation appears stretched relative to current earnings, reflecting high expectations for a significant profit recovery and normalization post-restructuring, which is anticipated in the coming years.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Sacombank is in a pivotal phase of a multi-year restructuring plan aimed at resolving legacy non-performing assets, which is currently depressing profitability through accelerated provisioning.
  The market holds a strong optimistic view on the bank's long-term recovery and growth potential, driven by new leadership and strategic shifts, which has kept the stock's momentum high despite near-term earnings weakness.
  Valuation appears stretched relative to current earnings, reflecting high expectations for a significant profit recovery and normalization post-restructuring, which is anticipated in the coming years.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>After years of being on the watchlist, Vietnam will be added to a global index in September 2026 as long as progress is made on one key issue.</li>
<li>The final decision will be made in March 2026, and the implementation of the inclusion will take place in phases.</li>
<li>We currently see 21 stocks meeting the inclusion criteria. There are others that are close to the inclusion thresholds, and the list will change over the next few months.</li>
</ul>


After years of being on the watchlist, Vietnam will be added to a global index in September 2026 as long as progress is made on one key issue.
The final decision will be made in March 2026, and the implementation of the inclusion will take place in phases.
We currently see 21 stocks meeting the inclusion criteria. There are others that are close to the inclusion thresholds, and the list will change over the next few months.


Vietnam: Global Index Inclusion & Passive Flows

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>System-wide credit growth accelerated in 2Q26, although growth was highly differentiated across banks.</li><li>By end-1H26, system-wide credit grew 8.37% YTD, accelerating from 3.18% in 1Q26, before reaching nearly 9.1% by mid-August.</li><li>Growth among LBs stood at 9.3% YTD in 1H26, mainly driven by top-tier privately owned banks with stronger credit quotas and balance-sheet capacity, led by VPB (+23.2%), HDB (+21.8%), TCB (+15.2%), and MBB (+13.2%), while major SOCBs such as BID, CTG, VCB and VIB remained in the ~5% range. </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>

System-wide credit growth accelerated in 2Q26, although growth was highly differentiated across banks.By end-1H26, system-wide credit grew 8.37% YTD, accelerating from 3.18% in 1Q26, before reaching nearly 9.1% by mid-August.Growth among LBs stood at 9.3% YTD in 1H26, mainly driven by top-tier privately owned banks with stronger credit quotas and balance-sheet capacity, led by VPB (+23.2%), HDB (+21.8%), TCB (+15.2%), and MBB (+13.2%), while major SOCBs such as BID, CTG, VCB and VIB remained in the ~5% range. 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 - 2Q26 Update and Outlook - Let Execution Compound

<ul><li>FY25 Earnings: The 41% NPAT decline to VND5,939bn is entirely a provisioning event.</li><li>Provision charges surged 477% YoY to VND11,384bn — concentrated in 4Q25 which posted a VND3,360bn loss — while core operations hit records: PPOP rose 29.4% to VND19,012bn with pre-provision ROE at 33.1%. FY25 TOI grew 11.8% to VND32,057bn.</li><li>NIM &amp; CASA: NIM compressed 36bps to 3.31% as lending yield fell 35bps and funding cost edged up 2bps. </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>

FY25 Earnings: The 41% NPAT decline to VND5,939bn is entirely a provisioning event.Provision charges surged 477% YoY to VND11,384bn — concentrated in 4Q25 which posted a VND3,360bn loss — while core operations hit records: PPOP rose 29.4% to VND19,012bn with pre-provision ROE at 33.1%. FY25 TOI grew 11.8% to VND32,057bn.NIM &amp; CASA: NIM compressed 36bps to 3.31% as lending yield fell 35bps and funding cost edged up 2bps. 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.

Sacombank JSCB (STB VN) - Provisioning Pressure Masks Franchise Strength

<ul><li>VCB’s balance sheet continued to expand in 1H26, driven mainly by liquidity rather than lending.</li><li>Customer loans increased by 4.8% YTD, trailing total-asset growth of 8.8%, as interbank balances rose 18.9% and deposits at the SBV surged 95.1%.</li><li>Customer deposits grew 3.4% YTD, while CASA declined 1.0% in absolute terms and its weight fell by 1.5%p to 33.9%. </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’s balance sheet continued to expand in 1H26, driven mainly by liquidity rather than lending.Customer loans increased by 4.8% YTD, trailing total-asset growth of 8.8%, as interbank balances rose 18.9% and deposits at the SBV surged 95.1%.Customer deposits grew 3.4% YTD, while CASA declined 1.0% in absolute terms and its weight fell by 1.5%p to 33.9%. 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)_Sep 2026

Vietnam

Sacombank is a Vietnamese commercial joint stock bank offering a wide range of financial services, including personal and corporate banking, cards, loans, savings, insurance, and digital banking solutions. It provides various products such as credit cards, debit cards, business and home loans, and life insurance. Headquartered in Ho Chi Minh City, Vietnam, the bank was established on December 21, 1991.

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Sacombank (STB VN)

Primer: Sacombank (STB VN) - Aug 2026

Sacombank is in a pivotal phase of a multi-year restructuring plan aimed at resolving legacy non-performing assets, which is currently...

αSK Primers

Vietnam: Global Index Inclusion & Passive Flows

Vietnam could be added to a global index in Sep 2026. The final decision will be made in March. We see 21 stocks currently meeting index inclusion...

Brian Freitas

Banking Sector - 2Q26 Update and Outlook - Let Execution Compound

System-wide credit growth accelerated in 2Q26, although growth was highly differentiated across banks. By end-1H26, system-wide credit grew 8.37%...

Mirae Asset Securities

Sacombank JSCB (STB VN) - Provisioning Pressure Masks Franchise Strength

3Q25 NIM was inflated by a one-off Phong Phu accrued interest recovery; underlying 2H25 run-rate was 3.0–3.1%. CASA fell to 15.3% (-3ppt YoY); its...

Mirae Asset Securities

Stock recommendations (Vietnam Market)_Sep 2026

Customer loans increased by 4.8% YTD, trailing total-asset growth of 8.8%, as interbank balances rose 18.9% and deposits at the SBV surged 95.1%.

Mirae Asset Securities

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