External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

<ul><li>Sacombank JSCB (STB) recorded total loans of VND588tr (+9% YTD) and deposits of VND661tr (+9.5% YTD).</li><li>Balanced growth between deposits and lending indicates ample room to expand credit without liquidity pressure.</li><li>In 1H25, operating income reached VND15,566bn (+11% YoY) and PBT stood at VND7,331bn (+37.2% YoY, fulfilling 50% of the annual plan). </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>

Sacombank JSCB (STB) recorded total loans of VND588tr (+9% YTD) and deposits of VND661tr (+9.5% YTD).Balanced growth between deposits and lending indicates ample room to expand credit without liquidity pressure.In 1H25, operating income reached VND15,566bn (+11% YoY) and PBT stood at VND7,331bn (+37.2% YoY, fulfilling 50% of the annual plan). 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.

Sai Gon Thuong Tin JSCB (STB VN/Hold/TP: VND58,300) - Streamlining for the next growth phase

External broker reports(aggregated public sources), Vietcap

Vietcap

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

<ul><li>We increase our target price (TP) for STB by 22.6% to VND62,400/share but downgrade our rating to OUTPERFORM from BUY as STB’s share price has rallied by 48.9% over the past 3 months.</li><li>Our higher TP is due to (1) a 6.4% increase in our aggregate 2025-2029F projected NPAT forecast (changes of +9.2%/+13.5%/+6.3%/-9.4%/+14.3% in 2025/26/27/28/29F, respectively), (2) the positive impact of moving the proceeds from the sale of Phong Phu from 2025-2026F to H2 2025, and (3) our increase in the target P/B for STB from 1.0x to 1.3x.</li><li>According to STB, it fully received the proceeds from the sale of Phong Phu debts during July– August 2025.</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 increase our target price (TP) for STB by 22.6% to VND62,400/share but downgrade our rating to OUTPERFORM from BUY as STB’s share price has rallied by 48.9% over the past 3 months.Our higher TP is due to (1) a 6.4% increase in our aggregate 2025-2029F projected NPAT forecast (changes of +9.2%/+13.5%/+6.3%/-9.4%/+14.3% in 2025/26/27/28/29F, respectively), (2) the positive impact of moving the proceeds from the sale of Phong Phu from 2025-2026F to H2 2025, and (3) our increase in the target P/B for STB from 1.0x to 1.3x.According to STB, it fully received the proceeds from the sale of Phong Phu debts during July– August 2025.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 (STB) - Stronger Credit Growth in New Growth Cycle - Update

<ul><li>FY24 impressive PBT growth: The PBT of Sacombank (STB) surged 32.6% YoY in FY24, supported by: 1) lower provisioning (VND1,974bn; -46.5% YoY);</li><li>2) strong TOI growth (VND28,677bn; +9.6% YoY), with net interest income (NII) growth at 11.1%, NFI at 13.8%, and NOII at -21.3%; and</li><li>3) controlled OPEX (VND13,982bn; +8.5% YoY), with CIR trending downwards at 48.8% (-49bps 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>

FY24 impressive PBT growth: The PBT of Sacombank (STB) surged 32.6% YoY in FY24, supported by: 1) lower provisioning (VND1,974bn; -46.5% YoY);2) strong TOI growth (VND28,677bn; +9.6% YoY), with net interest income (NII) growth at 11.1%, NFI at 13.8%, and NOII at -21.3%; and3) controlled OPEX (VND13,982bn; +8.5% YoY), with CIR trending downwards at 48.8% (-49bps 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.

Sai Gon Thuong Tin CJSB (STB VN) - Approaching a Turning Point

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

Thematic (Sector/Industry)

<ul><li>Credit expansion showed signs of moderation in 3Q25 as lending approached the annual target.</li><li>Total system credit rose 13.4% YTD by end-9M25 (10M25: +15.09%), up 3.5%p QoQ (1Q25: +3.9%p; 2Q25: +6.0%p), nearing the SBV’s full-year guidance of 16%.</li><li>The deceleration was partly seasonal, reflecting subdued corporate and retail loan demand during this period. </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 expansion showed signs of moderation in 3Q25 as lending approached the annual target.Total system credit rose 13.4% YTD by end-9M25 (10M25: +15.09%), up 3.5%p QoQ (1Q25: +3.9%p; 2Q25: +6.0%p), nearing the SBV’s full-year guidance of 16%.The deceleration was partly seasonal, reflecting subdued corporate and retail loan demand during this period. 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 - 3Q25 Update and Outlook - Task on Track

Vietnam

Saigon Thuong Tin Commercial Joint-Stock Bank, known as Sacombank, operates various personal and corporate banking services such as deposits, foreign exchange transactions, loans, outward transfer, and international payments.

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Sacombank (STB VN)

Sai Gon Thuong Tin JSCB (STB VN/Hold/TP: VND58,300) - Streamlining for the next growth phase

Credit growth is projected at 16% in 2025 (vs. 11.7% in 2024), supported by recovery in real estate, wholesale, and manufacturing sectors. NIM is...

Mirae Asset Securities

Sacombank (STB) - Stronger Credit Growth in New Growth Cycle - Update

We increase our target price (TP) for STB by 22.6% to VND62,400/share but downgrade our rating to OUTPERFORM from BUY as STB’s share price has...

Vietcap

Sai Gon Thuong Tin CJSB (STB VN) - Approaching a Turning Point

FY24 impressive PBT growth: The PBT of Sacombank (STB) surged 32.6% YoY in FY24, supported by: 1) lower provisioning (VND1,974bn; -46.5% YoY)

Mirae Asset Securities

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 - 3Q25 Update and Outlook - Task on Track

Total system credit rose 13.4% YTD by end-9M25 (10M25: +15.09%), up 3.5%p QoQ (1Q25: +3.9%p; 2Q25: +6.0%p), nearing the SBV’s full-year guidance of...

Mirae Asset Securities

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