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

Equity Bottom-Up

<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

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>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

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 decrease our target price (TP) for STB by 11.2% to VND55,400/share and maintain our OUTPERFORM rating as STB’s share price has decreased 19.6% over the past two months. </li><li>Our lower TP is mainly due to (1) an 11.7% decrease in our aggregate 2025-2029F NPAT forecast (-19.2%/-50.9%/+25.6%/-0.1%/-15.4% in 2025/26/27/28/29F, respectively), and (2) the negative impact of shifting proceeds from the 32.5% stake sale from 2026F to 2027F due to delays in the SBV’s approval.</li><li>This outweighs the positive effect of rolling our TP to end-2026F.</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 decrease our target price (TP) for STB by 11.2% to VND55,400/share and maintain our OUTPERFORM rating as STB’s share price has decreased 19.6% over the past two months. Our lower TP is mainly due to (1) an 11.7% decrease in our aggregate 2025-2029F NPAT forecast (-19.2%/-50.9%/+25.6%/-0.1%/-15.4% in 2025/26/27/28/29F, respectively), and (2) the negative impact of shifting proceeds from the 32.5% stake sale from 2026F to 2027F due to delays in the SBV’s approval.This outweighs the positive effect of rolling our TP to end-2026F.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.

STB [OUTPERFORM +13.1%] - Short-Term Restructuring Pain; Major One-Off Gain in 2027F - Update

STB [OUTPERFORM +13.1%] - Short-Term Restructuring Pain; Major One-Off Gain in 2027F

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)

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

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

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

STB [OUTPERFORM +13.1%] - Short-Term Restructuring Pain; Major One-Off Gain in 2027F - Update

We decrease our target price (TP) for STB by 11.2% to VND55,400/share and maintain our OUTPERFORM rating as STB’s share price has decreased 19.6%...

Vietcap

STB [OUTPERFORM +13.1%] - Short-Term Restructuring Pain; Major One-Off Gain in 2027F

We decrease our target price (TP) for STB by 11.2% to VND55,400/share and maintain our OUTPERFORM rating as STB’s share price has decreased 19.6%...

Vietcap

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