External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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

Equity Bottom-Up

<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

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

Mirae Asset Securities

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) July 2026

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

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)

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

Stock Recommendations (Vietnam Market) July 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) 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

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