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>Credit growth achieves mid-year target despite bumpy initiation: According to the State Bank of Vietnam (SBV), as of June 30, credit growth reached 6% YTD, achieving the mid-year target of 5–6% for 1H24 set by the Prime Minister.</li><li>Notably, by the end of May, credit growth was only 2.4% YTD, indicating a sharp increase of 3.6% in June, with over 1.5% growth in the final week alone.</li><li>While the rapid increase in June might seem unnatural to some, it aligns well with the broader macroeconomic momentum during the 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 growth achieves mid-year target despite bumpy initiation: According to the State Bank of Vietnam (SBV), as of June 30, credit growth reached 6% YTD, achieving the mid-year target of 5–6% for 1H24 set by the Prime Minister.Notably, by the end of May, credit growth was only 2.4% YTD, indicating a sharp increase of 3.6% in June, with over 1.5% growth in the final week alone.While the rapid increase in June might seem unnatural to some, it aligns well with the broader macroeconomic momentum during the 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 - 1H24 Update and Outlook - So far, so good

<ul><li>Stagnant credit growth in 1Q24 comes with little surprise: The subdued credit growth in 1Q24 reflects broader economic trends, indicating one of the lowest levels in nearly a decade, with a YTD increase of 1.34%.</li><li>This is just slightly above the 0.5% YTD increase recorded in 1Q14 and similar to the pandemic-inception year of 2020.</li><li>However, this was not entirely surprising, given the cautious macroeconomic outlook, despite some signs of recovery.</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>

Stagnant credit growth in 1Q24 comes with little surprise: The subdued credit growth in 1Q24 reflects broader economic trends, indicating one of the lowest levels in nearly a decade, with a YTD increase of 1.34%.This is just slightly above the 0.5% YTD increase recorded in 1Q14 and similar to the pandemic-inception year of 2020.However, this was not entirely surprising, given the cautious macroeconomic outlook, despite some signs of recovery.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 - 1Q24 Update and Outlook - Acceptable Shortfall

<ul><li>Pursuit of credit expansion in last days of the year: As of December 20, 2023, YTD credit growth reached 10.85%; remarkably, however, within the span of just 10 days, this figure surged to an impressive 13.7% YoY.</li><li>Put differently, the credit expansion observed in 4Q23 is nearly equivalent to that of 9M23 combined.</li><li>Overall, credit growth in the banking sector has nearly reached the SBV’s lower-bound target of 14-16% 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>

Pursuit of credit expansion in last days of the year: As of December 20, 2023, YTD credit growth reached 10.85%; remarkably, however, within the span of just 10 days, this figure surged to an impressive 13.7% YoY.Put differently, the credit expansion observed in 4Q23 is nearly equivalent to that of 9M23 combined.Overall, credit growth in the banking sector has nearly reached the SBV’s lower-bound target of 14-16% 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.

Banking Sector - 2023 Update and Outlook - Progress in Motion

<ul><li>By the end of 3Q23, BID, Vietnam's largest commercial bank, showed a moderate growth in total asset to VND2,132tr (US$87bn, +0.58% YTD).</li><li>Compared to end-1H23, loan quality remained stable with a 1.6% NPL ratio, a lower gross NPL ratio of 3.5% (1H23: 3.8%), and an increase in the loan loss reserve (LLR) ratio to 158.4% (1H23: 151.5%).</li><li>3Q23 PBT contracted by 11.7% YoY, slowing the 9M23 PBT growth to 11.3% YoY (1H23: +25.1% 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>

By the end of 3Q23, BID, Vietnam's largest commercial bank, showed a moderate growth in total asset to VND2,132tr (US$87bn, +0.58% YTD).Compared to end-1H23, loan quality remained stable with a 1.6% NPL ratio, a lower gross NPL ratio of 3.5% (1H23: 3.8%), and an increase in the loan loss reserve (LLR) ratio to 158.4% (1H23: 151.5%).3Q23 PBT contracted by 11.7% YoY, slowing the 9M23 PBT growth to 11.3% YoY (1H23: +25.1% 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.

<p>Credit growth in 9M23 lagged significantly behind annual target set by State Bank of Vietnam (SBV): By end-3Q23, credit growth for the year stood at 6.92%, falling far short of the SBV's expected range of 14–16%.</p><p>This marks the second lowest growth rate in a decade, reminiscent of the banking crisis in 2011–2012.</p><p>High lending rates, gloomy macroeconomic data, and an uncertain economic outlook have become the primary drivers of weak credit demand. </p><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 9M23 lagged significantly behind annual target set by State Bank of Vietnam (SBV): By end-3Q23, credit growth for the year stood at 6.92%, falling far short of the SBV's expected range of 14–16%.This marks the second lowest growth rate in a decade, reminiscent of the banking crisis in 2011–2012.High lending rates, gloomy macroeconomic data, and an uncertain economic outlook have become the primary drivers of weak credit demand. 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 - 9M23 Update and Outlook - Overcoming adversity

Vietnam

VietinBank is a state-owned Vietnamese bank providing commercial banking services to individuals and corporate clients. Its offerings include deposits, loans, payment services, foreign exchange transactions, international trade finance, and various digital banking solutions. The bank is headquartered in Hanoi, Vietnam, and was founded in 1988.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

VietinBank (CTG VN)

Banking Sector - 1H24 Update and Outlook - So far, so good

According to the State Bank of Vietnam (SBV), as of June 30, credit growth reached 6% YTD, achieving the mid-year target of 5–6% for 1H24 set by...

Mirae Asset Securities

Banking Sector - 1Q24 Update and Outlook - Acceptable Shortfall

The subdued credit growth in 1Q24 reflects broader economic trends, indicating one of the lowest levels in nearly a decade, with a YTD increase of...

Mirae Asset Securities

Banking Sector - 2023 Update and Outlook - Progress in Motion

As of December 20, 2023, YTD credit growth reached 10.85%; remarkably, however, within the span of just 10 days, this figure surged to an...

Mirae Asset Securities

Vietnam Market - Stock Recommendations

By the end of 3Q23, BID, Vietnam's largest commercial bank, showed a moderate growth in total asset to VND2,132tr (US$87bn, +0.58% YTD).

Mirae Asset Securities

Banking Sector - 9M23 Update and Outlook - Overcoming adversity

Credit growth in 9M23 lagged significantly behind annual target set by State Bank of Vietnam (SBV): By end-3Q23, credit growth for the year stood...

Mirae Asset Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)