External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

Vietnam Maritime Commercial Bank / Equity Bottom-Up

Vietnam Maritime Commercial Bank (MSB VN)

<ul><li>MSB has maintained an average CASA ratio of around 30% over the past five years, higher than the system average (~18-22%) and competitive among mid-sized private banks.</li><li>This strong base is primarily backed by its unique corporate customers and key shareholders.</li><li>However, in a rising interest rate environment, some CASA may shift to term deposits. </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>

MSB has maintained an average CASA ratio of around 30% over the past five years, higher than the system average (~18-22%) and competitive among mid-sized private banks.This strong base is primarily backed by its unique corporate customers and key shareholders.However, in a rising interest rate environment, some CASA may shift to term deposits. 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.

MSB - Enhancing Profitability by Leveraging CASA Advantages

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>The addition of VPL is in line with our expectations, as its 11th-ranked market capitalization, which makes VPL a must-have component with a weighting of 0.7%.</li><li>This relatively low weighting, despite VPL’s sizable market capitalization, mainly stems from its classification as a Vingroup-related stock (VIC, VHM, and VPL), which subjects the maximum contribution cap for related–stock groups at a 15% aggregate.</li><li>Meanwhile, BCM has been officially excluded from the VN30 index due to failing to satisfy the minimum average daily trading value of VND30bn/day.</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>

The addition of VPL is in line with our expectations, as its 11th-ranked market capitalization, which makes VPL a must-have component with a weighting of 0.7%.This relatively low weighting, despite VPL’s sizable market capitalization, mainly stems from its classification as a Vingroup-related stock (VIC, VHM, and VPL), which subjects the maximum contribution cap for related–stock groups at a 15% aggregate.Meanwhile, BCM has been officially excluded from the VN30 index due to failing to satisfy the minimum average daily trading value of VND30bn/day.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.

<ul><li>HSX recently announced updates to the VN30 Index, VNDiamond Index, and VNFin Lead Index components, including changes in stocks and calculation factors.</li><li>The new indexes will take effect on February 3, 2025, with rebalancing set for January 24, due to the Tet holiday.</li><li>Consequently, ETFs tracking these indexes will adjust their portfolios from January 20–24.</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>

HSX recently announced updates to the VN30 Index, VNDiamond Index, and VNFin Lead Index components, including changes in stocks and calculation factors.The new indexes will take effect on February 3, 2025, with rebalancing set for January 24, due to the Tet holiday.Consequently, ETFs tracking these indexes will adjust their portfolios from January 20–24.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.

<ul><li>On January 20,the Ho Chi Minh City Stock Exchange (HSX) will officially release the semi-annual review for both the VN30 and VNFin LEAD indexes, effective from February 3, 2025.</li><li>As a result, January 24, 2024 will be the last trading day for ETFs, following the rebalancing ofthese indexes’ portfolios.</li><li>Based on our data, we note that LPB is eligible to become a new entrantinthe VN30 basketin the next review,thanks to: 1) its 20th -ranked market capitalization, which makes LPB a must-have component; and 2) the fact that all other criteria meet the requirements.</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>

On January 20,the Ho Chi Minh City Stock Exchange (HSX) will officially release the semi-annual review for both the VN30 and VNFin LEAD indexes, effective from February 3, 2025.As a result, January 24, 2024 will be the last trading day for ETFs, following the rebalancing ofthese indexes’ portfolios.Based on our data, we note that LPB is eligible to become a new entrantinthe VN30 basketin the next review,thanks to: 1) its 20th -ranked market capitalization, which makes LPB a must-have component; and 2) the fact that all other criteria meet the requirements.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.

Forecast – VN30 and VNFin Lead Indexes Review in 1Q25

<ul><li>On October 21, the Ho Chi Minh City Stock Exchange (HSX) will release the changes to the constituent stocks and calculation factors for VNDiamond Index baskets with these adjustments, effective from November 4, 2024.</li><li>Consequently, November 1, 2024 will be the last trading day for ETFs, following the VN-Diamond Index’s rebalancing of their portfolios</li><li>HSX has approved Decision No. 502/QD-SGDHCM, which replaces version 2.1 with version 3.0 of the "Vietnam Diamond Index" construction and management rules, effective from the October 2024 review 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>

On October 21, the Ho Chi Minh City Stock Exchange (HSX) will release the changes to the constituent stocks and calculation factors for VNDiamond Index baskets with these adjustments, effective from November 4, 2024.Consequently, November 1, 2024 will be the last trading day for ETFs, following the VN-Diamond Index’s rebalancing of their portfoliosHSX has approved Decision No. 502/QD-SGDHCM, which replaces version 2.1 with version 3.0 of the "Vietnam Diamond Index" construction and management rules, effective from the October 2024 review 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.

Forecast VNDiamond Index Review in 4Q24 - Sep 26, 2024

Vietnam

Vietnam Maritime Commercial Bank (MSB) provides commercial and retail banking products and services, including savings and credit accounts, various loans, investment products, and insurance. It also offers corporate banking services such as lending, trade finance, and cash management solutions. The bank was incorporated in 1991 and is headquartered in Hanoi, Vietnam.

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Vietnam Maritime Commercial Bank (MSB VN)

MSB - Enhancing Profitability by Leveraging CASA Advantages

MSB has maintained an average CASA ratio of around 30% over the past five years, higher than the system average (~18-22%) and competitive among mid...

Rong Viet Securities

ETFs Monitor in 1Q26

The addition of VPL is in line with our expectations, as its 11th-ranked market capitalization, which makes VPL a must-have component with a...

Mirae Asset Securities

ETF Monitor in 1Q25

HSX recently announced updates to the VN30 Index, VNDiamond Index, and VNFin Lead Index components, including changes in stocks and calculation...

Mirae Asset Securities

Forecast – VN30 and VNFin Lead Indexes Review in 1Q25

On January 20,the Ho Chi Minh City Stock Exchange (HSX) will officially release the semi-annual review for both the VN30 and VNFin LEAD indexes,...

Mirae Asset Securities

Forecast VNDiamond Index Review in 4Q24 - Sep 26, 2024

On October 21, the Ho Chi Minh City Stock Exchange (HSX) will release the changes to the constituent stocks and calculation factors for VNDiamond...

Mirae Asset Securities

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