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

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Equity Bottom-Up

Vietnam Maritime Commercial Bank / Equity Bottom-Up

Vietnam Maritime Commercial Bank (MSB VN)

<ul><li>Q2/26 PBT reached over VND 1.5 trillion ( -19% QoQ, -1% YoY), 20% below our expectation, mainly due to a sharp decline in non -interest income (36% below our forecast).</li><li>Accordingly, MSB’s 1H26 PBT reached VND 3.4 trillion (+8% YoY), fulfilling 39% of our ful l-year forecast.</li><li>Key highlights of Q2/26 business results included (1) consolidated credit growth of 11.4% YTD (Q1/26: 7.3% YTD), with the parent bank fully utilising its initial credit quota (10.45%); and (2) stable asset quality, with consolidated net NPL formation remai ning flat QoQ. </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>

Q2/26 PBT reached over VND 1.5 trillion ( -19% QoQ, -1% YoY), 20% below our expectation, mainly due to a sharp decline in non -interest income (36% below our forecast).Accordingly, MSB’s 1H26 PBT reached VND 3.4 trillion (+8% YoY), fulfilling 39% of our ful l-year forecast.Key highlights of Q2/26 business results included (1) consolidated credit growth of 11.4% YTD (Q1/26: 7.3% YTD), with the parent bank fully utilising its initial credit quota (10.45%); and (2) stable asset quality, with consolidated net NPL formation remai ning flat QoQ. 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 - Credit Growth Accelerated Markedly, but Non-Interest Income Fell Short of Expectations

<ul><li>MSB's Q1/26 PBT recorded positive results, reaching nearly 1.89 billion, growing 16% from the low base of the same period in 2025 and completing 24% of the full-year profit plan.</li><li>Specifically, the parent bank contributed over 1.7 billion (-26% QoQ, +9% YoY) and TNEX contributed 138 million (equivalent to 7% of consolidated PBT, a 5-fold increase YoY).</li><li>Alongside the parent bank's credit growth of 2.4% YTD, with retail lending being a bright spot (+4.1% YTD), TNEX's credit scale expanded strongly by 77% YTD. </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's Q1/26 PBT recorded positive results, reaching nearly 1.89 billion, growing 16% from the low base of the same period in 2025 and completing 24% of the full-year profit plan.Specifically, the parent bank contributed over 1.7 billion (-26% QoQ, +9% YoY) and TNEX contributed 138 million (equivalent to 7% of consolidated PBT, a 5-fold increase YoY).Alongside the parent bank's credit growth of 2.4% YTD, with retail lending being a bright spot (+4.1% YTD), TNEX's credit scale expanded strongly by 77% YTD. 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 - Net Interest Margin Protected by Efforts to Control Cost of Funds

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>On Oct 19, the Ho Chi Minh City Stock Exchange (HSX) will officially announce the results of the semi-annual review of the VNDiamond Index, with the revised basket taking effect on Nov 02, 2026.</li><li>Accordingly, Oct 30 will be the final trading day for ETFs tracking the index to complete their portfolio rebalancing.</li><li>In this review, KDH – previously placed on the watchlist for removal, due to its failure to satisfy the minimum foreign holding threshold of 65% (Section 3.7) – may be completely removed from the index, as it continues to fall short of this requirement.</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 Oct 19, the Ho Chi Minh City Stock Exchange (HSX) will officially announce the results of the semi-annual review of the VNDiamond Index, with the revised basket taking effect on Nov 02, 2026.Accordingly, Oct 30 will be the final trading day for ETFs tracking the index to complete their portfolio rebalancing.In this review, KDH – previously placed on the watchlist for removal, due to its failure to satisfy the minimum foreign holding threshold of 65% (Section 3.7) – may be completely removed from the index, as it continues to fall short of this requirement.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>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

<ul><li>The Ho Chi Minh Stock Exchange (HSX) has announced updated component securities for the VN30 and VNFin Lead Indices in the semi-annual review, as well as the updated weights for the VNDiamond Index, with the official effective date set for 03 August 2026.</li><li>Accordingly, ETFs tracking these indices are expected to carry out portfolio rebalancing, with the bulk of execution concentrated on July 31.</li><li>Across the four ETFs tracking the VN30 Index (E1VFVN30, FUEMAV30, FUEKIV30 and FUESSV30), selling pressure is concentrated in bank stocks, led by TPB (-5.7mn shares), followed by VIB, LPB and ACB. </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 Ho Chi Minh Stock Exchange (HSX) has announced updated component securities for the VN30 and VNFin Lead Indices in the semi-annual review, as well as the updated weights for the VNDiamond Index, with the official effective date set for 03 August 2026.Accordingly, ETFs tracking these indices are expected to carry out portfolio rebalancing, with the bulk of execution concentrated on July 31.Across the four ETFs tracking the VN30 Index (E1VFVN30, FUEMAV30, FUEKIV30 and FUESSV30), selling pressure is concentrated in bank stocks, led by TPB (-5.7mn shares), followed by VIB, LPB and ACB. 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.

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 - Credit Growth Accelerated Markedly, but Non-Interest Income Fell Short of Expectations

Q2/26 PBT reached over VND 1.5 trillion ( -19% QoQ, -1% YoY), 20% below our expectation, mainly due to a sharp decline in non -interest income (36%...

Rong Viet Securities

MSB - Net Interest Margin Protected by Efforts to Control Cost of Funds

MSB's Q1/26 PBT recorded positive results, reaching nearly 1.89 billion, growing 16% from the low base of the same period in 2025 and completing...

Rong Viet Securities

Forecast – HoSE Indexes review in 4Q26

On Oct 19, the Ho Chi Minh City Stock Exchange (HSX) will officially announce the results of the semi-annual review of the VNDiamond Index, with...

Mirae Asset Securities

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 3Q26

Accordingly, ETFs tracking these indices are expected to carry out portfolio rebalancing, with the bulk of execution concentrated on July 31.

Mirae Asset Securities

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