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 style="text-align: justify;">We maintain our target price (TP) at VND38,000/share, as (1) the positive impact of rolling forward our TP horizon to mid-2027F and (2) a 3% increase in our aggregate 2026-2030F NPAT-MI projection (respective changes of +1%/+1%/+2%/+4%/+3% in 2026/27/28/29/30F), are offset by (3) the negative impact of a lower target P/B.</li><li style="text-align: justify;">Assuming a 624.4mn shares (5.8% post-deal) foreign private placement in late 2026 at our mid-2027 TP, VPB’s implied TP would be VND39,000/share.</li><li style="text-align: justify;">Though the selling price has not been disclosed yet, any higher placement valuation would add upside to our scenario, and we believe the strategic value extends beyond the near-term valuation premium. </li></ul><p></p><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 maintain our target price (TP) at VND38,000/share, as (1) the positive impact of rolling forward our TP horizon to mid-2027F and (2) a 3% increase in our aggregate 2026-2030F NPAT-MI projection (respective changes of +1%/+1%/+2%/+4%/+3% in 2026/27/28/29/30F), are offset by (3) the negative impact of a lower target P/B.Assuming a 624.4mn shares (5.8% post-deal) foreign private placement in late 2026 at our mid-2027 TP, VPB’s implied TP would be VND39,000/share.Though the selling price has not been disclosed yet, any higher placement valuation would add upside to our scenario, and we believe the strategic value extends beyond the near-term valuation premium. 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.

VPB  - Regulatory Tailwinds, Strong Capital Fuel Equity Story

VPB [BUY +40.2%] - Regulatory Tailwinds, Strong Capital Fuel Equity Story

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) May 2026

External broker reports(aggregated public sources), Topline Securities

Topline Securities

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Pakistan listed banks profitability clocked in Rs173bn in 1Q2026, showing flattish trend YoY despite the decline in interest rates, The sector’s non-interest income has increased 26% YoY and 18% QoQ.</li><li>Deposit of banks are up 12% YoY while loan book has witnessed rise of 8% YoY in 1Q2026.</li><li>The sector's total coverage ratio stands at 114% in 1Q2026.</li></ul>

Pakistan listed banks profitability clocked in Rs173bn in 1Q2026, showing flattish trend YoY despite the decline in interest rates, The sector’s non-interest income has increased 26% YoY and 18% QoQ.Deposit of banks are up 12% YoY while loan book has witnessed rise of 8% YoY in 1Q2026.The sector's total coverage ratio stands at 114% in 1Q2026.

<ul><li>Pakistan’s listed banks reported profitability of Rs174bn in 1Q2026, slightly up 1% YoY and 8% QoQ.</li><li>On a QoQ basis, profits were driven by 15% growth in non-interest income to Rs170bn, thanks to higher capital gains on investments recorded during the quarter.</li><li>While Net Interest Income (NII) remained largely flattish on QoQ basis despite decline in interest rate in Dec 2025, due to banks’ focus on current account deposits coupled with slight volumetric growth.</li></ul>

Pakistan’s listed banks reported profitability of Rs174bn in 1Q2026, slightly up 1% YoY and 8% QoQ.On a QoQ basis, profits were driven by 15% growth in non-interest income to Rs170bn, thanks to higher capital gains on investments recorded during the quarter.While Net Interest Income (NII) remained largely flattish on QoQ basis despite decline in interest rate in Dec 2025, due to banks’ focus on current account deposits coupled with slight volumetric growth.

Pakistan Banks: Listed Banks Profitability Up 8% QoQ; Non-Interest Income Up 15% QoQ Led By Realization Of Capital Gains

Vietnam

Vietnam Prosperity Joint-Stock Commercial Bank (VPBank) is a Vietnamese commercial bank offering a wide array of financial products and services to individuals, small and medium-sized enterprises (SMEs), and large corporations. Its core business includes deposit accounts, various loan products (home, corporate, SME), credit cards, and investment solutions. The bank focuses on retail and SME customers and is known for its digital transformation efforts. It was founded in 1993 and is headquartered in Hanoi, Vietnam.

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Vietnam Prosperity (VPB VN)

VPB - Regulatory Tailwinds, Strong Capital Fuel Equity Story

Assuming a 624.4mn shares (5.8% post-deal) foreign private placement in late 2026 at our mid-2027 TP, VPB’s implied TP would be VND39,000/share.

Vietcap

VPB [BUY +40.2%] - Regulatory Tailwinds, Strong Capital Fuel Equity Story

Assuming a 624.4mn shares (5.8% post-deal) foreign private placement in late 2026 at our mid-2027 TP, VPB’s implied TP would be VND39,000/share.

Vietcap

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

Pakistan Listed Banks Comp Sheet

Pakistan listed banks profitability clocked in Rs173bn in 1Q2026, showing flattish trend YoY despite the decline in interest rates, The sector’s...

Topline Securities

Pakistan Banks: Listed Banks Profitability Up 8% QoQ; Non-Interest Income Up 15% QoQ Led By Realization Of Capital Gains

Pakistan’s listed banks reported profitability of Rs174bn in 1Q2026, slightly up 1% YoY and 8% QoQ. On a QoQ basis, profits were driven by 15%...

Topline Securities

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