External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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Equity Bottom-Up

Vietnam Prosperity  Bank / Equity Bottom-Up

<ul><li>We increase our target price (TP) by 3% to VND38,000/share, and upgrade our rating from MARKET PERFORM to BUY following a 23% decrease in the share price in the last three months.</li><li>Our higher TP is primarily due to (1) the positive impact of rolling forward our TP horizon to end2026F and (2) a 12% increase in our aggregate 2025-2029F NPAT-MI projection (respective changes of +17%/+23%/+17%/+10%/+4% in 2025/26/27/28/29F), which outweigh the negative impact of our lower target P/B and higher cost of equity.</li><li>VPB is on a strong trajectory to enhance its ROE to 18.0% by 2027F (from 11.0% in 2024). </li></ul>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.

We increase our target price (TP) by 3% to VND38,000/share, and upgrade our rating from MARKET PERFORM to BUY following a 23% decrease in the share price in the last three months.Our higher TP is primarily due to (1) the positive impact of rolling forward our TP horizon to end2026F and (2) a 12% increase in our aggregate 2025-2029F NPAT-MI projection (respective changes of +17%/+23%/+17%/+10%/+4% in 2025/26/27/28/29F), which outweigh the negative impact of our lower target P/B and higher cost of equity.VPB is on a strong trajectory to enhance its ROE to 18.0% by 2027F (from 11.0% in 2024). 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 [BUY +37.0%] - Sector Leading Growth Supports Attractive Valuation - Update

<ul><li>Backed by the largest private bank in terms of Q2 2025 total assets, VPBankS has quickly emerged as a top four securities firm in terms of equity as of Q2 2025with a tech-driven growth strategy and investment banking focuses, posting strong H1 2025 results with VND1,894bn of revenue (USD72mn; +54% YoY) and PBT of VND900bn (USD34mn; +80% YoY).</li><li>Management targets VND4,450bn 2025 PBT (+265% YoY), with ~70% already achieved in 9M 2025, per management’s estimates – on track to achieve the full-year target.</li><li>Management also guides for a 32% CAGR for revenue and profit in 2025-2030F.</li></ul>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.

Backed by the largest private bank in terms of Q2 2025 total assets, VPBankS has quickly emerged as a top four securities firm in terms of equity as of Q2 2025with a tech-driven growth strategy and investment banking focuses, posting strong H1 2025 results with VND1,894bn of revenue (USD72mn; +54% YoY) and PBT of VND900bn (USD34mn; +80% YoY).Management targets VND4,450bn 2025 PBT (+265% YoY), with ~70% already achieved in 9M 2025, per management’s estimates – on track to achieve the full-year target.Management also guides for a 32% CAGR for revenue and profit in 2025-2030F.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.

VPBankS - Bank Backing, Technology Fuel Hypergrowth - Company Report

<ul><li>We increase our target price (TP) by 48% to VND37,000/share, but downgrade our rating from BUY to MARKET PERFORM as the share price has increased 88% in the last three months. </li><li>Our higher TP is primarily due to (1) our 20.1% increase in our aggregate 2025-2029F NPAT-MI (respective changes of +1%/+13%/+24%/+25%/+27% in 2025/26/27/28/29F) and</li><li>(2) revising up our target P/B from 1.20x to 1.85x, reflecting a brighter outlook for VPB given more favorable macro conditions and relatively strong competitive advantages to capture growth.</li></ul>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.

We increase our target price (TP) by 48% to VND37,000/share, but downgrade our rating from BUY to MARKET PERFORM as the share price has increased 88% in the last three months. Our higher TP is primarily due to (1) our 20.1% increase in our aggregate 2025-2029F NPAT-MI (respective changes of +1%/+13%/+24%/+25%/+27% in 2025/26/27/28/29F) and(2) revising up our target P/B from 1.20x to 1.85x, reflecting a brighter outlook for VPB given more favorable macro conditions and relatively strong competitive advantages to capture growth.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 [MARKET PERFORM +2.6%] - Valuation Reflects Brighter Growth Outlook Post Tariff Clarity

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

Rong Viet Securities

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<ul><li>Parent Bank PBT remained flat YoY. Credit growth reached 5.4% YTD, with corporate loans expanding by 8.5% YoY, primarily in Commerce (+14%) and Real estate (+3%), while individual retail loans grew modestly at 1.1%.</li><li>NIM declined 20 bps QoQ, mirroring the drop in asset yields as funding costs held steady.</li><li>Quarterly credit costs were 0.5%, with a net NPL formation rate of 1.1%. The on-balance sheet NPL ratio at quarter-end stood at 3.33% (+30 bps QoQ). </li></ul>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.

Parent Bank PBT remained flat YoY. Credit growth reached 5.4% YTD, with corporate loans expanding by 8.5% YoY, primarily in Commerce (+14%) and Real estate (+3%), while individual retail loans grew modestly at 1.1%.NIM declined 20 bps QoQ, mirroring the drop in asset yields as funding costs held steady.Quarterly credit costs were 0.5%, with a net NPL formation rate of 1.1%. The on-balance sheet NPL ratio at quarter-end stood at 3.33% (+30 bps 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.

VPB - Asset Quality Improvement Is Crucial for Valuation Rerating

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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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.

Thematic (Sector/Industry)

<ul><li>Credit expansion showed signs of moderation in 3Q25 as lending approached the annual target.</li><li>Total system credit rose 13.4% YTD by end-9M25 (10M25: +15.09%), up 3.5%p QoQ (1Q25: +3.9%p; 2Q25: +6.0%p), nearing the SBV’s full-year guidance of 16%.</li><li>The deceleration was partly seasonal, reflecting subdued corporate and retail loan demand during this period. </li></ul><div class="content-highlight">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.</div>

Credit expansion showed signs of moderation in 3Q25 as lending approached the annual target.Total system credit rose 13.4% YTD by end-9M25 (10M25: +15.09%), up 3.5%p QoQ (1Q25: +3.9%p; 2Q25: +6.0%p), nearing the SBV’s full-year guidance of 16%.The deceleration was partly seasonal, reflecting subdued corporate and retail loan demand during this 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 - 3Q25 Update and Outlook - Task on Track

Vietnam

Vietnam Prosperity Joint Stock Commercial Bank (VPBank) provides commercial banking services. The Bank offers domestic remittance services, savings account, personal loans, e-banking, trade financing, deposits, tax payment, foreign exchange, cash management, and other banking services. VPBank serves customers in Vietnam.

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Vietnam Prosperity Bank (VPB VN)

VPB [BUY +37.0%] - Sector Leading Growth Supports Attractive Valuation - Update

We increase our target price (TP) by 3% to VND38,000/share, and upgrade our rating from MARKET PERFORM to BUY following a 23% decrease in the share...

Vietcap

VPBankS - Bank Backing, Technology Fuel Hypergrowth - Company Report

Management targets VND4,450bn 2025 PBT (+265% YoY), with ~70% already achieved in 9M 2025, per management’s estimates – on track to achieve the...

Vietcap

VPB [MARKET PERFORM +2.6%] - Valuation Reflects Brighter Growth Outlook Post Tariff Clarity

We increase our target price (TP) by 48% to VND37,000/share, but downgrade our rating from BUY to MARKET PERFORM as the share price has increased...

Vietcap

VPB - Asset Quality Improvement Is Crucial for Valuation Rerating

Quarterly credit costs were 0.5%, with a net NPL formation rate of 1.1%. The on-balance sheet NPL ratio at quarter-end stood at 3.33% (+30 bps QoQ).

Rong Viet Securities

Banking Sector - 3Q25 Update and Outlook - Task on Track

Total system credit rose 13.4% YTD by end-9M25 (10M25: +15.09%), up 3.5%p QoQ (1Q25: +3.9%p; 2Q25: +6.0%p), nearing the SBV’s full-year guidance of...

Mirae Asset Securities

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