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>By the end of 4Q22, credit growth reached 14.5%, the highest since 2018.</li><li>Credit growth was lower than expected, in light of the high credit growth cap of 16% granted at end-2022.</li><li>The SBV has implied that high credit growth will be tolerated, but that the systemic stability of the financial industry will remain the top priority: The Standing Deputy Governor of the State Bank of Vietnam has said credit growth in the banking sector in 2023 could reach about 14–15%.</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>

By the end of 4Q22, credit growth reached 14.5%, the highest since 2018.Credit growth was lower than expected, in light of the high credit growth cap of 16% granted at end-2022.The SBV has implied that high credit growth will be tolerated, but that the systemic stability of the financial industry will remain the top priority: The Standing Deputy Governor of the State Bank of Vietnam has said credit growth in the banking sector in 2023 could reach about 14–15%.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 - 2022 Update and Outlook - Aftermath of cheap money cycle and real estate boom

Another rate cut could come in handy: In order to mitigate the effects of the pandemic, the State Bank of Vietnam (SBV) has conducted three central rate cuts totalling more than 150bps for all tenors.

Another rate cut could come in handy: In order to mitigate the effects of the pandemic, the State Bank of Vietnam (SBV) has conducted three central rate cuts totalling more than 150bps for all tenors.

Vietnam Banking Industry 2021 Outlook: Challenges Ahead

Index Rebalance

<ul>
<li>KDH is expected to be placed on the watchlist for potential removal from the constituent basket in this review, as it fails to meet the minimum FOL threshold of 65% under section 3.7 for the first time.</li>
<li>Based on data as of March 31, 2026, its FOL ratio stands at only 61.8% under the index construction methodology.</li>
<li>Being placed on the removal watchlist would result in a 50% cut to KDH’s current contribution weight, reducing its contribution to a modest 0.8%. </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>


KDH is expected to be placed on the watchlist for potential removal from the constituent basket in this review, as it fails to meet the minimum FOL threshold of 65% under section 3.7 for the first time.
Based on data as of March 31, 2026, its FOL ratio stands at only 61.8% under the index construction methodology.
Being placed on the removal watchlist would result in a 50% cut to KDH’s current contribution weight, reducing its contribution to a modest 0.8%. 

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.

External broker reports(aggregated public sources), Vietcap

Vietcap

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>We downgrade our rating to OUTPERFORM from BUY but raise our target price (TP) by 16.6% to VND40,800/share as TCB’s share price has rallied by 36.8% over the past three months. </li><li>Our higher TP is primarily driven by (1) a higher target P/B assumption and (2) a decrease in our assumption for TCB’s cost of equity due to an updated beta.</li><li>The bank is trading at a trailing P/B of 1.69x, which is a 0.75 standard deviation above its fiveyear average of 1.36x. </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 downgrade our rating to OUTPERFORM from BUY but raise our target price (TP) by 16.6% to VND40,800/share as TCB’s share price has rallied by 36.8% over the past three months. Our higher TP is primarily driven by (1) a higher target P/B assumption and (2) a decrease in our assumption for TCB’s cost of equity due to an updated beta.The bank is trading at a trailing P/B of 1.69x, which is a 0.75 standard deviation above its fiveyear average of 1.36x. 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.

TCB [OUTPERFORM +10.7%] - Ecosystem Strategies to Drive Sustainable Growth - Update

<ul><li>We raise our target price (TP) for TCB by 7.7% to VND28,000/share and upgrade our rating from OUTPERFORM to BUY. </li><li>Our higher TP is mainly due to (1) the positive impact of rolling our TP horizon forward to end-2025F and (2) a decrease in our assumption for TCB’s cost of equity due to an updated beta. </li><li>We broadly maintain our aggregate earnings forecast for 2024-2028F (respective changes of </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 raise our target price (TP) for TCB by 7.7% to VND28,000/share and upgrade our rating from OUTPERFORM to BUY. Our higher TP is mainly due to (1) the positive impact of rolling our TP horizon forward to end-2025F and (2) a decrease in our assumption for TCB’s cost of equity due to an updated beta. We broadly maintain our aggregate earnings forecast for 2024-2028F (respective changes of 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.

TCB [BUY +21.8%] - Expecting Weak Q4 2024, yet Earnings Outlook on Track - Update

Vietnam

Techcombank, officially known as Vietnam Technological and Commercial Joint Stock Bank, is one of Vietnam's largest joint-stock commercial banks. It offers a comprehensive range of financial products and services, including individual and corporate loans, debit and credit cards, savings and checking accounts, electronic banking, foreign exchange, and investment products. Techcombank was founded in September 1993 and is headquartered in Hanoi, Vietnam.

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Techcombank (TCB VN)

Banking Sector - 2022 Update and Outlook - Aftermath of cheap money cycle and real estate boom

By the end of 4Q22, credit growth reached 14.5%, the highest since 2018. Credit growth was lower than expected, in light of the high credit growth...

Mirae Asset Securities

Vietnam Banking Industry 2021 Outlook: Challenges Ahead

Another rate cut could come in handy: In order to mitigate the effects of the pandemic, the State Bank of Vietnam (SBV) has conducted three central...

Mirae Asset Securities

Forecast – HoSE Indexes Review in 2Q26

Being placed on the removal watchlist would result in a 50% cut to KDH’s current contribution weight, reducing its contribution to a modest 0.8%.

Mirae Asset Securities

TCB [OUTPERFORM +10.7%] - Ecosystem Strategies to Drive Sustainable Growth - Update

We downgrade our rating to OUTPERFORM from BUY but raise our target price (TP) by 16.6% to VND40,800/share as TCB’s share price has rallied by...

Vietcap

TCB [BUY +21.8%] - Expecting Weak Q4 2024, yet Earnings Outlook on Track - Update

Our higher TP is mainly due to (1) the positive impact of rolling our TP horizon forward to end-2025F and (2) a decrease in our assumption for...

Vietcap

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