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>VCB’s balance sheet continued to expand in 1H26, driven mainly by liquidity rather than lending.</li><li>Customer loans increased by 4.8% YTD, trailing total-asset growth of 8.8%, as interbank balances rose 18.9% and deposits at the SBV surged 95.1%.</li><li>Customer deposits grew 3.4% YTD, while CASA declined 1.0% in absolute terms and its weight fell by 1.5%p to 33.9%. </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’s balance sheet continued to expand in 1H26, driven mainly by liquidity rather than lending.Customer loans increased by 4.8% YTD, trailing total-asset growth of 8.8%, as interbank balances rose 18.9% and deposits at the SBV surged 95.1%.Customer deposits grew 3.4% YTD, while CASA declined 1.0% in absolute terms and its weight fell by 1.5%p to 33.9%. 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)_Oct 2026

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

Rong Viet Securities

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Equity Bottom-Up

<ul><li>1Q26 PBT reached VND 8,870bn (+23% YoY, -3% QoQ), underpinned by total operating income expanding 18% YoY to VND 13,674bn.</li><li>Fee and commission income surged 72% YoY, driven by insurance services and trade finance/LC (+159% YoY).</li><li>1Q26 credit growth was contained within limits: parent bank gross loans reached VND 780,000bn (+2.9% YTD, +17% YoY), with net growth entirely from retail customers —mortgage loans (+6.4% YTD) and unsecured consumer loans (+14.4% 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>

1Q26 PBT reached VND 8,870bn (+23% YoY, -3% QoQ), underpinned by total operating income expanding 18% YoY to VND 13,674bn.Fee and commission income surged 72% YoY, driven by insurance services and trade finance/LC (+159% YoY).1Q26 credit growth was contained within limits: parent bank gross loans reached VND 780,000bn (+2.9% YTD, +17% YoY), with net growth entirely from retail customers —mortgage loans (+6.4% YTD) and unsecured consumer loans (+14.4% 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.

TCB - Fee Income Surge Offsets NIM Headwinds

<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>System-wide credit growth accelerated in 2Q26, although growth was highly differentiated across banks.</li><li>By end-1H26, system-wide credit grew 8.37% YTD, accelerating from 3.18% in 1Q26, before reaching nearly 9.1% by mid-August.</li><li>Growth among LBs stood at 9.3% YTD in 1H26, mainly driven by top-tier privately owned banks with stronger credit quotas and balance-sheet capacity, led by VPB (+23.2%), HDB (+21.8%), TCB (+15.2%), and MBB (+13.2%), while major SOCBs such as BID, CTG, VCB and VIB remained in the ~5% range. </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>

System-wide credit growth accelerated in 2Q26, although growth was highly differentiated across banks.By end-1H26, system-wide credit grew 8.37% YTD, accelerating from 3.18% in 1Q26, before reaching nearly 9.1% by mid-August.Growth among LBs stood at 9.3% YTD in 1H26, mainly driven by top-tier privately owned banks with stronger credit quotas and balance-sheet capacity, led by VPB (+23.2%), HDB (+21.8%), TCB (+15.2%), and MBB (+13.2%), while major SOCBs such as BID, CTG, VCB and VIB remained in the ~5% range. 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 - 2Q26 Update and Outlook - Let Execution Compound

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.

<ul><li>We maintain our BUY rating and raise our target price (TP) by 2.7% to VND42,600/share as we roll our TP horizon forward to mid-2027, the positive impact of which is partially offset by our lower aggregate 2026-2030F earnings forecast by 3.9% (respective changes of -2.9%/- 4.9%/-3.6%/-3.9%/-4.2% for 2026/27/28/29/30F).</li><li>Given TCB’s strong fee income generation and robust LLR, the bank remains well-positioned to navigate through near-term macro headwinds that have weighed on margins to deliver resilient earnings growth in 2026.</li><li>The bank is trading at a trailing P/B of 1.36x, in line with its five-year average.</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>

We maintain our BUY rating and raise our target price (TP) by 2.7% to VND42,600/share as we roll our TP horizon forward to mid-2027, the positive impact of which is partially offset by our lower aggregate 2026-2030F earnings forecast by 3.9% (respective changes of -2.9%/- 4.9%/-3.6%/-3.9%/-4.2% for 2026/27/28/29/30F).Given TCB’s strong fee income generation and robust LLR, the bank remains well-positioned to navigate through near-term macro headwinds that have weighed on margins to deliver resilient earnings growth in 2026.The bank is trading at a trailing P/B of 1.36x, in line with its five-year average.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 +27.9%] - Strong Fee Income, Asset Quality to Cushion NIM Pressure

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)

Stock recommendations (Vietnam Market)_Oct 2026

Customer loans increased by 4.8% YTD, trailing total-asset growth of 8.8%, as interbank balances rose 18.9% and deposits at the SBV surged 95.1%.

Mirae Asset Securities

TCB - Fee Income Surge Offsets NIM Headwinds

1Q26 PBT reached VND 8,870bn (+23% YoY, -3% QoQ), underpinned by total operating income expanding 18% YoY to VND 13,674bn.

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

Banking Sector - 2Q26 Update and Outlook - Let Execution Compound

System-wide credit growth accelerated in 2Q26, although growth was highly differentiated across banks. By end-1H26, system-wide credit grew 8.37%...

Mirae Asset Securities

TCB [BUY +27.9%] - Strong Fee Income, Asset Quality to Cushion NIM Pressure

We maintain our BUY rating and raise our target price (TP) by 2.7% to VND42,600/share as we roll our TP horizon forward to mid-2027...

Vietcap

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