External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

Asia Commercial Bank/Vietnam / Equity Bottom-Up

<ul><li>We increase our target price (TP) for ACB by 6.7% to VND33,300/share and maintain a BUY rating.</li><li>Our higher TP is mainly due to increasing our aggregate 2025-2029F NPAT forecast by 1.4% (respective changes of -1.3%/-3.7%/-3.6%/+4.4%/+8.2% for 2025/26/27/28/29F) and (2) the positive impact of rolling our TP horizon forward to end-2026F.</li><li>We increase our forecast for ACB’s average 2025-2029F credit growth from 16.6% to 19.2% as we believe our previous forecast was conservative.</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 increase our target price (TP) for ACB by 6.7% to VND33,300/share and maintain a BUY rating.Our higher TP is mainly due to increasing our aggregate 2025-2029F NPAT forecast by 1.4% (respective changes of -1.3%/-3.7%/-3.6%/+4.4%/+8.2% for 2025/26/27/28/29F) and (2) the positive impact of rolling our TP horizon forward to end-2026F.We increase our forecast for ACB’s average 2025-2029F credit growth from 16.6% to 19.2% as we believe our previous forecast was conservative.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.

ACB [BUY +34.0%] - Accelerating Transformation; Gold Business Restarts