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 revise up our target price (TP) for ACB by 9.5% to VND31,200/share and maintain a BUY rating.</li><li>Our higher TP is mainly due to increasing our aggregate 2025-2029F NPAT forecast by 1.7% (respective changes of +0.3%/+2.8%/+1.4%/+1.4%/+2.1% for 2025/26/27/28/29F) and applying a target P/B of 1.5x for ACB.</li><li>We decrease our forecast for aggregate 2025-2029F provision expenses by 4.5% as ACB’s asset quality improved significantly and faster than our expectations in Q2 2025 with an NPL ratio of 1.28% (-22 bps QoQ) and Group 2 over gross loans at 0.48% (-24 bps QoQ).</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 revise up our target price (TP) for ACB by 9.5% to VND31,200/share and maintain a BUY rating.Our higher TP is mainly due to increasing our aggregate 2025-2029F NPAT forecast by 1.7% (respective changes of +0.3%/+2.8%/+1.4%/+1.4%/+2.1% for 2025/26/27/28/29F) and applying a target P/B of 1.5x for ACB.We decrease our forecast for aggregate 2025-2029F provision expenses by 4.5% as ACB’s asset quality improved significantly and faster than our expectations in Q2 2025 with an NPL ratio of 1.28% (-22 bps QoQ) and Group 2 over gross loans at 0.48% (-24 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.

Asia Commercial Bank (ACB) - Attractive Valuation; Positioned for NIM Recovery