External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

Bank For Investment And Deve / Equity Bottom-Up

<ul><li>We maintain our BUY rating and increase our target price (TP) by 2.9% of VND46,100/share.</li><li>Our higher TP is driven by the positive impact of rolling our TP horizon forward to end-2026F, partially offset by (1) a 4.0% decrease in our aggregate 2025-2029F earnings forecast (respective changes of +0.1%/-3.9%/-3.8%/-5.1%/-5.5% for 2025/26/27/28/29F), (2) an increase in cost of equity due to an updated beta, and (3) a lower target P/B assumption. </li><li>The decrease in our aggregate 2025-2029F earnings forecast is due to (1) a 6.0% decrease in our aggregate NII forecast due to more conservative NIM assumptions, partially offset by (2) a 9.0% increase in aggregate NOII and (3) a 3.7% decrease in aggregate operating expenses. •</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 increase our target price (TP) by 2.9% of VND46,100/share.Our higher TP is driven by the positive impact of rolling our TP horizon forward to end-2026F, partially offset by (1) a 4.0% decrease in our aggregate 2025-2029F earnings forecast (respective changes of +0.1%/-3.9%/-3.8%/-5.1%/-5.5% for 2025/26/27/28/29F), (2) an increase in cost of equity due to an updated beta, and (3) a lower target P/B assumption. The decrease in our aggregate 2025-2029F earnings forecast is due to (1) a 6.0% decrease in our aggregate NII forecast due to more conservative NIM assumptions, partially offset by (2) a 9.0% increase in aggregate NOII and (3) a 3.7% decrease in aggregate operating expenses. •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.

BID [BUY +20.2%] - Fundamentals Improving Gradually; Reiterate BUY Rating