External broker reports(aggregated public sources), Vietcap

Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We maintain our BUY rating and keep our target price (TP) unchanged at VND44,900/share as a 1.5% decline in our aggregate 2026-2030F earnings forecast is fully offset by a decrease in our assumption for CTG’s cost of equity due to an updated beta.</li><li>Our lower earnings forecast is mainly driven by (1) a 2.1% decrease in aggregate NII due to more conservative credit growth assumptions and (2) an 8.9% increase in aggregate OPEX, which are partially offset by (3) a 15.8% decrease in aggregate provision expenses.</li><li>Our revised 2026F forecasts have not incorporated any profit from CTG’s upcoming sale of the Vietinbank Tower project, currently expected to be completed in H1 2026.</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 keep our target price (TP) unchanged at VND44,900/share as a 1.5% decline in our aggregate 2026-2030F earnings forecast is fully offset by a decrease in our assumption for CTG’s cost of equity due to an updated beta.Our lower earnings forecast is mainly driven by (1) a 2.1% decrease in aggregate NII due to more conservative credit growth assumptions and (2) an 8.9% increase in aggregate OPEX, which are partially offset by (3) a 15.8% decrease in aggregate provision expenses.Our revised 2026F forecasts have not incorporated any profit from CTG’s upcoming sale of the Vietinbank Tower project, currently expected to be completed in H1 2026.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.

CTG [BUY +35.2%] - Top-Tier Profitability, Asset Quality at Attractive Valuation

VietinBank

CTG [BUY +35.2%] - Top-Tier Profitability, Asset Quality at Attractive Valuation