External broker reports(aggregated public sources), Vietcap

Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We increase our target price (TP) by 26% to VND34,000/share, but downgrade our rating from BUY to OUTPERFORM as the share price has increased 41% in the last three months.</li><li>Our higher TP is due to (1) a 17% increase in our aggregate 2025-2029F NPAT-MI forecast (+3%/+8%/+12%/+20%/+30% for 2025/26/27/28/29F, respectively) and (2) increasing our target P/B from 1.10x to 1.70x, reflecting a more sustainable, strong ROE profile, supported by favorable market conditions post US tariff clarity.</li><li>HDB’s 2025F P/B of 1.61x was 2% higher than its peer median 2025F P/B, while the bank’s 2025F ROE is the highest at 26.6% vs the peer median in our coverage of 17.6%, per our forecast.</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) by 26% to VND34,000/share, but downgrade our rating from BUY to OUTPERFORM as the share price has increased 41% in the last three months.Our higher TP is due to (1) a 17% increase in our aggregate 2025-2029F NPAT-MI forecast (+3%/+8%/+12%/+20%/+30% for 2025/26/27/28/29F, respectively) and (2) increasing our target P/B from 1.10x to 1.70x, reflecting a more sustainable, strong ROE profile, supported by favorable market conditions post US tariff clarity.HDB’s 2025F P/B of 1.61x was 2% higher than its peer median 2025F P/B, while the bank’s 2025F ROE is the highest at 26.6% vs the peer median in our coverage of 17.6%, per our forecast.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.

HDB [OUTPERFORM +13.2%] - Strong ROE Profile but Faces Near-Term Dilution Risk - Update

HDBank

HDB [OUTPERFORM +13.2%] - Strong ROE Profile but Faces Near-Term Dilution Risk - Update