External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

Military Commercial Joint Stock Bank / Equity Bottom-Up

Military Commercial Joint Stock Bank (MBB VN)

<ul><li>We increase our target price (TP) by 8% to VND32,500/share, and upgrade our rating from OUTPERFORM to BUY as the share price has decreased 10% in the last three months.</li><li>Our higher TP is due to the positive impact of (1) rolling forward our TP horizon to end-2026F and (2) a 2% increase in our aggregate earnings forecast for 2025-2029F (respective changes of -3%/1%/2%/2%/4% in 2025/26/27/28/29F).</li><li>We forecast 2026F earnings growth to accelerate to 27.3% (vs 10.5% in 2025F) due to strong credit growth, resilient top-tier NIM and improving credit costs/recovery income amid favourable macro conditions.</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 8% to VND32,500/share, and upgrade our rating from OUTPERFORM to BUY as the share price has decreased 10% in the last three months.Our higher TP is due to the positive impact of (1) rolling forward our TP horizon to end-2026F and (2) a 2% increase in our aggregate earnings forecast for 2025-2029F (respective changes of -3%/1%/2%/2%/4% in 2025/26/27/28/29F).We forecast 2026F earnings growth to accelerate to 27.3% (vs 10.5% in 2025F) due to strong credit growth, resilient top-tier NIM and improving credit costs/recovery income amid favourable macro conditions.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.

MBB [BUY +42.5%] - Stronger Earnings Growth in 2026 Fuels Higher ROE - Update