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External broker reports(aggregated public sources)

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Equity Bottom-Up

Vietnam Maritime Commercial Bank / Equity Bottom-Up

Vietnam Maritime Commercial Bank (MSB VN)

<ul><li>MSB's Q1/26 PBT recorded positive results, reaching nearly 1.89 billion, growing 16% from the low base of the same period in 2025 and completing 24% of the full-year profit plan.</li><li>Specifically, the parent bank contributed over 1.7 billion (-26% QoQ, +9% YoY) and TNEX contributed 138 million (equivalent to 7% of consolidated PBT, a 5-fold increase YoY).</li><li>Alongside the parent bank's credit growth of 2.4% YTD, with retail lending being a bright spot (+4.1% YTD), TNEX's credit scale expanded strongly by 77% YTD. </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>

MSB's Q1/26 PBT recorded positive results, reaching nearly 1.89 billion, growing 16% from the low base of the same period in 2025 and completing 24% of the full-year profit plan.Specifically, the parent bank contributed over 1.7 billion (-26% QoQ, +9% YoY) and TNEX contributed 138 million (equivalent to 7% of consolidated PBT, a 5-fold increase YoY).Alongside the parent bank's credit growth of 2.4% YTD, with retail lending being a bright spot (+4.1% YTD), TNEX's credit scale expanded strongly by 77% YTD. 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.

MSB - Net Interest Margin Protected by Efforts to Control Cost of Funds