External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives.

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

<ul><li>FY25 Earnings: The 41% NPAT decline to VND5,939bn is entirely a provisioning event.</li><li>Provision charges surged 477% YoY to VND11,384bn — concentrated in 4Q25 which posted a VND3,360bn loss — while core operations hit records: PPOP rose 29.4% to VND19,012bn with pre-provision ROE at 33.1%. FY25 TOI grew 11.8% to VND32,057bn.</li><li>NIM &amp; CASA: NIM compressed 36bps to 3.31% as lending yield fell 35bps and funding cost edged up 2bps. </li></ul><div class="content-highlight"><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></div>

FY25 Earnings: The 41% NPAT decline to VND5,939bn is entirely a provisioning event.Provision charges surged 477% YoY to VND11,384bn — concentrated in 4Q25 which posted a VND3,360bn loss — while core operations hit records: PPOP rose 29.4% to VND19,012bn with pre-provision ROE at 33.1%. FY25 TOI grew 11.8% to VND32,057bn.NIM &amp; CASA: NIM compressed 36bps to 3.31% as lending yield fell 35bps and funding cost edged up 2bps. 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.

Sacombank JSCB (STB VN) - Provisioning Pressure Masks Franchise Strength