External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We increase our target price (TP) for STB by 22.6% to VND62,400/share but downgrade our rating to OUTPERFORM from BUY as STB’s share price has rallied by 48.9% over the past 3 months.</li><li>Our higher TP is due to (1) a 6.4% increase in our aggregate 2025-2029F projected NPAT forecast (changes of +9.2%/+13.5%/+6.3%/-9.4%/+14.3% in 2025/26/27/28/29F, respectively), (2) the positive impact of moving the proceeds from the sale of Phong Phu from 2025-2026F to H2 2025, and (3) our increase in the target P/B for STB from 1.0x to 1.3x.</li><li>According to STB, it fully received the proceeds from the sale of Phong Phu debts during July– August 2025.</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) for STB by 22.6% to VND62,400/share but downgrade our rating to OUTPERFORM from BUY as STB’s share price has rallied by 48.9% over the past 3 months.Our higher TP is due to (1) a 6.4% increase in our aggregate 2025-2029F projected NPAT forecast (changes of +9.2%/+13.5%/+6.3%/-9.4%/+14.3% in 2025/26/27/28/29F, respectively), (2) the positive impact of moving the proceeds from the sale of Phong Phu from 2025-2026F to H2 2025, and (3) our increase in the target P/B for STB from 1.0x to 1.3x.According to STB, it fully received the proceeds from the sale of Phong Phu debts during July– August 2025.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 (STB) - Stronger Credit Growth in New Growth Cycle - Update