External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We decrease our target price (TP) for STB by 11.2% to VND55,400/share and maintain our OUTPERFORM rating as STB’s share price has decreased 19.6% over the past two months. </li><li>Our lower TP is mainly due to (1) an 11.7% decrease in our aggregate 2025-2029F NPAT forecast (-19.2%/-50.9%/+25.6%/-0.1%/-15.4% in 2025/26/27/28/29F, respectively), and (2) the negative impact of shifting proceeds from the 32.5% stake sale from 2026F to 2027F due to delays in the SBV’s approval.</li><li>This outweighs the positive effect of rolling our TP to end-2026F.</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 decrease our target price (TP) for STB by 11.2% to VND55,400/share and maintain our OUTPERFORM rating as STB’s share price has decreased 19.6% over the past two months. Our lower TP is mainly due to (1) an 11.7% decrease in our aggregate 2025-2029F NPAT forecast (-19.2%/-50.9%/+25.6%/-0.1%/-15.4% in 2025/26/27/28/29F, respectively), and (2) the negative impact of shifting proceeds from the 32.5% stake sale from 2026F to 2027F due to delays in the SBV’s approval.This outweighs the positive effect of rolling our TP to end-2026F.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.

STB [OUTPERFORM +13.1%] - Short-Term Restructuring Pain; Major One-Off Gain in 2027F

Sacombank

STB [OUTPERFORM +13.1%] - Short-Term Restructuring Pain; Major One-Off Gain in 2027F