External broker reports(aggregated public sources), Vietcap

Vietcap

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

External broker reports(aggregated public sources)

Equity Bottom-Up

Vietnam Technological & Commer / Equity Bottom-Up

<ul><li>We upgrade our rating to BUY from OUTPERFORM and raise our target price (TP) by 9.8% to VND44,800/share as TCB’s share price has fallen by 9.7% over the past three months.</li><li>Our higher TP is primarily driven by (1) the positive impact of rolling our TP horizon forward to end-2026F and (2) a 2.4% increase in our aggregate 2025-2029F earnings forecast (respective changes of +1.9%/+1.4%/+1.6%/+2.3%/+4.0% for 2025/26/27/28/29F).</li><li>The bank is trading at a trailing P/B of 1.45x, which is slightly higher than its five-year average of 1.39x.</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 upgrade our rating to BUY from OUTPERFORM and raise our target price (TP) by 9.8% to VND44,800/share as TCB’s share price has fallen by 9.7% over the past three months.Our higher TP is primarily driven by (1) the positive impact of rolling our TP horizon forward to end-2026F and (2) a 2.4% increase in our aggregate 2025-2029F earnings forecast (respective changes of +1.9%/+1.4%/+1.6%/+2.3%/+4.0% for 2025/26/27/28/29F).The bank is trading at a trailing P/B of 1.45x, which is slightly higher than its five-year average of 1.39x.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.

TCB [BUY +36.9%] - Long-Term Winner; Upgrade to BUY Post-Stock Pullback