External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

Vietnam Technological & Commer / Equity Bottom-Up

<ul><li>We downgrade our rating to OUTPERFORM from BUY but raise our target price (TP) by 16.6% to VND40,800/share as TCB’s share price has rallied by 36.8% over the past three months. </li><li>Our higher TP is primarily driven by (1) a higher target P/B assumption and (2) a decrease in our assumption for TCB’s cost of equity due to an updated beta.</li><li>The bank is trading at a trailing P/B of 1.69x, which is a 0.75 standard deviation above its fiveyear average of 1.36x. </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 downgrade our rating to OUTPERFORM from BUY but raise our target price (TP) by 16.6% to VND40,800/share as TCB’s share price has rallied by 36.8% over the past three months. Our higher TP is primarily driven by (1) a higher target P/B assumption and (2) a decrease in our assumption for TCB’s cost of equity due to an updated beta.The bank is trading at a trailing P/B of 1.69x, which is a 0.75 standard deviation above its fiveyear average of 1.36x. 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 [OUTPERFORM +10.7%] - Ecosystem Strategies to Drive Sustainable Growth - Update