External broker reports(aggregated public sources), Vietcap

Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We maintain our BUY rating but lower our target price (TP) by 5.3% to VND73,500/share.</li><li>Our lower TP is driven by (1) a 7.1% decrease in our aggregate 2025-2029F earnings forecast (respective changes of -3.4%/-8.5%/-5.5%/-7.1%/-9.1% for 2025/26/27/28/29F), (2) an increase in cost of equity due to an updated beta, and (3) a lower target P/B assumption.</li><li>These are partially offset by the positive impact of rolling our TP horizon forward 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 maintain our BUY rating but lower our target price (TP) by 5.3% to VND73,500/share.Our lower TP is driven by (1) a 7.1% decrease in our aggregate 2025-2029F earnings forecast (respective changes of -3.4%/-8.5%/-5.5%/-7.1%/-9.1% for 2025/26/27/28/29F), (2) an increase in cost of equity due to an updated beta, and (3) a lower target P/B assumption.These are partially offset by the positive impact of rolling our TP horizon forward 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.

VCB [BUY +25.3%] - EPS Growth to Improve in 2026-27; Attractive Valuation

Vietcombank

VCB [BUY +25.3%] - EPS Growth to Improve in 2026-27; Attractive Valuation