External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

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External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Q4-FY25 pre -tax profit was broadly flat year -on-year, and full -year 2025 pre -tax profit growth came in at only 4% YoY.</li><li>The primary reasons for the weak Q4 -FY25 result: non -interest income fell 22% YoY, and provisioning costs surged against a very low base in the same period last year (Q4-FY24: net provision reversal of VND 32 bn).</li><li>Credit balance reached approximately VND 1.66 quadrillion, up more than 15% YTD, while deposit funding reached VND 1.68 quadrillion, up more than 10% YTD. </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>

Q4-FY25 pre -tax profit was broadly flat year -on-year, and full -year 2025 pre -tax profit growth came in at only 4% YoY.The primary reasons for the weak Q4 -FY25 result: non -interest income fell 22% YoY, and provisioning costs surged against a very low base in the same period last year (Q4-FY24: net provision reversal of VND 32 bn).Credit balance reached approximately VND 1.66 quadrillion, up more than 15% YTD, while deposit funding reached VND 1.68 quadrillion, up more than 10% YTD. 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 - Good Accumulate Opportunity as Valuation Hits Cyclical Trough

Vietcombank

VCB - Good Accumulate Opportunity as Valuation Hits Cyclical Trough