External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

Vietnam International Bank / Equity Bottom-Up

<ul><li>We decrease our target price (TP) for VIB by 5.8% to VND21,000/share but upgrade our rating from MARKET PERFORM to OUTPERFORM as VIB’s share price has decreased in the last ten months.</li><li>Our lower TP is due to (1) a 25.7% decrease in our aggregate 2024-2028F NPAT-MI (respective decreases of 29%/28%/27%/26%/21%in 2024/25/26/27/28F), which outweighs (2) the positive impact of rolling our TP horizon forward from end-2024F to end-2025F.</li><li>We decrease our aggregate 2024-2028F earnings primarily due to weaker retail credit demand and intense competition in lending among banks.</li></ul>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.

We decrease our target price (TP) for VIB by 5.8% to VND21,000/share but upgrade our rating from MARKET PERFORM to OUTPERFORM as VIB’s share price has decreased in the last ten months.Our lower TP is due to (1) a 25.7% decrease in our aggregate 2024-2028F NPAT-MI (respective decreases of 29%/28%/27%/26%/21%in 2024/25/26/27/28F), which outweighs (2) the positive impact of rolling our TP horizon forward from end-2024F to end-2025F.We decrease our aggregate 2024-2028F earnings primarily due to weaker retail credit demand and intense competition in lending among banks.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.

VIB [OUTPERFORM +15.9%] - Retail Lending, Earnings to Rebound in 2025F - Update