External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

Vietnam Joint Stock Commercial Bank For Industry and Trade / Equity Bottom-Up

Vietnam Joint Stock Commercial Bank For Industry and Trade (CTG VN)

Vietnam Joint Stock Commercial Bank For Industry and Trade

<ul><li>We maintain our BUY rating and raise our target price (TP) by 15.4% to VND60,000/share.</li><li>Our higher TP is driven by (1) a 3.6% increase in our aggregate forecast for 2025-2029 NPAT-MI (with respective increases of 0.2%/2.8%/5.7%/4.0%/4.0% in 2025/26/27/28F/29F), (2) a decrease in our assumption for CTG’s cost of equity due to an updated beta, and (3) a higher target P/B assumption.</li><li>The increase in our 2025-2029F earnings forecast is mainly driven by (1) a 2.8% increase in aggregate NII due to higher credit growth assumptions despite slightly more conservative NIM assumptions, partially offset by (2) a 3.7% increase in provision expenses also due to higher projected credit growth.</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 and raise our target price (TP) by 15.4% to VND60,000/share.Our higher TP is driven by (1) a 3.6% increase in our aggregate forecast for 2025-2029 NPAT-MI (with respective increases of 0.2%/2.8%/5.7%/4.0%/4.0% in 2025/26/27/28F/29F), (2) a decrease in our assumption for CTG’s cost of equity due to an updated beta, and (3) a higher target P/B assumption.The increase in our 2025-2029F earnings forecast is mainly driven by (1) a 2.8% increase in aggregate NII due to higher credit growth assumptions despite slightly more conservative NIM assumptions, partially offset by (2) a 3.7% increase in provision expenses also due to higher projected credit growth.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.

VietinBank (CTG) - Strong EPS Growth Outlook Driven by Robust Credit Expansion