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

Rong Viet Securities

RongViet Securities Corporation (RongViet) was established in 2007, licensed to perform the complete range of securities services including brokerage, financial investment, underwriting, financial and investment advisory and securities depository. RongViet now has an operating network that spreads across the country. Our major shareholders, also our strategic partners, are reputable institutions, i.e Eximbank, Viet Dragon Fund Management, etc... Along with a team of the professional and dynamic staffs, RongViet has the man power as well as the financial capacity to bring our clients the most suitable and efficient products and services. Especially, RongViet was one of the very first securities firms to pay the adequate attention to the development of a team of analysts and the provision of useful research report to investors.

The Analysis and Investment Advisory Department of RongViet Securities provides research reports on the macro-economy, securities market and investment strategy along with industry and company reports and daily and weekly market reviews.

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.

External broker reports(aggregated public sources)

RongViet is proud to have a research team of experienced and trustworthy people whose works are at all time governed by the codes of objectivity, integrity and client's best interest.

Looking at relevant, up-to-date information from multiple perspectives with the support of intensive data and analyses, RongViet's research is effective, practical and widely used for investing purposes.

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

Vietnam Prosperity  Bank / Equity Bottom-Up

<ul><li>Parent Bank PBT remained flat YoY. Credit growth reached 5.4% YTD, with corporate loans expanding by 8.5% YoY, primarily in Commerce (+14%) and Real estate (+3%), while individual retail loans grew modestly at 1.1%.</li><li>NIM declined 20 bps QoQ, mirroring the drop in asset yields as funding costs held steady.</li><li>Quarterly credit costs were 0.5%, with a net NPL formation rate of 1.1%. The on-balance sheet NPL ratio at quarter-end stood at 3.33% (+30 bps QoQ). </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>

Parent Bank PBT remained flat YoY. Credit growth reached 5.4% YTD, with corporate loans expanding by 8.5% YoY, primarily in Commerce (+14%) and Real estate (+3%), while individual retail loans grew modestly at 1.1%.NIM declined 20 bps QoQ, mirroring the drop in asset yields as funding costs held steady.Quarterly credit costs were 0.5%, with a net NPL formation rate of 1.1%. The on-balance sheet NPL ratio at quarter-end stood at 3.33% (+30 bps QoQ). 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.

VPB - Asset Quality Improvement Is Crucial for Valuation Rerating