External broker reports(aggregated public sources), Vietcap

Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

Vietnam Prosperity  Bank / Equity Bottom-Up

<ul><li>We increase our target price (TP) by 3% to VND38,000/share, and upgrade our rating from MARKET PERFORM to BUY following a 23% decrease in the share price in the last three months.</li><li>Our higher TP is primarily due to (1) the positive impact of rolling forward our TP horizon to end2026F and (2) a 12% increase in our aggregate 2025-2029F NPAT-MI projection (respective changes of +17%/+23%/+17%/+10%/+4% in 2025/26/27/28/29F), which outweigh the negative impact of our lower target P/B and higher cost of equity.</li><li>VPB is on a strong trajectory to enhance its ROE to 18.0% by 2027F (from 11.0% in 2024). </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 increase our target price (TP) by 3% to VND38,000/share, and upgrade our rating from MARKET PERFORM to BUY following a 23% decrease in the share price in the last three months.Our higher TP is primarily due to (1) the positive impact of rolling forward our TP horizon to end2026F and (2) a 12% increase in our aggregate 2025-2029F NPAT-MI projection (respective changes of +17%/+23%/+17%/+10%/+4% in 2025/26/27/28/29F), which outweigh the negative impact of our lower target P/B and higher cost of equity.VPB is on a strong trajectory to enhance its ROE to 18.0% by 2027F (from 11.0% in 2024). 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 [BUY +37.0%] - Sector Leading Growth Supports Attractive Valuation - Update