External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

Asia Commercial Bank/Vietnam / Equity Bottom-Up

<ul><li>We revise up our target price (TP) for ACB by 9.5% to VND31,200/share and maintain a BUY rating.</li><li>Our higher TP is mainly due to increasing our aggregate 2025-2029F NPAT forecast by 1.7% (respective changes of +0.3%/+2.8%/+1.4%/+1.4%/+2.1% for 2025/26/27/28/29F) and applying a target P/B of 1.5x for ACB.</li><li>We decrease our forecast for aggregate 2025-2029F provision expenses by 4.5% as ACB’s asset quality improved significantly and faster than our expectations in Q2 2025 with an NPL ratio of 1.28% (-22 bps QoQ) and Group 2 over gross loans at 0.48% (-24 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>

We revise up our target price (TP) for ACB by 9.5% to VND31,200/share and maintain a BUY rating.Our higher TP is mainly due to increasing our aggregate 2025-2029F NPAT forecast by 1.7% (respective changes of +0.3%/+2.8%/+1.4%/+1.4%/+2.1% for 2025/26/27/28/29F) and applying a target P/B of 1.5x for ACB.We decrease our forecast for aggregate 2025-2029F provision expenses by 4.5% as ACB’s asset quality improved significantly and faster than our expectations in Q2 2025 with an NPL ratio of 1.28% (-22 bps QoQ) and Group 2 over gross loans at 0.48% (-24 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.

アジア商業銀行（ACB） - 魅力的なバリュエーション、純資産倍率（NIM）回復の好機