External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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Equity Bottom-Up

Asia Commercial Bank/Vietnam / Equity Bottom-Up

<ul><li>We maintain our target price (TP) for ACB at VND32,000/share and maintain a BUY rating.</li><li>Our aggregate 2024-2028F NPAT forecast is almost unchanged (-1.6%/+0.2%/ -1.8%/-1.1%/+0.3% for 2024/25/26/27/28F, respectively).</li><li>Our relatively unchanged aggregate earnings forecast is due to (1) a 4.1% rise in aggregate NOII from increased corporate exposure, outweighing (2) a 2.5% rise in provision expenses due to a higher 2024F NPL ratio forecast of 1.0% from 0.8% as previously forecasted. </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 target price (TP) for ACB at VND32,000/share and maintain a BUY rating.Our aggregate 2024-2028F NPAT forecast is almost unchanged (-1.6%/+0.2%/ -1.8%/-1.1%/+0.3% for 2024/25/26/27/28F, respectively).Our relatively unchanged aggregate earnings forecast is due to (1) a 4.1% rise in aggregate NOII from increased corporate exposure, outweighing (2) a 2.5% rise in provision expenses due to a higher 2024F NPL ratio forecast of 1.0% from 0.8% as previously forecasted. 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.

ACB [BUY +35.0%] - Raising Credit Growth Forecast on Corporate Lending Surge - Update

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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Thematic (Sector/Industry)

<ul><li>Credit growth achieves mid-year target despite bumpy initiation: According to the State Bank of Vietnam (SBV), as of June 30, credit growth reached 6% YTD, achieving the mid-year target of 5–6% for 1H24 set by the Prime Minister.</li><li>Notably, by the end of May, credit growth was only 2.4% YTD, indicating a sharp increase of 3.6% in June, with over 1.5% growth in the final week alone.</li><li>While the rapid increase in June might seem unnatural to some, it aligns well with the broader macroeconomic momentum during the period. </li></ul><div class="content-highlight"><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></div>

Credit growth achieves mid-year target despite bumpy initiation: According to the State Bank of Vietnam (SBV), as of June 30, credit growth reached 6% YTD, achieving the mid-year target of 5–6% for 1H24 set by the Prime Minister.Notably, by the end of May, credit growth was only 2.4% YTD, indicating a sharp increase of 3.6% in June, with over 1.5% growth in the final week alone.While the rapid increase in June might seem unnatural to some, it aligns well with the broader macroeconomic momentum during the period. 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.

Banking Sector - 1H24 Update and Outlook - So far, so good

<ul><li>Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.</li><li>Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO.</li><li>VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.</li></ul><div class="content-highlight"><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></div>

Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO.VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.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.

Stock Recommendations (Vietnam Market)_August 2024

<ul><li>Recently, HSX announced updated component securities (including changes in component stocks and calculation factors) for the VN30 Index, VNDiamond Index, and VNFin Lead Index baskets. In detail, there are no changes to any component stocks of either the VN30 Index or VNDiamond Index.</li><li>Meanwhile, the VNFin Lead Index has seen additions, as NAB, SSB, and VIX are new entrants to the basket, without any removals in the upcoming review, resulting in an increase in index constituents to 23 stocks.</li><li>Additionally, a few minor adjustments have been made to the limits of weighted-average calculation criteria for free-float, FOL, liquidity, and capitalization for all indexes. To sum up, the majority of the aggregate rebalancing transactions will focus on the buying direction, while FPT has been deleveraged aggressively.</li></ul><div class="content-highlight"><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></div>

Recently, HSX announced updated component securities (including changes in component stocks and calculation factors) for the VN30 Index, VNDiamond Index, and VNFin Lead Index baskets. In detail, there are no changes to any component stocks of either the VN30 Index or VNDiamond Index.Meanwhile, the VNFin Lead Index has seen additions, as NAB, SSB, and VIX are new entrants to the basket, without any removals in the upcoming review, resulting in an increase in index constituents to 23 stocks.Additionally, a few minor adjustments have been made to the limits of weighted-average calculation criteria for free-float, FOL, liquidity, and capitalization for all indexes. To sum up, the majority of the aggregate rebalancing transactions will focus on the buying direction, while FPT has been deleveraged aggressively.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.

<ul><li>Stagnant credit growth in 1Q24 comes with little surprise: The subdued credit growth in 1Q24 reflects broader economic trends, indicating one of the lowest levels in nearly a decade, with a YTD increase of 1.34%.</li><li>This is just slightly above the 0.5% YTD increase recorded in 1Q14 and similar to the pandemic-inception year of 2020.</li><li>However, this was not entirely surprising, given the cautious macroeconomic outlook, despite some signs of recovery.</li></ul><div class="content-highlight"><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></div>

Stagnant credit growth in 1Q24 comes with little surprise: The subdued credit growth in 1Q24 reflects broader economic trends, indicating one of the lowest levels in nearly a decade, with a YTD increase of 1.34%.This is just slightly above the 0.5% YTD increase recorded in 1Q14 and similar to the pandemic-inception year of 2020.However, this was not entirely surprising, given the cautious macroeconomic outlook, despite some signs of recovery.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.

Banking Sector - 1Q24 Update and Outlook - Acceptable Shortfall

Vietnam

Asia Commercial Bank attracts deposits and offers commercial banking services.

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Asia Commercial Bank/Vietnam (ACB VN)

ACB [BUY +35.0%] - Raising Credit Growth Forecast on Corporate Lending Surge - Update

Our aggregate 2024-2028F NPAT forecast is almost unchanged (-1.6%/+0.2%/ -1.8%/-1.1%/+0.3% for 2024/25/26/27/28F, respectively).

Vietcap

Banking Sector - 1H24 Update and Outlook - So far, so good

According to the State Bank of Vietnam (SBV), as of June 30, credit growth reached 6% YTD, achieving the mid-year target of 5–6% for 1H24 set by...

Mirae Asset Securities

Stock Recommendations (Vietnam Market)_August 2024

Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.

Mirae Asset Securities

3Q24 ETF Rebalancing Forecast

To sum up, the majority of the aggregate rebalancing transactions will focus on the buying direction, while FPT has been deleveraged aggressively.

Mirae Asset Securities

Banking Sector - 1Q24 Update and Outlook - Acceptable Shortfall

The subdued credit growth in 1Q24 reflects broader economic trends, indicating one of the lowest levels in nearly a decade, with a YTD increase of...

Mirae Asset Securities

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