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

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Thematic (Sector/Industry)

<ul><li>As a member of the Vietnam National Oil and Gas Group, the PV Gas Company was founded in 1990, with the mission of extracting, shipping, processing, storing, and selling gas and gas products.</li><li>The company was listed on HOSE in May 2012. PVGAS is the main supplier of dry gas to Vietnam's power facilities and fertilizer factories.</li><li>GAS will pay a FY23 cash dividend of 20% and stock dividend of 20%, increasing the outstanding shares to 2.29bn and marking the first time GAS has raised its charter capital since being listed. </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>

As a member of the Vietnam National Oil and Gas Group, the PV Gas Company was founded in 1990, with the mission of extracting, shipping, processing, storing, and selling gas and gas products.The company was listed on HOSE in May 2012. PVGAS is the main supplier of dry gas to Vietnam's power facilities and fertilizer factories.GAS will pay a FY23 cash dividend of 20% and stock dividend of 20%, increasing the outstanding shares to 2.29bn and marking the first time GAS has raised its charter capital since being listed. 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 2023

<ul><li>By end-1Q23, credit growth was low, at 2.1% YTD. This was the second lowest rate since that of 2015, when the domestic banking sector began to recover from the credit crunch in 2012.</li><li>The biggest reason for the low credit growth was the high lending rate.</li><li>In terms of the loan yield of listed banks, lending rates reached the highest level of the past ten years, curbing credit demand from borrowers. </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>

By end-1Q23, credit growth was low, at 2.1% YTD. This was the second lowest rate since that of 2015, when the domestic banking sector began to recover from the credit crunch in 2012.The biggest reason for the low credit growth was the high lending rate.In terms of the loan yield of listed banks, lending rates reached the highest level of the past ten years, curbing credit demand from borrowers. 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 - 1Q23 update and outlook - Return of dovish policies

<ul><li>By the end of 4Q22, credit growth reached 14.5%, the highest since 2018.</li><li>Credit growth was lower than expected, in light of the high credit growth cap of 16% granted at end-2022.</li><li>The SBV has implied that high credit growth will be tolerated, but that the systemic stability of the financial industry will remain the top priority: The Standing Deputy Governor of the State Bank of Vietnam has said credit growth in the banking sector in 2023 could reach about 14–15%.</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>

By the end of 4Q22, credit growth reached 14.5%, the highest since 2018.Credit growth was lower than expected, in light of the high credit growth cap of 16% granted at end-2022.The SBV has implied that high credit growth will be tolerated, but that the systemic stability of the financial industry will remain the top priority: The Standing Deputy Governor of the State Bank of Vietnam has said credit growth in the banking sector in 2023 could reach about 14–15%.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 - 2022 Update and Outlook - Aftermath of cheap money cycle and real estate boom

Marketing Director, Asia Frontier Capital

Asia Frontier Capital

Marketing Director

Investing in high growth Asian frontier economies.

Asia Frontier Capital Ltd. is a pioneering fund management company based in Hong Kong that specializes in investing in high growth Asian frontier economies by managing the AFC Asia Frontier Fund , AFC Iraq Fund and the AFC Vietnam Fund.

The AFC Asia Frontier Fund invests in public equities of Asian frontier countries that are seeing increasing consumption due to favorable demographic trends, rising incomes and high GDP growth. The fund invests in listed equities of companies that have their principal business activities in Bangladesh, Bhutan, Cambodia, Iraq, Laos, Maldives, Mongolia, Myanmar (Burma), Nepal, Pakistan, Papua New Guinea, Sri Lanka and Vietnam. The AFC Asia Frontier Fund is positioned to take advantage of the continuing economic shifts in these countries and offers high returns combined with significant diversification opportunities. This fund is directed by the founder and CEO of Asia Frontier Capital, Thomas Hugger, who has been investing in frontier markets across Asia and Africa for more than 20 years.

The AFC Iraq Fund was launched on the 26th June 2015 and aims to achieve long-term capital appreciation for investors by capturing value and growth potential in the post conflict high-growth & resource rich Iraq market. The fund emphasises long term investment horizon to truly capture the opportunity in Iraq. The fund's investable universe consists of locally listed companies that have their principal business activities in Iraq as well as foreign listed companies that have the majority of the business in Iraq as a whole including the prosperous Kurdish Region of Iraq (KRI). The AFC Iraq Fund offers access to investments in post conflict recovery potential of Iraq, including the KRI, and/or stability in its territory. The AFC Iraq Fund is managed by Asia Frontier Capital (Iraq) Limited, Cayman Islands under the executive leadership team of Thomas Hugger (CEO & Fund Manager) and Ahmed Tabaqchali (CIO) who have more than 47 years of investment experience as well as an extensive background covering global, emerging, frontier and MENA markets.

The AFC Vietnam Fund invests exclusively in listed Vietnamese equities to capture value in growth companies with a focus on the small to medium size companies. This market segment offers a unique investment opportunity as the valuation gap between large- and small-cap stocks in Vietnam is presently much wider than in comparable neighboring markets and the valuations are significantly depressed versus their regional peers. The fund adopts a fundamental-quantitative approach and employs an in-house earnings model to identify attractive companies where we see high growth opportunities. In conjunction with targeting the maximum upside potential the portfolio has been structured to mitigate corporate government and liquidity risks. The fund invests in a diversified portfolio of 70-90 attractively valued companies to carefully control concentration risk.  This approach allows the fund to sell, or buy, positions without having a significant market impact. The fund is directed under the executive leadership of Thomas Hugger and Andreas Vogelsanger who have more than 50 years combined experience managing investments in frontier markets, Asia and around the world.

For more information about the fund, management team and investment strategy please contact us at info@asiafrontiercapital.com.

Cross Asset Strategy

<ul><li>The year began on a strong positive note for global equity markets and most AFC funds also had a positive return at the start of the year.</li><li>Investor sentiment continues to improve as confidence grows that we are at the peak of global inflation and interest rate hikes.</li><li>This was also evident in the less aggressive 25 basis point increase in interest rates by the U.S. Fed on 1st February 2023, as well as less hawkish messaging from the U.S. Fed in the past few weeks.</li></ul>

The year began on a strong positive note for global equity markets and most AFC funds also had a positive return at the start of the year.Investor sentiment continues to improve as confidence grows that we are at the peak of global inflation and interest rate hikes.This was also evident in the less aggressive 25 basis point increase in interest rates by the U.S. Fed on 1st February 2023, as well as less hawkish messaging from the U.S. Fed in the past few weeks.

Asian Frontier Markets Start the Year Strong - Asia Frontier Capital (AFC) - January 2023 Update

<ul>
<li>Credit momentum should slow progressively in 3Q22: Due to high funding demand from both corporate and retail customers, credit growth in 1H22 reached a new high of 9.35% YTD.</li>
<li>However, because of high uncertainty in the global economy, as well as the fear of systematic risk over local real-estate credit exposure, the State Bank of Vietnam (SBV) has intentionally curbed credit growth using a credit growth cap.</li>
<li>Exceptional credit growth will continue in 2022: Regardless of the SBV’s intentions regarding credit growth limits, total credit growth in 2022 is still expected to exceed 14%, based on the extraordinary performance in 1H22.</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 momentum should slow progressively in 3Q22: Due to high funding demand from both corporate and retail customers, credit growth in 1H22 reached a new high of 9.35% YTD.
However, because of high uncertainty in the global economy, as well as the fear of systematic risk over local real-estate credit exposure, the State Bank of Vietnam (SBV) has intentionally curbed credit growth using a credit growth cap.
Exceptional credit growth will continue in 2022: Regardless of the SBV’s intentions regarding credit growth limits, total credit growth in 2022 is still expected to exceed 14%, based on the extraordinary performance in 1H22.

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.

Vietnam

Military Commercial Joint Stock Bank offers commercial banking services.  The Bank provides services in the areas of personal banking, corporate banking, financial banking, and e-banking.  Military Commercial's services include savings accounts, money lending, money transfers, foreign exchange, and money markets.

Military Commercial Joint Stock Bank (MBB VN)

Vietnam Prosperity Joint Stock Commercial Bank (VPBank) provides commercial banking services. The Bank offers domestic remittance services, savings account, personal loans, e-banking, trade financing, deposits, tax payment, foreign exchange, cash management, and other banking services. VPBank serves customers in Vietnam.

Ho Chi Minh Development Joint Stock Commercial Bank provides commercial banking services for retail and institutional customers. The Bank offers personal and car loans, overdraft, business financing, term deposits, current accounts, mobile banking, and online bills payment services. Ho Chi Minh Development serves customers in Vietnam.

Saigon Thuong Tin Commercial Joint-Stock Bank, known as Sacombank, operates various personal and corporate banking services such as deposits, foreign exchange transactions, loans, outward transfer, and international payments.

Vietnam Technological and Commercial Joint-stock Bank, doing business as Techcombank, provides banking services. The Bank offers savings, deposits, loans, credit cards, monetary management, trade finance, international payment, and foreign exchange services. Techcombank serves individuals, corporates, and the government sectors in Vietnam.

Vietnam Joint Stock Commercial Bank For Industry and Trade accepts deposits and offers commercial banking services.  The bank offers corporate and consumer loans; insurance; securities and derivatives brokerage; lease financing; money transfer; credit cards; and other services

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

Vietnam Joint Stock Commercial Bank For Industry and Trade

Saigon - Hanoi Commercial Joint Stock Bank provides commercial and personal banking services.

Vietnam Export Import Commercial Joint Stock Bank provides various banking services and products to organizations and individual customers in Vietnam. The company offers demand, savings, time, overnight, accumulated, and payment deposits; deposits with preferential, tiered, and daily interest rates; deposits with optional terms; and certificates of deposit. It also provides housing loans, loans for small traders, loans secured by savings books and valuable papers, loans for securities trading and investments, T-day securities loans, overseas study loans, auto loans, unsecured loans for employees, overdrafts, and loans by investment projects; factoring services; and prepaid, debit, credit, co-branded cards. In addition, the company engages in foreign currency trading by spot, swap, forward, and currency options and gold trading; provides money transfer and remittance services; packaging services for overseas studies; Internet, mobile, and SMS banking services; and bill payment services, such as electricity, water, air ticket, and automatic bill payment services, as well as telecommunication charge payment and collection services. Further, it offers centralized deposit management, payroll, and cash services; payment of travelers� cheques, and cheque issuance and collection; international settlement services. Additionally, the company engages in the receipt of funds entrusted for investment; receipt of funds from domestic and foreign credit institutions; discount of commercial papers, state bonds, and valuable papers; investment in securities; issuance of domestic and international cards; financial advisory services; corporate bond trading; and other banking services. As of December 31, 2014, it operated a network of 208 banking units, including 44 Branches, 163 transaction offices, and 1 savings fund. The company was founded in 1989 and is headquartered in Ho Chi Minh City, Vietnam.

National Citizen Commercial Joint Stock Bank provides various banking products and services for individuals and businesses in Vietnam. It offers term deposits, bank accounts, and other deposit products; and debit and credit cards. The company also provides loans for buying automobiles; short-term loans for business and production; loans for household items, travel, weddings, healing, and the other necessities of life; investment factory, warehouse, and office loans; home repair, overdraft, working capital, investment in machinery and equipment, and unsecured consumer loans; loans to buy capital property and land plots; and import commodity financing, as well as loans covering tuition fees and living costs for students. In addition, it offers overseas and domestic money transfer; foreign currency exchange; Western Union; phone recharge; and Internet, mobile, and phone banking services, as well as online payment services. The company was formerly known as Nam Viet Commercial Joint Stock Bank and changed its name to National Citizen Commercial Joint Stock Bank in May 2014. National Citizen Commercial Joint Stock Bank was founded in 1995 and is headquartered in Hanoi, Vietnam.

Bank for Investment and Development of Vietnam provides commercial banking services. The Company offers deposits, personal loans, e-banking, guarantees, and trade finance for customers, corporate, and financial institutions. Bank for Investment also offers foreign exchange, money market, derivatives, and debt market services.

Bank of Ayudhya Public Company Limited provides a full range of banking and financial services.  The Bank offers corporate and personal lending, retail and wholesale banking, international trade financing, asset management and investment banking services, to customers through its nationwide branches. It also has branches in Hong Kong, Vietnam, Laos, and Cayman Islands.

Columbia Banking System, Inc. is the holding company for Columbia Bank, a full service commercial bank.  The Bank serves small and medium-sized businesses, professionals, and other individuals through office in the Tacoma metropolitan area and contiguous parts of the Puget Sound region of Washington, as well as the Longview and Woodland communities in southwestern Washington.

International Bancshares Corporation, through its bank subsidiaries, provides commercial and retail banking services through offices in south and southeast Texas.  The Bank accepts deposits from the general public and uses those funds to make a variety of loans.

First Financial Bankshares, Inc. is a multi-bank holding company. The Company operates several banks located in Texas. The Banks accept deposits, originate loans, transmit funds, and perform other banking services.

Glacier Bancorp, Inc. is a multi-bank holding company.  The Banks attract deposits from the general public and use those funds to originate a variety of commercial and consumer loans.

Metropolitan Bank & Trust Company offers commercial and investment banking services. The Bank's business activities include borrowing and lending, trade finance, remittances, treasury, investment banking and savings.

Huishang Bank Corporation Limited is a commercial bank. The Bank provides banking services including loans, money market operations, treasury business, investment and trading services, and valet transactions.

Bendigo and Adelaide Bank Limited offers a variety of banking and other financial services, including first mortgage housing finance, retail and business banking, commercial finance, funds management, treasury and foreign exchange services, superannuation and trustee services. Bendigo also offers internet banking.

Fukuoka Financial Group, Inc. is a holding company established through the merger of the Bank of Fukuoka and Kumamoto Family Bank. As a financial group, the Company provides banking services including deposits, loans, foreign currency transactions. The Company also provides other financial services such as credit card, letter of credit, and leasing services.

Punjab & Sind Bank is a commercial bank. The Bank offers its customers a wide range of banking products and services.

Asia Commercial Bank attracts deposits and offers commercial banking services.

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Asia Commercial Bank/Vietnam (ACB VN)

Stock Recommendations (Vietnam Market)_August 2023

As a member of the Vietnam National Oil and Gas Group, the PV Gas Company was founded in 1990, with the mission of extracting, shipping,...

Mirae Asset Securities

Banking Sector - 1Q23 update and outlook - Return of dovish policies

By end-1Q23, credit growth was low, at 2.1% YTD. This was the second lowest rate since that of 2015, when the domestic banking sector began to...

Mirae Asset Securities

Banking Sector - 2022 Update and Outlook - Aftermath of cheap money cycle and real estate boom

By the end of 4Q22, credit growth reached 14.5%, the highest since 2018. Credit growth was lower than expected, in light of the high credit growth...

Mirae Asset Securities

Asian Frontier Markets Start the Year Strong - Asia Frontier Capital (AFC) - January 2023 Update

The year began on a strong positive note for global equity markets and most AFC funds also had a positive return at the start of the year.

Asia Frontier Capital

Banking Sector - 1H22 Update & Outlook

Credit momentum should slow progressively in 3Q22: Due to high funding demand from both corporate and retail customers, credit growth in 1H22...

Mirae Asset Securities

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