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>According to HSX, NVL and PDR are removed from the VN30 index basket; meanwhile, SSB and SHB will be replaced respectively in the next review.</li><li>Therefore, ETFs (E1VFVN30; FUEKIV30; FUESSV30; FUEMAV30) that are replicating the VN30 index will also have similar structural changes in their basket of component securities on the rebalancing date.</li><li>Specifically, we estimate that a total of 2.4mn shares of PDR and 8.7mn shares of NVL will be sold during the restructuring period, while 19.3mn shares of SHB and 11.5mn shares of SSB will be added. </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>

According to HSX, NVL and PDR are removed from the VN30 index basket; meanwhile, SSB and SHB will be replaced respectively in the next review.Therefore, ETFs (E1VFVN30; FUEKIV30; FUESSV30; FUEMAV30) that are replicating the VN30 index will also have similar structural changes in their basket of component securities on the rebalancing date.Specifically, we estimate that a total of 2.4mn shares of PDR and 8.7mn shares of NVL will be sold during the restructuring period, while 19.3mn shares of SHB and 11.5mn shares of SSB will be added. 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>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

Equity Bottom-Up

Asia Commercial Bank/Vietnam / Equity Bottom-Up

<ul><li>Regardless of the reduction in asset quality, the ratios of Asia Commercial Joint Stock Bank (ACB) are superior to those of most commercial banks.</li><li>In our view, the economic downturn should result in a short-term provisioning burden, rather than long-term risks, thanks to the strong retail concentration of ACB’s loan book.</li><li>Over the past five years, retail and SME loans consistently accounted for more than 90% of ACB’s loan book(94% as of 2Q23), which would exclude the surprise factor from heavy provisioning pressure resulting from the possible defaults of large corporations during economic turbulence.</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>

Regardless of the reduction in asset quality, the ratios of Asia Commercial Joint Stock Bank (ACB) are superior to those of most commercial banks.In our view, the economic downturn should result in a short-term provisioning burden, rather than long-term risks, thanks to the strong retail concentration of ACB’s loan book.Over the past five years, retail and SME loans consistently accounted for more than 90% of ACB’s loan book(94% as of 2Q23), which would exclude the surprise factor from heavy provisioning pressure resulting from the possible defaults of large corporations during economic turbulence.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.

Asia Commercial Joint Stock Bank (ACB VN) - Cautious Approach Pays Off

<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

Vietnam

Asia Commercial Bank attracts deposits and offers commercial banking services.

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Asia Commercial Bank/Vietnam (ACB VN)

ETF VN30 Monitor in 3Q23

According to HSX, NVL and PDR are removed from the VN30 index basket; meanwhile, SSB and SHB will be replaced respectively in the next review.

Mirae Asset Securities

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

Asia Commercial Joint Stock Bank (ACB VN) - Cautious Approach Pays Off

egardless of the reduction in asset quality, the ratios of Asia Commercial Joint Stock Bank (ACB) are superior to those of most commercial banks.

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

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