External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

Equity Bottom-Up

<ul><li>We maintain our BUY rating and target price (TP) of VND110,000/share for VCB.</li><li>Our aggregate 2024-2028F NPAT-MI forecast is almost unchanged (-0.8%/-0.6%/0.8%/1.1%/-1.0% for 2024/25/26/27/28F, respectively).</li><li>We slightly decrease our 2024F NPAT-MI by 0.8% to VND36.2tn (USD1.4bn; +9.7% YoY) primarily due to (1) our 15.7% cut in NOII reflecting the weak performance in H1 2024 that outweighs (2) a 1% increase in NII with our slightly higher NIM forecast, (3) a 4.1% decrease in provision expenses, and (4) a 6.5% decrease in OPEX. </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 BUY rating and target price (TP) of VND110,000/share for VCB.Our aggregate 2024-2028F NPAT-MI forecast is almost unchanged (-0.8%/-0.6%/0.8%/1.1%/-1.0% for 2024/25/26/27/28F, respectively).We slightly decrease our 2024F NPAT-MI by 0.8% to VND36.2tn (USD1.4bn; +9.7% YoY) primarily due to (1) our 15.7% cut in NOII reflecting the weak performance in H1 2024 that outweighs (2) a 1% increase in NII with our slightly higher NIM forecast, (3) a 4.1% decrease in provision expenses, and (4) a 6.5% decrease in OPEX. 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.

Global Mobility/Transport, Equity Long-Short

Mohshin Aziz

Equity Capital Markets

<ul>
<li>Secondary placement taking place, ~29million share on offer via accelerated bookbuild, for total offer size of ~USD100 million </li>
<li>Discount of 0-2.4% relative to market close 9 July, discount depends on demand</li>
<li>Free float will increase by 0.5% to 8.4%, which is low but typical for Vietnamese government linked (GLC) stocks </li>
</ul>


Secondary placement taking place, ~29million share on offer via accelerated bookbuild, for total offer size of ~USD100 million 
Discount of 0-2.4% relative to market close 9 July, discount depends on demand
Free float will increase by 0.5% to 8.4%, which is low but typical for Vietnamese government linked (GLC) stocks 


Vietcombank (VCB VN Equity): Secondary Placement Offer, up to 2.4% Discount

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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>During the 2023 financial year, the total assets of the JSCB for Foreign Trade of Vietnam (VCB) remained nearly unchanged, reaching VND1,839tr (US$75.1bn), fora modest increase of 1.4% YoY.</li><li>The most significant contributor to this stabilitywas the notable growth in the highest-yielding asset category, loans to customers, which surged by 10.8% YoY to VND1,242tr (US$50.7bn).</li><li>Conversely, quick assets, including securities, experienced a decline of 10.6% YoY. </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>

During the 2023 financial year, the total assets of the JSCB for Foreign Trade of Vietnam (VCB) remained nearly unchanged, reaching VND1,839tr (US$75.1bn), fora modest increase of 1.4% YoY.The most significant contributor to this stabilitywas the notable growth in the highest-yielding asset category, loans to customers, which surged by 10.8% YoY to VND1,242tr (US$50.7bn).Conversely, quick assets, including securities, experienced a decline of 10.6% YoY. 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.

Bank for Foreign Trade of Vietnam - Saving for Rainy Days

Thematic (Sector/Industry)

<ul><li>Though QoQ credit growth slowed down in Q3 2024, 9M system-wide credit growth of 9% was encouraging.</li><li>Banks under our coverage reported higher credit growth for 9M 2024 compared to the industry average (11.3% vs 9.0%), with standout performances from private banks like TCB (+17.5%), HDB (+16.6%), ACB (+13.8%), and LPB (+16.1%).</li><li>System-wide deposit growth in 7M 2024 remained weak at around 1.7%. </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>

Though QoQ credit growth slowed down in Q3 2024, 9M system-wide credit growth of 9% was encouraging.Banks under our coverage reported higher credit growth for 9M 2024 compared to the industry average (11.3% vs 9.0%), with standout performances from private banks like TCB (+17.5%), HDB (+16.6%), ACB (+13.8%), and LPB (+16.1%).System-wide deposit growth in 7M 2024 remained weak at around 1.7%. 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.

Q3 2024 Banking Earnings Wrap-Up - Resilient Earnings Growth Despite NIM Contraction

<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) - November 2024

Vietnam

JSC Bank for Foreign Trade of Vietnam is a commercial bank.  The Bank attracts deposits and offers consumer and corporate loans, and foreign exchange services, and sponsors credit cards.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Vietcombank (VCB VN)

Vietcombank - NIM to Expand in H2 2024

Our aggregate 2024-2028F NPAT-MI forecast is almost unchanged (-0.8%/-0.6%/0.8%/1.1%/-1.0% for 2024/25/26/27/28F, respectively).

Vietcap