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. 

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.

Thematic (Sector/Industry)

<p>Credit growth in 9M23 lagged significantly behind annual target set by State Bank of Vietnam (SBV): By end-3Q23, credit growth for the year stood at 6.92%, falling far short of the SBV's expected range of 14–16%.</p><p>This marks the second lowest growth rate in a decade, reminiscent of the banking crisis in 2011–2012.</p><p>High lending rates, gloomy macroeconomic data, and an uncertain economic outlook have become the primary drivers of weak credit demand. </p><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 in 9M23 lagged significantly behind annual target set by State Bank of Vietnam (SBV): By end-3Q23, credit growth for the year stood at 6.92%, falling far short of the SBV's expected range of 14–16%.This marks the second lowest growth rate in a decade, reminiscent of the banking crisis in 2011–2012.High lending rates, gloomy macroeconomic data, and an uncertain economic outlook have become the primary drivers of weak credit demand. 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 - 9M23 Update and Outlook - Overcoming adversity

<ul><li>Credit growth in 1H23 slightly behind full-year target: By end-2Q23, credit growth was low, at 4.7% YTD, which is far behind the annual plan from the SBV of 14-16%.</li><li>The growth rate was the second lowest in the last decade.</li><li>The key reason for the low credit growth was stubbornly-high lending rates. </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 in 1H23 slightly behind full-year target: By end-2Q23, credit growth was low, at 4.7% YTD, which is far behind the annual plan from the SBV of 14-16%.The growth rate was the second lowest in the last decade.The key reason for the low credit growth was stubbornly-high lending rates. 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 - 1H23 Update and Outlook - An Essential Deceleration

<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

External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

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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.

Equity Bottom-Up

<ul><li>VCB was amongst the few banks that could maintain growth momentum until the last quarter of the year.</li><li>Both quarterly and yearly bottom line growth were driven by tailwinds in interest income (+25.6% YoY) and credit cost (-19.5% YoY).</li><li>On a quarterly basis, credit growth ticked up 1.5% alongside a 10bps expansion in NIM, resulting in a single- digit growth in NII (8% 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>

VCB was amongst the few banks that could maintain growth momentum until the last quarter of the year.Both quarterly and yearly bottom line growth were driven by tailwinds in interest income (+25.6% YoY) and credit cost (-19.5% YoY).On a quarterly basis, credit growth ticked up 1.5% alongside a 10bps expansion in NIM, resulting in a single- digit growth in NII (8% 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.

<ul><li>By end-2022, the total assets of JSCB for Foreign Trade of Vietnam (VCB) reached VND1,814tr (US$77.2bn, +28.2% YoY), recording a five-year-high growth rate.</li><li>Loans to customers reached VND1,145tr (US$48.7bn), up by 19.2% YoY.Key driversof loan growth included retail banking (+19.6% YoY) and corporate (+18.3% YoY).</li><li>Notably, netlending to other credit institutions increased by 38.9% YoY to VND313.6tr (US$13.3bn).</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-2022, the total assets of JSCB for Foreign Trade of Vietnam (VCB) reached VND1,814tr (US$77.2bn, +28.2% YoY), recording a five-year-high growth rate.Loans to customers reached VND1,145tr (US$48.7bn), up by 19.2% YoY.Key driversof loan growth included retail banking (+19.6% YoY) and corporate (+18.3% YoY).Notably, netlending to other credit institutions increased by 38.9% YoY to VND313.6tr (US$13.3bn).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.

JSCB for Foreign Trade of Vietnam (VCB – Hold) - Keep moving forward 

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.

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Vietcombank (VCB VN)

Banking Sector - 9M23 Update and Outlook - Overcoming adversity

Credit growth in 9M23 lagged significantly behind annual target set by State Bank of Vietnam (SBV): By end-3Q23, credit growth for the year stood...

Mirae Asset Securities

Banking Sector - 1H23 Update and Outlook - An Essential Deceleration

Credit growth in 1H23 slightly behind full-year target: By end-2Q23, credit growth was low, at 4.7% YTD, which is far behind the annual plan from...

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

VCB - Resilient amidst uncertainties

VCB was amongst the few banks that could maintain growth momentum until the last quarter of the year. Both quarterly and yearly bottom line growth...

Rong Viet Securities

JSCB for Foreign Trade of Vietnam (VCB – Hold) - Keep moving forward

By end-2022, the total assets of JSCB for Foreign Trade of Vietnam (VCB) reached VND1,814tr (US$77.2bn, +28.2% YoY), recording a five-year-high...

Mirae Asset Securities

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Banking Sector - 9M23 Update and Outlook - Overcoming adversity

Credit growth in 9M23 lagged significantly behind annual target set by State Bank of Vietnam (SBV): By end-3Q23, credit growth for the year stood...

Mirae Asset Securities

Banking Sector - 1H23 Update and Outlook - An Essential Deceleration

Credit growth in 1H23 slightly behind full-year target: By end-2Q23, credit growth was low, at 4.7% YTD, which is far behind the annual plan from...

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

VCB ­- Resilient amidst uncertainties

VCB was amongst the few banks that could maintain growth momentum until the last quarter of the year. Both quarterly and yearly bottom line growth...

Rong Viet Securities

JSCB for Foreign Trade of Vietnam (VCB – Hold) - Keep moving forward

By end-2022, the total assets of JSCB for Foreign Trade of Vietnam (VCB) reached VND1,814tr (US$77.2bn, +28.2% YoY), recording a five-year-high...

Mirae Asset Securities

VCB - Resilient amidst uncertainties