External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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Equity Bottom-Up

Military Commercial Joint Stock Bank / Equity Bottom-Up

<ul><li><p style="text-align: justify;">We maintain our BUY rating for MBB and increase our target price (TP) by 3% to VND31,000/share as (1) the positive impact of rolling our TP horizon forward to end-2025F outweighs (2) our 2% cut in our aggregate 2024F-2028F earnings forecast (respective changes of -2%/-2%/-2%/-3%/-1% in 2024/25/26/27/28F).</p></li><li><p style="text-align: justify;">We trim our 2024F NPAT by 2% to VND22.9tn (USD914mn; +9% YoY) due to (1) a 1% decrease in our TOI forecast and (2) a 1% increase in provisioning expenses given our higher NPL ratio forecast.</p></li><li><p style="text-align: justify;"> We expect (1) strong top-line growth in 2024-2026F to counteract high credit costs, (2) NPL formation to continue decreasing, and (3) MBB to maintain its top-tier CASA ratio in the sector due to dynamic customer acquisition and enhanced customer experience.</p></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 for MBB and increase our target price (TP) by 3% to VND31,000/share as (1) the positive impact of rolling our TP horizon forward to end-2025F outweighs (2) our 2% cut in our aggregate 2024F-2028F earnings forecast (respective changes of -2%/-2%/-2%/-3%/-1% in 2024/25/26/27/28F).We trim our 2024F NPAT by 2% to VND22.9tn (USD914mn; +9% YoY) due to (1) a 1% decrease in our TOI forecast and (2) a 1% increase in provisioning expenses given our higher NPL ratio forecast. We expect (1) strong top-line growth in 2024-2026F to counteract high credit costs, (2) NPL formation to continue decreasing, and (3) MBB to maintain its top-tier CASA ratio in the sector due to dynamic customer acquisition and enhanced customer experience.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.

MBB [BUY +30.5%] - Strong growth outlook outweighs high credit costs - Update

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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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<ul><li>Military Commercial Bank (MBBank) reported total operating income (TOI) of VND38,850bn (+9% YoY).</li><li>Net interest income (NII) reached VND30,010bn (+2% YoY), while net fee income (NFI) stood at VND3,187bn (+21% YoY), accounting for 77% and 8% of TOI, respectively.</li><li>Income from FX and gold trading reached VND1,516bn (+65% YoY), contributing 3.9% to TOI. </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>

Military Commercial Bank (MBBank) reported total operating income (TOI) of VND38,850bn (+9% YoY).Net interest income (NII) reached VND30,010bn (+2% YoY), while net fee income (NFI) stood at VND3,187bn (+21% YoY), accounting for 77% and 8% of TOI, respectively.Income from FX and gold trading reached VND1,516bn (+65% YoY), contributing 3.9% to TOI. 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.

Military Bank JSC - NPL Rebound with Challenges Ahead

<ul><li>6M24 Results: During the period, MBBank reported total operating income (TOI) of VND26,146bn (+11% YoY), operating expenses increased by 4% YoY, and provisions surged by 54% YoY.</li><li>As a result, pre-tax profit reached VND 13,428bn (+5.5% YoY).</li><li>In detail, net interest income stood at VND 19,593bn (-1% YoY); net fee income reached VND 2,299bn (+48% YoY), including a 13% YoY increase in payment services and a 59% YoY increase in brokerage, while insurance income slightly declined by 5% YoY; other income soared by 211% to VND 1,137bn. </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>

6M24 Results: During the period, MBBank reported total operating income (TOI) of VND26,146bn (+11% YoY), operating expenses increased by 4% YoY, and provisions surged by 54% YoY.As a result, pre-tax profit reached VND 13,428bn (+5.5% YoY).In detail, net interest income stood at VND 19,593bn (-1% YoY); net fee income reached VND 2,299bn (+48% YoY), including a 13% YoY increase in payment services and a 59% YoY increase in brokerage, while insurance income slightly declined by 5% YoY; other income soared by 211% to VND 1,137bn. 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.

Military Bank JSC (MBB VN/Trading Buy/TP: VND27,200) - NPL Pressure Dropped in 2Q24

<ul><li>At end-FY23, MBB's loan portfolio reached VND599.6tr (+13.9% QoQ; +33.7% YoY).</li><li>The bank's conservative stance on corporate bonds was evident as its corporate bond holdings declined to VND38.4tr at end-FY23 (-5.5% QoQ; -18% YoY) from VND43.6tr at end-FY22.</li><li>Total credit grew to VND649.5tr (+28% YTD), exceeding the industry’s average rate of 13.5%.</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>

At end-FY23, MBB's loan portfolio reached VND599.6tr (+13.9% QoQ; +33.7% YoY).The bank's conservative stance on corporate bonds was evident as its corporate bond holdings declined to VND38.4tr at end-FY23 (-5.5% QoQ; -18% YoY) from VND43.6tr at end-FY22.Total credit grew to VND649.5tr (+28% YTD), exceeding the industry’s average rate of 13.5%.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.

Military Bank JSC - Strategic Growth Meets Brighter Outlook

Thematic (Sector/Industry)

<ul><li>Credit growth in 3Q24 remained steady: According to the State Bank of Vietnam (SBV), credit growth reached approximately 9% YTD as of end-3Q24, showing a quarterly increase of 3%p (QoQ).</li><li>This aligns with the growth rates seen during high-growth years in the past half-decade.</li><li>Recently, the SBV Governor stated that credit growth reached nearly 10.1% YTD (or 16.6% YoY) by end-October and expressed confidence that the 15% target for 2024 will be met. </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 3Q24 remained steady: According to the State Bank of Vietnam (SBV), credit growth reached approximately 9% YTD as of end-3Q24, showing a quarterly increase of 3%p (QoQ).This aligns with the growth rates seen during high-growth years in the past half-decade.Recently, the SBV Governor stated that credit growth reached nearly 10.1% YTD (or 16.6% YoY) by end-October and expressed confidence that the 15% target for 2024 will be met. 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 - 9M24 Update and Outlook - Letting the Recovery Simmer

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)

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Military Commercial Joint Stock Bank (MBB VN)

MBB [BUY +30.5%] - Strong growth outlook outweighs high credit costs - Update

We trim our 2024F NPAT by 2% to VND22.9tn (USD914mn; +9% YoY) due to (1) a 1% decrease in our TOI forecast and (2) a 1% increase in provisioning...

Vietcap

Military Bank JSC - NPL Rebound with Challenges Ahead

Net interest income (NII) reached VND30,010bn (+2% YoY), while net fee income (NFI) stood at VND3,187bn (+21% YoY), accounting for 77% and 8% of...

Mirae Asset Securities

Military Bank JSC (MBB VN/Trading Buy/TP: VND27,200) - NPL Pressure Dropped in 2Q24

6M24 Results: During the period, MBBank reported total operating income (TOI) of VND26,146bn (+11% YoY), operating expenses increased by 4% YoY,...

Mirae Asset Securities

Military Bank JSC - Strategic Growth Meets Brighter Outlook

The bank's conservative stance on corporate bonds was evident as its corporate bond holdings declined to VND38.4tr at end-FY23 (-5.5% QoQ; -18%...

Mirae Asset Securities

Banking Sector - 9M24 Update and Outlook - Letting the Recovery Simmer

Credit growth in 3Q24 remained steady: According to the State Bank of Vietnam (SBV), credit growth reached approximately 9% YTD as of end-3Q24,...

Mirae Asset Securities

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