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 decrease our target price (TP) for STB by 2.4% to VND37,200/share but maintain our BUY rating.</li><li>Our lower TP is due to a 0.9% decrease in our aggregate 2024-2028F projected NPAT (- 3.1%/+12.9%/-4.8%/-2.6%/-4.1% in 2024/25/26/27/28F, respectively).</li><li>We decrease our aggregate 2024-2028F net income projection mainly due to a 2.7% decrease in aggregate NII following our lower expectation for average NIM at 4.00% vs 4.12% as in our previous Update Report.</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 decrease our target price (TP) for STB by 2.4% to VND37,200/share but maintain our BUY rating.Our lower TP is due to a 0.9% decrease in our aggregate 2024-2028F projected NPAT (- 3.1%/+12.9%/-4.8%/-2.6%/-4.1% in 2024/25/26/27/28F, respectively).We decrease our aggregate 2024-2028F net income projection mainly due to a 2.7% decrease in aggregate NII following our lower expectation for average NIM at 4.00% vs 4.12% as in our previous Update Report.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.

Sacombank (STB) - Delaying Income from Phong Phu Debt Sale to 2025

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

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>Credit growth achieves mid-year target despite bumpy initiation: According to the State Bank of Vietnam (SBV), as of June 30, credit growth reached 6% YTD, achieving the mid-year target of 5–6% for 1H24 set by the Prime Minister.</li><li>Notably, by the end of May, credit growth was only 2.4% YTD, indicating a sharp increase of 3.6% in June, with over 1.5% growth in the final week alone.</li><li>While the rapid increase in June might seem unnatural to some, it aligns well with the broader macroeconomic momentum during the period. </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 achieves mid-year target despite bumpy initiation: According to the State Bank of Vietnam (SBV), as of June 30, credit growth reached 6% YTD, achieving the mid-year target of 5–6% for 1H24 set by the Prime Minister.Notably, by the end of May, credit growth was only 2.4% YTD, indicating a sharp increase of 3.6% in June, with over 1.5% growth in the final week alone.While the rapid increase in June might seem unnatural to some, it aligns well with the broader macroeconomic momentum during the period. 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 - 1H24 Update and Outlook - So far, so good

<ul><li>Stagnant credit growth in 1Q24 comes with little surprise: The subdued credit growth in 1Q24 reflects broader economic trends, indicating one of the lowest levels in nearly a decade, with a YTD increase of 1.34%.</li><li>This is just slightly above the 0.5% YTD increase recorded in 1Q14 and similar to the pandemic-inception year of 2020.</li><li>However, this was not entirely surprising, given the cautious macroeconomic outlook, despite some signs of recovery.</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>

Stagnant credit growth in 1Q24 comes with little surprise: The subdued credit growth in 1Q24 reflects broader economic trends, indicating one of the lowest levels in nearly a decade, with a YTD increase of 1.34%.This is just slightly above the 0.5% YTD increase recorded in 1Q14 and similar to the pandemic-inception year of 2020.However, this was not entirely surprising, given the cautious macroeconomic outlook, despite some signs of recovery.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 - 1Q24 Update and Outlook - Acceptable Shortfall

<ul><li>Pursuit of credit expansion in last days of the year: As of December 20, 2023, YTD credit growth reached 10.85%; remarkably, however, within the span of just 10 days, this figure surged to an impressive 13.7% YoY.</li><li>Put differently, the credit expansion observed in 4Q23 is nearly equivalent to that of 9M23 combined.</li><li>Overall, credit growth in the banking sector has nearly reached the SBV’s lower-bound target of 14-16% 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>

Pursuit of credit expansion in last days of the year: As of December 20, 2023, YTD credit growth reached 10.85%; remarkably, however, within the span of just 10 days, this figure surged to an impressive 13.7% YoY.Put differently, the credit expansion observed in 4Q23 is nearly equivalent to that of 9M23 combined.Overall, credit growth in the banking sector has nearly reached the SBV’s lower-bound target of 14-16% 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.

Banking Sector - 2023 Update and Outlook - Progress in Motion

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.

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Sacombank (STB VN)

Sacombank (STB) - Delaying Income from Phong Phu Debt Sale to 2025

Our lower TP is due to a 0.9% decrease in our aggregate 2024-2028F projected NPAT (- 3.1%/+12.9%/-4.8%/-2.6%/-4.1% in 2024/25/26/27/28F,...

Vietcap

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

Though QoQ credit growth slowed down in Q3 2024, 9M system-wide credit growth of 9% was encouraging. Banks under our coverage reported higher...

Vietcap

Banking Sector - 1H24 Update and Outlook - So far, so good

According to the State Bank of Vietnam (SBV), as of June 30, credit growth reached 6% YTD, achieving the mid-year target of 5–6% for 1H24 set by...

Mirae Asset Securities

Banking Sector - 1Q24 Update and Outlook - Acceptable Shortfall

The subdued credit growth in 1Q24 reflects broader economic trends, indicating one of the lowest levels in nearly a decade, with a YTD increase of...

Mirae Asset Securities

Banking Sector - 2023 Update and Outlook - Progress in Motion

As of December 20, 2023, YTD credit growth reached 10.85%; remarkably, however, within the span of just 10 days, this figure surged to an...

Mirae Asset Securities

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