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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Equity Bottom-Up

<ul><li>Leading position in the aviation sector: VietJet has solidified its competitive edge through a low-cost business model, maintaining the top position in the domestic market since 2020, with a market share of 43%. Besides, VietJet Air accounts for 56% of the international market share of 4 Vietnamese airlines.</li><li>Expansive flight network: VietJet operates 155 routes, comprising 43 domestic and 112 international routes, supported by a growing and expanding fleet of aircraft.</li><li>Lower operating costs than competitors: In 2023, fuel costs accounted for 41% of VietJet's total expenses. Through its efficient business model, the airline has successfully reduced fuel costs.</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>

Leading position in the aviation sector: VietJet has solidified its competitive edge through a low-cost business model, maintaining the top position in the domestic market since 2020, with a market share of 43%. Besides, VietJet Air accounts for 56% of the international market share of 4 Vietnamese airlines.Expansive flight network: VietJet operates 155 routes, comprising 43 domestic and 112 international routes, supported by a growing and expanding fleet of aircraft.Lower operating costs than competitors: In 2023, fuel costs accounted for 41% of VietJet's total expenses. Through its efficient business model, the airline has successfully reduced fuel costs.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.

VietJet Aviation JSC  - Impressive Recovery and Growth

Thematic (Sector/Industry)

<ul>
<li>Despite a moderate 15.2% YoY expansion in total assets to VND978tr, TCB demonstrated robust growth in core profit-generating assets, including loans and bond investments.</li>
<li>Specifically, the loan book and investment portfolio surged 21.8% YoY and 20.7% YoY, respectively.</li>
<li>Credit growth (including loans and corporate bonds) accelerated 21.7% YoY to VND683tr, comprising 69.8% of total assets.</li>
<li>While TCB’s credit growth trailed some sector leaders, its steady expansion across quarters—without excessive disbursement towards year-end—reflected a prudent and well-calibrated approach. </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>


Despite a moderate 15.2% YoY expansion in total assets to VND978tr, TCB demonstrated robust growth in core profit-generating assets, including loans and bond investments.
Specifically, the loan book and investment portfolio surged 21.8% YoY and 20.7% YoY, respectively.
Credit growth (including loans and corporate bonds) accelerated 21.7% YoY to VND683tr, comprising 69.8% of total assets.
While TCB’s credit growth trailed some sector leaders, its steady expansion across quarters—without excessive disbursement towards year-end—reflected a prudent and well-calibrated approach. 

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)_March 2025

<ul><li>On January 20,the Ho Chi Minh City Stock Exchange (HSX) will officially release the semi-annual review for both the VN30 and VNFin LEAD indexes, effective from February 3, 2025.</li><li>As a result, January 24, 2024 will be the last trading day for ETFs, following the rebalancing ofthese indexes’ portfolios.</li><li>Based on our data, we note that LPB is eligible to become a new entrantinthe VN30 basketin the next review,thanks to: 1) its 20th -ranked market capitalization, which makes LPB a must-have component; and 2) the fact that all other criteria meet the requirements.</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>

On January 20,the Ho Chi Minh City Stock Exchange (HSX) will officially release the semi-annual review for both the VN30 and VNFin LEAD indexes, effective from February 3, 2025.As a result, January 24, 2024 will be the last trading day for ETFs, following the rebalancing ofthese indexes’ portfolios.Based on our data, we note that LPB is eligible to become a new entrantinthe VN30 basketin the next review,thanks to: 1) its 20th -ranked market capitalization, which makes LPB a must-have component; and 2) the fact that all other criteria meet the requirements.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.

Forecast – VN30 and VNFin Lead Indexes Review in 1Q25

Vietnam

Vietjet Aviation Joint Stock Company provides air transportation services. The Company offers flight and booking information, in-flight, cargo, and baggage services. Vietjet Aviation operates flights to various destinations in Southeast Asia.

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Vietjet Aviation (VJC VN)

VietJet Aviation JSC - Impressive Recovery and Growth

Please change this text!VietJet has solidified its competitive edge through a low-cost business model, maintaining the top position in the domestic...

Mirae Asset Securities

Stock Recommendations (Vietnam Market)_March 2025

Despite a moderate 15.2% YoY expansion in total assets to VND978tr, TCB demonstrated robust growth in core profit-generating assets, including...

Mirae Asset Securities

Forecast – VN30 and VNFin Lead Indexes Review in 1Q25

On January 20,the Ho Chi Minh City Stock Exchange (HSX) will officially release the semi-annual review for both the VN30 and VNFin LEAD indexes,...

Mirae Asset Securities

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