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

Rong Viet Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

Vietnam Prosperity  Bank / Equity Bottom-Up

<ul><li>The parent bank has utilized the majority of its granting quota to make a 7.1% credit growth.</li><li>Meanwhile, consolidated figures recorded a 5% YTD credit growth, dragged down by its subsidiaries.</li><li>Consolidated NIM also narrowed down to 6.5% (-100 bps Qoq), resulting in a fall of NII by 3% YoY or 7.3% 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>

The parent bank has utilized the majority of its granting quota to make a 7.1% credit growth.Meanwhile, consolidated figures recorded a 5% YTD credit growth, dragged down by its subsidiaries.Consolidated NIM also narrowed down to 6.5% (-100 bps Qoq), resulting in a fall of NII by 3% YoY or 7.3% 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.

VPB - Capital injection lays down the foundation for growth phase

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.

Thematic (Sector/Industry)

<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

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Vietnam Technological & Commer / Equity Bottom-Up

<ul>
<li>We maintain Techcombank as our top pick in the Vietnamese banks, given its attractive valuations, solid pre and post provision returns and its fortress balance sheet</li>
<li>We add MBBank to the buy list with its attractive valuations, premium ROE and sound balance sheet metrics; we are neutral on Vietcombank</li>
<li>VP Bank remains one to watch; its NPL ratio has worsened further to March 2023 and it is the negative outlier of the peer group on credit quality</li>
</ul>


We maintain Techcombank as our top pick in the Vietnamese banks, given its attractive valuations, solid pre and post provision returns and its fortress balance sheet
We add MBBank to the buy list with its attractive valuations, premium ROE and sound balance sheet metrics; we are neutral on Vietcombank
VP Bank remains one to watch; its NPL ratio has worsened further to March 2023 and it is the negative outlier of the peer group on credit quality


Vietnamese Banks Screener; Adding MBBank to Our Core Pick Techcombank

<ul><li>As a member of the Vietnam National Oil and Gas Group, PV Gas Company was founded in 1990, with the mission of extracting, shipping, processing, storing, and selling gas and gas products.</li><li>The company was listed on HOSE in May 2012.</li><li>PVGAS is the main supplier of dry gas to Vietnam's power facilities and fertilizer factories.</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>

As a member of the Vietnam National Oil and Gas Group, PV Gas Company was founded in 1990, with the mission of extracting, shipping, processing, storing, and selling gas and gas products.The company was listed on HOSE in May 2012.PVGAS is the main supplier of dry gas to Vietnam's power facilities and fertilizer factories.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) - June 2023

Stock Recommendations (Vietnam Market) - May 2023

Vietnam

Vietnam Prosperity Joint Stock Commercial Bank (VPBank) provides commercial banking services. The Bank offers domestic remittance services, savings account, personal loans, e-banking, trade financing, deposits, tax payment, foreign exchange, cash management, and other banking services. VPBank serves customers in Vietnam.

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Vietnam Prosperity Bank (VPB VN)

VPB - Capital injection lays down the foundation for growth phase

The parent bank has utilized the majority of its granting quota to make a 7.1% credit growth. Meanwhile, consolidated figures recorded a 5% YTD...

Rong Viet 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

Vietnamese Banks Screener; Adding MBBank to Our Core Pick Techcombank

We maintain value play TCB as our top pick in the Vietnamese banks, adding MBBank to the buy list with its attractive valuations and premium ROE;...

Victor Galliano

Stock Recommendations (Vietnam Market) - June 2023

As a member of the Vietnam National Oil and Gas Group, PV Gas Company was founded in 1990, with the mission of extracting, shipping, processing,...

Mirae Asset Securities

Stock Recommendations (Vietnam Market) - May 2023

The company was listed on HOSE in May 2012. PVGAS is the main supplier of dry gas to Vietnam's power facilities and fertilizer factories.

Mirae Asset Securities

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