External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

Asia Commercial Bank/Vietnam / Equity Bottom-Up

<ul><li>We maintain our target price (TP) for ACB at VND32,000/share and maintain a BUY rating.</li><li>Our aggregate 2024-2028F NPAT forecast is almost unchanged (-1.6%/+0.2%/ -1.8%/-1.1%/+0.3% for 2024/25/26/27/28F, respectively).</li><li>Our relatively unchanged aggregate earnings forecast is due to (1) a 4.1% rise in aggregate NOII from increased corporate exposure, outweighing (2) a 2.5% rise in provision expenses due to a higher 2024F NPL ratio forecast of 1.0% from 0.8% as previously forecasted. </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 target price (TP) for ACB at VND32,000/share and maintain a BUY rating.Our aggregate 2024-2028F NPAT forecast is almost unchanged (-1.6%/+0.2%/ -1.8%/-1.1%/+0.3% for 2024/25/26/27/28F, respectively).Our relatively unchanged aggregate earnings forecast is due to (1) a 4.1% rise in aggregate NOII from increased corporate exposure, outweighing (2) a 2.5% rise in provision expenses due to a higher 2024F NPL ratio forecast of 1.0% from 0.8% as previously forecasted. 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.

ACB [BUY +35.0%] - Raising Credit Growth Forecast on Corporate Lending Surge - Update