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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

Asia Commercial Bank/Vietnam / Equity Bottom-Up

<ul><li>Regardless of the reduction in asset quality, the ratios of Asia Commercial Joint Stock Bank (ACB) are superior to those of most commercial banks.</li><li>In our view, the economic downturn should result in a short-term provisioning burden, rather than long-term risks, thanks to the strong retail concentration of ACB’s loan book.</li><li>Over the past five years, retail and SME loans consistently accounted for more than 90% of ACB’s loan book(94% as of 2Q23), which would exclude the surprise factor from heavy provisioning pressure resulting from the possible defaults of large corporations during economic turbulence.</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>

Regardless of the reduction in asset quality, the ratios of Asia Commercial Joint Stock Bank (ACB) are superior to those of most commercial banks.In our view, the economic downturn should result in a short-term provisioning burden, rather than long-term risks, thanks to the strong retail concentration of ACB’s loan book.Over the past five years, retail and SME loans consistently accounted for more than 90% of ACB’s loan book(94% as of 2Q23), which would exclude the surprise factor from heavy provisioning pressure resulting from the possible defaults of large corporations during economic turbulence.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.

Asia Commercial Joint Stock Bank (ACB VN) - Cautious Approach Pays Off